New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Strong 4Q22 earnings growth across most regions, although off a low base</li><li>Record sales supported by price increases and positive currency movements</li><li>Margin pressures still material: RBD continues to highlight significant cost inflation is being experienced in all regions</li></ul>

Strong 4Q22 earnings growth across most regions, although off a low baseRecord sales supported by price increases and positive currency movementsMargin pressures still material: RBD continues to highlight significant cost inflation is being experienced in all regions

Restaurant Brands: NZ Serving Up Record Sales

<ul><li>Restaurant Brands (RBD) has reported a robust 4Q22 update showing continued revenue momentum across most geographies in the last quarter</li><li>FY22 full year store sales reached NZ$1.239bn, a +16% increase on the prior year</li><li>We see upside risk to consensus revenue estimates. However, management has continued to highlight cost pressures</li></ul>

Restaurant Brands (RBD) has reported a robust 4Q22 update showing continued revenue momentum across most geographies in the last quarterFY22 full year store sales reached NZ$1.239bn, a +16% increase on the prior yearWe see upside risk to consensus revenue estimates. However, management has continued to highlight cost pressures

Restaurant Brands (RBD): 4Q22 Update – Initial Impressions

<ul><li>Restaurant Brands' (RBD) 3Q22 trading update continued to show robust sales performance helped by positive currency benefits.</li><li>Same store sales (SSS) growth remains positive in all regions except California, which continues to cycle US Government stimulus payments in the prior period.</li><li>We raise our FY22 revenue forecasts to reflect stronger than expected year-to-date sales growth, but higher input costs are the key risk — particularly in the North American markets where RBD does not control the supply chain.</li></ul>

Restaurant Brands' (RBD) 3Q22 trading update continued to show robust sales performance helped by positive currency benefits.Same store sales (SSS) growth remains positive in all regions except California, which continues to cycle US Government stimulus payments in the prior period.We raise our FY22 revenue forecasts to reflect stronger than expected year-to-date sales growth, but higher input costs are the key risk — particularly in the North American markets where RBD does not control the supply chain.

Restaurant Brands NZ: 3Q22 — Sales Takeaway

<ul><li>Restaurant Brands (RBD) has reported a robust 3Q22 update, which showed signs of strong revenue momentum heading into 2H22 across most geographies (quarter on quarter results were muddied by comparison against a low COVID-impacted 3H21)</li><li>Based on our FY22 revenue forecast of NZ$1.23b (which is at the midpoint of consensus), we estimate an undemanding implied 4Q22 revenue of ~NZ$323m</li><li>This looks reasonable in light of (1) 3Q22 revenue of NZ$322m, and (2) favourable NZD currency movements, particularly for the US businesses</li></ul>

Restaurant Brands (RBD) has reported a robust 3Q22 update, which showed signs of strong revenue momentum heading into 2H22 across most geographies (quarter on quarter results were muddied by comparison against a low COVID-impacted 3H21)Based on our FY22 revenue forecast of NZ$1.23b (which is at the midpoint of consensus), we estimate an undemanding implied 4Q22 revenue of ~NZ$323mThis looks reasonable in light of (1) 3Q22 revenue of NZ$322m, and (2) favourable NZD currency movements, particularly for the US businesses

Restaurant Brands (RBD): 3Q22 Update – Initial Impressions

<ul><li>Restaurant Brands' (RBD) 1H22 result was in line with our estimates and guidance provided in July 2022, but highlighted that cost pressures continue to be the key headwind with few signs of abating</li><li>Sales growth remains dependent on new store openings and acquisitions, with +19 stores expected to be opened in FY22</li><li>We remain cognisant that RBD's store roll-out pipeline may be impacted by building supply and labour shortages, particularly in New Zealand</li></ul>

Restaurant Brands' (RBD) 1H22 result was in line with our estimates and guidance provided in July 2022, but highlighted that cost pressures continue to be the key headwind with few signs of abatingSales growth remains dependent on new store openings and acquisitions, with +19 stores expected to be opened in FY22We remain cognisant that RBD's store roll-out pipeline may be impacted by building supply and labour shortages, particularly in New Zealand

Restaurant Brands: NZ 1H22 — Colonel Cost Marches On

New Zealand

Restaurant Brands New Zealand Limited operates fast food restaurant chains in New Zealand & Australia. The Company operates close to 300 stores which operate under the KFC, Pizza Hut and Starbucks restaurant names.

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Restaurant Brands NZ (RBD NZ)

Restaurant Brands: NZ Serving Up Record Sales

Restaurant Brands' (RBD) 4Q22 trading update demonstrated robust sales performance across most divisions, suggesting FY22 will be a new revenue...

Forsyth Barr

Restaurant Brands (RBD): 4Q22 Update – Initial Impressions

Restaurant Brands (RBD) has reported a robust 4Q22 update showing continued revenue momentum across most geographies in the last quarter; FY22 full...

Forsyth Barr

Restaurant Brands NZ: 3Q22 — Sales Takeaway

Restaurant Brands' (RBD) 3Q22 trading update continued to show robust sales performance helped by positive currency benefits; We raise our FY22...

Forsyth Barr

Restaurant Brands (RBD): 3Q22 Update – Initial Impressions

Restaurant Brands (RBD) has reported a robust 3Q22 update, which showed signs of strong revenue momentum heading into 2H22 across most geographies...

Forsyth Barr

Restaurant Brands: NZ 1H22 — Colonel Cost Marches On

Restaurant Brands' (RBD) 1H22 result was in line with our estimates and guidance provided in July 2022, but highlighted that cost pressures...

Forsyth Barr

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