Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Restaurant Brands Internationa / Equity Bottom-Up

<ul><li>Restaurant Brands International (RBI) reported a solid performance for the third quarter of 2025, achieving organic adjusted operating income growth of 8.8% and a system-wide sales increase of 6.9%.</li><li>This was led by gains in its core brands, Tim Hortons, Burger King, and Popeyes, amidst a challenging consumer environment.</li><li>The company has highlighted both positive outcomes and ongoing challenges within its business units.</li></ul>

Restaurant Brands International (RBI) reported a solid performance for the third quarter of 2025, achieving organic adjusted operating income growth of 8.8% and a system-wide sales increase of 6.9%.This was led by gains in its core brands, Tim Hortons, Burger King, and Popeyes, amidst a challenging consumer environment.The company has highlighted both positive outcomes and ongoing challenges within its business units.

Restaurant Brands International Fires Up Growth: Can the Whopper Lead a Flame-Grilled Comeback?

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Research Reinvented

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Iconic Brand Portfolio Drives Resilient Franchise Model: RBI operates a portfolio of four globally recognized quick-service restaurant (QSR) brands—Tim Hortons, Burger King, Popeyes, and Firehouse Subs. Its predominantly franchised business model (approximately 95% of locations) provides a stable stream of royalty and fee income with lower capital intensity, driving predictable cash flows.</li>
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Strategic Focus on Global Growth and Digitalization: Management has outlined a clear long-term growth strategy targeting over 40,000 restaurants and $60 billion in system-wide sales by 2028. Key pillars of this strategy include aggressive international expansion, particularly for Popeyes and Firehouse Subs, and significant investment in digital channels like mobile ordering and loyalty programs to enhance customer convenience and engagement.</li>
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Operational Turnaround and Reinvestment Initiatives: RBI is actively executing turnaround strategies, most notably the 'Reclaim the Flame' plan for Burger King in the U.S., which involves significant investments in restaurant modernization and marketing. While these initiatives aim to boost franchisee profitability and sales, they also present near-term execution risks and require substantial capital.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Iconic Brand Portfolio Drives Resilient Franchise Model: RBI operates a portfolio of four globally recognized quick-service restaurant (QSR) brands—Tim Hortons, Burger King, Popeyes, and Firehouse Subs. Its predominantly franchised business model (approximately 95% of locations) provides a stable stream of royalty and fee income with lower capital intensity, driving predictable cash flows.
  
Strategic Focus on Global Growth and Digitalization: Management has outlined a clear long-term growth strategy targeting over 40,000 restaurants and $60 billion in system-wide sales by 2028. Key pillars of this strategy include aggressive international expansion, particularly for Popeyes and Firehouse Subs, and significant investment in digital channels like mobile ordering and loyalty programs to enhance customer convenience and engagement.
  
Operational Turnaround and Reinvestment Initiatives: RBI is actively executing turnaround strategies, most notably the 'Reclaim the Flame' plan for Burger King in the U.S., which involves significant investments in restaurant modernization and marketing. While these initiatives aim to boost franchisee profitability and sales, they also present near-term execution risks and require substantial capital.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Restaurant Brands Internationa (QSR CN) - Sep 2025

<ul><li>Restaurant Brands International (RBI) demonstrated a mixed performance in the second quarter of 2025, marked by both notable achievements and ongoing challenges.</li><li>The company, which houses brands such as Tim Hortons, Burger King, Popeyes, and Firehouse Subs, showed system-wide sales growth and improvement in key segments, yet faced headwinds that tempered its overall results.</li><li>Starting with the positives, RBI's organic adjusted operating income grew by 5.7%, driven largely by a 2.9% net restaurant growth and a 5.3% increase in system-wide sales.</li></ul>

Restaurant Brands International (RBI) demonstrated a mixed performance in the second quarter of 2025, marked by both notable achievements and ongoing challenges.The company, which houses brands such as Tim Hortons, Burger King, Popeyes, and Firehouse Subs, showed system-wide sales growth and improvement in key segments, yet faced headwinds that tempered its overall results.Starting with the positives, RBI's organic adjusted operating income grew by 5.7%, driven largely by a 2.9% net restaurant growth and a 5.3% increase in system-wide sales.

Restaurant Brands International (QSR) Modernizes Burger King & Popeyes: Will Remodels Unlock A Much Needed Sales Uplift?

<ul><li>Restaurant Brands International recently held a financial review for the fiscal year and fourth quarter ending December 31, 2024.</li><li>The company displayed notable achievements and areas for improvement across its diversified portfolio, which includes household names such as Tim Hortons, Burger King, Popeyes, and Firehouse Subs, under its wing.</li><li>The company reported a moderate growth trajectory with a 2.3% increase in comparable sales, a 3.4% growth in the number of net restaurants, and a 5.4% rise in system-wide sales.</li></ul>

Restaurant Brands International recently held a financial review for the fiscal year and fourth quarter ending December 31, 2024.The company displayed notable achievements and areas for improvement across its diversified portfolio, which includes household names such as Tim Hortons, Burger King, Popeyes, and Firehouse Subs, under its wing.The company reported a moderate growth trajectory with a 2.3% increase in comparable sales, a 3.4% growth in the number of net restaurants, and a 5.4% rise in system-wide sales.

Restaurant Brands International (QSR): Are Their Efforts Towards Revamping Burger King U.S. Paying Off?

Restaurant Brands International (QSR): Brand Differentiation & Marketing Strategies to Up Their Game!

Canada

Restaurant Brands International Inc. operates as a fast food restaurant. The Company offers delicious food restaurant brands products such as coffee, fried chicken, subs, and burgers, as well as provides delivery services. Restaurant Brands International serves customers in Canada and United States.

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Restaurant Brands Internationa (QSR US)

Restaurant Brands International Fires Up Growth: Can the Whopper Lead a Flame-Grilled Comeback?

Restaurant Brands International (RBI) reported a solid performance for the third quarter of 2025, achieving organic adjusted operating income...

Baptista Research

Primer: Restaurant Brands Internationa (QSR CN) - Sep 2025

Iconic Brand Portfolio Drives Resilient Franchise Model: RBI operates a portfolio of four globally recognized quick-service restaurant (QSR)...

αSK

Restaurant Brands International (QSR) Modernizes Burger King & Popeyes: Will Remodels Unlock A Much Needed Sales Uplift?

Restaurant Brands International (RBI) demonstrated a mixed performance in the second quarter of 2025, marked by both notable achievements and...

Baptista Research

Restaurant Brands International (QSR): Are Their Efforts Towards Revamping Burger King U.S. Paying Off?

Restaurant Brands International recently held a financial review for the fiscal year and fourth quarter ending December 31, 2024. The company...

Baptista Research

Restaurant Brands International (QSR): Brand Differentiation & Marketing Strategies to Up Their Game!

Restaurant Brands International recently held a financial review for the fiscal year and fourth quarter ending December 31, 2024. The company...

Baptista Research

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