We like both names
QSR got some positive momentum in recent quarters due to reaccelerated growth and the appointment of Patrick Doyle - former CEO of DPZ, who has a track record of value creation for shareholders, an expected catalyst for growth acceleration.
PBH also continues to execute its growth playbook through acquisitions. The company is trading at 22.4x Forward P/E, which is in the mid of historical averages ranging from 16x to 28x. We think the valuation is fair given the growth prospects.
Overall, we would be comfortable holding the two, given that there is not much overlap between them. If just one, we would choose QSR, as it is larger and likely safer overall.