Q: Your thoughts please on the quarter?
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5i Research Answer:
QSR’s growth has accelerated in recent quarters and it is now trading at 23.9x times' Forward P/E. In the 2Q, QSR’s revenue grew 14% to $1.77B, slightly beating estimates of $1.74B and EPS was $0.85 beating estimates of $0.77. The balance sheet is leveraged, with net debt of $12.1B and net debt/EBITDA currently at 4.9x. Overall, iy was a solid quarter with growth across brands growing double-digit, and we really like the company's operating results recently which show a tremendous improvement driven by the executive recruitment of Patrick Doyle - former CEO of DPZ, who has a track record of value creation for shareholders. We would be comfortable adding to the position over time.