Restaurant Brands International: Burger King Is Turning Up The Heat

Restaurant Brands International is upgraded to a buy as Burger King's turnaround drives market share gains over McDonald's. QSR's valuation has improved, with a TTM PE of 18.5 and low FCF growth requirements supporting upside potential. Burger King's 8.5% comp sales growth and successful 'Reclaim the Flame' campaign highlight effective management and turnaround execution. Risks remain with Popeye's comp sales decline and Tim Horton's stagnation, but overall brand momentum and comp sales growth underpin the bullish thesis.