Financials Restaurant Brands New Zealand Limited

Equities

End-of-day quote New Zealand S.E. Other stock markets 03:30:00 02/05/2024 am IST			5-day change	1st Jan Change
3.44 ^NZD	-2.27%		+1.18%	-13.57%

30/04	Restaurant Brands New Zealand Posts 7.9% Sales Growth in Q1	MT
26/02	Restaurant Brands New Zealand Posts 8% Rise in 2023 Revenue, Profit Declines	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,740	1,441	1,722	717.4	496.5	436.7	-	-
Enterprise Value (EV) ¹	1,871	1,642	1,924	968.4	496.5	671	652.8	636.3
P/E ratio	48.5 x	46.6 x	33.2 x	22.4 x	30.5 x	16.7 x	13.2 x	10.6 x
Yield	1.29%	-	2.32%	-	-	4.65%	4.65%	5.09%
Capitalization / Revenue	2.11 x	1.56 x	1.54 x	0.55 x	0.38 x	0.3 x	0.29 x	0.28 x
EV / Revenue	2.27 x	1.78 x	1.73 x	0.75 x	0.38 x	0.47 x	0.44 x	0.41 x
EV / EBITDA	20 x	10.6 x	10.1 x	5.29 x	2.78 x	3.45 x	3.15 x	2.83 x
EV / FCF	49 x	-	-	4.53 x	-	13.1 x	11.3 x	8.97 x
FCF Yield	2.04%	-	-	22.1%	-	7.66%	8.89%	11.1%
Price to Book	7.75 x	6.25 x	5.94 x	2.45 x	-	1.27 x	1.15 x	1.1 x
Nbr of stocks (in thousands)	1,24,759	1,24,759	1,24,759	1,24,759	1,24,759	1,24,759	-	-
Reference price ²	13.95	11.55	13.80	5.750	3.980	3.440	3.440	3.440
Announcement Date	15/04/19	25/02/21	27/02/22	27/02/23	25/02/24	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	824.9	924.7	1,114	1,298	1,322	1,437	1,495	1,558
EBITDA ¹	93.43	154.8	190	183	178.9	194.6	207.4	225
EBIT ¹	65.23	83.97	102.1	86.7	78.61	92.17	101.4	115.4
Operating Margin	7.91%	9.08%	9.16%	6.68%	5.95%	6.41%	6.78%	7.41%
Earnings before Tax (EBT)	49.44	44.97	65.79	42.18	22.42	-	-	-
Net income ¹	35.74	30.94	51.88	32.08	16.26	25.7	32.6	40.5
Net margin	4.33%	3.35%	4.66%	2.47%	1.23%	1.79%	2.18%	2.6%
EPS ²	0.2877	0.2480	0.4158	0.2572	0.1304	0.2060	0.2610	0.3250
Free Cash Flow ¹	38.15	-	-	213.7	-	51.4	58	70.9
FCF margin	4.62%	-	-	16.46%	-	3.58%	3.88%	4.55%
FCF Conversion (EBITDA)	40.83%	-	-	116.76%	-	26.42%	27.96%	31.51%
FCF Conversion (Net income)	106.74%	-	-	665.99%	-	200%	177.91%	175.06%
Dividend per Share ²	0.1800	-	0.3200	-	-	0.1600	0.1600	0.1750
Announcement Date	15/04/19	25/02/21	27/02/22	27/02/23	25/02/24	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	131	201	202	251	-	234	216	200
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.4 x	1.297 x	1.063 x	1.372 x	-	1.205 x	1.042 x	0.8873 x
Free Cash Flow ¹	38.1	-	-	214	-	51.4	58	70.9
ROE (net income / shareholders' equity)	19.8%	18.1%	20%	11%	-	8.22%	9.83%	11.8%
ROA (Net income/ Total Assets)	9.24%	-	4.13%	-	-	-	-	-
Assets ¹	386.9	-	1,255	-	-	-	-	-
Book Value Per Share ²	1.800	1.850	2.320	2.350	-	2.700	3.000	3.130
Cash Flow per Share ²	0.5700	0.5300	1.640	0.9700	-	1.050	1.150	1.290
Capex ¹	33.1	58.6	82.6	90.5	-	88.5	87.2	85.7
Capex / Sales	4.01%	6.34%	7.41%	6.97%	-	6.16%	5.83%	5.5%
Announcement Date	15/04/19	25/02/21	27/02/22	27/02/23	25/02/24	-	-	-

¹NZD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.44 NZD

Average target price

5.715 NZD

Spread / Average Target

+66.13%

	1st Jan change	Capi.
RESTAURANT BRANDS NEW ZEALAND LIMITED	-13.57%	255M
MCDONALD'S CORPORATION	-9.04%	197B
CHIPOTLE MEXICAN GRILL, INC.	+38.17%	86.3B
YUM! BRANDS, INC.	+2.76%	38B
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP	-2.57%	24.65B
RESTAURANT BRANDS INTERNATIONAL INC.	-4.38%	23.48B
DOMINO'S PIZZA INC.	+23.81%	17.86B
YUM CHINA HOLDINGS, INC.	-10.11%	14.58B
WINGSTOP INC.	+51.19%	11.21B
AMERICANA RESTAURANTS INTERNATIONAL PLC	+4.47%	7.52B