Breakeven Date Change • May 18
Forecast to breakeven in 2029 The 4 analysts covering Restaurant Brands Asia expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 19% per year to 2028. The company is expected to make a profit of ₹525.0m in 2029. Average annual earnings growth of 44% is required to achieve expected profit on schedule. Reported Earnings • May 15
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: ₹3.19 loss per share (improved from ₹4.33 loss in FY 2025). Revenue: ₹28.7b (up 13% from FY 2025). Net loss: ₹1.87b (loss narrowed 14% from FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.7%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Hospitality industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to ₹59.55. The fair value is estimated to be ₹74.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 4.8%. Revenue is forecast to grow by 34% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Reported Earnings • Feb 04
Third quarter 2026 earnings released: ₹0.75 loss per share (vs ₹1.01 loss in 3Q 2025) Third quarter 2026 results: ₹0.75 loss per share (improved from ₹1.01 loss in 3Q 2025). Revenue: ₹7.25b (up 13% from 3Q 2025). Net loss: ₹435.4m (loss narrowed 14% from 3Q 2025). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Hospitality industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Jan 21
Restaurant Brands Asia Limited announced that it expects to receive INR 10.499978948 billion in funding from Lenexis FoodWorks Private Limited, Aayush Agrawal Trust, Inspira Realty 1 Private Limited Restaurant Brands Asia Limited announced private placement to create, offer, issue and allot 128,571,128 equity shares at an issue price of INR 70 per share for gross proceeds of INR 8,999,978,960 and 85,714,285 pre- funded warrants at an issue price of INR 17.5 for gross proceeds of INR 1,499,999,987.5 for total aggregate gross proceeds of INR 10,499,978,947.5 on January 20, 2026. The transaction includes participation from Lenexis Foodworks Private Limited for 214,285,413 shares with post issue shareholding of 26.74%, Aayush Agrawal Trust for 100 shares, Inspira Foodworks Private Limited for 100 shares, Aayush Madhusudan Agrawal for 100 shares. The company will issue shares by a way of a preferential issue on a private placement basis. Each Subscription Warrant, carrying a right to subscribe to 1 Equity Share, which may be exercised at an exercise price of INR 52.5 and converted in one or more tranches within 18 months from the date of allotment of Subscription Warrants. The Preferential Issue will be undertaken for cash consideration. An amount equivalent to 100% of the aggregate consideration for the issuance and allotment of Subscription Shares shall be payable by Acquirers at the time of subscription and allotment of Subscription Shares. Further, an amount equivalent to 25% (twenty five per cent) of the aggregate consideration for the issuance and allotment of Subscription Warrants shall be payable by Acquirer 1 at the time of subscription and allotment of the Subscription Warrants, and the balance 75% of the aggregate consideration for the issuance and allotment of Subscription Warrants shall be payable by the Acquirer 1 at the time of issuance of Equity Shares pursuant to exercise and conversion of the Subscription Warrants into Equity Shares. The transaction is approved by board of directors of the company and is subject to the approval of the shareholders of the Company in extra-ordinary general meeting of the shareholders of the Company (“EGM”) to be held on February 13, 2026 and receipt of approvals from applicable statutory authorities, as may be required including approval from the Competition Commission of India, BSE Limited and the National Stock Exchange of India Limited, regulatory approvals. Announcement • Nov 26
Everstone Reportedly in Advanced Talks with Bidders to Exit RBA Everstone Capital (Everstone Capital Asia Pte Ltd) has renewed efforts to sell its stake in Restaurant Brands Asia Limited (NSEI:RBA), the operator of the Burger King and Popeyes restaurant chains in India, according to a report by CNBC-TV18. The private equity company holds 11.27% in RBA through its entity QSR Asia (Qsr Asia Pte Ltd.) and is reported to be in advanced discussions with several interested buyers. The pool of potential acquirers includes both financial investors and strategic parties. Among those said to be evaluating the transaction is a family office linked to a listed company with an existing presence in the quick-service restaurant segment, along with other private equity investors. One of the sources indicated that negotiations have moved to an advanced stage and that offers received so far are above RBA’s current market price. Any change in the controlling shareholder is expected to trigger a mandatory open offer under Indian takeover regulations. Everstone Capital declined to comment on the reported discussions, and RBA has yet to respond. Price Target Changed • Nov 24
Price target decreased by 7.5% to ₹87.58 Down from ₹94.73, the current price target is an average from 12 analysts. New target price is 42% above last closing price of ₹61.78. Stock is down 24% over the past year. The company is forecast to post a net loss per share of ₹3.38 next year compared to a net loss per share of ₹4.33 last year. Major Estimate Revision • Nov 08
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₹28.6b to ₹28.3b. Losses expected to increase from ₹2.90 per share to ₹3.30. Hospitality industry in India expected to see average net income growth of 46% next year. Consensus price target down from ₹94.73 to ₹91.08. Share price was steady at ₹65.93 over the past week. Reported Earnings • Nov 01
Second quarter 2026 earnings released: ₹1.01 loss per share (vs ₹1.21 loss in 2Q 2025) Second quarter 2026 results: ₹1.01 loss per share (improved from ₹1.21 loss in 2Q 2025). Revenue: ₹7.12b (up 13% from 2Q 2025). Net loss: ₹586.0m (loss narrowed 2.6% from 2Q 2025). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Hospitality industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 30
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: ₹4.33 loss per share (improved from ₹4.40 loss in FY 2024). Revenue: ₹25.5b (up 4.7% from FY 2024). Net loss: ₹2.16b (flat on FY 2024). Same store sales growth: 1.1% vs FY 2024 Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.1%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Hospitality industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Jul 24
Restaurant Brands Asia Limited to Report Q1, 2026 Results on Jul 31, 2025 Restaurant Brands Asia Limited announced that they will report Q1, 2026 results on Jul 31, 2025 Announcement • Jul 23
Restaurant Brands Asia Limited, Annual General Meeting, Aug 21, 2025 Restaurant Brands Asia Limited, Annual General Meeting, Aug 21, 2025, at 15:00 Indian Standard Time. Buy Or Sell Opportunity • Jul 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to ₹81.82. The fair value is estimated to be ₹67.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 41% per annum over the same time period. Reported Earnings • May 21
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: ₹4.33 loss per share (improved from ₹4.40 loss in FY 2024). Revenue: ₹25.8b (up 5.9% from FY 2024). Net loss: ₹2.16b (flat on FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.1%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Hospitality industry in India. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 3% per year. Major Estimate Revision • May 20
Consensus EPS estimates upgraded to ₹2.75 loss, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from ₹30.8b to ₹29.8b. 2026 losses expected to reduce from -₹3.65 to -₹2.75 per share. Hospitality industry in India expected to see average net income growth of 88% next year. Consensus price target broadly unchanged at ₹91.64. Share price rose 8.2% to ₹86.13 over the past week. New Risk • Apr 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (₹1.3b net loss in 2 years). Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Mar 28
Restaurant Brands Asia Limited has completed a Follow-on Equity Offering in the amount of INR 5 billion. Restaurant Brands Asia Limited has completed a Follow-on Equity Offering in the amount of INR 5 billion.
Security Name: Equity Shares
Security Type: Common Stock
Securities Offered: 83,333,333
Price\Range: INR 60
Transaction Features: Regulation S; Subsequent Direct Listing Announcement • Mar 25
Restaurant Brands Asia Limited has filed a Follow-on Equity Offering. Restaurant Brands Asia Limited has filed a Follow-on Equity Offering.
Security Name: Equity Shares
Security Type: Common Stock
Price(minimum): INR 62.32
Transaction Features: Regulation S; Subsequent Direct Listing Major Estimate Revision • Feb 05
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₹26.1b to ₹25.6b. Losses expected to increase from ₹4.11 per share to ₹4.77. Hospitality industry in India expected to see average net income growth of 65% next year. Consensus price target down from ₹111 to ₹94.27. Share price rose 9.5% to ₹78.83 over the past week. New Risk • Jan 31
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: ₹2.5b Forecast net loss in 2 years: ₹1.3b This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company. Breakeven Date Change • Jan 30
Forecast to breakeven in 2027 The 6 analysts covering Restaurant Brands Asia expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 17% per year to 2026. The company is expected to make a profit of ₹581.0m in 2027. Average annual earnings growth of 64% is required to achieve expected profit on schedule. Announcement • Nov 29
Restaurant Brands Asia Limited Announces Resignation of Sameer Patel, Chief Financial Officer, Effective February 7, 2025 Restaurant Brands Asia Limited announced Mr. Sameer Patel, Chief Financial Officer and Key Managerial Personnel, has tendered his resignation from his position to explore other opportunities outside the Company. Tendered Resignation on November 29, 2024. His last working day with the organisation will be February 7, 2025. Announcement • Nov 06
Everstone Puts Off Plan to Sell Stake in Restaurant Brands Asia Everstone Capital Asia Pte Ltd. has put on hold plans to sell its 13.17% holding in Restaurant Brands Asia Limited (NSEI:RBA) (previously Burger King India), after deal talks with Advent International, L.P. and General Atlantic Service Company, L.P. did not go through and no new suitors came forward for the stake amid continued stress in the quick-service restaurant (QSR) sector. Price Target Changed • Nov 03
Price target decreased by 7.8% to ₹116 Down from ₹126, the current price target is an average from 11 analysts. New target price is 26% above last closing price of ₹91.80. Stock is down 19% over the past year. The company is forecast to post a net loss per share of ₹4.11 next year compared to a net loss per share of ₹4.40 last year. Reported Earnings • Oct 29
Second quarter 2025 earnings released: ₹1.21 loss per share (vs ₹0.93 loss in 2Q 2024) Second quarter 2025 results: ₹1.21 loss per share (further deteriorated from ₹0.93 loss in 2Q 2024). Revenue: ₹6.32b (up 1.2% from 2Q 2024). Net loss: ₹601.7m (loss widened 31% from 2Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Hospitality industry in India. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Announcement • Oct 24
Restaurant Brands Asia Limited to Report Q2, 2025 Results on Oct 28, 2024 Restaurant Brands Asia Limited announced that they will report Q2, 2025 results on Oct 28, 2024 Board Change • Oct 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Andrew Day was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 11
Restaurant Brands Asia Limited Announces Appointment of Tara Subramaniam as Chairperson of the Board of Director, Effective October 14, 2024 Restaurant Brands Asia Limited announced In furtherance to letter dated July 29, 2024, wish to inform that considering the completion of first term of Mr. Shivakumar Dega (DIN: 00364444) as an Independent Director on October 13, 2024, he would cease to be an Independent Director and Chairman of the Company with effect the said date. The Board of Directors of the Company, at its meeting held October 11, 2024, have appointed Mrs. Tara Subramaniam (DIN: 07654007), Independent Director as the Chairperson of the Board of Directors of the Company with effect from October 14, 2024. Mrs. Tara Subramaniam has over 40 years of work experience in banking, real estate, project financing, and business development. She attended a bachelor's degree course in law from the University of Bombay. She has held senior positions at Housing Development Finance Corporation Limited, JM Financial Group, and SGE Advisors (India) Private Limited. She is also on the board of JM Financial Home Loans Limited, Delta Corp. Limited, Tips Industries Limited, Vascon Engineers Limited, Punjab Chemicals and Crop Protection Limited and Nisus Finance Services Co Limited as an Independent Director. She has also worked as a Maha RERA conciliator for over two years. She is a member of the governing council of the National Real Estate Development Council (NAREDCO) under the aegis of the Housing Ministry Government of India for ten years and has also served as the Founder President of MAHI, the women's wing of NAREDCO. She is currently on the advisory Board of Arka Investment Advisory Services Private Limited, a subsidiary of Kirloskar Oil Engines Limited. Announcement • Aug 22
Restaurant Brands Asia Limited, Annual General Meeting, Sep 19, 2024 Restaurant Brands Asia Limited, Annual General Meeting, Sep 19, 2024, at 15:00 Indian Standard Time. Major Estimate Revision • Aug 05
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₹29.0b to ₹28.1b. Losses expected to increase from ₹2.94 per share to ₹3.76. Hospitality industry in India expected to see average net income growth of 56% next year. Consensus price target down from ₹128 to ₹126. Share price was steady at ₹112 over the past week. Reported Earnings • Jul 30
First quarter 2025 earnings released: ₹0.99 loss per share (vs ₹1.02 loss in 1Q 2024) First quarter 2025 results: ₹0.99 loss per share (improved from ₹1.02 loss in 1Q 2024). Revenue: ₹6.60b (up 8.1% from 1Q 2024). Net loss: ₹493.6m (loss narrowed 2.2% from 1Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Hospitality industry in India. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Announcement • Jul 30
Restaurant Brands Asia Limited Announces Tenure of Shivakumar Dega Comes to End as an Independent Director, Effective October 13, 2024 Restaurant Brands Asia Limited announced Further, the Board of Directors also noted that the tenure of Mr. Shivakumar Dega (DIN: 00364444) as an Independent Director of the Company shall come to an end on October 13, 2024 upon completion of his first term of 5 (five) consecutive years as an Independent Director of the Company. Mr. Shivakumar Dega also currently acts as the Chairman of the Board of Directors of the Company. Announcement • Jul 23
Restaurant Brands Asia Limited to Report Q1, 2025 Results on Jul 29, 2024 Restaurant Brands Asia Limited announced that they will report Q1, 2025 results on Jul 29, 2024 Buy Or Sell Opportunity • May 27
Now 21% overvalued Over the last 90 days, the stock has fallen 6.6% to ₹103. The fair value is estimated to be ₹85.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 4.9%. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 40% per annum over the same time period. Breakeven Date Change • May 18
No longer forecast to breakeven The 5 analysts covering Restaurant Brands Asia no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of ₹1.50b in 2027. New consensus forecast suggests the company will make a loss of ₹1.13b in 2027. Reported Earnings • May 17
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: ₹4.40 loss per share (improved from ₹4.48 loss in FY 2023). Revenue: ₹24.6b (up 20% from FY 2023). Net loss: ₹2.18b (loss narrowed 1.5% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Hospitality industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • May 11
Restaurant Brands Asia Limited to Report Q4, 2024 Results on May 16, 2024 Restaurant Brands Asia Limited announced that they will report Q4, 2024 results on May 16, 2024 Announcement • Mar 20
Restaurant Brands Asia Limited Appoints Yash Gupta as an Independent Director Restaurant Brands Asia Limited approved appointment of Mr. Yash Gupta (DIN: 00299621) as an Independent Director of the Company through the mode of remote e-voting. The remote e-Voting period was as under: Commenced on: 10:00 a.m. February 17, 2024 and End at: 05:00 p.m., March 17, 2024. Reported Earnings • Jan 30
Third quarter 2024 earnings released: ₹0.73 loss per share (vs ₹1.02 loss in 3Q 2023) Third quarter 2024 results: ₹0.73 loss per share (improved from ₹1.02 loss in 3Q 2023). Revenue: ₹6.08b (up 16% from 3Q 2023). Net loss: ₹361.8m (loss narrowed 28% from 3Q 2023). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Hospitality industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jan 23
Restaurant Brands Asia Limited to Report Q3, 2024 Results on Jan 29, 2024 Restaurant Brands Asia Limited announced that they will report Q3, 2024 results on Jan 29, 2024 Breakeven Date Change • Jan 12
No longer forecast to breakeven The 5 analysts covering Restaurant Brands Asia no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of ₹232.3m in 2026. New consensus forecast suggests the company will make a loss of ₹507.5m in 2026. Reported Earnings • Nov 09
Second quarter 2024 earnings released: ₹0.93 loss per share (vs ₹1.01 loss in 2Q 2023) Second quarter 2024 results: ₹0.93 loss per share (improved from ₹1.01 loss in 2Q 2023). Revenue: ₹6.28b (up 20% from 2Q 2023). Net loss: ₹460.3m (loss narrowed 7.8% from 2Q 2023). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Hospitality industry in India. New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Breakeven Date Change • Nov 09 The 5 analysts covering Restaurant Brands Asia previously expected the company to break even in 2026. New consensus forecast suggests losses will reduce by 58% per year to 2025. The company is expected to make a profit of ₹1.17b in 2026.
Announcement • Sep 16
ICICI Prudential Life Insurance Company Limited (NSEI : ICICIPRULI) acquired a 6.87% stake in Restaurant Brands Asia Limited (NSEI:RBA) for INR 4.1 billion. ICICI Prudential Life Insurance Company Limited (NSEI : ICICIPRULI) acquired a 6.87% stake in Restaurant Brands Asia Limited (NSEI:RBA) for INR 4.1 billion on September 15, 2023. ICICI Prudential Life Insurance Company Limited (NSEI : ICICIPRULI) completed the acquisition of a 6.87% stake in Restaurant Brands Asia Limited (NSEI:RBA) on September 15, 2023. Announcement • Aug 24
Restaurant Brands Asia Limited Appoints Roshini Bakshi as Additional Non-Executive Director Board of Directors of Restaurant Brands Asia Limited at its meeting held on August 23, 2023: considered and approved the appointment of Ms. Roshini Bakshi (DIN:01832163) as an Additional Non-Executive Director on the Board of the Company with effect from August 23, 2023. The said appointment was approved by the Board based on the recommendation of the Nomination and Remuneration Committee of the Board of Directors of the Company. Ms. Roshini Bakshi shall hold the office up to the upcoming Annual General Meeting of the Company or three months from the date of appointment whichever is earlier. Ms. Roshini Bakshi is a Managing Director, Private Equity at Everstone Capital Asia Pte Ltd. based out of Singapore. Her role includes driving value creation in investee companies across all verticals in the areas of high-performance teams and human capital management, brand transformation and ESG. She also heads Diversity and Inclusion for the firm and its investments. She has more than 30 years of general management and marketing experience and strong track record in consumer industries, setting strategy and improving operational effectiveness to deliver greater financial returns. Currently, she is Director on the board of two public listed companies viz. Persistent Systems Limited and JM Financial Limited. Prior to Everstone, she was the CEO and Managing Director for the Walt Disney Company's Consumer, media and retail business for South Asia, where she set up and grew the business to more than $400 million in revenue. Some of her earlier roles were with Unilever, American Express, Mattel, and Polaris. She was earlier on the board of Max Healthcare, the larger hospital network in India. She holds a MBA degree from the Indian Institute of Management (Ahmedabad, India) and an undergraduate degree from St Stephens College (Delhi, India) majoring in Economics (Hons). She supports Enterprise Singapore, A Govt. of Singapore enterprise as a mentor to some of the tech and consumer start-ups based in Singapore. In addition to this, she is the co-chair of the DEI committee at the Singapore Ventura Capital Association. Announcement • Aug 22
Restaurant Brands Asia Limited Announces Resignation of Jaspal Singh Sabharwal from the Post of Non-Executive Director Restaurant Brands Asia Limited announced that Mr. Jaspal Singh Sabharwal (DIN: 00899094) has tendered his resignation from the post of Non-Executive Director of the Company w.e.f. August 23, 2023 due to personalreasons. Announcement • Aug 01
Restaurant Brands Asia Limited to Report Q1, 2024 Results on Aug 07, 2023 Restaurant Brands Asia Limited announced that they will report Q1, 2024 results on Aug 07, 2023 Reported Earnings • Jul 20
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: ₹4.48 loss per share. Revenue: ₹20.5b (up 38% from FY 2022). Net loss: ₹2.21b (loss widened 13% from FY 2022). Same store sales growth: 23.1% vs FY 2022 Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 87%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Hospitality industry in India. Announcement • Jul 12
Restaurant Brands Asia Limited, Annual General Meeting, Aug 07, 2023 Restaurant Brands Asia Limited, Annual General Meeting, Aug 07, 2023, at 11:00 Indian Standard Time. Announcement • May 30
GA & Advent Closer to Buying Everstone's Burger King Stake General Atlantic and Advent International Corporation are at an advanced stage of their bid to acquire private equity firm Everstone Capital's 40.9% stake in Restaurant Brands Asia Limited (NSEI:RBA (RBA), which operates fast-food chain Burger King in India, said executives aware of the matter. “Everstone, which also operates Subway and Lavazza coffee in India, is looking to cash out from its stake in Burger King, and is now actively engaged in due diligence with private equity firms General Atlantic and Advent,” one of the executives said. RBA reported a loss of INR 0.733 billion for the quarter ended March, widening from a loss of INR 0.67 billion in the year-ago period, impacted by food inflation and the opening of newer stores. Revenue from operations grew by over 28% year-on-year to INR 5.14 billion. Everstone, RBA and General Atlantic didn't respond to queries. Advent declined to comment. Breakeven Date Change • May 22
No longer forecast to breakeven The 8 analysts covering Restaurant Brands Asia no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of ₹123.3m in 2025. New consensus forecast suggests the company will make a loss of ₹420.7m in 2025. Reported Earnings • May 18
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: ₹4.48 loss per share. Revenue: ₹20.9b (up 40% from FY 2022). Net loss: ₹2.21b (loss widened 13% from FY 2022). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 87%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Hospitality industry in India. Price Target Changed • Mar 23
Price target decreased by 7.9% to ₹131 Down from ₹143, the current price target is an average from 10 analysts. New target price is 46% above last closing price of ₹89.90. Stock is down 9.8% over the past year. The company is forecast to post a net loss per share of ₹2.52 next year compared to a net loss per share of ₹4.94 last year. Buying Opportunity • Feb 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be ₹119, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Earnings per share has grown by 9.2%. Revenue is forecast to grow by 19% in a year. Earnings is forecast to grow by 75% in the next year. Breakeven Date Change • Feb 12
Forecast to breakeven in 2025 The 9 analysts covering Restaurant Brands Asia expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 47% per year to 2024. The company is expected to make a profit of ₹61.6m in 2025. Average annual earnings growth of 73% is required to achieve expected profit on schedule. Reported Earnings • Feb 09
Third quarter 2023 earnings released: ₹1.02 loss per share (vs ₹0.39 loss in 3Q 2022) Third quarter 2023 results: ₹1.02 loss per share (further deteriorated from ₹0.39 loss in 3Q 2022). Revenue: ₹5.34b (up 91% from 3Q 2022). Net loss: ₹504.2m (loss widened 233% from 3Q 2022). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Hospitality industry in India. Announcement • Jan 28
Restaurant Brands Asia Limited to Report Q3, 2023 Results on Feb 08, 2023 Restaurant Brands Asia Limited announced that they will report Q3, 2023 results on Feb 08, 2023 Major Estimate Revision • Jan 05
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from ₹22.5b to ₹22.2b. Losses expected to increase from ₹2.48 per share to ₹2.91. Hospitality industry in India expected to see average net income growth of 65% next year. Consensus price target broadly unchanged at ₹145. Share price was steady at ₹111 over the past week. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Tara Subramaniam was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Second quarter 2023 earnings released: ₹1.01 loss per share (vs ₹0.53 loss in 2Q 2022) Second quarter 2023 results: ₹1.01 loss per share (further deteriorated from ₹0.53 loss in 2Q 2022). Revenue: ₹5.35b (up 118% from 2Q 2022). Net loss: ₹499.5m (loss widened 147% from 2Q 2022). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Hospitality industry in India. Breakeven Date Change • Aug 14
Forecast breakeven date pushed back to 2025 The 6 analysts covering Restaurant Brands Asia previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 98% per year to 2024. The company is expected to make a profit of ₹636.0m in 2025. Average annual earnings growth of 104% is required to achieve expected profit on schedule. 
