RBI's International Development Narrative Underpins Strong Near-Term Prospects Despite Tough Macro

In aggregate, Restaurant Brands International appears to be taking adequate steps to meet the changing demands of its customers. Recent investments, including footprint reimaging, a renewed emphasis on loyalty programs, and proprietary e-commerce pages represent a few of the efforts likely to shore up the brands' competitive positions, and we anticipate that similar investments will simply become a cost of doing business going forward. The firm's recent attention to operational excellence is cogent, if perhaps too late, and RBI has prudently carved out an enviable foothold in international markets through a robust network of master franchise partnerships.