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Restaurant Brands (QSR TSX)
QSR remains a core holding for Aventine providing exposure to world-class and recession-proof brands such as Burger King, Popeyes and Tim Hortons. The entire management team, including Patrick Doyle as Chairman, and Josh Kobza as CEO, seem to “get it” and should create significant value for all stakeholders, including franchisees, for many years to come. We like the fact that there are multiple levers to pull in order to improve margins, traffic, restaurant growth, and efficiency. These actions should help close the valuation gap with its larger peers. We continue to track progress on cold drink development and afternoon dining at Tim’s, the brand refresh at BK, store efficiencies and the rollout of chicken wings at Popeyes, and new store growth at Firehouse Subs. We believe now is an attractive time to add QSR given the recent pullback in the sector, especially when you consider the resiliency of the business.
