Hello everyone 🙋‍♂️. I had you vote on which article should be published today. And very narrowly won the presentation of the purchase of a new company in the restaurant sector.

➡️ 25 shares of Restaurant Brands International (QSR) at 76.21 CAD per share are new in the portfolio since about a week. As usual, I have summarized my thoughts on risks and opportunities in the "Notes" section.

➡️ In contrast to McDonalds, which operates a large number of its own stores and also owns many of the properties, Restaurant Brands International

Restaurant Brands International acts almost exclusively as a franchisor. As such, they assist franchisees with product development, marketing, etc. And the franchisees pay a fee for both the marketing and the franchise licenses, and the franchisor pays a fee for the franchise. $QSR (+0,14 %) .

➡️ Most of the Restaurant Brands International brands are familiar, at least by name. While Burger King is internationally successful, Popeyes and Firehouse Subs are mostly known in the U.S., and Tom Hortons in Canada.

➡️ Restaurant Brands International has faced some challenges. As an investor, the first thing that stands out is the relatively high level of debt (>5 times EBITDA). This is exactly what put me off at the beginning.

However, there is also the other side of the coin, namely financing. And here, there are no major refinancings before 2026, which I consider to be quite positive.

QSR is struggling above all with weakening sales growth in existing space, i.e. in its home markets. One has to mention Burger King U.S. in particular. I am taking a closer look there (keyword 'comparable sales'). If there is a sustained improvement in the next few quarters, the whole model will become more attractive for franchisees and growth can shift into second gear.

➡️ However, the whole thing can of course also work in the other direction should it become apparent that the company is not getting back on track in these relevant areas. The current quarterly figures actually already looked quite promising, even if there is still a lot to do. Therefore I have $QSR (+0,14 %) on the live watchlist and placed a first tranche. In September, more will be announced about the planned changes at Burger King U.S.. We are curious!