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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Restaurant Brands International Inc    QSR   CA76131D1033

RESTAURANT BRANDS INTERNATIONAL INC (QSR)
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Restaurant Brands International : Canada looks into complaints by Tim Hortons franchisees

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04/14/2018 | 02:41am CEST
Tim Hortons employees serve shareholders before the company's annual general meeting in Toronto

OTTAWA (Reuters) - The Canadian government is looking into complaints that Restaurant Brands International (>> Restaurant Brands International Inc) (>> Restaurant Brands International Inc) is not meeting the terms set out by Ottawa when it allowed the takeover of coffee and doughnut chain Tim Hortons, a government spokesman said on Friday.

OTTAWA (Reuters) - The Canadian government is looking into complaints that Restaurant Brands International (>> Restaurant Brands International Inc) is not meeting the terms set out by Ottawa when it allowed the takeover of coffee and doughnut chain Tim Hortons, a government spokesman said on Friday.

Lawyers representing a group of Tim Hortons franchisees sent a letter to Innovation Minister Navdeep Bains earlier this month alleging Restaurant Brands has not lived up to commitments including maintaining the rent and royalty structure of Canadian franchises.

The terms were part of the previous Conservative government's agreement to clear the takeover of Tim Hortons, which is considered a Canadian icon.

The letter dated April 3 said franchisees are concerned Restaurant Brands is trying to increase its margins at their expense.

"‎The Minister is aware of the concerns raised by the franchisees and looking into them," said Bains's spokesman Karl Sasseville. "We are monitoring compliance with the undertakings, as we do with all investments."

Restaurant Brands was formed in 2014 when 3G Capital-backed Burger King acquired Tim Hortons. The company also owns Popeyes Louisiana Kitchen.

Patrick McGrade, Tim Hortons spokesman, said the company has been told there is no investigation underway.

"Every year we have reported to the government on meeting our undertakings, without complaint. We have always been and remain committed to doing good business in Canada," McGrade said.

The relationship between Tim Hortons and its franchisees has become increasingly contentious.

Tim Hortons has also been dealing with the fallout of bad publicity from its reaction to minimum wage increases in the country. Many Tim Hortons franchises cut back on employee perks and benefits when the province of Ontario raised minimum wages by 21 percent to C$14 ($11.11).

By Friday afternoon, the stock was down 1.3 percent, while the benchmark Canada share index <.GSPTSE> was up 0.3 percent.

(Reporting by Leah Schnurr; Editing by Bernadette Baum)

Stocks mentioned in the article
ChangeLast1st jan.
RESTAURANT BRANDS INTERNATIONAL INC 0.17% 76.35 Delayed Quote.-1.36%
RESTAURANT BRANDS INTERNATIONAL INC -0.03% 58.98 Delayed Quote.-4.03%
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Financials (CAD)
Sales 2018 6 891 M
EBIT 2018 2 481 M
Net income 2018 1 527 M
Debt 2018 11 742 M
Yield 2018 2,68%
P/E ratio 2018 23,83
P/E ratio 2019 21,63
EV / Sales 2018 6,88x
EV / Sales 2019 6,85x
Capitalization 35 648 M
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Technical analysis trends RESTAURANT BRANDS INTERNAT
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 86,6  CAD
Spread / Average Target 14%
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Managers
NameTitle
Daniel S. Schwartz Chief Executive Officer & Director
Alexandre Behring da Costa Chairman
Matthew Dunnigan Chief Financial Officer
Joshua Arthur Kobza Chief Technology & Development Officer
Heitor Gonçalves Chief Information, Performance & People Officer
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