Category: Report Announcements

Burger King

Burger King’s well-conceived brand equity emphasizes flame grilling (over an open flame), highlighting a clear difference from griddling. The brand’s prominent burger platform (100% beef without fillers or preservatives) includes signature Whopper configurations and various “King” varieties. Its menu is bolstered by an upgraded chicken line and BK is testing a variety of products that can now be made on its new broiler. Further, popular meatless protein versions of signature menu items and healthful ingredient improvements are designed to expand the brand’s reach.

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1H:20 Valuations & Restaurant Finance Update

1H:20 Valuations & Finance Report provides EBITDA multiple estimates (post G&A) for 45 chains based on survey data from 8 leading appraisal firms; (2) a comparison of public restaurant company and private franchisee valuation multiples; (3) a summary of real estate cap rate trends based on data provided by Marcus & Millichap; (4) an update on lending availability, changes to underwriting standards, lending rates and borrower financial condition derived from a survey of leading lenders; and (5) an overview of RR’s DCF valuation model useful for smoothing out temporary disruptions.

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Taco Bell

Taco Bell is extremely well positioned as the only $1B+ national QSR Mexican player (category of 1) with core equity around abundant value, craveable innovation and a bold flavor profile. Its compelling value equation extends well beyond the notion of “cheap food” to affordable food that also offers appealing taste, flavor & gratification (food people want, not just what they can afford) and it is notable that the brand has been successful at balancing value with margins which reflects a material COGs out-performance which is facilitated by its ability to mix & match an abundance of inexpensive ingredients.

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Unit Economics

Unit Economic report provides: (1) FYE 2019 unit level AUV along with COGS, labor, royalty, advertising, other operating and EBITDAR margin estimates for 49 chains; (2) a 5-year history of unit economic performance; (3) an analysis of food and labor cost drivers; and (4) aggregate G&A margins, rent margins and leverage ratios based on RR’s annual lender survey.

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Popeyes

Popeyes’ brand positioning around a unique, flavorful Louisiana heritage (slow cooking, served fast) provides the brand permission to extend its menu beyond bone-in chicken. Its core bone-in chicken is infused with a Louisiana-inspired seasoning dry rub that is applied to fresh chicken which marinates for 12 – 72 hours and is then hand-breaded. The brand’s resounding social media marketing success around its new chicken sandwich continues to be the talk of the town.

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Unit & Sales Growth

Unit & Sales Growth Report provides a 10-year history for 56 $1B+ chains including: (1) total units; (2) company vs. franchisee ownership; (3) new units; (4) closures; (5) franchise transfers; (6) average units per franchisee by concept; (7) systemwide sales; and (8) system sales market share.

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Applebee’s

Applebee’s (the 2nd largest player by sales in the casual segment) benefits from its “Eatin’ Good in the Neighborhood” grill & bar positioning (approachable, accessible & affordable) which provides a place to connect with family & friends. Culinary innovation (leveraging mainstream American recipes/flavors) and buzzworthy Neighborhood drink of the month deals keep the restaurants interesting and LTOs almost always feature attractive price points and popular promotions including its All-You-Can-Eat Riblets.

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