02:05 PM EDT, 08/08/2025 (MT Newswires) -- Restaurant Brands International reported a mixed second-quarter print with better-than-expected global SSS, while EBITDA/EPS modestly missed (in part due to timing of expenses), writes Deutsche Bank.

The company reiterated its 2025 guide for 8%+ organic AOI growth and ~3% unit growth, with both metrics to be more heavily weighted to the fourth quarter. Global SSS improved to 2.4%, with beats at Tim Hortons Canada (3.6%) and International (4.2%), while Burger King US was in-line (1.5%).

Momentum has continued into the fourth quarter as well, with Deutsche Bank expecting SSS to accelerate globally in the second half.

"We remain positive on QSR and believe several quarters of consistent execution and signs of underlying unit growth momentum should support better sentiment (against a low bar) and help narrow the valuation gap to peers (trading at 5-6x discount to MCD/YUM with a similar growth algorithm)," says analyst Lauren Silberman.

Restaurant Brands has a Buy rating and an US$82 price target.

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