Update: Burger King France SAS

Overview Key strengths Key risks Strong brand recognition and increasing market share in still-resilient quick service restaurant (QSR) segment. Limited scale of operations and low product diversification. EBITDA-generative franchise model enabling risk sharing between the group and its franchisees. Exposure to volatility in food and commodity prices. Capital-light business model with openings through franchisees. Elevated fixed-cost structure offset by favorable sublease contracts to franchisees. Systemwide sales for the last 12 months reached €1,491 million, higher than the €1,361 million reported in 2019, pre-pandemic. Year to date, systemwide sales reached €1,135 million, translating into €428 million of revenue for the group and 18% year-on-year growth, underpinned by normalization of in-store eating without a material cannibalization effect on the group?s digital sales,

...Burger King France exhibited strong recovery in the first nine months of 2022, with topline performance surpassing pre- pandemic levels, however margins remain somewhat pressured due to challenging macroeconomic conditions. Systemwide sales for the last 12 months reached 1,491 million, higher than the 1,361 million reported in 2019, pre-pandemic. Year to date, systemwide sales reached 1,135 million, translating into 428 million of revenue for the group and 18% year-on-year growth, underpinned by normalization of in-store eating without a material cannibalization effect on the group's digital sales, which benefited during the pandemic. Topline growth was also driven by the group's high pace of expansion; over the past 12 months, there were 41 openings of and conversions to Burger Kings. The company's International Financial Reporting Standard (IFRS) 16 EBITDA for...

Full Report