BSE: 543248 | NSE: RBA | Restaurants | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Restaurant Brands Asia Ltd is a below average quality company.
The key valuation ratios of Restaurant Brands Asia Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Restaurant Brands Asia Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -15.5% | -13.8% | 2.6% | -2.7% | -16% | -1.9% | 0.9% | 2.4% | - |
| Value Creation Index ⓘ | -2.1 | -2.0 | -0.8 | -1.2 | -2.2 | -1.1 | -0.9 | -0.8 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||
| Sales ⓘ | 230 | 378 | 633 | 841 | 494 | 944 | 1,440 | 1,760 | 1,867 |
| Sales YoY Gr. | - | 64.4% | 67.3% | 33% | -41.2% | 90.9% | 52.6% | 22.3% | - |
| Adj EPS ⓘ | -2.2 | -3.3 | -1.5 | -2.7 | -4.4 | -1.9 | -1.5 | -1.4 | -1.6 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 13.8 | 10.7 | 9.3 | 9.8 | 17.3 | 39.3 | 38 | 36.7 | 36.6 |
| Adj Net Profit ⓘ | -59.1 | -88.5 | -40.4 | -74.1 | -169 | -93 | -71.6 | -68.8 | -81 |
| Cash Flow from Ops. ⓘ | -3.3 | 30.5 | 86.5 | 113 | 28.7 | 98.5 | 162 | 318 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 1.2 | 1.8 | 0 | 0 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 22.7% | 52.7% | 22.3% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | NA | 31.7% | 28.4% | -3.4% | ||||
| Share Price | - | - | -17.9% | -28.3% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -16.1 | -27 | -15 | -28.2 | -35.6 | -7.1 | -3.7 | -3.7 | -4.4 |
| Op. Profit Mgn % ⓘ | -17.6 | 2.2 | 12.5 | 12.4 | 3 | 9.6 | 11.5 | 13.5 | 13.8 |
| Net Profit Mgn % ⓘ | -25.7 | -23.4 | -6.4 | -8.8 | -34.2 | -9.9 | -5 | -3.9 | -4.3 |
| Debt to Equity ⓘ | 0 | 0 | 0.4 | 0.7 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 0 | 28 | 25 | 26 | 51 | 34 | 29 | 28 | 18 |
| Cash Conv. Cycle ⓘ | 0 | -27 | -32 | -32 | -58 | -50 | -36 | -32 | -14 |
Sales growth is growing at healthy rate in last 3 years 52.69%
Sales growth is good in last 4 quarters at 16.38%
Return on Equity is Poor
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -1.6 | -4.6 |
| TTM Sales (₹ Cr.) | 1,867 | 2,480 |
| BVPS (₹.) ⓘ | 36.6 | 10.7 |
| Reserves (₹ Cr.) ⓘ | 1,282 | 34 |
| P/BV ⓘ | 2.17 | 7.45 |
| PE ⓘ | 0.00 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 77.60 / 133.85 |
| All Time Low / High (₹) | 77.60 / 219.15 |
| Market Cap (₹ Cr.) | 3,969 |
| Equity (₹ Cr.) | 498.6 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 31.6 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|
| Sales | 230 | 378 | 633 | 841 | 494 | 944 | 1,440 | 1,760 |
| Operating Expenses ⓘ | 270 | 370 | 554 | 737 | 479 | 854 | 1,274 | 1,522 |
| Manufacturing Costs | 43 | 76 | 116 | 163 | 112 | 196 | 310 | 364 |
| Material Costs | 92 | 131 | 209 | 279 | 161 | 293 | 434 | 529 |
| Employee Cost | 51 | 70 | 97 | 137 | 118 | 154 | 228 | 265 |
| Other Costs ⓘ | 84 | 93 | 131 | 159 | 89 | 211 | 302 | 364 |
| Operating Profit ⓘ | -40 | 8 | 79 | 104 | 15 | 90 | 165 | 238 |
| Operating Profit Margin (%) | -17.6% | 2.1% | 12.5% | 12.4% | 3.0% | 9.6% | 11.5% | 13.5% |
| Other Income ⓘ | 4 | 11 | 11 | 6 | 28 | 21 | 33 | 18 |
| Interest ⓘ | 0 | 37 | 46 | 65 | 82 | 68 | 90 | 114 |
| Depreciation ⓘ | 21 | 64 | 82 | 116 | 128 | 136 | 180 | 211 |
| Exceptional Items ⓘ | 0 | 0 | 0 | -4 | -8 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | -57 | -82 | -38 | -77 | -174 | -93 | -72 | -69 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -57 | -82 | -38 | -77 | -174 | -93 | -72 | -69 |
| PAT Margin (%) | -24.8% | -21.7% | -6.0% | -9.1% | -35.2% | -9.8% | -5.0% | -3.9% |
| Adjusted EPS (₹) | -2.2 | -3.1 | -1.4 | -2.8 | -4.5 | -1.9 | -1.5 | -1.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 365 | 284 | 246 | 271 | 664 | 1,938 | 1,878 | 1,821 | ||
| Share Capital ⓘ | 265 | 265 | 265 | 278 | 383 | 493 | 495 | 496 | ||
| Reserves ⓘ | 100 | 19 | -19 | -6 | 281 | 1,445 | 1,384 | 1,325 | ||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Debt | 0 | 0 | 100 | 199 | 0 | 0 | 0 | 0 | ||
| Long Term Debt | 0 | 0 | 0 | 179 | 0 | 0 | 0 | 0 | ||
| Short Term Debt | 0 | 0 | 100 | 20 | 0 | 0 | 0 | 0 | ||
| Trade Payables | 19 | 43 | 61 | 82 | 114 | 132 | 139 | 155 | ||
| Others Liabilities ⓘ | 313 | 403 | 514 | 646 | 650 | 816 | 1,072 | 1,406 | ||
| Total Liabilities ⓘ | 698 | 730 | 920 | 1,198 | 1,428 | 2,886 | 3,090 | 3,383 | ||
Fixed Assets | ||||||||||
| Gross Block | 543 | 722 | 1,003 | 1,356 | 1,418 | 1,723 | 2,242 | 2,750 | ||
| Accumulated Depreciation | 68 | 129 | 211 | 319 | 432 | 565 | 701 | 893 | ||
| Net Fixed Assetsⓘ | 475 | 592 | 793 | 1,037 | 986 | 1,157 | 1,541 | 1,857 | ||
| CWIP ⓘ | 10 | 10 | 20 | 48 | 30 | 11 | 30 | 42 | ||
| Investmentsⓘ | 177 | 87 | 38 | 19 | 124 | 1,511 | 1,380 | 1,316 | ||
| Inventories | 4 | 5 | 7 | 9 | 10 | 14 | 19 | 21 | ||
| Trade Receivables | 1 | 3 | 6 | 3 | 6 | 9 | 11 | 17 | ||
| Cash Equivalents | 12 | 7 | 16 | 28 | 216 | 106 | 15 | 22 | ||
| Others Assetsⓘ | 18 | 26 | 40 | 54 | 56 | 78 | 93 | 107 | ||
| Total Assets ⓘ | 698 | 730 | 920 | 1,198 | 1,428 | 2,886 | 3,090 | 3,383 | ||
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -3 | 30 | 87 | 113 | 29 | 98 | 162 | 318 |
| PBT ⓘ | -72 | -81 | -39 | -78 | -174 | -93 | -72 | -69 |
| Adjustment ⓘ | 69 | 92 | 119 | 180 | 169 | 173 | 245 | 320 |
| Changes in Working Capital ⓘ | -0 | 20 | 7 | 11 | 34 | 24 | -6 | 68 |
| Tax Paid ⓘ | 0 | 0 | 0 | 0 | 0 | -6 | -5 | -1 |
| Cash Flow From Investing Activity ⓘ | -222 | 13 | -114 | -230 | -304 | -1,388 | -42 | -160 |
| Capex | -93 | -87 | -165 | -228 | -35 | -116 | -282 | -229 |
| Net Investments | -129 | 99 | 51 | -3 | -271 | -173 | 358 | 69 |
| Others ⓘ | 0 | 0 | 0 | 0 | 2 | -1,100 | -118 | 1 |
| Cash Flow From Financing Activityⓘ | 235 | -48 | 36 | 106 | 296 | 1,280 | -121 | -153 |
| Net Proceeds from Shares ⓘ | 270 | 0 | 0 | 0 | 562 | 1,358 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | -179 | 0 | 0 | 0 |
| Interest Paid ⓘ | -27 | -37 | -64 | -5 | 0 | 0 | 0 | 0 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | -8 | -12 | 100 | 111 | -87 | -79 | -121 | -153 |
| Net Cash Flow ⓘ | 10 | -5 | 9 | -12 | 21 | -10 | 0 | 6 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -15.6 | -25.32 | -14.46 | -29.63 | -37.19 | -7.15 | -3.76 | -3.73 | ||
| ROCE (%) | -15.52 | -13.84 | 2.57 | -2.7 | -16 | -1.91 | 0.92 | 2.41 | ||
| Asset Turnover Ratio | 0.33 | 0.53 | 0.77 | 0.79 | 0.38 | 0.44 | 0.48 | 0.54 | ||
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Working Capital Days | |
| Receivable Days | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | ||
| Inventory Days | 6 | 4 | 3 | 4 | 7 | 5 | 4 | 4 | ||
| Payable Days | 77 | 88 | 91 | 93 | 222 | 153 | 114 | 102 | ||
The company was incorporated as ‘Burger King India Private Limited’ under the Companies Act, 1956 at Mumbai, pursuant to a certificate of incorporation dated November 11, 2013, issued by the Registrar of Companies, Maharashtra at Mumbai (RoC). Subsequently, the company was converted into a public limited company, the word ‘private’ was struck off from the name of the company and consequently, a fresh certificate of incorporation dated September 25, 2019 was issued by the RoC, recording the change of the company’s name to ‘Burger King India Limited’.
The company is one of the fastest growing international QSR chains in India during the first five years of its operations based on number of restaurants. As the national master franchisee of the Burger King brand in India, the company has exclusive rights to develop, establish, operate and franchise Burger King branded restaurants in India. Its master franchisee arrangement provides it with the ability to use Burger King’s globally recognized brand name to grow its business in India, while leveraging the technical, marketing and operational expertise associated with the global Burger King brand.
The company’s master franchisee arrangement provides it with flexibility to tailor its menu to Indian tastes and preferences, as well as its promotions and pricing. Its customer proposition focuses on value leadership, offering its customers variety through innovative new food offerings at different day parts, catering to the local Indian palate, offering a wide range of vegetarian meal options, and its taste advantage and flame grilling expertise. This enables it to grow its customer base by attracting customers looking for everyday value and giving them opportunities to access its brand for the first time. This also increases the frequency and occasions when customers can visit its restaurants, which drives footfalls and same-store sales.
Business area of the company
Burger King is the India's fastest growing quick service restaurant chains. It has an exclusive right to establish, develop, and operate Burger King branded restaurants in India.
Awards and accreditations:
Major events:
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