Analisis financiero bkc

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US EQUITIES

Restaurants

21September 2003

|BUY |Burger King Holdings (BKC) |
|Training exercise only. Please see |Have it your way. Revenue records in FY06. |
|important notice on page 5.| |
|BKC increased its worldwide revenue by 5% in 2005, a trend likely to continue over the next three years. |
|Although earnings decreased in 2006, we expect EPS to recover sharply in 2007E, subsequently growing 2% in |
|2008E and 16% in 2009E. In addition, BKC hasadjusted to consumer trends quickly, offering light menus in |
|order to satisfy the demand for healthier fast food. Our estimated price of US$22.57 is higher than current |
|price due to potential for earning growth and international expansion. BUY. |
|Summary financials and valuation statistics|
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|[pic] |
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|Strategy to expand international presence. BKC’s new international expansion strategy is rather aggressive, |
|especially in the APAC region (Asia Pacific). For the first time in four years, BKC had positive net outlet |
|growth, opening more stores than it closed, for a total of 11,129 outlets in FY06. For FY07, BKC plansto open|
|more than 430 stores worldwide. |
|Still in the growth phase and attractive valuation. We expect revenue for the coming years to continue |
|growing at a rate of 5%. In addition, the EPS CAGR should grow 33% during 2006-09E (considering one-time |
|expenses in FY06), which reflects faster growthand lower PER than its direct competitors (McDonalds and |
|Wendy’s). |
|Buy recommendation supported by DCF. We generated a target price of US$22.57 using a terminal growth rate of|
|1.5% and a WACC of 7.84%.|
|Jorge Esquivel |
|(506) 239 31 80 |
|jorgee@ambaresearch.com |
| |
|Price (@ 21 Sep 2003) |
|US$16.20 |
| |
|12-mth price target |
|US$22.57 |
||
|12-month High/Low |
|US$19.45 to US$12.41 |
| |
|S&P 500 |
|1,318.03 |
| |
|Market cap |
|US$2,133m |
|Estimated free float|
|19% |
|Avg daily vol (US$m) |
|US$3.7m |
| |
|Issued ordinary shares |
|107m |
|Major shareholders |
|GOLDMAN SACHS GROUP INC (24.28%) |
|Bain Capital Investors, LLC (24.28%) |
|...
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