Discounted Cash Flow

Restaurant Brands International Inc.

QSR · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $4.1b $345.6m $1.2b 8.3% $1.48
2017 $4.6b (10.4%) $626.1m (81.2%) $1.3b (8.9%) 13.7% (64.1%) $2.64 (78.4%)
2018 $5.4b (17.1%) $612.0m (-2.3%) $1.1b (-19.8%) 11.4% (-16.5%) $2.46 (-6.8%)
2019 $5.6b (4.6%) $643.0m (5.1%) $1.4b (31.0%) 11.5% (0.5%) $2.40 (-2.4%)
2020 $5.0b (-11.3%) $486.0m (-24.4%) $804.0m (-43.1%) 9.8% (-14.8%) $1.61 (-32.9%)
2021 $5.7b (15.5%) $838.0m (72.4%) $1.6b (101.5%) 14.6% (49.3%) $2.71 (68.3%)
2022 $6.5b (13.3%) $1.0b (20.3%) $1.4b (-14.2%) 15.5% (6.1%) $3.28 (21.0%)
2023 $7.0b (7.9%) $1.2b (18.1%) $1.2b (-13.5%) 16.9% (9.4%) $3.82 (16.5%)
2024 $8.4b (19.7%) $1.0b (-14.2%) $1.3b (8.2%) 12.1% (-28.3%) $3.21 (-16.0%)
2025 $9.4b (12.2%) $776.0m (-24.0%) $1.4b (11.3%) 8.2% (-32.3%) $2.36 (-26.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model