Restaurant Brands International Inc. (QSR)

Retail-Eating Places

Latest Price

$75.49

TTM P/E

20.35

Normalized P/E

23.26

Div Yield

3.36%

Book Value

11.10

P/B Ratio

6.80

Valuation metrics

EPS: $2.35

Book value / share: $10.49

Formula: √(22.5 × EPS × BVPS)

Graham Number

$23.55

69% downside

Norm. op. income: $2.0B (median of 7yr)

Tax rate: 20%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$11.30

85% downside

Base FCF: $1.4B (median of recent 5yr)

Growth: -3%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$4.30

94% downside

EPS: $2.35

Target P/E: 23×

Formula: EPS × P/E

P/E Fair Value

$54.05

28% downside

86.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
Capital World Investors	43.86M	$3.18B	12.56%	+1.00M	2026-06-30
PERSHING SQUARE INC.	25.82M	$1.87B	7.39%	--	2026-06-30
EdgePoint Investment Group Inc.	17.17M	$1.24B	4.92%	-2.18M	2026-06-30
BlackRock, Inc.	15.23M	$1.10B	4.36%	+7.24M	2026-06-30
BANK OF MONTREAL /CAN/	11.44M	$828.0M	3.28%	+2.41M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	10.49M	$760.0M	3.00%	+178.4K	2026-06-30
FMR LLC	8.42M	$610.0M	2.41%	+159.2K	2026-06-30
GOLDMAN SACHS GROUP INC	7.56M	$548.0M	2.17%	+447.2K	2026-06-30
BAUPOST GROUP LLC/MA	6.75M	$489.0M	1.93%	-1.33M	2026-06-30
Fiera Capital Corp	6.17M	$446.0M	1.77%	-523.3K	2026-06-30