Thread by @blitzkreigm

BURGER KING Q4FY21
Interesting Developments 🧵
103% Revenue Recovery in Q4 as Unlock Played Out
Q4FY21 SSSg -4.9% on base of -5.4% last year ​
Westlife Q4FY21 SSSg at 10.4%

BURGER KING
Stock +20% in Last 1 Month
Still -29% from 52W High of 219
#FMCGisLife @burgerkingindia
(1/n)

BURGER KING Q4FY21
Revenue +3% at 196 Cr
EBITDA +17% at 24.5 Cr
Margins at 12.5% vs 10.9%
Net Loss at 25.9 Cr vs Loss of 37.4 Cr
(Net Loss Largely due to IND-AS Impact)

Westlife Q4 (McDonalds)
Revenue +6.3% at 358 Cr
EBITDA +29% at 46.8 Cr
Margins at 13%
Net Loss 6 Cr
(2/n)

BURGER KING
Store Addition
Q4FY21: Opened 1; Closed 6, Total at 265
To reach 320 restaurants by FY22
Restaurants under construction: 38 stores
Opened 16 Stores in FY22, Closed 11
PS: Co hadn't closed a single restaurant in India before Covid

Westlife at 305 Stores in March
(3/n)

BURGER KING
Looking to Go the McDonalds Way
To launch cafes in Burger King outlets like McCafe
It'll be called - BK Café (no surprise)
To launch BK Café by Q4FY22, to add 75 by FY23

Westlife has 227 McCafes in 305 Outlets now

PS: Cafe Market Size: ~2400 Cr growing at 7%
(4/n)

Q4FY21 SALES MIX
BURGER KING
Dine In: 57%
Delivery: 43%

WESTLIFE
Dine In: 40-45%
Del/Takeout/Drivethru: 50-55%
(5/n)

BURGER KING
GUIDANCE FY22 FY23
Stores 320 470
SSSg Flat 5-7%
Gross Margins 66% 68%
(6/n)

VALUATIONS
Current Market Cap
Burger King 6000 Cr
Westlife 7500 Cr

FY23e P/S EV/EBITDA
Burger King 4.8X 31X
Westlife 3.9X 20X

#FMCGisLife #Thread
@burgerkingindia @mcdonaldsindia
(7/7) End