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Terminating Coverage on Restaurant Brands (NYSE:QSR) and Public Storage (NYSE:PSA)

At this time, we have decided to terminate coverage of Restaurant Brands (NYSE:QSR) and Public Storage (NYSE:PSA) in order to focus our effort on new short idea generation and coverage of higher conviction ideas on our coverage list. Please find our final note related to QSR and PSA at the following link:

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Short Shrift – Volume 2, Issue 4, May 2021

In this issue of Short Shrift, an update on Restaurant Brands (NYSE:QSR), which reported Q1 results at the end of April, and an update on our ongoing diligence efforts with regard to Trinity Industries (NYSE:TRN).

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Restaurant Brands, Inc. (NYSE:QSR – $59.05) Reports Q4 EPS miss of $0.53 vs consensus $0.65

Please download our report to find our thoughts on QSR's earnings, system-wide same store sales comps, leverage, and dividend coverage, as well as our outlook for the shares going forward:

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Short Shrift – Volume 1, Issue 3

In this month's installment of "Short Shrift," we provide subscribers with updates on short ideas under our coverage, as well as the results of our ongoing diligence work. In this issue, we discuss our work on the Mattress industry, including thoughts on TPX, PRPL, and CSPR. QSR, BLDP, and SNA found themselves or their competitors in the news, and we provide an ongoing update on our series of diligence conversations with automotive techs, as it pertains to SNA.

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Restaurant Brands (NYSE:QSR – $52.70) Q3 2020 In Review

On Tuesday, October 27th, before market open, QSR reported earnings, and hosted a conference call to discuss their financial results. Attached, please find Antrim's thoughts on the QSR quarter, along with our outlook for the shares.

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Short Shrift – Volume 1, Issue 2

In this month's installment of "Short Shrift," we provide subscribers with updates on short ideas under our coverage, as well as the results of our ongoing diligence work. In this issue, QSR, KNSL, and SNA found themselves in the headlines. As well, Antrim has updated diligence work on KNSL and SNA.

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Short Shrift – A Monthly update on short ideas under our coverage

Click the image or the link below for the first installment of "Short Shrift," which is Antrim's monthly update note on the short ideas under our coverage. In this issue, we discuss QSR, which has reported earnings since our 8/2 initiation, and KNSL, which has reported earnings, raised equity, and lost a chief claims officer since our initiation on July 26th.

Short Shrift - Volume 1, Issue 1, September 2020

Re-formatting Initiations

We've learned some lessons as we've rolled out coverage at Antrim. Some of our constructive feedback has been easy to implement. Like, why on earth don't Antrim Initiations include an "Issuer Info" section on the very first page? Well now they do. With this post, I'm re-publishing Antrim's previous initiations on Shorts: KNSL, QSR, and TDG with a little formatting change, and the new issuer info section, to make them slightly more accessible. There has been no change to substance or content of the reports.

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Initiating Coverage of Short: Restaurant Brands International (NYSE:QSR) with a SELL Rating

Restaurant Brands International (“RBI” – NYSE:QSR) is a franchisor of quick service restaurants under the Tim Horton’s, Burger King, and Popeye’s Louisiana Kitchen banners globally that was formed in 2014, when Burger King, led by its private equity sponsor, 3G Capital, entered into a merger with the Canadian coffee chain, Tim Horton’s. Since that time, the company has executed on an aggressive turnaround strategy by increasing menu prices to support rental rate increases on franchisees. These increases, coupled with significant financial leverage at the parent and significant leverage at the franchisees, have resulted in strong returns on equity for common shareholders, but leave the company with little margin for error to navigate the economic disruption of the coronavirus pandemic and associated global recession.

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