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  "docSlug": "06bee195e08c",
  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Marcato",
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  "presentationDate": "2016-06-13 00:00:00",
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  "pageNumber": 22,
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  "notes": "Includes a highlighted box (2010-2012) emphasizing the period of 3G Capital's ownership and rapid multiple expansion.",
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      "kind": "callout",
      "text": "In fewer than 2 years under 3G's ownership, Burger King experienced 5x+ of EBITDA multiple expansion",
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      "kind": "chart",
      "text": "BURGER KING EV / EBITDA (TRAILING) | 2007 – 2016",
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      "text": "EV / EBITDA: 16.6x",
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      "text": "Following its 2006 IPO, Burger King increased its franchise mix from ~89% to ~100% by 2013, resulting in significant multiple expansion, even during a period of negative comps and low single-digit net store growth",
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      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg. Market data as of 6/13/16. Net System Store Growth for 2014 excludes Tim Hortons unit growth. 2015 and 2016 YTD Net System Store Growth includes Tim Hortons, following acquisition close in December 2014.",
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      "text": "Table showing % Franchised, Comparable Sales Growth, Net System Store Growth, and Avg. EV/EBITDA from 2006 to Q1'16 YTD.",
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      "kind": "title",
      "text": "REFRANCHISING CREATES SHAREHOLDER VALUE: BURGER KING CASE STUDY",
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