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  "documentTitle": "Burger King Worldwide Holdings (BKW)",
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  "authorName": "Justice Holdings Ltd.",
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  "presentationDate": "2012-04-04 00:00:00",
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  "notes": "Includes valuation metrics derived from a specific transaction (Justice).",
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      "text": "Illustrative Equity Value is implied by the Justice transaction. It is calculated by dividing the Justice cash consideration ($1.4bn) by the pro forma Justice shareholder equity interest (25.7%), which excludes the Justice Founders' percentage.",
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      "kind": "list",
      "text": "Key brand equities include WHOPPER, HAVE IT YOUR WAY, and Flame Broiled",
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      "text": "Second largest quick-service hamburger chain in the world, founded in 1954. 12,512 restaurants across 80 countries. 92% franchised. $15.3bn systemwide sales. Hundreds of millions in marketing.",
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      "text": "Net Debt / Adjusted EBITDA of 4.5x",
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      "text": "$503mm of Adjusted EBITDA - Capex in 2011",
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      "text": "Illustrative Equity Value is implied by the Justice transaction. It is calculated by dividing the Justice cash consideration ($1.4bn) by the pro forma Justice shareholder equity interest (25.7%), which excludes the Justice Founders' percentage.",
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      "text": "1) After giving effect to the previously-announced Carrols refranchising. 2) Systemwide sales include sales at company-owned and franchise restaurants. 3) Adj. EBITDA is as of 12/31/11; Net Debt is as of 2/29/12 and includes $432mm of 11% PIK notes.",
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