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      "text": "QSR is a high-quality business with significant long-term growth potential trading at a highly discounted valuation",
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      "text": "Tim Hortons Canada improved to a mid-single-digit decline during Q3 relative to 2019; Burger King U.S. under new leadership; Burger King International and Popeyes continue to grow.",
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      "text": "Digital: G&A investment; New Units: Return to historical mid-single-digit unit growth; Brand Acquisitions: Purchased Firehouse Subs for $1bn",
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      "text": "Trades at less than 18x our estimate of 2022 free cash flow per share; The company began repurchasing shares in August",
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      "text": "Restaurant Brands International (\"QSR\")",
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