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      "text": "Burger King U.S. turnaround well underway and poised for acceleration; Burger King’s U.S. comparable sales have improved each quarter; Recently announced acquisition of Carrols for $1bn accelerates remodels and refranchising",
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      "text": "Remains cheap relative to intrinsic value and peers; Trades at 20x our estimate of 2024 free cash flow per share excluding one-time investments at Burger King U.S.",
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