Restaurant Brands expands Popeyes in two new markets

Article Excerpt

Restaurant Brands acquired a top asset when it bought Popeyes Louisiana Kitchen in 2017 for $1.64 billion. And a big part of the appeal was the potential for Popeyes to expand further in the U.S. and internationally. Restaurant Brands first focused on U.S. expansion, but now it’s adding more foreign markets. RESTAURANT BRANDS INTERNATIONAL, $56.17, is a buy. The company (New York symbol QSR; TSI Rating: Average) (www.rbi.com; Shares o/s: 478.0 million; Market cap: $26.8 billion; Yield: 3.8%) continues to expand Popeyes globally. This includes its just-announced plan to develop and grow the Popeyes brand in South Korea. The company will enter into an exclusive agreement with Korean firm Silla Group. Popeyes sees South Korea as a very promising market, where chicken is one of the largest and fastest-growing categories in that nation’s fast-food segment. Popeyes is also expanding for the first time in France and Monaco. Restaurant Brands sees France as one of the largest fast-food markets in the world. Meanwhile, the Popeyes expansion…