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Highlights

  • FY24 EBITDA rose by 8.91% YoY, supported by margin improvements.
  • New Zealand store sales increased by 9.46% YoY, driven by KFC and new store openings.
  • Higher net margin and ROE achieved in FY24, but liquidity and leverage metrics warrant caution

Restaurant Brands New Zealand Ltd (NZX:RBD) is a New Zealand Stock Exchange and Australian Securities Exchange-listed corporate franchisee operating multi-site branded food retail chains.  RBD manages quick-service and takeaway restaurants across New Zealand, Australia, and California. In the financial year 2024 (FY24), the company’s total store EBITDA climbed 8.91% YoY to NZD 194.3 million. During the reported period, margins improved to 13.9% of sales, compared to 13.5% in FY2023, supported by the company’s margin recovery campaign.
Meanwhile, store sales from New Zealand operations rose by 9.46% YoY to NZD 625.9 million, driven largely by the  performance of KFC outlets and the positive impact of new store openings.

Net margin expanded to 1.8% in FY2024, up from 1.2% the previous year, and return on Equity (ROE) strengthened to 8.8%, compared to 5.6% in FY2023.

On the downside, current ratio dipped slightly to 0.46x in FY2024 from 0.48x in FY2023, and the debt-to-equity ratio stood  at 3.27x,  exceeding the industry median of 0.26x.

Outlook

RBD expects the New Zealand market to maintain its growth momentum with continued new store developments. Its operations in Hawaii are also forecasted to retain a stable position.

Top 10 shareholders of RBD

The top 10 shareholders of RBD have around 80.86% shareholding in the company. Finaccess Restauracion, S.L. and FIL Investment Management (Singapore) Ltd. have the maximum stake in the firm with a shareholding of 75% and 2.97%, respectively.

Share performance of RBD

RBD shares closed at NZD 3.21 per share on 23 April 2025. Over the last three months, RBD’s share price has dropped by almost 21.95%, while on the year-to-date basis it has decreased by 20.79%.

52-week high of RBD is NZD 4.32, recorded on 14 January 2025 and 52-week low is NZD 2.43, recorded on 12 July 2024.

Resistance and support summary

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 23 April 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.