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...Berkshire also exited its investments in payments business StoneCo, insurers Globe Life and Markel Corporation, and homebuilder DR Horton....
...Shares in DR Horton, Lennar and NVR have dropped more than 16 per cent since their peak in July. Those of PulteGroup, which had surged 86 per cent in 2023 until August, are down by a similar amount....
...The multiple of 5 times is below the 8 times commanded by market leader DR Horton. But DR Horton is also much bigger and boasts better margins....
...Shares in DR Horton, Lennar and NVR, which Berkshire disclosed it owned this week, have risen about a third apiece this year, far outpacing the S&P 500 stock index....
...The purchase of DR Horton shares will make Berkshire one of the company’s 10 largest shareholders with about 1.8 per cent of the stock....
...In 2014 Burger King, soon to be renamed Restaurant Brands International, bought Canada’s beloved Tim Hortons for nearly $12bn, including $3bn of financing from Warren Buffett’s Berkshire Hathaway....
...Berkshire disclosed it had purchased 6mn shares of DR Horton, worth about $726mn at the end of the second quarter, as well as 152,572 shares in Lennar and 11,112 shares of NVR....
...Sales at RBI’s other big division Tim Hortons, the Canadian coffee chain, have rebounded nicely. RBI’s net debt of $12.2bn, equal to about 5.1 times adjusted ebitda, is very high....
...Shares in the country’s big builders — DR Horton, Lennar, NVR, PulteGroup and Toll Brothers — have all pulled back to trade at or just slightly above book value....
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...The Brazilian-US investment group behind Kraft Heinz, Burger King and Tim Hortons has been on the hunt for a megadeal ever since it failed to orchestrate the $143bn takeover of Unilever in 2017....
...Schwartz was responsible for turning round Burger King and later growing the Restaurant Brands International holding group, which also includes the coffee chain Tim Hortons and the fast-food chain Popeyes...
...DR Horton sold 20,248 homes in the fiscal fourth quarter that ended on September 30, a 26 per cent increase from last year....
...The takeover would be the restaurant industry’s biggest since the 2014 sale of Tim Hortons to Burger King....
...DR Horton expects to book 2020 revenue of $18.5bn to $19bn, also beating forecasts of $18.58bn at the midpoint of the range....
...The burger brand is part of a portfolio of fast-food restaurants owned by Restaurant Brands International (RBI), which includes Tim Hortons, a Canadian coffee and doughnut specialist, and American southern...
...Restaurant Brands International, the owner of Tim Hortons, was trading 0.8 per cent higher at $66.89....
...now has an equity market valuation of $40bn — has weighed on 3G and also cast a shadow over the group’s partnership with Mr Buffett. 3G also teamed with Berkshire Hathaway to acquire Burger King, Tim Hortons...
...Still, DR Horton continues to see “good demand” and an opportunity to ease a dearth of supply....
...Beyond Meat has already partnered with other big chain restaurants including Tim Hortons, Subway and Dunkin Brands as restaurants respond to consumers’ changing diets, but thus far its offerings have been...
...He noted the company’s “guidance only includes customers who are past the testing stage, which means that sales from burgers in Tim Hortons, sausage patties in Dunkin’, Aramark (announced last week), and...
...Restaurant Brands International, which owns fast-food chains Tim Hortons and Burger King, also sold a $750m junk bond with a coupon below 4 per cent, citing the move lower in interest rates and “strengthening...
...The company said second-quarter net revenue more than tripled year-over-year to $67.3m, driven by new points of distribution, such as its deal to supply the Tim Hortons chain, and greater demand from existing...
...Last summer, the company announced plans to open 1,500 Tim Hortons coffee and doughnut restaurants throughout China over the next decade....
...Investors have also cheered its expansion through partnerships with restaurants including Tim Hortons and new products like an alternative to ground beef....
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