RQSRRestaurant Brands International Inc.

Restaurant Brands owns Burger King, Tim Hortons and Popeyes — and collects royalties rather than restaurant sales.

Almost every outlet belongs to a franchisee paying a percentage of sales plus advertising contributions. What stays with the company is the brand, the recipes and the standards; construction and operating risk sit with the partner. Hence high margins and cash flow that needs almost no property investment.

The brands live different lives. Tim Hortons is close to a national institution in Canada, with morning traffic and high loyalty. Popeyes grows fastest, on chicken. Burger King lost ground to its main rival at home for years, and the company is investing in refurbishing dining rooms to reverse that. Risks: franchisee solvency and currency rates. The dividend is high.