Burger King has improved dramatically. They increased their store count dramatically and improved hours and menu. They experienced some minor problems with permits in the Middle East and Germany.
The critical management comment is that the ARS is up dramatically. Given the high fixed cost nature of a Burger King Store, this is wonderful news.
Now if you are trying to take-over Burger King, you have to pay for it. The argument that I can fix your problems will no longer work.
Note to management: If the earnings and cash flow are improving, you need to increase your dividend. You are a cash business and your fundamentals have improved dramatically. In the current market where fear and panic is just around every corner, an increased dividend would attract investors and strengthen the share price.
BKC 1-yr chart: