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    John Zamparo

    Director and Senior Equity Analyst at CIBC World Markets

    John Zamparo is a Director and Senior Equity Analyst at CIBC Capital Markets, specializing in coverage of Canadian retailers and consumer products companies such as Empire Company (Sobeys), Saputo, Canadian Tire, and other major listed retailers. Known for rigorous sector analysis, he is recognized in industry circles for accurate earnings forecasts and compelling investment calls, maintaining a high rate of successful recommendations reflected in positive broker rankings. Zamparo began his analyst career in 2011 and joined CIBC World Markets in 2017, following his undergraduate studies at McMaster University in 2007. He holds a CFA designation and is registered with securities authorities, underscoring his recognized professional credentials.

    John Zamparo's questions to Restaurant Brands International (QSR) leadership

    John Zamparo's questions to Restaurant Brands International (QSR) leadership • Q2 2025

    Question

    John Zamparo of Scotiabank inquired about the path to growing Burger King U.S. franchisee profitability amid cost inflation and whether current initiatives like extended hours and modernization are sufficient to reach 2026 targets.

    Answer

    CFO Sami Siddiqui acknowledged the pressure from beef inflation but described it as a manageable and cyclical issue, drawing a parallel to the recent normalization of coffee prices. He expressed confidence that this cycle will reverse and that, combined with top-line initiatives and cost management, the company remains on track to improve franchisee profitability, with franchisees aligned with the long-term plan.

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    John Zamparo's questions to Restaurant Brands International (QSR) leadership • Q1 2024

    Question

    John Zamparo from CIBC inquired about the performance of the Tim Hortons supply chain and CPG businesses, asking when the supply chain margin is expected to stabilize at previously guided levels.

    Answer

    CFO Sami Siddiqui explained that Q1 is a seasonally low quarter for the supply chain, resulting in a 17.5% margin, which was also impacted by a bad debt expense. He clarified the normalized Q1 margin was closer to 18% and reiterated the full-year 2024 margin target is expected to be around the 2022 level of 19%.

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    John Zamparo's questions to Gildan Activewear (GIL) leadership

    John Zamparo's questions to Gildan Activewear (GIL) leadership • Q2 2025

    Question

    John Zamparo of Scotiabank asked about the capital cost of the Central American capacity expansion and its impact on future CapEx. He also requested color on the weakness in international markets and the outlook for the second half.

    Answer

    President & CEO Glenn Chamandy clarified that the expansion would occur within the existing CapEx guidance (5% of sales) as it leverages current infrastructure. Regarding international markets, he noted they are smaller and have different dynamics. EVP & COO Chuck Ward added that Q2 faced tough comps and UK economic challenges, but POS has improved in early Q3, and the company remains confident in its long-term international growth targets.

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    John Zamparo's questions to Restaurant Brands International Limited Partnership (RSTRF) leadership

    John Zamparo's questions to Restaurant Brands International Limited Partnership (RSTRF) leadership • Q1 2024

    Question

    John Zamparo of CIBC World Markets asked about the performance of the Tim Hortons supply chain and CPG businesses, specifically seeking an update on when supply chain margins are expected to stabilize.

    Answer

    CFO Sami Siddiqui explained that Q1 is a seasonally small quarter for the supply chain, and the reported 17.5% margin was impacted by a bad debt expense. He clarified the normalized Q1 margin was closer to 18% and reiterated the full-year 2024 margin is expected to be around the 19% level achieved in 2022.

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    John Zamparo's questions to Restaurant Brands International Limited Partnership (RSTRF) leadership • Q1 2024

    Question

    John Zamparo of CIBC asked about the performance of the Tim Hortons supply chain and CPG businesses, and specifically when the supply chain margin is expected to stabilize at previously guided levels.

    Answer

    CFO Sami Siddiqui explained that Q1 is a seasonally low-margin quarter for the supply chain business due to fixed costs. After accounting for a bad debt expense, the normalized Q1 margin was closer to 18%. He reiterated that the full-year 2024 margin is expected to be around the 2022 level of 19%.

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    John Zamparo's questions to PRMW leadership

    John Zamparo's questions to PRMW leadership • Q4 2023

    Question

    Asked about the remaining opportunity in automated route optimization (ARO) and whether it's separate from other cost-saving programs, and questioned the conservative nature of the long-term net leverage target of sub-2.5x.

    Answer

    Automated route optimization (ARO) is an ongoing benefit of growth and is separate from the $20 million business optimization program. The sub-2.5x leverage is a long-term ceiling, not a near-term target, intended to maintain balance sheet strength and flexibility for future M&A.

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    John Zamparo's questions to PRMW leadership • Q3 2023

    Question

    Inquired about the M&A market for tuck-in deals, asking if opportunities have increased, and about the company's pricing strategy for 2024, including whether they have seen any customer pushback.

    Answer

    The company confirmed their M&A pipeline is very robust, partly due to market conditions affecting smaller operators, and noted their scale gives them a competitive advantage over private equity for these deals. On pricing, they stated that the high customer retention rate (86%) indicates good acceptance, and they plan for 'normal course pricing' in 2024, not accelerated hikes, unless inflation or fuel costs spike.

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