Steve DiGregorioBoston Pizza RoyaltiesBPF.UN.TODON'T BUYSep 11, 2015

BPF.UN is a small company, and may not be a 'blue chip' large company such as FTS. However, it just raised its distribution, is cheap, pays a 6.57% yield and has good management. We would be OK owning it for a small position, reflective of its size, within an overall income-focused portfolio. 
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Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Reported a decent quarter. Some change in business mix sticky. Decent growth expected. Raised dividend by 17.6%. Unlock Premium - Try 5i Free

Pizza is a challenging space and BPF doesn't execute as well as, say, McDonald's. BPF's 3-year chart shows it's still in a downtrend. The current stock bounce is an opportunity to sell, not buy.

He has a small short on this. He is not worried about the sustainability of the dividend as this used to trade as a royalty income fund as all the cash flow is paid as dividends. Overall he sees mid-sized Canadian consumer companies at risk in general, especially if the real estate market rolls over. Yield 7%.

Good distribution. His main concern is that this would be a little more sensitive to an economic downturn because receipts for company like this are going to be higher than something like an A&W. He would be fine with this holding. 6.2% dividend yield.

Pizza companies do have different structures. Sometimes they are owners, and sometimes they are franchises. He thinks this is a good, long term hold. Good dividend.

(Market Call Minute.) He likes the restaurant business. (See Top Picks.)