Boston Pizza Royalties

BPF.UN-T

Analysis and Opinions about BPF.UN-T

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
September 11, 2015

Had a very soft quarter. A big chunk of their business comes out of Alberta and sales have been slow in that part of the country. Wait on the sidelines until you see what happens in the Alberta market. (See Top Picks.)

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Had a very soft quarter. A big chunk of their business comes out of Alberta and sales have been slow in that part of the country. Wait on the sidelines until you see what happens in the Alberta market. (See Top Picks.)

BUY
BUY
May 14, 2015

He is very comfortable with it and has a yield over 6.5%.

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He is very comfortable with it and has a yield over 6.5%.

COMMENT
COMMENT
March 31, 2014

There is fierce competition in the entire food sector.

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There is fierce competition in the entire food sector.

BUY
BUY
March 6, 2014

Fantastic management. Looks for accelerated earnings growth, but they have every consistent growth. 5.9% growth.

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Fantastic management. Looks for accelerated earnings growth, but they have every consistent growth. 5.9% growth.

BUY
BUY
November 25, 2013

(Market Call Minute) Play on quick serve sit-down restaurants. Very good at what it does.

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(Market Call Minute) Play on quick serve sit-down restaurants. Very good at what it does.

COMMENT
COMMENT
April 30, 2013

Have done a fantastic job of growing same-store sales in the 2%-3% range, which is pretty good in a somewhat tough economy. This is kind of a hangover from the income trust era. Pays on virtually all of its earnings to shareholders and holds nothing back. His concern is that when interest rates start to rise, it’s a dividend stock, and that could cause it to drop a little bit. Also, if they need to invest more capital, that might imply a cut to the dividend at some point, but certainly not on the horizon. Doesn’t see a lot of upside from here.

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Have done a fantastic job of growing same-store sales in the 2%-3% range, which is pretty good in a somewhat tough economy. This is kind of a hangover from the income trust era. Pays on virtually all of its earnings to shareholders and holds nothing back. His concern is that when interest rates start to rise, it’s a dividend stock, and that could cause it to drop a little bit. Also, if they need to invest more capital, that might imply a cut to the dividend at some point, but certainly not on the horizon. Doesn’t see a lot of upside from here.

HOLD
HOLD
March 21, 2013

Has gone up about 4% in the last 10 days or so. They are able to buy back 7500 shares per day, a quarter of what is being traded. What does this mean and how should a 2% trailing stop be managed? The generally accepted rule is that a share buyback is a sign that management believes the company is undervalued and they are exercising their right to buy shares back while they are still cheap. Sit back and enjoy the ride as the share price goes up.

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Has gone up about 4% in the last 10 days or so. They are able to buy back 7500 shares per day, a quarter of what is being traded. What does this mean and how should a 2% trailing stop be managed? The generally accepted rule is that a share buyback is a sign that management believes the company is undervalued and they are exercising their right to buy shares back while they are still cheap. Sit back and enjoy the ride as the share price goes up.

PARTIAL BUY
PARTIAL BUY
February 21, 2013

A royalty business and they don’t actually do anything, just sell franchises. As new restaurants mature, they get put into the pool. Wonderful business. Not growing very quickly and given the appreciation of the stock price, he wouldn’t be a very aggressive buyer here. 5.8% yield.

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A royalty business and they don’t actually do anything, just sell franchises. As new restaurants mature, they get put into the pool. Wonderful business. Not growing very quickly and given the appreciation of the stock price, he wouldn’t be a very aggressive buyer here. 5.8% yield.

TOP PICK
TOP PICK
August 21, 2012

This is a franchise that is growing very, very nicely from a same store sales perspective. Well managed. 6.6% dividend.

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This is a franchise that is growing very, very nicely from a same store sales perspective. Well managed. 6.6% dividend.

COMMENT
COMMENT
June 5, 2012
Boston Pizza or Pizza Pizza? Doesn’t follow either one. Boston Pizza has a better in store model. There is a huge hunger for yield.
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Boston Pizza or Pizza Pizza? Doesn’t follow either one. Boston Pizza has a better in store model. There is a huge hunger for yield.
DON'T BUY
DON'T BUY
April 12, 2012
Whenever possible, he likes to own the parent company, which is private. Their payout ratio is very high. He prefers Pizza Pizza (PZA.UN-T) and A&W (AW.UN-T).
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Whenever possible, he likes to own the parent company, which is private. Their payout ratio is very high. He prefers Pizza Pizza (PZA.UN-T) and A&W (AW.UN-T).
DON'T BUY
DON'T BUY
February 23, 2010
Management are selling some shares. They will be faced with taxes in 2011 at 26-30%.
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Management are selling some shares. They will be faced with taxes in 2011 at 26-30%.
HOLD
HOLD
November 23, 2009
Likely to cut payout by 30%-35% when they convert to a corporation. Expect they have had shrinkage but are still earning their distributions. Still likes the underlying business.
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Likely to cut payout by 30%-35% when they convert to a corporation. Expect they have had shrinkage but are still earning their distributions. Still likes the underlying business.
HOLD
HOLD
December 8, 2008
Very solid management team. Names like this are going to be under some pressure as it is not high-end or low like McDonald's. Decent balance sheet.
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Very solid management team. Names like this are going to be under some pressure as it is not high-end or low like McDonald's. Decent balance sheet.
DON'T BUY
DON'T BUY
November 4, 2008
The problem with this and a lot of other restaurant royalty/income trust is the moving towards conversion time. They basically have 24 months to resolve how they are going to restructure. His fear is that until that is done, these are dead money.
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The problem with this and a lot of other restaurant royalty/income trust is the moving towards conversion time. They basically have 24 months to resolve how they are going to restructure. His fear is that until that is done, these are dead money.
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