Boston Pizza Royalties

BPF.UN-T

Analysis and Opinions about BPF.UN-T

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
September 19, 2008
Casual dining. Will have to change their structure in 2011. Some new stores are cannibalizing some of the older ones. Prefers others such as Pizza Pizza (PZA.UN-T).
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Casual dining. Will have to change their structure in 2011. Some new stores are cannibalizing some of the older ones. Prefers others such as Pizza Pizza (PZA.UN-T).
BUY
BUY
August 12, 2008
Restaurant sector in North America has been hurting. Same-store sales growth in this company continues to be positive. Has shrunk for now and will probably stay on the low level until the economy starts to pick up. Great franchise.
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Restaurant sector in North America has been hurting. Same-store sales growth in this company continues to be positive. Has shrunk for now and will probably stay on the low level until the economy starts to pick up. Great franchise.
TOP PICK
TOP PICK
May 28, 2008
A trust that never recovered from the government's taxation on income trusts. The best restaurant income trust. They have the best same-store sales growth. In a sweet spot that when customers feel good about themselves they trade up from fast food but when the economy starts to slow, they trade down from fancier restaurants. Almost 12% distribution.
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A trust that never recovered from the government's taxation on income trusts. The best restaurant income trust. They have the best same-store sales growth. In a sweet spot that when customers feel good about themselves they trade up from fast food but when the economy starts to slow, they trade down from fancier restaurants. Almost 12% distribution.
COMMENT
COMMENT
April 2, 2008
Good trust for current economic conditions. Doesn't know what their strategy is, i.e. converting to a corporate structure or leaving it in the current format. If they convert, will their cash flow increase sufficiently that the increase between now and 2011 will more than offset the tax implementations.
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Good trust for current economic conditions. Doesn't know what their strategy is, i.e. converting to a corporate structure or leaving it in the current format. If they convert, will their cash flow increase sufficiently that the increase between now and 2011 will more than offset the tax implementations.
BUY
BUY
January 21, 2008
Very capable management team. Market is worried if the growth pattern is sustainable in the present economic environment. Excellent royalty trust if you want to be in the restaurant space, but you may see some weakness in same-store sales growth. 11.5% distribution should be safe and continue after 2011 changes in trusts.
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Very capable management team. Market is worried if the growth pattern is sustainable in the present economic environment. Excellent royalty trust if you want to be in the restaurant space, but you may see some weakness in same-store sales growth. 11.5% distribution should be safe and continue after 2011 changes in trusts.
BUY
BUY
November 2, 2007
He’s quite positive at these levels. Has a concentration in western Canada.
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He’s quite positive at these levels. Has a concentration in western Canada.
DON'T BUY
DON'T BUY
September 21, 2007
Has always been one of the highest value names because it is recognized as an almost pure Western Canada play. Have enjoyed some of the highest same-store sales growth because of the Western economy. However, a lot of that has already been reflected in the price.
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Has always been one of the highest value names because it is recognized as an almost pure Western Canada play. Have enjoyed some of the highest same-store sales growth because of the Western economy. However, a lot of that has already been reflected in the price.
BUY
BUY
June 8, 2007
Resturant royalty trusts are a beautiful thing. You won't find a better more stable cash flow anywhere. He will buy at $15.10 He thinks they are fairly valued but will be rock solid during the coming turbulence.
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Resturant royalty trusts are a beautiful thing. You won't find a better more stable cash flow anywhere. He will buy at $15.10 He thinks they are fairly valued but will be rock solid during the coming turbulence.
DON'T BUY
DON'T BUY
April 9, 2007
Royalty trust where they earn royalties on sales on the underlying restaurant. One of the fastest-growing franchise restaurant brands in Canada. Expects this will continue, but same-store sales growth has been slowing. Expensive relative to their peers. Cautious on what the tax impact is going to be going out to 2011.
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Royalty trust where they earn royalties on sales on the underlying restaurant. One of the fastest-growing franchise restaurant brands in Canada. Expects this will continue, but same-store sales growth has been slowing. Expensive relative to their peers. Cautious on what the tax impact is going to be going out to 2011.
BUY
BUY
March 2, 2007
Very solid management team. Tremendous amount of restaurants across Canada. Growth pattern is going to continue to be very good.
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Very solid management team. Tremendous amount of restaurants across Canada. Growth pattern is going to continue to be very good.
BUY
BUY
November 17, 2006
A spectacularly successful company that is in a growth mode. Very well-run.
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A spectacularly successful company that is in a growth mode. Very well-run.
DON'T BUY
DON'T BUY
October 20, 2006
Not a fan of restaurants. This one has been an anomaly in that it has performed well. Low cost product, so margins are high. Have had a great run, so if you own, you might want to take some profit.
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Not a fan of restaurants. This one has been an anomaly in that it has performed well. Low cost product, so margins are high. Have had a great run, so if you own, you might want to take some profit.
BUY
BUY
October 10, 2006
Non-cyclical. In the right price point. Same store sales have been growing single digit for quite some time.
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Non-cyclical. In the right price point. Same store sales have been growing single digit for quite some time.
SELL
SELL
September 25, 2006
Fanastic trust, industry leader. Recommends selling though and taking money off the table.
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Fanastic trust, industry leader. Recommends selling though and taking money off the table.
BUY
BUY
August 22, 2006
The only restaurant stock he owns. Seems to have the best sales growth and best quality management. Every 7 years it makes its franchise holders refresh the restaurant.
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The only restaurant stock he owns. Seems to have the best sales growth and best quality management. Every 7 years it makes its franchise holders refresh the restaurant.
DON'T BUY
DON'T BUY
August 4, 2006
Sold his holdings at around $17.50 strictly based on valuation levels. News continues to be good but questions if it can get any better than what it already has.
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Sold his holdings at around $17.50 strictly based on valuation levels. News continues to be good but questions if it can get any better than what it already has.
BUY
BUY
July 28, 2006
7.2% yield. Fine for a diversified portfolio. It is hard for him to buy as the liquidity is not there.
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7.2% yield. Fine for a diversified portfolio. It is hard for him to buy as the liquidity is not there.
DON'T BUY
DON'T BUY
June 30, 2006
7% yield which is considered quite low. Same store sales growth has been spectacular. Has not been lower than 6% in the last 10 years. One of the problems he has is the expectation of the price. Holds only a small weighting. If you have a diversified portfolio, it is probably OK.
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7% yield which is considered quite low. Same store sales growth has been spectacular. Has not been lower than 6% in the last 10 years. One of the problems he has is the expectation of the price. Holds only a small weighting. If you have a diversified portfolio, it is probably OK.
BUY
BUY
May 30, 2006
The best restaurant pizza chain. Have had great same store sales growth. Excellent management. Lots of expansion.
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The best restaurant pizza chain. Have had great same store sales growth. Excellent management. Lots of expansion.
BUY
BUY
May 26, 2006
Has been a great performer. Still has a great growth profile ahead of it. Well managed.
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Has been a great performer. Still has a great growth profile ahead of it. Well managed.
Ravi Sood

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Price
$18.000
Owned
Unknown
DON'T BUY
DON'T BUY
February 3, 2006
He does not own any restaurants. Long-term, it is a tough, tough industry. This one looks like it has done a decent job.
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He does not own any restaurants. Long-term, it is a tough, tough industry. This one looks like it has done a decent job.
BUY
BUY
January 13, 2006
Of all the income trusts out there for restaurants, this is the class leader. Have a tremendous track record of delivering above-average same store sales growth. Have great demographics. Most of their outlets are located in western Canada where consumer spending is very strong.
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Of all the income trusts out there for restaurants, this is the class leader. Have a tremendous track record of delivering above-average same store sales growth. Have great demographics. Most of their outlets are located in western Canada where consumer spending is very strong.
DON'T BUY
DON'T BUY
December 7, 2005
The difficulty for a business trust like this is knowing the stability of the cash flow. Not sure that the model really suits an income trust type of environment.
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The difficulty for a business trust like this is knowing the stability of the cash flow. Not sure that the model really suits an income trust type of environment.
BUY
BUY
November 11, 2005
Generally does not participate in restaurent royalty funds, but this one has had a very good record of same store sales growth for the past 10 years.
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Generally does not participate in restaurent royalty funds, but this one has had a very good record of same store sales growth for the past 10 years.
BUY WEAKNESS
BUY WEAKNESS
March 31, 2005
Watching this one and hoping it comes off some more and he could be interested in. A growing chain and you get good royalties out of it.
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Watching this one and hoping it comes off some more and he could be interested in. A growing chain and you get good royalties out of it.
BUY
BUY
February 22, 2005
Will probably add another 60 stores in the next year or so. Management have been growing the business quite successfully. Refresh the concept every 7 years. Yield is pretty reasonable. As the chain grows, the distribution should also grow.
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Will probably add another 60 stores in the next year or so. Management have been growing the business quite successfully. Refresh the concept every 7 years. Yield is pretty reasonable. As the chain grows, the distribution should also grow.
Bill Shaw

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Price
$15.000
Owned
Unknown
BUY
BUY
November 17, 2004
Not exposed to US$. Has a business plan that works. Growing.
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Not exposed to US$. Has a business plan that works. Growing.
DON'T BUY
DON'T BUY
November 7, 2003
Not a fan of restaurant trusts because of their instability. Highly competitive business. This one is probably the best in this sector.
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Not a fan of restaurant trusts because of their instability. Highly competitive business. This one is probably the best in this sector.
WEAK BUY
WEAK BUY
July 9, 2003
Expects good growth via new stores. Sales are relatively good. Has concerns on restaurants in trusts.
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Expects good growth via new stores. Sales are relatively good. Has concerns on restaurants in trusts.
Bill Shaw

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Price
$10.050
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
December 9, 2002
(Was a top pick on July 12. No change.) Still likes.
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(Was a top pick on July 12. No change.) Still likes.
Showing 31 to 60 of 60 entries