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.
Showing 31 to 45 of 60 entries