Imvescor Restaurant Group

IRG-T

Analysis and Opinions about IRG-T

Signal
Opinion
Expert
PAST TOP PICK
PAST TOP PICK
April 24, 2018

(A Top Pick February 15, 2017. Up 23%). In the takeover, shareholders were given the choice of cash or stock in MTY. He took the cash. He doesn’t like the company’s positioning (focused more on food court concepts) as much as Invescor (casual dining). Also, the increase in minimum wage across Canada is having a large impact on the costs of restaurants.

(A Top Pick February 15, 2017. Up 23%). In the takeover, shareholders were given the choice of cash or stock in MTY. He took the cash. He doesn’t like the company’s positioning (focused more on food court concepts) as much as Invescor (casual dining). Also, the increase in minimum wage across Canada is having a large impact on the costs of restaurants.

Colin Stewart
CEO & Portfolio manager, JC Clark Investments Ltd.
Price
$4.010
Owned
No
PAST TOP PICK
PAST TOP PICK
November 13, 2017

(A Past Top Pick Jul 14/16, Up 49%) They brought in new management during a turnaround and they executed extraordinarily well. He has been pleased and sill owns it.

(A Past Top Pick Jul 14/16, Up 49%) They brought in new management during a turnaround and they executed extraordinarily well. He has been pleased and sill owns it.

Brendan Caldwell
President, Caldwell Securities
Price
$4.150
Owned
Yes
PAST TOP PICK
PAST TOP PICK
October 20, 2017

(A Top Pick Sept 16/16. Up 20%.) Runs a chain of different restaurants. Hired a new CEO about a year ago, who changed the decor of the restaurants and redid the menu. Has just added more to his holdings. It has a lot of runway.

(A Top Pick Sept 16/16. Up 20%.) Runs a chain of different restaurants. Hired a new CEO about a year ago, who changed the decor of the restaurants and redid the menu. Has just added more to his holdings. It has a lot of runway.

William Chin
Portfolio manager, Caldwell Investment Management
Price
$3.600
Owned
Yes
PAST TOP PICK
PAST TOP PICK
July 17, 2017

(Top Pick Apr 8/16, Up 32.96%) It has participation in a wide variety of restaurants. This is not an entry point. There are higher growth possibilities in the market right now.

(Top Pick Apr 8/16, Up 32.96%) It has participation in a wide variety of restaurants. This is not an entry point. There are higher growth possibilities in the market right now.

Brendan Caldwell
President, Caldwell Securities
Price
$3.500
Owned
Yes
PAST TOP PICK
PAST TOP PICK
March 8, 2017

(A Top Pick Sept 16/16. Up 9.88%.) Pizza Delight, Score and Baton Rouge, etc. restaurants. This has new management, and they revamped the menu and renovated the restaurants. Good returns.

(A Top Pick Sept 16/16. Up 9.88%.) Pizza Delight, Score and Baton Rouge, etc. restaurants. This has new management, and they revamped the menu and renovated the restaurants. Good returns.

William Chin
Portfolio manager, Caldwell Investment Management
Price
$3.330
Owned
Yes
HOLD
HOLD
February 28, 2017

This is in the restaurant business out East. He met them and it looked like they were revamping a lot of the restaurants and that the margins increased. It looks like they have done a good job.

This is in the restaurant business out East. He met them and it looked like they were revamping a lot of the restaurants and that the margins increased. It looks like they have done a good job.

Peter Imhof
Vice President & Portfolio Manager, AGF Investments Inc
Price
$3.340
Owned
No
TOP PICK
TOP PICK
February 15, 2017

Their brands include Pizza Delight, Baton Rouge, Scores, etc. Mainly in Québec. Recently made an acquisition of a breakfast chain, Ben & Florentine. They don’t actually own or run the expenses of the restaurant, but take a royalty off the top line. There is a lot of free cash flow. Trades at half the valuation of a Freshii. Dividend yield of 2.69%. The new CEO has been reinvesting in the business. They are on the hunt for more acquisitions. A cheaper way to play the restaurant business in Canada. (Analysts’ price target is $3.88.)

Their brands include Pizza Delight, Baton Rouge, Scores, etc. Mainly in Québec. Recently made an acquisition of a breakfast chain, Ben & Florentine. They don’t actually own or run the expenses of the restaurant, but take a royalty off the top line. There is a lot of free cash flow. Trades at half the valuation of a Freshii. Dividend yield of 2.69%. The new CEO has been reinvesting in the business. They are on the hunt for more acquisitions. A cheaper way to play the restaurant business in Canada. (Analysts’ price target is $3.88.)

Colin Stewart
CEO & Portfolio manager, JC Clark Investments Ltd.
Price
$3.330
Owned
Yes
COMMENT
COMMENT
February 1, 2017

Operates restaurants such as Baton Rouge, Pizza Delight and Scores across Canada. They brought in new management a couple of years back to turn the business around and the stock has been doing well. Both their top line and bottom lines seem to be continuing on apace.

Operates restaurants such as Baton Rouge, Pizza Delight and Scores across Canada. They brought in new management a couple of years back to turn the business around and the stock has been doing well. Both their top line and bottom lines seem to be continuing on apace.

Brendan Caldwell
President, Caldwell Securities
Price
$3.340
Owned
Yes
BUY
BUY
January 17, 2017

She thinks it is a great company and is a core holding. There are a lot of good catalysts. They were a group of fast serve restaurants in Quebec put together by a banking group that did not know restaurants and who then brought in experts, remodeled stores and got the business back on track. They had a nice same store pickup. They are now looking at making acquisitions in that area. The valuation is well below other restaurant peers across North America. She thinks there is plenty of upside remaining.

She thinks it is a great company and is a core holding. There are a lot of good catalysts. They were a group of fast serve restaurants in Quebec put together by a banking group that did not know restaurants and who then brought in experts, remodeled stores and got the business back on track. They had a nice same store pickup. They are now looking at making acquisitions in that area. The valuation is well below other restaurant peers across North America. She thinks there is plenty of upside remaining.

Jennifer Radman
VP & Sr. Portfolio Manager, Caldwell Investment Management
Price
$3.360
Owned
Yes
TOP PICK
TOP PICK
October 5, 2016

Operates 227 restaurants such as Baton Rouge, Pizza Delight, Scores and Trattoria di Mikes brands, the bulk of which are franchised. This is a turnaround story. They had new management in 2014, where they were looking to rebrand and redevelop the restaurants that they already had. So far the experience has been working and they have had strong top line growth and strong bottom line growth. Dividend yield of 2.91%.

Operates 227 restaurants such as Baton Rouge, Pizza Delight, Scores and Trattoria di Mikes brands, the bulk of which are franchised. This is a turnaround story. They had new management in 2014, where they were looking to rebrand and redevelop the restaurants that they already had. So far the experience has been working and they have had strong top line growth and strong bottom line growth. Dividend yield of 2.91%.

Brendan Caldwell
President, Caldwell Securities
Price
$3.160
Owned
Yes
TOP PICK
TOP PICK
September 16, 2016

Operates a whole bunch of restaurant franchises, including Baton Rouge and Pizza Delight. They have about 220 restaurants throughout Ontario, Québec and Atlantic Canada. In 2014 they got a new CEO, who encouraged the franchisees to revamp their restaurants, put out new menus and new items on the menus. Traffic has been recovering very, very well. This is in the early innings of getting franchises. Good revenue growth and is a very cheap valuation in the restaurant sphere.

Operates a whole bunch of restaurant franchises, including Baton Rouge and Pizza Delight. They have about 220 restaurants throughout Ontario, Québec and Atlantic Canada. In 2014 they got a new CEO, who encouraged the franchisees to revamp their restaurants, put out new menus and new items on the menus. Traffic has been recovering very, very well. This is in the early innings of getting franchises. Good revenue growth and is a very cheap valuation in the restaurant sphere.

William Chin
Portfolio manager, Caldwell Investment Management
Price
$3.110
Owned
Yes
TOP PICK
TOP PICK
July 14, 2016

Interesting turnaround story. It has been turning around since 2014. They have incentivized the franchisees to maintain the restaurants in the highest possible quality. They brought a new guy in after it didn’t work. It takes a while for a new CE to affect all the changes he wants but it SEEMS it is working already.

Interesting turnaround story. It has been turning around since 2014. They have incentivized the franchisees to maintain the restaurants in the highest possible quality. They brought a new guy in after it didn’t work. It takes a while for a new CE to affect all the changes he wants but it SEEMS it is working already.

Brendan Caldwell
President, Caldwell Securities
Price
$2.790
Owned
Yes
TOP PICK
TOP PICK
June 8, 2016

One of the largest restaurant franchisors in Canada. They own 225 locations, mainly in Québec and Atlantic Canada. Low CapX and high free cash flow. Pays a 3.5% dividend yield. CEO is just in the early stages of a fairly significant turnaround. They are reinvesting in the restaurants and having the franchisees renovate, improving menus, improving food quality, etc.

One of the largest restaurant franchisors in Canada. They own 225 locations, mainly in Québec and Atlantic Canada. Low CapX and high free cash flow. Pays a 3.5% dividend yield. CEO is just in the early stages of a fairly significant turnaround. They are reinvesting in the restaurants and having the franchisees renovate, improving menus, improving food quality, etc.

Colin Stewart
CEO & Portfolio manager, JC Clark Investments Ltd.
Price
$2.690
Owned
Yes
SELL
SELL
April 11, 2016

(Market Call Minute.) Management isn’t too thrilled about buying stock back at these levels. The street is building in a lot of things that might not actually happen.

(Market Call Minute.) Management isn’t too thrilled about buying stock back at these levels. The street is building in a lot of things that might not actually happen.

James Telfser
Partner & Portfolio Manager, Aventine Management Group
Price
$2.750
Owned
No
TOP PICK
TOP PICK
April 8, 2016

Some of the names they hold are Baton Rouge, Pizza Delight, Scores and Trattoria di Mikes, which operate right across Canada, but particularly in the East. He likes the food business. The new CEO seems to be turning the company around. A strong franchise model and profitability has been there in the last while. Dividend yield of 3.36%.

Some of the names they hold are Baton Rouge, Pizza Delight, Scores and Trattoria di Mikes, which operate right across Canada, but particularly in the East. He likes the food business. The new CEO seems to be turning the company around. A strong franchise model and profitability has been there in the last while. Dividend yield of 3.36%.

Brendan Caldwell
President, Caldwell Securities
Price
$2.750
Owned
Yes
PAST TOP PICK
PAST TOP PICK
April 22, 2014

(A Top Pick April 16/13. Up 38.36%.) Story has only gotten better. Earnings are going higher. Have a great retail business where they sell some of their products in grocery stores. That retail initiative is a very high margin business. Well-positioned and generating a lot of cash flow. At some point, they could initiate a dividend which would be received positively.

(A Top Pick April 16/13. Up 38.36%.) Story has only gotten better. Earnings are going higher. Have a great retail business where they sell some of their products in grocery stores. That retail initiative is a very high margin business. Well-positioned and generating a lot of cash flow. At some point, they could initiate a dividend which would be received positively.

Colin Stewart
CEO & Portfolio manager, JC Clark Investments Ltd.
Price
$2.030
Owned
Yes
BUY
BUY
November 5, 2013

One of his largest positions. A well run business that it undergoing a turnaround. Trades at a discount to others. He is confident in the board to put someone in place as CEO. A re-initiation of a dividend down the road is a distinct possibility.

One of his largest positions. A well run business that it undergoing a turnaround. Trades at a discount to others. He is confident in the board to put someone in place as CEO. A re-initiation of a dividend down the road is a distinct possibility.

Colin Stewart
CEO & Portfolio manager, JC Clark Investments Ltd.
Price
$2.040
Owned
Yes
TOP PICK
TOP PICK
September 5, 2013

Smaller cap, special situation, royalty income company. St. Hubert, Pizza delight, Baton Rough. Have cleaned up their balance sheet. Used to be an income trust. Are in growth mode today. Are working with grocery stores on, for example, Baton Rough ribs. Discount to other restaurant royalties. Doesn’t pay a dividend because it got quite over-levered and have just restructured their balance sheet. Thinks a dividend or share buy-back program is on the books.

Smaller cap, special situation, royalty income company. St. Hubert, Pizza delight, Baton Rough. Have cleaned up their balance sheet. Used to be an income trust. Are in growth mode today. Are working with grocery stores on, for example, Baton Rough ribs. Discount to other restaurant royalties. Doesn’t pay a dividend because it got quite over-levered and have just restructured their balance sheet. Thinks a dividend or share buy-back program is on the books.

Colin Stewart
CEO & Portfolio manager, JC Clark Investments Ltd.
Price
$1.530
Owned
Yes
TOP PICK
TOP PICK
April 16, 2013

Umbrella group that owns a number of restaurant groups.

Has done a great job turning around the business. Cleaned up their balance sheet significantly over the last year. Well-capitalized. Banners include: Pizza Delight, Mike’s, Scores and Baton Rouge. Their core restaurant chains, largely Québec and Atlantic based are showing improving operating metrics and cash flow. A very under followed company so trades at a pretty big discount to a lot of the other royalty restaurant companies.

Umbrella group that owns a number of restaurant groups.

Has done a great job turning around the business. Cleaned up their balance sheet significantly over the last year. Well-capitalized. Banners include: Pizza Delight, Mike’s, Scores and Baton Rouge. Their core restaurant chains, largely Québec and Atlantic based are showing improving operating metrics and cash flow. A very under followed company so trades at a pretty big discount to a lot of the other royalty restaurant companies.

Colin Stewart
CEO & Portfolio manager, JC Clark Investments Ltd.
Price
$1.460
Owned
Yes
SELL
SELL
September 21, 2007
Restaurant trusts in eastern Canada. 14.3% yield is stretched. Momentum on the earnings is not strong.
Restaurant trusts in eastern Canada. 14.3% yield is stretched. Momentum on the earnings is not strong.
Patrick Kim
Vice President and Portfolio Manager, KBSH Capital Management
Price
$10.020
Owned
No
DON'T BUY
DON'T BUY
February 22, 2007
Multi-brand restaurant chain. Bullish on the restaurant group. This one has had some pretty lacklustre sales growth. Same-store sales growth has been anaemic at best.
Multi-brand restaurant chain. Bullish on the restaurant group. This one has had some pretty lacklustre sales growth. Same-store sales growth has been anaemic at best.
Patrick Kim
Vice President and Portfolio Manager, KBSH Capital Management
Price
$10.150
Owned
No
TOP PICK
TOP PICK
September 29, 2004
12.8% yield is likely to grow. Too cheap and expects the multiple will expand.
12.8% yield is likely to grow. Too cheap and expects the multiple will expand.
Jean-Francois Tardif
Senior Portfolio Manager, Sprott Asset Management
Price
$10.150
Owned
Yes
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