Imvescor Restaurant Group

IRG-T

Analysis and Opinions about IRG-T

Signal
Opinion
Expert
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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