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| DON'T BUY | 12.300 | Michael Simpson, CFA | Management are selling some shares. They will be faced with taxes in 2011 at 26-30%. | 2010-02-23 | |
| HOLD | 11.060 | Gavin Graham | 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. | 2009-11-23 | |
| HOLD | 7.130 | Ben Cheng | 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. | 2008-12-08 | |
| DON'T BUY | 9.100 | Kevin O'Leary | 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. | 2008-11-04 | |
| DON'T BUY | 10.310 | Michael Simpson, CFA | 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). | 2008-09-19 | |
| BUY | 11.550 | Norman Levine | 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. | 2008-08-12 | |
| TOP PICK | 12.200 | Norman Levine | 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. | 2008-05-28 | |
| Comment | 11.380 | Peter Brieger | 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. | 2008-04-02 | |
| BUY | 12.270 | Ben Cheng | 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. | 2008-01-21 | |
| BUY | 14.200 | Patrick Kim | He’s quite positive at these levels. Has a concentration in western Canada. | 2007-11-02 | |
| DON'T BUY | 14.710 | Patrick Kim | 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. | 2007-09-21 | |
| BUY | 14.850 | Chris Rankin, MBA, CFA | 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. | 2007-06-08 | |
| DON'T BUY | 15.020 | Andrew Guy, CFA | 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. | 2007-04-09 | |
| BUY | 15.150 | Ben Cheng | Very solid management team. Tremendous amount of restaurants across Canada. Growth pattern is going to continue to be very good. | 2007-03-02 | |
| BUY | 14.660 | Ravi Sood | A spectacularly successful company that is in a growth mode. Very well-run. | 2006-11-17 | |
| DON'T BUY | 19.660 | Robert Lauzon | 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. | 2006-10-20 | |
| BUY | 19.140 | Norman Levine | Non-cyclical. In the right price point. Same store sales have been growing single digit for quite some time. | 2006-10-10 | |
| SELL | 18.590 | Chris Rankin, MBA, CFA | Fanastic trust, industry leader. Recommends selling though and taking money off the table. | 2006-09-25 | |
| BUY | 17.960 | Norman Levine | 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. | 2006-08-22 | |
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| DON'T BUY | 17.700 | Patrick Kim | 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. | 2006-08-04 | |
| BUY | 17.950 | Sandy McIntyre | 7.2% yield. Fine for a diversified portfolio. It is hard for him to buy as the liquidity is not there. | 2006-07-28 | |
| DON'T BUY | 17.500 | James Leung | 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. | 2006-06-30 | |
| BUY | 18.000 | Norman Levine | The best restaurant pizza chain. Have had great same store sales growth. Excellent management. Lots of expansion. | 2006-05-30 | |
| BUY | 18.000 | Ravi Sood | Has been a great performer. Still has a great growth profile ahead of it. Well managed. | 2006-05-26 | |
| DON'T BUY | 15.610 | Dean Orrico | He does not own any restaurants. Long-term, it is a tough, tough industry. This one looks like it has done a decent job. | 2006-02-03 | |
| BUY | 15.850 | Patrick Kim | 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. | 2006-01-13 | |
| DON'T BUY | 15.400 | Michael Sprung | 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. | 2005-12-07 | |
| BUY | 14.700 | James Leung | 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. | 2005-11-11 | |
| BUY on WEAKNESS | 15.780 | Norman Levine | 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. | 2005-03-31 | |
| BUY | 15.000 | Bill Shaw | 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. | 2005-02-22 | |
| BUY | 14.400 | Leslie Lundquist | Not exposed to US$. Has a business plan that works. Growing. | 2004-11-17 | |
| DON'T BUY | 10.990 | Garth Jestley | Not a fan of restaurant trusts because of their instability. Highly competitive business. This one is probably the best in this sector. | 2003-11-07 | |
| WEAK BUY | 10.050 | Bill Shaw | Expects good growth via new stores. Sales are relatively good. Has concerns on restaurants in trusts. | 2003-07-09 | |
| PAST TOP PICK | 9.800 | Ben Cheng | (Was a top pick on July 12. No change.) Still likes. | 2002-12-09 |
