| SELL | 8.380 | Ben Cheng | (Market Call Minute.) Economic weakness and expected higher prices for wheat, input costs. | 2008-09-24 | |
| STRONG BUY | 8.340 | Michael Simpson, CFA | Same-store sales growth has been pretty good. Bought a chain in Alberta to being a pretty good exposure. | 2008-09-19 | |
| Comment | 8.590 | Sandy McIntyre | Hit all their numbers. Question: how do restaurant trusts transition in 2011? Very unusual corporate structures. No one has settled this yet but the business itself is good. | 2008-08-15 | |
| PAST TOP PICK | 8.750 | Andrew Guy, CFA | (A Top Pick July 27/07. Down 15%.) Bulk of their business is in southwestern Ontario where there is manufacturing slowdown. Some confusion in the market also. Royalty trusts earn royalties on the top line sales. Very stable, attractive business and is still a Buy. | 2008-07-22 | |
| BUY | 9.130 | Sandy McIntyre | The dominant pizza chain in Ontario. | 2008-05-05 | |
| BUY | 9.250 | Ben Cheng | Not worried about the distributions. Quick service restaurants tend to be a little more resilient in tough economic times. Have better growth aspects with their acquisition they made in Western Canada. Doesn't expect the stock price to rally much in the next 6 to 9 months. Near 10% yield. | 2008-04-16 | |
| BUY | 9.470 | Sandy McIntyre | Very competent operator. Share price bounces in the $9 to $10 range. 9.7% yield. He is comfortable owning this one for the long term. | 2008-02-26 | |
| BUY | 9.050 | Michael Simpson, CFA | (Market Call Minute.) Great company. Good results yesterday in a tough environment. Grew sales at 4.9%. Getting good sales growth from the acquisition they made in Alberta. | 2008-01-22 | |
| BUY | 9.900 | Michael Simpson, CFA | Has same store sales growth of about 5% due to the acquisition of an Alberta franchise. Not expected to continue. Ontario has a bit of weakness. Good management. Good price. | 2007-11-08 | |
| WEAK BUY | 10.350 | Patrick Kim | Hasn’t gotten respect they deserved. Have delivered a lot of consistent sales returns. Flown under the radar. Benefit from inflation. Murky in long term. | 2007-09-21 | |
| TOP PICK | 9.650 | Andrew Guy, CFA | The dominant pizza vendor in Ontario. Just acquired a very successful, profitable and fast-growing franchise in Alberta at an attractive valuation. Income is in the form of an annual fee from the franchisees on every $1 of sales. 9% yield. | 2007-07-27 | |
| BUY | 9.520 | Andrew Guy, CFA | Expanding into Alberta with the acquisition of 2 other pizza chains. This is a good deal as it allows them to get outside of the Ontario market. | 2007-06-27 | |
| Comment | 9.300 | Michael Sprung | Doesn't think this will be around as an income trust past 2011. Fully valued. | 2007-05-28 | |
| BUY | 9.400 | Andrew Guy, CFA | Great retail product as the cash flows are relatively stable. One of the best managed of the royalty businesses. Expanding. Fairly valued. | 2007-05-25 | |
| BUY | 9.000 | Sandy McIntyre | One f those businesses that has great long-term growth potential. | 2007-04-13 | |
| BUY | 8.990 | Andrew Guy, CFA | A restaurant royalty trust, which inherently have very high payout ratios. Limited costs so they payout 95% of their cash flow. Very smart marketing team. | 2007-04-09 | |
| DON'T BUY | 8.800 | Ben Cheng | This is a market segment were you can have considerable competition. Growth pattern for them going forward is probably very tough. | 2007-03-02 | |
| PAST TOP PICK | 8.020 | Michael Simpson, CFA | (A Top Pick Dec 30/05. Down 19.8%.) Have increased their distributions several times. Good innovators. Sophisticated tracking method so there is good control of inventory. Considers that as a defensive name. | 2007-01-04 | |
| WEAK BUY | 8.010 | Peter Brieger | As a defensive play for a recession, this would be a good one to choose. | 2006-12-29 | |
| BUY | 8.150 | Chyanne Fickes | Was unduly hit in the recent debacle of income trusts. | 2006-11-06 | |
| BUY | 8.400 | Patrick Kim | Have done a fantastic job of delivering consistent results. Will continue to deliver cash flows well beyond 2011. | 2006-11-01 | |
| DON'T BUY | 10.050 | Garth Jestley | Not enthusiastic about the restaurant sector. | 2006-08-11 | |
| HOLD | 9.900 | Leslie Lundquist | Reported a good quarter and showed increased same store sales growth. Prefers Boston Pizza (BPF.UN-T) with its longer track record. | 2006-05-17 | |
| PAST TOP PICK | 10.200 | Michael Simpson, CFA | (A Top Pick Dec 30/05. No change.) Two small distribution increases. Going very well in Ontario with their same store sales growth. Still likes it. | 2006-03-31 | |
| VAGUE | 10.150 | Sandy McIntyre | They own 10% of the outstanding units in the Pizza Pizza Income Trust. Very predictable same store sales growth over the past decade. Investing in upgrading their store fronts to a better class of display of the restaurant. Distributions, which are a royalty on sales, are pretty secure. Predicts no material change in distribution or share price over the next year but sees a low beta stock which is not volatile. | 2006-03-05 | |
| TOP PICK | 10.000 | Michael Simpson, CFA | Earnings had been misinterpreted by the market. There had been a number of onetime charges. The same store sales growth at 6% is quite good. Good innovators. Spend a lot of money on technology. Expanding their lunch menu. There was some panic in today's market and with this, he is buying. | 2005-12-30 | |
| DON'T BUY | 8.920 | James Leung | Generally does not participate in restaurent royalty funds. Prefers Boston Pizza (BPF.UN-T) which he owns. | 2005-11-11 | |
| BUY | 8.850 | Patrick Kim | With the weakness in price, he has added to his position. The drop in price is strictly an income trust market issue. The company's fundamentals look fantastic. Reported 4% same store sales growth. | 2005-11-04 | |
| DON'T BUY | 10.240 | Leslie Lundquist | Preferred Boston Pizza Royalties (BPF.UN-T) which has the track record. Not sure Pizza Pizza can match the business model. | 2005-07-22 | |
Experts that have talked about Pizza Pizza Royalty Income Fund
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