STOCKCHASE

(Market Called Minute.) Business is gradually getting better as we come out of the recession.

2010-07-07

BUY

7.240

Peter Brieger

Once it converts to a corporation, he expects they will cut the distribution to at least as much as the dividend tax credit.. In a non-registered account you should see no difference in the effective yield. Current yield is 12.9%. Good franchise.

2010-04-15

BUY

6.550

Pizza chain. Dominant market share in Ontario. Diversified into Alberta and slowly expanding into other provinces. Because of the recession, payout ratio went above 100% but have cash on their balance sheet. Feels they will transition towards 2011 so is expecting a distribution cut but feels this is already reflected in the stock price. Good price.

2009-07-06

VAGUE

6.750

Benj Gallander

(Market Call Minute) Doesn’t follow it.

2009-05-01

BUY

6.750

(Market Call Minute) Protein, cheese and wheat prices all came down. Economy slowly recovering.

2009-04-27

HOLD

6.400

Very well run business and the payout is safe. During recessions, people go back to simpler comfort food. Same-store sales have been doing well. Doesn't know what the business will transform into in 2011. On his radar screen.

2009-01-22

Comment

6.010

Somewhat recession resistant. Came under pressure because of the price of protein. This has now been somewhat alleviated.

2008-12-08

BUY

6.260

(Market Call Minute.) People will eat pizzas in recessions.

2008-10-24

SELL

8.380

(Market Call Minute.) Economic weakness and expected higher prices for wheat, input costs.

2008-09-24

STRONG BUY

8.340

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

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

(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

The dominant pizza chain in Ontario.

2008-05-05

BUY

9.250

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

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

(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

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

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

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

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

One f those businesses that has great long-term growth potential.

2007-04-13

BUY

8.990

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

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

(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

(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

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