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Boston Pizza Royalties

Stock Symbol: BPF.UN-T

Last Price Recorded: 23.8400 on 2013-05-23 01:14:03

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Date Signal Expert Opinion Price
2013-04-30 COMMENT Lorne Steinberg

Have done a fantastic job of growing same-store sales in the 2%-3% range, which is pretty good in a somewhat tough economy. This is kind of a hangover from the income trust era. Pays on virtually all of its earnings to shareholders and holds nothing back. His concern is that when interest rates start to rise, it’s a dividend stock, and that could cause it to drop a little bit. Also, if they need to invest more capital, that might imply a cut to the dividend at some point, but certainly not on the horizon. Doesn’t see a lot of upside from here.

 Price:
$23.550
Subject:
VALUE STOCKS & HIGH YIELD BONDS
Bias:
BULLISH on FOREIGN
Owned:
No
2013-03-21 HOLD John DeGoey

Has gone up about 4% in the last 10 days or so. They are able to buy back 7500 shares per day, a quarter of what is being traded. What does this mean and how should a 2% trailing stop be managed? The generally accepted rule is that a share buyback is a sign that management believes the company is undervalued and they are exercising their right to buy shares back while they are still cheap. Sit back and enjoy the ride as the share price goes up.

 Price:
$21.400
Subject:
PERSONAL FINANCE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2013-02-21 PARTIAL BUY Fabrice Taylor

A royalty business and they don’t actually do anything, just sell franchises. As new restaurants mature, they get put into the pool. Wonderful business. Not growing very quickly and given the appreciation of the stock price, he wouldn’t be a very aggressive buyer here. 5.8% yield.

 Price:
$20.100
Subject:
NORTH AMERICAN
Bias:
OPTIMISTIC
Owned:
Yes
2012-08-21 TOP PICK Karl Berger

This is a franchise that is growing very, very nicely from a same store sales perspective. Well managed. 6.6% dividend.

 Price:
$18.480
Subject:
GLOBAL
Bias:
UNKNOWN
Owned:
Yes
2012-06-05 COMMENT David Baskin Boston Pizza or Pizza Pizza? Doesn’t follow either one. Boston Pizza has a better in store model. There is a huge hunger for yield.
Price:
$17.360
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2012-04-12 DON'T BUY Michael Simpson, CFA Whenever possible, he likes to own the parent company, which is private. Their payout ratio is very high. He prefers Pizza Pizza (PZA.UN-T) and A&W (AW.UN-T).
 Price:
$18.200
Subject:
DIVIDEND STOCKS
Bias:
OPTIMISTIC
Owned:
No
2010-02-23 DON'T BUY Michael Simpson, CFA Management are selling some shares. They will be faced with taxes in 2011 at 26-30%.
Price:
$12.300
Subject:
INCOME INVESTING
Bias:
SELECTIVE
Owned:
No
2009-11-23 HOLD 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.
 Price:
$11.060
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2008-12-08 HOLD 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.
 Price:
$7.130
Subject:
INCOME TRUSTS/REITS
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
No
2008-11-04 DON'T BUY 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.
 Price:
$9.100
Subject:
GLOBAL
Bias:
BULLISH on UTILITIES & TELCOS
Owned:
Yes
2008-09-19 DON'T BUY 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).
 Price:
$10.310
Subject:
INCOME TRUSTS
Bias:
SELECTIVELY OPTIMISTIC
Owned:
No
2008-08-12 BUY 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.
 Price:
$11.550
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US CONSUMERS
Owned:
Yes
2008-05-28 TOP PICK 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.
 Price:
$12.200
Subject:
NORTH AMERICAN - LARGE
Bias:
BEARISH on FINANCIALS
Owned:
Yes
2008-04-02 COMMENT 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.
 Price:
$11.380
Subject:
NORTH AMERICAN - LARGE & INCOME TRUSTS
Bias:
CAUTIOUS
Owned:
Unknown
2008-01-21 BUY 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.
 Price:
$12.270
Subject:
42
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Yes
Showing 1 to 15 of 40 entries
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