Review of A&W Revenue Royalties Income Fund

MAR 26, 2024 - We still think AW.UN is a good income opportunity and as macroeconomic pressures alleviate there could be the potential for some share price appreciation. Debt is low which is a key attractive feature here. We are downgrading AW.UN to a ‘B’ due to increased competition with bonds and its lower growth rates.

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Restaurant Brands International Inc. (QSR $95.63)
- $95.63 Fwd P/E: 23.04X Cap: $43.47B
- View QSR Profile
- View Questions on QSR
A&W Revenue Royalties Income Fund (AW.UN $36.93)
- $36.93 Fwd P/E: 17.7X Cap: $538M
- View AW.UN Profile
- View Questions on AW.UN
- View Reports on AW.UN
Boston Pizza Royalties Income Fund (BPF.UN $20.09)
- $20.09 Fwd P/E: 21.77X Cap: $492M
- View BPF.UN Profile
- View Questions on BPF.UN
- View Reports on BPF.UN
MTY Food Group Inc. (MTY $40.11)
- $40.11 Fwd P/E: 24.96X Cap: $930M
- View MTY Profile
- View Questions on MTY
- View Reports on MTY

Q: Hi Peter and the 5i Team,

The recent performance of QSR has been quite lacklustre to say the least. If you were buying today, in what order would you buy QSR and its major Canadian peers (AW.UN, MTY, ans BPF.UN)?

Thanks for your valuable insight.

Read Answer Asked by Jerry on July 11, 2025

Restaurant Brands International Inc. (QSR $95.63)
- $95.63 Fwd P/E: 23.04X Cap: $43.47B
- View QSR Profile
- View Questions on QSR
A&W Revenue Royalties Income Fund (AW.UN $36.93)
- $36.93 Fwd P/E: 17.7X Cap: $538M
- View AW.UN Profile
- View Questions on AW.UN
- View Reports on AW.UN
Boston Pizza Royalties Income Fund (BPF.UN $20.09)
- $20.09 Fwd P/E: 21.77X Cap: $492M
- View BPF.UN Profile
- View Questions on BPF.UN
- View Reports on BPF.UN
Pizza Pizza Royalty Corp. (PZA $15.43)
- $15.43 Fwd P/E: 33.41X Cap: $514M
- View PZA Profile
- View Questions on PZA

Q: Pizza Pizza and Boston Pizza's price history and dividend payouts seem to have been reasonably stable for more than one year. I know you prefer AW.UN but are the other two ok for income? QSR looks too pricey and has a low dividend. What do you recommend?

Read Answer Asked by Jean on January 03, 2025

A&W Revenue Royalties Income Fund (AW.UN $36.93)
- $36.93 Fwd P/E: 17.7X Cap: $538M
- View AW.UN Profile
- View Questions on AW.UN
- View Reports on AW.UN
A & W Food Services of Canada Inc. (AW $39.25)
- $39.25 Fwd P/E: 226.47X Cap: $941M
- View AW Profile
- View Questions on AW
- View Reports on AW

Q: I owned 600 shares of AW.UN and was under the impression that the shares would be exchanged 1 for 1 for AW. That is not what appears to have happened. My account indicates I now own 583 shares of AW. iTrade has also changed the apparent purchase price which would suggest that I sold the AW.UN shares and bought the AW shares. Have I misunderstood how this transaction was suppose to take place? Do I have grounds to insist the missing 17 shares be returned?

Read Answer Asked by william on November 25, 2024