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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A&W Revenue Royalties Income Fund (AW.UN $36.93)
- $36.93 P/E (TTM): 17.7X Cap: $538M
- View AW.UN Profile
- View Questions on AW.UN
- View Reports on AW.UN

Q: Wondering if a report update is planned for AW.UN. I see they report earning on Friday. Is this still a good hold for income?

Read Answer Asked by Matthew on October 15, 2025

Restaurant Brands International Inc. (QSR $94.42)
- $94.42 P/E (TTM): 25.54X Cap: $43.04B
- View QSR Profile
- View Questions on QSR
A&W Revenue Royalties Income Fund (AW.UN $36.93)
- $36.93 P/E (TTM): 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 $21.35)
- $21.35 P/E (TTM): 13.25X Cap: $523M
- View BPF.UN Profile
- View Questions on BPF.UN
- View Reports on BPF.UN
MTY Food Group Inc. (MTY $34.56)
- $34.56 P/E (TTM): 24.38X Cap: $789M
- 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 $94.42)
- $94.42 P/E (TTM): 25.54X Cap: $43.04B
- View QSR Profile
- View Questions on QSR
A&W Revenue Royalties Income Fund (AW.UN $36.93)
- $36.93 P/E (TTM): 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 $21.35)
- $21.35 P/E (TTM): 13.25X Cap: $523M
- View BPF.UN Profile
- View Questions on BPF.UN
- View Reports on BPF.UN
Pizza Pizza Royalty Corp. (PZA $15.80)
- $15.80 P/E (TTM): 22.51X Cap: $526M
- 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