Review of Boston Pizza Royalties Income Fund

JAN 30, 2025 - BPF.UN remains a cheap name for capital-light income-seeking investors but with limited growth prospects, as BPF.UN is a mature business that focuses on generating sustainable yield rather than growth. That being said, there is an upside optionality for a strategic acquisition that is not priced in yet, which recently happened with one of its peers – A&W Corporation. BPF.UN is an interesting high-yield name for income-seeking investors, which becomes even more appealing amid a declining interest rate environment. Overall, BPF.UN’s operating results have not shown tremendous improvement yet. BPF.UN is still an attractive royalty income play with some “upside optionality”, either as a target acquisition or from operational improvement. We will maintain our rating at “B-“ for now but will remain open to a downgrade if operating results do not improve.

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Boston Pizza Royalties Income Fund (BPF.UN $24.39)
- $24.39 P/E (TTM): 14.54X Cap: $578M
- View BPF.UN Profile
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Q: I have self directed RRSP. It is made up of equities and fixed income investments. I have investment in 16 companies of which 10 are in the Income Model Portfolio. My goal for this account is to have safe reliable dividends with moderate capital appreciation. For the past year I have invested all dividends in money market account. The money market account now makes up 8% of my account. I am 66 years old and do not need the dividend income currently but I will be using as part of my regular income in 2 to 4 years. Would you recommend BPF.UN as part of my portfolio?

Read Answer Asked by Robert on August 20, 2025

Restaurant Brands International Inc. (QSR $96.84)
- $96.84 P/E (TTM): 25.12X Cap: $44.12B
- View QSR Profile
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A&W Revenue Royalties Income Fund (AW.UN $36.93)
- $36.93 P/E (TTM): 17.7X
- View AW.UN Profile
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Boston Pizza Royalties Income Fund (BPF.UN $24.39)
- $24.39 P/E (TTM): 14.54X Cap: $578M
- View BPF.UN Profile
- View Questions on BPF.UN
- View Reports on BPF.UN
MTY Food Group Inc. (MTY $43.77)
- $43.77 P/E (TTM): 29.87X Cap: $999M
- View MTY Profile
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- 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

Boston Pizza Royalties Income Fund (BPF.UN $24.39)
- $24.39 P/E (TTM): 14.54X Cap: $578M
- View BPF.UN Profile
- View Questions on BPF.UN
- View Reports on BPF.UN
Pizza Pizza Royalty Corp. (PZA $16.59)
- $16.59 P/E (TTM): 23.44X Cap: $553M
- View PZA Profile
- View Questions on PZA
SIR Royalty Income Fund (SRV.UN $15.69)
- $15.69 P/E (TTM): 18.08X Cap: $131M
- View SRV.UN Profile
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Keg Royalties Income Fund (The) (KEG.UN $18.65)
- $18.65 P/E (TTM): 169.64X Cap: $309M
- View KEG.UN Profile
- View Questions on KEG.UN
A & W Food Services of Canada Inc. (AW $36.50)
- $36.50 P/E (TTM): 32.13X Cap: $875M
- View AW Profile
- View Questions on AW
- View Reports on AW

Q: For some diversification along with some income I’m debating adding a bit more food service industry. I already own a half position of AW but would consider adding another half of same or go with a different half such as PZA, KEG.UN, BPF.UN, or SRV.UN. Thoughts

Read Answer Asked by David on April 14, 2025