Investment Q&A

• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
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Q: Would you commit on their latest earnings and is their dividend safe on a payout of over 100%.

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Read Answer Asked by don on May 12, 2017

• Vermilion Energy Inc. (VET $10.59)
  • $10.59 Cap: $1.60B
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• Veresen Inc. (VSN $18.51)
  • $18.51 P/E (TTM): 35.6X
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• Alaris Equity Partners Income Trust (AD.UN $18.63)
  • $18.63 P/E (TTM): 6.12X Cap: $845M
  • View AD.UN Profile
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• Freehold Royalties Ltd. (FRU $13.47)
  • $13.47 P/E (TTM): 17.43X Cap: $2.20B
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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
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  • View Reports on AW.UN
• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
  • View Questions on BPF.UN
  • View Reports on BPF.UN
• Medical Facilities Corporation (DR $14.36)
  • $14.36 P/E (TTM): 3.05X Cap: $270M
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• Diversified Royalty Corp. (DIV $3.45)
  • $3.45 P/E (TTM): 21.31X Cap: $581M
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• BMO Covered Call Canadian Banks ETF (ZWB $22.10)
  • $22.10 P/E (TTM): 12.51X
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• CanWel Building Materials Group Ltd. (CWX)
  • P/E (TTM): 7.2X Cap: $750M
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• Crius Energy Trust (KWH.UN $8.80)
  • $8.80 Cap: $498M
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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
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Q: Can you please help me prioritize these stocks I'm considering for my income account. I understand that some are higher risk. Thanks.

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Read Answer Asked by EVAN on April 07, 2017

• 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
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• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
  • View Questions on BPF.UN
  • View Reports on BPF.UN
• Pizza Pizza Royalty Corp. (PZA $16.42)
  • $16.42 P/E (TTM): 35.35X Cap: $544M
  • View PZA 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
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Q: I would like to buy a royalty income fund . Could you rank these for me. AW.UN,BPF.UN,PZA.UN AND KEG.UN

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Read Answer Asked by Bruce on March 06, 2017

• 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
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• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
  • View Questions on BPF.UN
  • View Reports on BPF.UN
• Exchange Income Corporation (EIF $72.61)
  • $72.61 P/E (TTM): 28.7X Cap: $3.77B
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Q: Please dock two questions for this:

1. Would EIF be best held in a TFSA or non-registered account?
2. What would you recommend for a high divdiend paying stock in the consumer space for a non-registered account. Would BPF.UN be a good choice?

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Read Answer Asked by Carla on February 28, 2017

• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
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Q: Can you please comment on bpf.un recent earnings and valuation (and recent share drop)

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Read Answer Asked by Douglas on February 16, 2017

• Recipe Unlimited Corporation Subordinate Voting Shares (RECP $20.74)
  • $20.74 P/E (TTM): 16.3X Cap: $1.22B
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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
• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
  • View Questions on BPF.UN
  • View Reports on BPF.UN
• Pizza Pizza Royalty Corp. (PZA $16.42)
  • $16.42 P/E (TTM): 35.35X Cap: $544M
  • View PZA Profile
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Q: Hi guys,

I have held a position in AW.UN for a long time and it represents about 3% of my portfolio. CIBC's Investors Edge shows 2015 eps at $1.56. If I estimate 2017 eps to be $1.76, that gives A&W a 2017 p/e of 23.4

It seems like Pizza Pizza (PZA), Boston Pizza (BPF.UN) and Cara Operations (CARA) all trade significantly cheaper than A&W on a 2017 p/e basis.

Against this backdrop, would you sell AW.UN for any of PZA, BPF.UN, or CARA?

Lastly, does A&W's corporate structure make itself less likely to be taken over?

Thanks for your time and expertise.

John

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Read Answer Asked by john on February 14, 2017

• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
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  • View Reports on BPF.UN

Q: Does your January12 answer to " John" re BPF.UN AW.UN and PZA imply a negative view of BPF.UN? What growth do you see for it ?

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Read Answer Asked by Robert on January 13, 2017

• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
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  • View Reports on BPF.UN

Q: A recent question on the 3 restaurant royalty stocks about future growth covers your expectations for 2 of the 3 but omits BPF.UN. In your last report Dec. 2015 when the stock was at $17 states "we think BPF looks slightly undervalued but not by a great deal."

Does this imply that BPF at $23 is now fully valued or even overvalued and that holders can expect no further future growth? Thanks, J.

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Read Answer Asked by Jeff on January 13, 2017

• 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 $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
  • View Questions on BPF.UN
  • View Reports on BPF.UN
• Pizza Pizza Royalty Corp. (PZA $16.42)
  • $16.42 P/E (TTM): 35.35X Cap: $544M
  • View PZA Profile
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Q: Canadian restaurant income trusts were marvelous investments last year. A&W was up over 40% in the last year in addition to a healthy dividend. The others were up between 26%-33%. Do you expect this kind of growth to continue in 2017? If not, what would be more reasonable to expect?

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Read Answer Asked by John on January 12, 2017

• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
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  • View Reports on BPF.UN

Q: Hi Peter and Staff
In a response today you indicated a payout ratio of 128 percent.
Can this be correct ? How can they do that!
Thanks for all you do
Denniz

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Read Answer Asked by Dennis on January 06, 2017

• 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 $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
  • View Questions on BPF.UN
  • View Reports on BPF.UN
• Pizza Pizza Royalty Corp. (PZA $16.42)
  • $16.42 P/E (TTM): 35.35X Cap: $544M
  • View PZA Profile
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Q: Please could you rate these 3 similar companies for:-
-Dividend sustainability
-Dividend growth expectations
-Insider ownership
-Debt Levels
-Current outlook for growth

Are any suitable for a full position in a RIF account?

Are any buyable at current prices, and if so which would you favour?

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Read Answer Asked by jane on January 05, 2017

• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
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Q: Please provide the "Cash Flow per Share" (TTM) for the above listed companies. I've tried many financial sites but can't find CF/S information for them. Why?

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Read Answer Asked by LARRY on November 28, 2016

• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
  • View Questions on BPF.UN
  • View Reports on BPF.UN
• Pizza Pizza Royalty Corp. (PZA $16.42)
  • $16.42 P/E (TTM): 35.35X Cap: $544M
  • View PZA Profile
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Q: Which do you prefer, pza or Boston pizza

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Read Answer Asked by Robert on November 25, 2016

• Boardwalk Real Estate Investment Trust (BEI.UN $69.39)
  • $69.39 P/E (TTM): 10.7X Cap: $3.64B
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• Superior Plus Corp. (SPB $7.22)
  • $7.22 P/E (TTM): 29.9X Cap: $1.64B
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• Labrador Iron Ore Royalty Corporation (LIF $26.71)
  • $26.71 P/E (TTM): 15.14X Cap: $1.71B
  • View LIF Profile
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• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
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  • View Reports on BPF.UN

Q: Looking for yield with some growth and would appreciate your opinion of each of these.Would appreciate your ranking in order of preference.

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Read Answer Asked by Peter on November 07, 2016

• Magna International Inc. (MG $63.88)
  • $63.88 P/E (TTM): 10.91X Cap: $18.08B
  • View MG Profile
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• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
  • View Questions on BPF.UN
  • View Reports on BPF.UN

Q: Hi 5i - I'm up about 20% on BPF.UN (with a 7% yield) - 5% position in my portfolio. I'm contemplating selling and investing the proceeds in MG. Over a 5 year time frame, I would need MG's share price to go up considerably to offset the yield that I would be giving up. Would you make this switch? Thanks, Neil

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Read Answer Asked by Neil on October 27, 2016

• K-Bro Linen Inc. (KBL $36.51)
  • $36.51 P/E (TTM): 21.03X Cap: $475M
  • View KBL Profile
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• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
  • View Questions on BPF.UN
  • View Reports on BPF.UN

Q: I manage finances for my 93 year-old mother-in-law (she is demented but fortunately still a nice lady). Her investments are mostly dividend-paying stocks. I do need to raise some capital for her care. I am hesitating between selling shares in K-Bro Linen versus Boston Pizza Royalties IF. I would appreciate your opinion. Thank you.

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Read Answer Asked by jacques on September 28, 2016

• Sylogist Ltd. (SYZ $7.70)
  • $7.70 Cap: $180M
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• H&R Real Estate Investment Trust (HR.UN $12.10)
  • $12.10 Cap: $3.29B
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• Toromont Industries Ltd. (TIH $144.39)
  • $144.39 P/E (TTM): 24.22X Cap: $11.66B
  • View TIH Profile
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• Open Text Corporation (OTEX $45.51)
  • $45.51 P/E (TTM): 13.25X Cap: $11.33B
  • View OTEX Profile
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• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
  • View Questions on BPF.UN
  • View Reports on BPF.UN

Q: Good Afternoon,
I am adding several positions to my portfolio. I have narrowed it down by using your reports/comments etc. . Some of the reports are dated, would like to know if you still consider these names a buy at today's level, or any other more favoured names in these sectors. Also wondering if you would recommend staggering purchases or waiting for a market pullback, realizing that some of these names are high.
All would be additions to a diversified portfolio and considered to be long term holds. Thanks for the assistance. Lavern

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Read Answer Asked by Lavern on August 22, 2016

• 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 $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
  • View Questions on BPF.UN
  • View Reports on BPF.UN
• Pizza Pizza Royalty Corp. (PZA $16.42)
  • $16.42 P/E (TTM): 35.35X Cap: $544M
  • View PZA Profile
  • View Questions on PZA

Q: I am thinking of diversifying my income portfolio and would appreciate if you could comment on the merits of the above and which one you would recommend.

Thanks

Wayne

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Read Answer Asked by Wayne on July 20, 2016

• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
  • View Questions on BPF.UN
  • View Reports on BPF.UN

Q: Any idea what is behind the breakout in Boston Pizza? Thx Scott

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Read Answer Asked by Scott on July 08, 2016

• Boston Pizza Royalties Income Fund (BPF.UN $21.67)
  • $21.67 P/E (TTM): 13.39X Cap: $524M
  • View BPF.UN Profile
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Q: BPF.un. It has up ticked and I am just curious if there is any news?

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Read Answer Asked by James on June 22, 2016