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BPF.

Boston Pizza Royalties Income FundTSX:BPF.UN Stock Report

Market Cap

CA$293.1m

7D

-2.2%

1Y

141.1%

Updated

26 Sep, 2021

Data

Company Financials +
BPF.UN fundamental analysis
Snowflake Score
Valuation5/6
Future Growth2/6
Past Performance1/6
Financial Health4/6
Dividends3/6

BPF.UN Overview

Boston Pizza Royalties Income Fund operates as a limited purpose open-ended trust.

Price History & Performance

Summary of all time highs, changes and price drops for Boston Pizza Royalties Income Fund
Historical stock prices
Current Share PriceCA$13.62
52 Week HighCA$5.34
52 Week LowCA$15.05
Beta1.94
1 Month Change-4.15%
3 Month Change-5.29%
1 Year Change141.06%
3 Year Change-21.04%
5 Year Change-37.58%
Change since IPO27.53%

Recent News & Updates

May 01
Do Investors Have Good Reason To Be Wary Of Boston Pizza Royalties Income Fund's (TSE:BPF.UN) 5.9% Dividend Yield?

Do Investors Have Good Reason To Be Wary Of Boston Pizza Royalties Income Fund's (TSE:BPF.UN) 5.9% Dividend Yield?

Could Boston Pizza Royalties Income Fund ( TSE:BPF.UN ) be an attractive dividend share to own for the long haul...

Shareholder Returns

BPF.UNCA HospitalityCA Market
7D-2.2%0.7%-0.3%
1Y141.1%18.7%30.8%

Return vs Industry: BPF.UN exceeded the Canadian Hospitality industry which returned 18.7% over the past year.

Return vs Market: BPF.UN exceeded the Canadian Market which returned 30.8% over the past year.

Price Volatility

Is BPF.UN's price volatile compared to industry and market?
BPF.UN volatility
BPF.UN Beta1.94
Industry Beta1.35
Market Beta1

Stable Share Price: BPF.UN is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: BPF.UN's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2002n/an/ahttps://www.bpincomefund.com

Boston Pizza Royalties Income Fund operates as a limited purpose open-ended trust. It operates as a franchisor of casual dining pizza and pasta restaurants. As of January 1, 2021, the company’s franchise system consisted of 387 restaurants in Canada.

Boston Pizza Royalties Income Fund Fundamentals Summary

How do Boston Pizza Royalties Income Fund's earnings and revenue compare to its market cap?
BPF.UN fundamental statistics
Market CapCA$293.12m
Earnings (TTM)CA$38.23m
Revenue (TTM)CA$31.74m

7.7x

P/E Ratio

9.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BPF.UN income statement (TTM)
RevenueCA$31.74m
Cost of RevenueCA$0
Gross ProfitCA$31.74m
Expenses-CA$6.49m
EarningsCA$38.23m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)1.78
Gross Margin100.00%
Net Profit Margin120.44%
Debt/Equity Ratio46.3%

How did BPF.UN perform over the long term?

See historical performance and comparison

Dividends

5.7%

Current Dividend Yield

37%

Payout Ratio

Valuation

Is Boston Pizza Royalties Income Fund undervalued compared to its fair value and its price relative to the market?

22.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BPF.UN (CA$13.62) is trading below our estimate of fair value (CA$17.63)

Significantly Below Fair Value: BPF.UN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: BPF.UN is good value based on its PE Ratio (7.7x) compared to the Canadian Hospitality industry average (21.1x).

PE vs Market: BPF.UN is good value based on its PE Ratio (7.7x) compared to the Canadian market (12.6x).


Price to Earnings Growth Ratio

PEG Ratio: BPF.UN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: BPF.UN is good value based on its PB Ratio (1.1x) compared to the CA Hospitality industry average (2x).


Future Growth

How is Boston Pizza Royalties Income Fund forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-16.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BPF.UN's earnings are forecast to decline over the next 3 years (-16.6% per year).

Earnings vs Market: BPF.UN's earnings are forecast to decline over the next 3 years (-16.6% per year).

High Growth Earnings: BPF.UN's earnings are forecast to decline over the next 3 years.

Revenue vs Market: BPF.UN's revenue (25% per year) is forecast to grow faster than the Canadian market (6.1% per year).

High Growth Revenue: BPF.UN's revenue (25% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if BPF.UN's Return on Equity is forecast to be high in 3 years time


Past Performance

How has Boston Pizza Royalties Income Fund performed over the past 5 years?

-19.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BPF.UN has a large one-off gain of CA$18.8M impacting its June 30 2021 financial results.

Growing Profit Margin: BPF.UN became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: BPF.UN's earnings have declined by 19% per year over the past 5 years.

Accelerating Growth: BPF.UN has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: BPF.UN has become profitable in the last year, making it difficult to compare its past year earnings growth to the Hospitality industry (2.8%).


Return on Equity

High ROE: BPF.UN's Return on Equity (14.2%) is considered low.


Financial Health

How is Boston Pizza Royalties Income Fund's financial position?


Financial Position Analysis

Short Term Liabilities: BPF.UN's short term assets (CA$6.7M) exceed its short term liabilities (CA$3.6M).

Long Term Liabilities: BPF.UN's short term assets (CA$6.7M) do not cover its long term liabilities (CA$128.3M).


Debt to Equity History and Analysis

Debt Level: BPF.UN's debt to equity ratio (46.3%) is considered high.

Reducing Debt: BPF.UN's debt to equity ratio has reduced from 63.3% to 46.3% over the past 5 years.

Debt Coverage: BPF.UN's debt is well covered by operating cash flow (21.2%).

Interest Coverage: BPF.UN's interest payments on its debt are well covered by EBIT (6.2x coverage).


Balance Sheet


Dividend

What is Boston Pizza Royalties Income Fund current dividend yield, its reliability and sustainability?

5.73%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BPF.UN's dividend (5.73%) is higher than the bottom 25% of dividend payers in the Canadian market (1.66%).

High Dividend: BPF.UN's dividend (5.73%) is in the top 25% of dividend payers in the Canadian market (4.59%)


Stability and Growth of Payments

Stable Dividend: BPF.UN's dividend payments have been volatile in the past 10 years.

Growing Dividend: BPF.UN's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (36.6%), BPF.UN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.8yrs

Average management tenure


CEO

Boston Pizza Royalties Income Fund has no CEO, or we have no data on them.


Leadership Team

Experienced Management: BPF.UN's management team is seasoned and experienced (5.8 years average tenure).


Board Members

Experienced Board: BPF.UN's board of directors are considered experienced (3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Boston Pizza Royalties Income Fund's employee growth, exchange listings and data sources


Key Information

  • Name: Boston Pizza Royalties Income Fund
  • Ticker: BPF.UN
  • Exchange: TSX
  • Founded: 2002
  • Industry: Restaurants
  • Sector: Consumer Services
  • Market Cap: CA$293.122m
  • Shares outstanding: 21.52m
  • Website: https://www.bpincomefund.com

Location

  • Boston Pizza Royalties Income Fund
  • 10760 Shellbridge Way
  • Suite 100
  • Richmond
  • British Columbia
  • V6X 3H1
  • Canada

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/26 22:04
End of Day Share Price2021/09/24 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.