TSX:BPF.UN

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Boston Pizza Royalties Income Fund

Executive Summary

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


Snowflake Analysis

Reasonable growth potential with mediocre balance sheet.

Share Price & News

How has Boston Pizza Royalties Income Fund's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BPF.UN is more volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 14% a week.

Volatility Over Time: BPF.UN's weekly volatility (14%) has been stable over the past year, but is still higher than 75% of Canadian stocks.


Market Performance


7 Day Return

11.6%

BPF.UN

-0.6%

CA Hospitality

1.7%

CA Market


1 Year Return

-28.1%

BPF.UN

-12.8%

CA Hospitality

0.2%

CA Market

Return vs Industry: BPF.UN underperformed the Canadian Hospitality industry which returned -13.4% over the past year.

Return vs Market: BPF.UN underperformed the Canadian Market which returned -1.5% over the past year.


Shareholder returns

BPF.UNIndustryMarket
7 Day11.6%-0.6%1.7%
30 Day19.7%6.2%7.0%
90 Day46.8%10.7%5.1%
1 Year-24.0%-28.1%-9.7%-12.8%3.9%0.2%
3 Year-44.1%-54.7%-2.1%-10.5%13.1%2.1%
5 Year-23.8%-45.8%63.1%44.9%46.5%24.1%

Long-Term Price Volatility Vs. Market

How volatile is Boston Pizza Royalties Income Fund's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

0.87x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: BPF.UN (CA$10.04) is trading above our estimate of fair value (CA$9.12)

Significantly Below Fair Value: BPF.UN is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BPF.UN is unprofitable, so we can't compare its PE Ratio to the CA Hospitality industry average.

PE vs Market: BPF.UN is unprofitable, so we can't compare its PE Ratio to the Canadian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BPF.UN's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BPF.UN is good value based on its PB Ratio (0.9x) compared to the CA Hospitality industry average (1x).


Next Steps

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?

210.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BPF.UN is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.7%).

Earnings vs Market: BPF.UN is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: BPF.UN's is expected to become profitable in the next 3 years.

Revenue vs Market: BPF.UN's revenue (14.4% per year) is forecast to grow faster than the Canadian market (6.1% per year).

High Growth Revenue: BPF.UN's revenue (14.4% per year) is forecast to grow slower 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


Next Steps

Past Performance

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

-25.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BPF.UN is currently unprofitable.

Growing Profit Margin: BPF.UN is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: BPF.UN is unprofitable, and losses have increased over the past 5 years at a rate of 25.8% per year.

Accelerating Growth: Unable to compare BPF.UN's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: BPF.UN is unprofitable, making it difficult to compare its past year earnings growth to the Hospitality industry (-7%).


Return on Equity

High ROE: BPF.UN has a negative Return on Equity (-5.93%), as it is currently unprofitable.


Next Steps

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$14.2M) exceed its short term liabilities (CA$4.4M).

Long Term Liabilities: BPF.UN's short term assets (CA$14.2M) do not cover its long term liabilities (CA$110.9M).


Debt to Equity History and Analysis

Debt Level: BPF.UN's debt to equity ratio (43.6%) is considered high.

Reducing Debt: BPF.UN's debt to equity ratio has reduced from 58% to 43.6% over the past 5 years.

Debt Coverage: BPF.UN's debt is well covered by operating cash flow (22%).

Interest Coverage: BPF.UN is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet


Next Steps

Dividend

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

7.77%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BPF.UN's dividend (7.77%) is higher than the bottom 25% of dividend payers in the Canadian market (1.66%).

High Dividend: BPF.UN's dividend (7.77%) is in the top 25% of dividend payers in the Canadian market (5.35%)


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: BPF.UN is paying a dividend but the company is unprofitable.


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?

4.9yrs

Average management tenure


CEO

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


Leadership Team

NamePositionTenureCompensationOwnership
Michael Harbinson
Chief Financial Officer of Boston Pizza International Inc.1.5yrsno datano data
Jordan Holm
Director & President of Boston Pizza GP Inc3yrsno data0.055%
CA$ 114.9k
George Melville
Owner, Co-Chairman & Secretary of Boston Pizza International Incno datano datano data
John Cowperthwaite
Secretary of Boston Pizza GP Inc18.42yrsCA$30.91kno data
Alan Howie
Executive Vice President of Operations & Development - Boston Pizza International Inc and Regional10.83yrsno datano data
Helen Langford
Senior Vice President of Food Services of Boston Pizza International Inc.6.83yrsno datano data
Donna Finelli
Interim Senior Vice President of Marketing of Boston Pizza International Inc.3yrsno datano data
Cheryl Treliving
Executive Director of Boston Pizza Foundation - Boston Pizza International Inc.no datano datano data
Robert Kirincic
Director & VP of Finance - Boston Pizza GP Incno datano datano data

4.9yrs

Average Tenure

Experienced Management: BPF.UN's management team is considered experienced (4.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jordan Holm
Director & President of Boston Pizza GP Inc3yrsno data0.055%
CA$ 114.9k
George Melville
Owner, Co-Chairman & Secretary of Boston Pizza International Incno datano datano data
Robert Kirincic
Director & VP of Finance - Boston Pizza GP Incno datano datano data
James Treliving
Chairman & Owner of Boston Pizza International Inc.no datano data0.023%
CA$ 48.3k
Paulina Hiebert
Independent Trustee1.42yrsCA$41.33kno data
Marc Guay
Independent Chairman of the Board1.42yrsCA$72.50k0.035%
CA$ 72.5k
David Merrell
Independent Trustee6.42yrsCA$72.50k0.035%
CA$ 72.5k
Michele Schepel
Interim Executive Director of Boston Pizza Foundationno datano datano data

2.2yrs

Average Tenure

73yo

Average Age

Experienced Board: BPF.UN's board of directors are not considered experienced ( 2.2 years average tenure), which suggests a new board.


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.


Recent Insider Transactions

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 company bio, 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$207.897m
  • 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BPF.UNTSX (The Toronto Stock Exchange)YesFund UnitsCACADJul 2002
BPZZ.FOTCPK (Pink Sheets LLC)YesFund UnitsUSUSDJul 2002

Biography

Boston Pizza Royalties Income Fund operates as a limited purpose open-ended trust. The company, indirectly through Boston Pizza Royalties Limited Partnership, owns trademarks and trade names used by Boston...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/24 23:53
End of Day Share Price2020/11/24 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.