TSX:BPF.UN

Stock Analysis Report

Boston Pizza Royalties Income Fund

Executive Summary

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

Snowflake

Risks

  • Boston Pizza Royalties Income Fund is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.

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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


Market Performance


7 Day Return

1.1%

TSX:BPF.UN

0.3%

CA Hospitality

1.6%

CA Market


1 Year Return

-0.7%

TSX:BPF.UN

-17.4%

CA Hospitality

-0.3%

CA Market

BPF.UN outperformed the Hospitality industry which returned -16.5% over the past year.

BPF.UN matched the Canada Market (-0.5%) over the past year.


Share holder returns

BPF.UNIndustryMarket
7 Day1.1%0.3%1.6%
30 Day3.2%6.5%4.1%
90 Day-3.7%-2.9%1.1%
1 Year7.9%-0.7%-16.8%-17.4%3.3%-0.3%
3 Year-1.9%-20.1%22.9%19.6%19.3%8.6%
5 Year19.4%-14.8%-3.4%-6.2%21.6%4.1%

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 based on future cash flows and its price relative to the stock market?

31%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Boston Pizza Royalties Income Fund's share price is below the future cash flow value, and at a moderate discount (> 20%).

Boston Pizza Royalties Income Fund's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

Boston Pizza Royalties Income Fund is good value based on earnings compared to the CA Hospitality industry average.

Boston Pizza Royalties Income Fund is overvalued based on earnings compared to the Canada market.


Price Based on Expected Growth

Boston Pizza Royalties Income Fund is poor value based on expected growth next year.


Price Based on Value of Assets

Boston Pizza Royalties Income Fund is good value based on assets compared to the CA Hospitality industry average.

Future Growth

How is Boston Pizza Royalties Income Fund expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

16.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Boston Pizza Royalties Income Fund's revenue is expected to grow by 1.8% yearly, however this is not considered high growth (20% yearly).

Boston Pizza Royalties Income Fund's earnings are expected to grow by 16.5% yearly, however this is not considered high growth (20% yearly).

Boston Pizza Royalties Income Fund's revenue growth is positive but not above the Canada market average.

Boston Pizza Royalties Income Fund's earnings growth is expected to exceed the Canada market average.

Boston Pizza Royalties Income Fund's earnings growth is expected to exceed the low risk savings rate of 1.9%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Boston Pizza Royalties Income Fund will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Past Performance

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

0.6%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Boston Pizza Royalties Income Fund's year on year earnings growth rate has been positive over the past 5 years.

Boston Pizza Royalties Income Fund's 1-year earnings growth is negative, it can't be compared to the 5-year average.

Boston Pizza Royalties Income Fund's 1-year earnings growth is negative, it can't be compared to the CA Hospitality industry average.


Return on Equity

Boston Pizza Royalties Income Fund has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Boston Pizza Royalties Income Fund used its assets more efficiently than the CA Hospitality industry average last year based on Return on Assets.


Return on Capital Employed

Boston Pizza Royalties Income Fund has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).

Financial Health

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


Financial Position Analysis

Boston Pizza Royalties Income Fund's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Boston Pizza Royalties Income Fund's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Boston Pizza Royalties Income Fund's level of debt (31.6%) compared to net worth is satisfactory (less than 40%).

The level of debt compared to net worth has increased over the past 5 years (28.1% vs 31.6% today).

Debt is well covered by operating cash flow (40.4%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 5.4x coverage).


Balance Sheet

Low level of unsold assets.

Debt is not covered by short term assets, assets are 0.1x debt.

Dividend

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

7.89%

Current Dividend Yield


Dividend Yield and Payments Analysis

Boston Pizza Royalties Income Fund's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (1.99%).

Boston Pizza Royalties Income Fund's dividend is above the markets top 25% of dividend payers in Canada (5.8%).

Dividends per share have been stable in the past 10 years.

No dividend growth in 10 years.


Current Payout to Shareholders

Dividends paid are not well covered by earnings (0.7x coverage).


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.

Management

What is the CEO of Boston Pizza Royalties Income Fund's salary, the management and board of directors tenure and is there insider trading?

3.8yrs

Average management tenure


CEO

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


Management Age and Tenure

3.8yrs

Average Tenure

The tenure for the Boston Pizza Royalties Income Fund management team is about average.


Board Age and Tenure

1.0yrs

Average Tenure

75yo

Average Age

The average tenure for the Boston Pizza Royalties Income Fund board of directors is less than 3 years, this suggests a new board.


Insider Trading

Boston Pizza Royalties Income Fund individual insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellCA$87,86821 Jun 19
Jonathan K. Jeske
EntityIndividual
Shares5,000
Max PriceCA$17.57
BuyCA$5,59621 Dec 18
Jordan Holm
EntityIndividual
Role
Unit Board Member
Director & President of Boston Pizza GP Inc
Shares400
Max PriceCA$13.99
BuyCA$18,61719 Dec 18
David Merrell
EntityIndividual
Role
Member of the Board of Directors
Shares1,250
Max PriceCA$14.89
BuyCA$5,94017 Dec 18
Jordan Holm
EntityIndividual
Role
Unit Board Member
Director & President of Boston Pizza GP Inc
Shares400
Max PriceCA$14.85

Ownership Breakdown


Management Team

  • George Melville (75yo)

    Owner, Co-Chairman & Secretary of Boston Pizza International Inc

    • Tenure: 0yrs
  • John Cowperthwaite

    Secretary of Boston Pizza GP Inc

    • Tenure: 17.3yrs
    • Compensation: CA$30.91k
  • Alan Howie

    Executive Vice President of Operations & Development - Boston Pizza International Inc and Regional

    • Tenure: 9.7yrs
  • Jordan Holm

    Director & President of Boston Pizza GP Inc

    • Tenure: 1.8yrs
  • Donna Finelli

    Interim Senior Vice President of Marketing of Boston Pizza International Inc.

    • Tenure: 1.8yrs
  • Helen Langford

    Senior Vice President of Food Services of Boston Pizza International Inc.

    • Tenure: 5.7yrs
  • Cheryl Treliving

    Executive Director of Boston Pizza Foundation - Boston Pizza International Inc.

    • Tenure: 0yrs
  • Robert Kirincic

    Director & VP of Finance - Boston Pizza GP Inc

    • Tenure: 0yrs
  • Michael Harbinson

    Chief Financial Officer of Boston Pizza International Inc.

    • Tenure: 0.7yrs

Board Members

  • George Melville (75yo)

    Owner, Co-Chairman & Secretary of Boston Pizza International Inc

    • Tenure: 0yrs
  • Jim Treliving (78yo)

    Chairman & Owner of Boston Pizza International Inc.

    • Tenure: 0yrs
  • Paulina Hiebert

    • Tenure: 0.3yrs
  • Marc Guay (60yo)

    Chairman

    • Tenure: 0.3yrs
    • Compensation: CA$34.00k
  • Jordan Holm

    Director & President of Boston Pizza GP Inc

    • Tenure: 1.8yrs
  • David Merrell

    • Tenure: 5.3yrs
    • Compensation: CA$74.00k
  • Michele Schepel

    Interim Executive Director of Boston Pizza Foundation

    • Tenure: 0yrs
  • Robert Kirincic

    Director & VP of Finance - Boston Pizza GP Inc

    • Tenure: 0yrs

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$381.068m
  • Shares outstanding: 21.79m
  • 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 Analysis2019/09/17 23:50
End of Day Share Price2019/09/17 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.