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Pizza Pizza Royalty

TSX:PZA
Snowflake Description

Excellent balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PZA
TSX
CA$329M
Market Cap
  1. Home
  2. CA
  3. Consumer Services
Company description

Pizza Pizza Royalty Corp., through its subsidiary, Pizza Pizza Royalty Limited Partnership, owns and franchises quick service restaurants under the Pizza Pizza and Pizza 73 brands in Canada. The last earnings update was 48 days ago. More info.


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  • Pizza Pizza Royalty has significant price volatility in the past 3 months.
PZA Share Price and Events
Price Volatility
PZA
Industry
5yr Volatility vs Market

PZA Value

 Is Pizza Pizza Royalty undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Pizza Pizza Royalty to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Pizza Pizza Royalty.

TSX:PZA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 13%
Perpetual Growth Rate 10-Year CA Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:PZA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 7.7%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 1.25
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.254 (1 + (1- 26.5%) (14.27%))
1.386
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.39
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.34% + (1.386 * 7.66%)
12.95%

Discounted Cash Flow Calculation for TSX:PZA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Pizza Pizza Royalty is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:PZA DCF 1st Stage: Next 5 year cash flow forecast
2018 2019 2020 2021 2022
Levered FCF (CAD, Millions) 22.06 22.65 23.25 23.87 24.51
Source Est @ 2.67% Est @ 2.67% Est @ 2.67% Est @ 2.67% Est @ 2.67%
Present Value
Discounted (@ 12.95%)
19.53 17.75 16.13 14.67 13.33
Present value of next 5 years cash flows CA$81.41
TSX:PZA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2022 × (1 + g) ÷ (Discount Rate – g)
= CA$24.51 × (1 + 2.34%) ÷ (12.95% – 2.34%)
CA$236.34
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= CA$236.34 ÷ (1 + 12.95%)5
CA$128.54
TSX:PZA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= CA$81.41 + CA$128.54
CA$209.95
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$209.95 / 31.67
CA$6.63
TSX:PZA Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$6.63
Current discount Discount to share price of CA$10.47
= -1 x (CA$10.47 - CA$6.63) / CA$6.63
-57.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Pizza Pizza Royalty is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Pizza Pizza Royalty's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Pizza Pizza Royalty's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:PZA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in CAD CA$0.86
TSX:PZA Share Price ** TSX (2018-08-17) in CAD CA$10.47
Canada Hospitality Industry PE Ratio Median Figure of 15 Publicly-Listed Hospitality Companies 19.04x
Canada Market PE Ratio Median Figure of 595 Publicly-Listed Companies 16.68x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Pizza Pizza Royalty.

TSX:PZA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:PZA Share Price ÷ EPS (both in CAD)

= 10.47 ÷ 0.86

12.23x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pizza Pizza Royalty is good value based on earnings compared to the CA Hospitality industry average.
  • Pizza Pizza Royalty is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Pizza Pizza Royalty's expected growth come at a high price?
Raw Data
TSX:PZA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.23x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
10.9%per year
Canada Hospitality Industry PEG Ratio Median Figure of 9 Publicly-Listed Hospitality Companies 0.61x
Canada Market PEG Ratio Median Figure of 308 Publicly-Listed Companies 1.08x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Pizza Pizza Royalty, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Pizza Pizza Royalty's assets?
Raw Data
TSX:PZA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in CAD CA$9.03
TSX:PZA Share Price * TSX (2018-08-17) in CAD CA$10.47
Canada Hospitality Industry PB Ratio Median Figure of 23 Publicly-Listed Hospitality Companies 1.53x
Canada Market PB Ratio Median Figure of 2,472 Publicly-Listed Companies 1.69x
TSX:PZA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:PZA Share Price ÷ Book Value per Share (both in CAD)

= 10.47 ÷ 9.03

1.16x

* Primary Listing of Pizza Pizza Royalty.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pizza Pizza Royalty is good value based on assets compared to the CA Hospitality industry average.
X
Value checks
We assess Pizza Pizza Royalty's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Hospitality industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Hospitality industry average (and greater than 0)? (1 check)
  5. Pizza Pizza Royalty has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PZA Future Performance

 How is Pizza Pizza Royalty expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

  • No analysts cover Pizza Pizza Royalty, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Pizza Pizza Royalty expected to grow at an attractive rate?
  • Pizza Pizza Royalty's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Pizza Pizza Royalty's earnings growth is positive but not above the Canada market average.
  • Pizza Pizza Royalty's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:PZA Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:PZA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 10.9%
TSX:PZA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 39.3%
Canada Hospitality Industry Earnings Growth Rate Market Cap Weighted Average -9.8%
Canada Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 8.6%
Canada Market Earnings Growth Rate Market Cap Weighted Average 15.7%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:PZA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:PZA Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 582 1
2019-12-31 566 1
2018-12-31 550 1
TSX:PZA Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-06-30 36 28 27
2018-03-31 36 28 27
2017-12-31 36 28 27
2017-09-30 36 28 27
2017-06-30 35 28 27
2017-03-31 35 28 27
2016-12-31 35 27 27
2016-09-30 35 27 27
2016-06-30 35 27 27
2016-03-31 35 27 25
2015-12-31 35 27 25
2015-09-30 34 27 25

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Pizza Pizza Royalty's earnings are expected to grow by 10.9% yearly, however this is not considered high growth (20% yearly).
  • Pizza Pizza Royalty's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:PZA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Pizza Pizza Royalty Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:PZA Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
2018-12-31
TSX:PZA Past Financials Data
Date (Data in CAD Millions) EPS *
2018-06-30 0.86
2018-03-31 0.87
2017-12-31 0.87
2017-09-30 0.87
2017-06-30 0.87
2017-03-31 0.87
2016-12-31 0.86
2016-09-30 0.87
2016-06-30 0.86
2016-03-31 0.83
2015-12-31 0.82
2015-09-30 0.82

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Pizza Pizza Royalty will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Pizza Pizza Royalty's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Pizza Pizza Royalty has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PZA Past Performance

  How has Pizza Pizza Royalty performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Pizza Pizza Royalty's growth in the last year to its industry (Hospitality).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Pizza Pizza Royalty's year on year earnings growth rate has been positive over the past 5 years.
  • Pizza Pizza Royalty's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Pizza Pizza Royalty's 1-year earnings growth is negative, it can't be compared to the CA Hospitality industry average.
Earnings and Revenue History
Pizza Pizza Royalty's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Pizza Pizza Royalty Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:PZA Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 35.52 26.92 0.61
2018-03-31 35.73 27.16 0.66
2017-12-31 35.61 27.05 0.65
2017-09-30 35.58 26.94 0.67
2017-06-30 35.47 27.04 0.67
2017-03-31 35.36 26.87 0.65
2016-12-31 35.33 26.73 0.68
2016-09-30 35.27 26.82 0.69
2016-06-30 35.08 26.53 0.69
2016-03-31 35.01 25.42 0.66
2015-12-31 34.81 25.24 0.62
2015-09-30 34.47 25.04 0.61
2015-06-30 33.91 24.58 0.61
2015-03-31 33.33 25.21 0.59
2014-12-31 33.01 25.02 0.59
2014-09-30 32.64 24.56 0.65
2014-06-30 32.39 24.31 0.66
2014-03-31 32.19 24.11 0.66
2013-12-31 31.94 23.75 0.67
2013-09-30 31.74 33.51 0.61
2013-06-30 31.63 25.36 0.56
2013-03-31 31.49 16.81 0.60
2012-12-31 31.28 8.12 0.63
2012-09-30 31.02 -6.89 0.59
2012-06-30 30.91 4.40 0.63
2012-03-31 30.73 10.35 0.64
2011-12-31 30.38 11.90 0.62
2011-09-30 30.30 9.20 0.67

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Pizza Pizza Royalty has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Pizza Pizza Royalty used its assets more efficiently than the CA Hospitality industry average last year based on Return on Assets.
  • Pizza Pizza Royalty has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Pizza Pizza Royalty's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Hospitality industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Pizza Pizza Royalty has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PZA Health

 How is Pizza Pizza Royalty's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Pizza Pizza Royalty's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Pizza Pizza Royalty is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Pizza Pizza Royalty's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Pizza Pizza Royalty's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Pizza Pizza Royalty Company Filings, last reported 1 month ago.

TSX:PZA Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 285.97 46.99 4.40
2018-03-31 286.71 46.99 4.47
2017-12-31 279.78 46.99 4.87
2017-09-30 279.73 46.98 4.67
2017-06-30 279.65 47.51 4.65
2017-03-31 279.83 47.92 4.78
2016-12-31 275.40 47.94 4.88
2016-09-30 274.98 48.61 4.50
2016-06-30 275.04 48.78 4.36
2016-03-31 275.45 48.86 4.29
2015-12-31 273.45 48.63 4.99
2015-09-30 273.31 48.66 4.72
2015-06-30 273.69 48.36 4.37
2015-03-31 273.90 48.47 3.71
2014-12-31 273.97 48.19 4.11
2014-09-30 273.70 48.30 3.78
2014-06-30 274.02 48.45 3.72
2014-03-31 274.47 48.60 3.87
2013-12-31 269.81 48.59 5.02
2013-09-30 269.89 48.52 4.76
2013-06-30 270.37 48.47 4.88
2013-03-31 270.11 48.45 4.45
2012-12-31 268.11 49.24 4.17
2012-09-30 177.15 78.58 3.76
2012-06-30 183.28 78.75 3.81
2012-03-31 190.27 78.19 3.63
2011-12-31 196.29 79.11 6.69
2011-09-30 199.19 79.10 5.37
  • Pizza Pizza Royalty's level of debt (16.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (17.9% vs 16.4% today).
  • Debt is well covered by operating cash flow (59.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 31.6x coverage).
X
Financial health checks
We assess Pizza Pizza Royalty's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Pizza Pizza Royalty has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PZA Dividends

 What is Pizza Pizza Royalty's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.17%
Current annual income from Pizza Pizza Royalty dividends.
If you bought CA$2,000 of Pizza Pizza Royalty shares you are expected to receive CA$163 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Pizza Pizza Royalty's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (1.73%).
  • Pizza Pizza Royalty's dividend is above the markets top 25% of dividend payers in Canada (4.82%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:PZA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Canada Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 2.8%
Canada Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.2%
Canada Minimum Threshold Dividend Yield 10th Percentile 0.8%
Canada Bottom 25% Dividend Yield 25th Percentile 1.7%
Canada Top 25% Dividend Yield 75th Percentile 4.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:PZA Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31
2019-12-31
2018-12-31
TSX:PZA Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2018-07-23 0.856 7.467
2018-06-18 0.856 6.961
2018-05-22 0.856 6.859
2018-04-19 0.856 6.272
2018-02-22 0.856 6.003
2018-01-24 0.856 5.965
2017-09-18 0.856 5.292
2017-08-18 0.856 5.228
2017-07-24 0.856 5.218
2017-06-19 0.856 5.006
2017-05-23 0.856 4.899
2017-03-20 0.856 4.895
2017-02-23 0.856 4.913
2017-01-18 0.856 4.881
2016-12-19 0.856 4.946
2016-11-22 0.856 5.230
2016-10-21 0.856 5.496
2016-09-21 0.856 5.607
2016-08-16 0.856 5.619
2016-07-25 0.856 5.691
2016-06-08 0.856 5.893
2016-05-20 0.836 6.010
2016-04-22 0.836 6.136
2016-03-17 0.836 6.080
2016-02-22 0.836 6.424
2016-01-22 0.836 6.623
2015-12-22 0.836 6.317
2015-10-21 0.816 5.840
2015-09-24 0.816 6.026
2015-08-19 0.816 5.983
2015-07-16 0.816 5.958
2015-06-23 0.816 6.033
2015-05-27 0.816 5.880
2015-04-20 0.816 5.724
2015-03-20 0.800 5.601
2015-02-24 0.800 5.374
2015-01-21 0.800 5.353
2014-12-18 0.800 5.698
2014-11-21 0.800 5.807
2014-10-24 0.800 5.764
2014-09-22 0.800 5.943
2014-08-20 0.800 5.948
2014-07-22 0.800 5.875
2014-06-16 0.800 5.848
2014-05-20 0.800 5.876
2014-04-17 0.800 5.953
2014-03-18 0.800 5.973
2014-02-20 0.800 5.762
2014-01-16 0.800 5.977
2013-12-18 0.780 5.891
2013-11-18 0.780 5.887
2013-10-17 0.780 5.882
2013-09-18 0.780 6.100
2013-08-19 0.780 6.243
2013-07-17 0.780 6.171
2013-05-02 0.780 6.411
2013-04-18 0.750 6.746
2013-03-18 0.750 6.735
2013-02-19 0.750 6.739
2013-02-14 0.750 6.972
2012-10-18 0.720 6.976
2012-09-25 0.720 6.708
2012-08-16 0.720 6.783
2012-07-16 0.720 7.018
2012-06-19 0.720 7.163
2012-04-17 0.701 6.963
2012-03-21 0.701 7.350
2012-02-22 0.701 7.523
2012-01-26 0.701 7.607
2011-12-16 0.701 7.914
2011-11-28 0.701 8.135
2011-10-24 0.701 8.321
2011-09-22 0.701 8.527
2011-08-18 0.701 8.178
2011-07-18 0.701 8.007
2011-06-17 0.701 7.803
2011-05-11 0.701 7.619
2011-04-25 0.701 7.661
2011-03-16 0.701 7.777
2011-02-17 0.701 7.890
2010-12-15 0.700 8.125
2010-12-10 0.930 11.800
2010-11-15 0.930 11.988
2010-10-20 0.930 11.829
2010-09-20 0.930 12.210
2010-08-17 0.930 12.908
2010-07-21 0.930 13.566
2010-06-21 0.930 13.703
2010-05-20 0.930 13.692
2010-04-21 0.930 13.320
2010-03-17 0.930 12.727
2010-02-17 0.930 12.523
2010-01-18 0.930 12.949
2009-12-16 0.930 13.171
2009-11-18 0.930 14.701
2009-10-15 0.930 14.865
2009-09-17 0.930 15.098
2009-08-19 0.930 16.425
2009-07-28 0.930 15.188
2009-06-18 0.930 14.118
2009-05-20 0.930 14.103
2009-04-15 0.930 14.034
2009-03-16 0.930 15.038
2009-02-02 0.930 14.768
2009-01-15 0.930 14.386
2008-12-12 0.930 14.809
2008-11-18 0.930 14.699
2008-10-16 0.930 13.665
2008-09-18 0.930 12.234
2008-08-18 0.930 10.941

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Pizza Pizza Royalty's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x 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.
X
Income/ dividend checks
We assess Pizza Pizza Royalty's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Pizza Pizza Royalty afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Pizza Pizza Royalty has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PZA Management

 What is the CEO of Pizza Pizza Royalty's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
  • Pizza Pizza Royalty has no CEO, or we have no data on them.
Management Team

Paul Goddard

TITLE
CEO, President & Director of Pizza Pizza GP Inc.
TENURE
8.4 yrs

Curt Feltner

TITLE
CFO, SVP of Finance & Director of Pizza Pizza GP Inc.
TENURE
19.6 yrs

Philip Goudreau

TITLE
Senior Vice President of Operations & Development - Pizza 73
Board of Directors Tenure

Average tenure and age of the Pizza Pizza Royalty board of directors in years:

4.3
Average Tenure
69
Average Age
  • The tenure for the Pizza Pizza Royalty board of directors is about average.
Board of Directors

Paul Goddard

TITLE
CEO, President & Director of Pizza Pizza GP Inc.
TENURE
8.4 yrs

Curt Feltner

TITLE
CFO, SVP of Finance & Director of Pizza Pizza GP Inc.
TENURE
13.2 yrs

Kathy Welsh

TITLE
Corporate Director
COMPENSATION
CA$39K
TENURE
2.3 yrs

Dick McCoy

TITLE
Corporate Director
COMPENSATION
CA$38K
AGE
75
TENURE
13.2 yrs

Jay Swartz

TITLE
Director
COMPENSATION
CA$38K
AGE
69
TENURE
4.3 yrs

Michelle Savoy

TITLE
Corporate Director
COMPENSATION
CA$36K
AGE
58
TENURE
2.8 yrs

Edward Nash

TITLE
Director
COMPENSATION
CA$36K
TENURE
2.3 yrs
Recent Insider Trading
  • More shares have been bought than sold by Pizza Pizza Royalty insiders in the past 3 months, but not in substantial volumes.
Who owns this company?
X
Management checks
We assess Pizza Pizza Royalty's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap and profit (greater than 0.5% of the company's profit + 0.03% of market cap)? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Pizza Pizza Royalty has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PZA News

External News
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Simply Wall St News

Pizza Pizza Royalty Corp (TSE:PZA): What Are Investors Earning On Their Capital?

and want to begin learning the link between Pizza Pizza Royalty Corp (TSE:PZA)’s return fundamentals and stock market performance. … Thus, to understand how your money can grow by investing in Pizza Pizza Royalty, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE) … Pizza Pizza Royalty's Return On Capital Employed

Simply Wall St -

Is Pizza Pizza Royalty Corp (TSE:PZA) Attractive At This PE Ratio?

Pizza Pizza Royalty Corp (TSE:PZA) trades with a trailing P/E of 13.9x, which is lower than the industry average of 18.8x. … While this makes PZA appear like a great stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio. … View our latest analysis for Pizza Pizza Royalty

Simply Wall St -

Should You Be Concerned About Pizza Pizza Royalty Corp's (TSE:PZA) Shareholders?

I am going to take a deep dive into Pizza Pizza Royalty Corp’s (TSE:PZA) most recent ownership structure, not a frequent subject of discussion among individual investors. … A company's ownership structure is often linked to its share performance in both the long- and short-term. … Check out our latest analysis for Pizza Pizza Royalty

Simply Wall St -

What To Know Before Buying Pizza Pizza Royalty Corp (TSE:PZA) For Its Dividend

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … In the past 10 years Pizza Pizza Royalty Corp (TSE:PZA) has returned an average of 8.00% per year to investors in the form of dividend payouts. … Does Pizza Pizza Royalty tick all the boxes of a great dividend stock?

Simply Wall St -

Has Pizza Pizza Royalty Corp (TSE:PZA) Improved Earnings In Recent Times?

After looking at Pizza Pizza Royalty Corp's (TSE:PZA) latest earnings announcement (31 March 2018), I found it useful to revisit the company's performance in the past couple of years and assess this against the most recent figures. … View out our latest analysis for Pizza Pizza Royalty? … Did PZA's recent earnings growth beat the long-term trend and the industry.

Simply Wall St -

Pizza Pizza Royalty Corp (TSE:PZA): A Look At Return On Capital

To understand Pizza Pizza Royalty’s capital returns we will look at a useful metric called return on capital employed. … See our latest analysis for Pizza Pizza Royalty What is Return on Capital Employed (ROCE)? … I have calculated Pizza Pizza Royalty’s ROCE for you below: ROCE Calculation for PZA Return on Capital Employed (ROCE) = Earnings Before Tax (EBT) ÷ (Capital Employed) Capital Employed = (Total Assets - Current Liabilities) ∴ ROCE = CA$34.06M ÷ (CA$356.44M - CA$3.07M) = 9.64% As you can see, PZA earned CA$9.6 from every CA$100 you invested over the previous twelve months.

Simply Wall St -

Who Owns Most Of Pizza Pizza Royalty Corp (TSE:PZA)?

In this article, I will take a quick look at Pizza Pizza Royalty Corp’s (TSX:PZA) recent ownership structure – an unconventional investing subject, but an important one. … See our latest analysis for Pizza Pizza Royalty TSX:PZA Ownership_summary May 31st 18 Institutional Ownership With an institutional ownership of 24.25%, PZA can face volatile stock price movements if institutions execute block trades on the open market, more so, when there are relatively small amounts of shares available on the market to trade However, as not all institutions are alike, such high volatility events, especially in the short-term, have been more frequently linked to active market participants like hedge funds. … Thus, potential investors should look into these business relations and check how it can impact long-term shareholder returns.Next Steps: The company's high institutional ownership makes margin of safety a very important consideration to existing investors since long bull and bear trends often emerge when these big-ticket investors see a change in long-term potential of the company.

Simply Wall St -

Does Pizza Pizza Royalty Corp (TSE:PZA) Have A Place In Your Portfolio?

Over the past 10 years, Pizza Pizza Royalty Corp (TSX:PZA) has returned an average of 8.00% per year to shareholders in terms of dividend yield. … Check out our latest analysis for Pizza Pizza Royalty 5 questions I ask before picking a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is it the top 25% annual dividend yield payer? … Relative to peers, Pizza Pizza Royalty generates a yield of 6.53%, which is high for Hospitality stocks.Next Steps: Whilst there are few things you may like about Pizza Pizza Royalty from a dividend stock perspective, the truth is that overall it probably is not the best choice for a dividend investor.

Simply Wall St -

Does Pizza Pizza Royalty Corp (TSE:PZA) Go Up With The Market?

Pizza Pizza Royalty's beta of 0.84 indicates that the stock value will be less variable compared to the whole stock market. … PZA’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio. … This is an interesting conclusion, since both PZA’s size and industry indicates the stock should have a higher beta than it currently has.

Simply Wall St -

Interested In Pizza Pizza Royalty Corp (TSE:PZA)’s Upcoming $0.07 Dividend? You Have 3 Days Left

Check out our latest analysis for Pizza Pizza Royalty 5 checks you should do on a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is it paying an annual yield above 75% of dividend payers? … TSX:PZA Historical Dividend Yield Apr 22nd 18 How does Pizza Pizza Royalty fare? … Compared to its peers, Pizza Pizza Royalty has a yield of 6.09%, which is high for Hospitality stocks.

Simply Wall St -

PZA Company Info

Map
Description

Pizza Pizza Royalty Corp., through its subsidiary, Pizza Pizza Royalty Limited Partnership, owns and franchises quick service restaurants under the Pizza Pizza and Pizza 73 brands in Canada. As of January 1, 2018, the company had 758 restaurants in the royalty pool. Pizza Pizza Royalty Corp. was founded in 1967 and is headquartered in Toronto, Canada.

Details
Name: Pizza Pizza Royalty Corp.
PZA
Exchange: TSX
Founded: 1967
CA$329,326,431
31,666,003
Website: http://www.pizzapizza.ca
Address: Pizza Pizza Royalty Corp.
500 Kipling Avenue,
Toronto,
Ontario, M8Z 5E5,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX PZA Common Shares The Toronto Stock Exchange CA CAD 06. Jul 2005
OTCPK PZRI.F Common Shares Pink Sheets LLC US USD 06. Jul 2005
Number of employees
Current staff
Staff numbers
0
Pizza Pizza Royalty employees.
Industry
Restaurants
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/08/17 21:30
End of day share price update: 2018/08/17 00:00
Last estimates confirmation: 2018/08/09
Last earnings update: 2018/06/30
Last annual earnings update: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.