The Company in a Nutshell
| Date Reviewed | 05/23/2025 |
| Company Name | Boston Pizza Royalties Income Fund |
| Symbol | BPF.UN.TO |
| Sector | Consumer Discretionary |
| Industry | Restaurants |
| Beta | 0.94 |
| PRO Rating | 2 |
| Dividend Safety | 2 |
Business Model
Boston Pizza Royalties Income Fund (the Fund) is a Canada-based open-ended trust. The Fund operates through its subsidiaries, Boston Pizza Holdings Trust, Boston Pizza Holdings GP Inc. and Boston Pizza Holdings Limited Partnership, its 80% owned subsidiary Boston Pizza GP Inc. (BPGP), and its interest in Boston Pizza Royalties Limited Partnership. BPGP is the managing general partner of Royalties LP. The Fund indirectly, through Royalties LP, acquire the trademarks and trade names owned by Boston Pizza International Inc. (BPI), including 'Boston Pizza' and other similar related items, logos and designs (collectively, the 'BP Rights') used in connection with the operation of Boston Pizza restaurants in Canada. The Company operates approximately 372 Boston Pizza Restaurants in the Royalty Pool, of which approximately 370 were operating and open for business to the public.
| Current price | 19.22 |
| ROE | 11.40 % |
| ROIC | 8.65 % |
| Shareholder Yield | 0.15 % |
| 5-Yr Total Return | 267.70 % |
| 1-Yr Total Return | 34.00 % |
| Next Earnings Date | 07-31-25 |
Latest Quarter Information
What the CEO said:
President Jordan Holm highlighted a strong start to 2025 with record-high Q1 franchise sales and robust same restaurant sales. “The positive response from our guests and the momentum in our business are especially encouraging,” he said, as the company braces for a complex economic landscape. Holm emphasized continued support for franchisees, memorable dining experiences, and innovation to sustain long-term success.
What we say:
2025-05-20, Boston Pizza Royalties Income Fund reported a mixed quarter performance on EPS and revenue with -43.2% and +4.1% respectively. Boston Pizza’s Q1 2025 revenue rose 4.4% on stronger same restaurant sales, driven by promos and off-premise growth. EPS fell due to a $3.2M fair value loss and tax increases, partly offset by higher royalty income. Distributions totaled $0.230/unit vs. $0.226 in Q1 2024. The payout ratio rose to 100.2% from 96.8%. The Fund remains focused on supporting franchisees and enhancing guest experiences.
Investment Thesis
Dividend Triangle
| 5-Yr Rev. Growth | 1.75 % |
| 5-Yr EPS Growth | 11.25 % |
| 5-Yr Div Growth | -0.30 % |
Potential Risks
| Debt/Equity | 0.30 |
| Financial Debt to EBITDA (TTM) | 1.80 |
| Current Ratio (Quarterly) | 0.70 |
| Credit Score | 91 |
Dividend Growth Perspective
| Dividend ($) | 1.38 |
| Dividend Yield Fwd | 7.10 % |
| Dividend Frequency | Monthly |
| Average 5-Yr Yield | 7.75 % |
| Payout Ratio (%) | 95.80 |
| Cash Payout Ratio (%) | 79.95 |
| DGR 1-Yr | 1.75 |
| DGR 3-Yr | 16.50 |
| DGR 5-Yr | -0.30 |
| DGR Streak | |
| Chowder Score | 6.85 |
| Next DVD PMT | 05-30-25 |
Valuation
(Data for `ddm_growth_rate_years` field are missing to build DDM tables)
Video Tutorial: How to Read the Stock Cards DDM Valuation
| Market Cap | 412.00 M |
| PE Ratio | 16.00 |
| Fwd PE | 12.20 |
| Price to Book Ratio | 1.45 |
| DDM Valuation | 0 |
| Average 5-Yr PE | 12.95 |
| Value Score | 81 |