Boston Pizza Royalties Income Fund (BPF-UN.TO) Stock Analysis & Winston Score

Operating as a specialized open-ended trust, the Boston Pizza Royalties Income Fund primarily owns the trademarks used by Boston Pizza International Inc. This ownership is managed indirectly through Boston Pizza Royalties Limited Partnership. Boston Pizza International Inc. is responsible for both running and franchising its network of Boston Pizza restaurants. As of December 31, 2021, the fund's royalty pool encompassed 383 restaurant locations across Canada. Established in 2002, the organization is based in Richmond, Canada.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+90.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Research and development spending

Cash Position

Cash flow positive

$170M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Boston Pizza Royalties Income Fund is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−1.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 24.8M (2021) → 24.5M (2025)

Score breakdown

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Quality

Gross Margin

99.5%

Premium pricing power — 99.5% gross margin

Operating Margin

141.4%

Excellent — 141.4% operating margin

ROCE

4.0%

Weak — 4.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.6%

Slow sales growth (4.6% YoY)

EPS YoY

+60.7%

Earnings growing fast (60.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

83%

Modest — 83% of profit becomes cash

FCF Margin

76.5%

Converts sales into free cash efficiently (76.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.49

Conservative — low debt load (0.49)

Interest Cover

7.35x

Adequate interest coverage (7.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

10.1x

Attractive valuation — P/E 10.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-2.6

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

6.35%

Healthy income — 6.35% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-15.9%

Dividend cut (-15.9% YoY) — warning sign

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