Boston Pizza Royalties Income Fund (TSE:BPF.UN) - Page 20
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Thread: Boston Pizza Royalties Income Fund (TSE:BPF.UN)

  1. #191
    Senior Member
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    I probably wouldn't buy here, although the SSSG sales stability is encouraging. One piece of advice, you have to look at 12 month trailing payout ratio, as sales are seasonal and it is lower in the summer and higher in the winter. It is almost certainly in the 95-100% range.


  2. #192
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    Quote Originally Posted by doctrine View Post
    I probably wouldn't buy here, although the SSSG sales stability is encouraging. One piece of advice, you have to look at 12 month trailing payout ratio, as sales are seasonal and it is lower in the summer and higher in the winter. It is almost certainly in the 95-100% range.
    Although I don't own the share anymore its stick on my tracking sheet.

    Please correct me if I'm wrong but I was under the impression that Morningstar used ttm for its payout ratio...

    I have YTD at 71.9%
    Last quarter (September) at 66%
    Prior Year fiscal year end was over 100%...

  3. #193
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    I always use the company's own numbers.

    From the BPF Income Fund website press release for Q3 results (http://www.bpincomefund.com/en/news-...d_3_4_ytd.aspx)

    Payout Ratio of 91.8% for the Period, 98.2% YTD and 96.9% on a trailing 12-month basis. Cash balance at the end of the Period was $3.6 million.

    These are the numbers you should be using. 97% on a 12 month basis. If SSSG remains positive, there could be a 3-4% increase in distributions next year. They're doing okay, but a 72% payout ratio it is not. They pay out *everything*.

  4. #194
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    Quote Originally Posted by doctrine View Post
    I always use the company's own numbers.

    From the BPF Income Fund website press release for Q3 results (http://www.bpincomefund.com/en/news-...d_3_4_ytd.aspx)

    Payout Ratio of 91.8% for the Period, 98.2% YTD and 96.9% on a trailing 12-month basis. Cash balance at the end of the Period was $3.6 million.

    These are the numbers you should be using. 97% on a 12 month basis. If SSSG remains positive, there could be a 3-4% increase in distributions next year. They're doing okay, but a 72% payout ratio it is not. They pay out *everything*.
    They may also pay special dividend, like KEG.UN did last year

  5. #195
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    Quote Originally Posted by doctrine View Post
    I always use the company's own numbers.

    From the BPF Income Fund website press release for Q3 results (http://www.bpincomefund.com/en/news-...d_3_4_ytd.aspx)

    Payout Ratio of 91.8% for the Period, 98.2% YTD and 96.9% on a trailing 12-month basis. Cash balance at the end of the Period was $3.6 million.

    These are the numbers you should be using. 97% on a 12 month basis. If SSSG remains positive, there could be a 3-4% increase in distributions next year. They're doing okay, but a 72% payout ratio it is not. They pay out *everything*.
    Boston Pizza is calculating its payout ratio as FreeCashFlow/Dividends paid. In contrast, I'm using the simplistic approach of DPS/EPS or Dividends/Net Income.

    My approach is more simplistic, conservative (see flaw of their method below) and answers directly 'what percentage of dividends being paid from earnings' but has the flaw that dividends aren't paid from earnings.

    I agree with their presentation of the payout ratio (especially because income funds are suppose to redistribute to shareholders) and should have realized when posting earlier because they aren't involved in capital expenditures and the do deduct interest. However, the flaw in their presentation (in applying it to other industries), is that there is a possibility of showing negative free cashflow (if there are high regular capital expenditures or R&D) which would show a negative payout ratio...

    They even state "...Payout Ratio are non-IFRS financial measures that do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers".

    Cheers,

  6. #196
    Member Mookie's Avatar
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    Feb 2012
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    Well, my first 5 weeks in the pizza business has been pretty good. You can accuse me of counting my pizzas before they're fully baked, but I'm up 4.3% on share price so far, and I collected my first monthly dividend at the end of December.

    My only minor complaint is that I can't DRIP this one. Oh well.

  7. #197
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    BPs has treated me very well over thepast 5 yrs. I do regret not adding to it over a year ago in the $16.XX range. got too greedy with my bid price. My guess is eventually I will get another opportunity. Nice work on your return mookie! the cap gains will likely continue to slowly increase in time but the distributions seem to be stable. Guessing this will become a dividend aristocrat at some pt. Also like the royalty structure with this company.

    Cheers


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