- Restaurant Brands International Inc. (QSR)
- A&W Revenue Royalties Income Fund (AW.UN)
- Boston Pizza Royalties Income Fund (BPF.UN)
- Pizza Pizza Royalty Corp. (PZA)
Q: Pizza Pizza and Boston Pizza's price history and dividend payouts seem to have been reasonably stable for more than one year. I know you prefer AW.UN but are the other two ok for income? QSR looks too pricey and has a low dividend. What do you recommend?
5i Research Answer:
QSR is a bit f a different operating model vs the others, with PZA and BPF being more focused on distributions. We are a bit agnostic on BPF. If looking for income specifically, we would be ok with it but that would be the main reason we would consider owning it. QSR offers a bit of a better mix of growth and income in our view. Our views on PZA would be similar to BPF.