AW is down about 11% this year (not including distributions), which we would consider 'not so bad' considering the markets and the economic outlook. The dividend of 6.01% remains attractive and likely secure. It is not a high-growth business, and sales did decline 1.9% on a same-store basis in the last quarter. Valuation is attractive. We are comfortable with it for income investors. However, we do prefer 'growth' in a TFSA and would be OK to exit a position in a tax-free account in favour of a growthier company. In a cash account, we would be OK with a tax-loss/re-buy strategy. In a cash account it becomes a question of investor goals. While we consider it the best within its fast-food sector and a decent company overall, if one is focused on growth we would not consider it a need to own stock.
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