Boston Pizza Royalties Income Fund (BPF-UN.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-8.9%

CA$18.56

vs CA$20.38 price

Levered DCF

CA$25.50

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.11

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.41×	11.65×	11.11×	10.62×	8.88×	30.08×	13.07×	43.17×
P/B	1.66×	1.33×	1.18×	1.16×	1.21×	0.91×	1.11×	1.37×
P/S	9.27×	7.51×	6.67×	7.14×	9.46×	7.16×	6.46×	8.21×
EV / EBITDA	9.5×	8.94×	9.46×	8.64×	818.33×	23.27×	9.87×	21.22×
Gross margin	99.5%	100.0%	100.0%	100.0%	100.0%	99.2%	99.4%	99.5%
Operating margin	125.2%	96.5%	97.0%	96.9%	96.3%	95.6%	82.0%	97.2%
Net margin	81.3%	64.4%	60.1%	67.3%	106.4%	29.3%	49.6%	19.0%
Current ratio	0.08×	0.69×	0.86×	0.95×	0.1×	1.21×	0.06×	2.04×
Debt / equity	0.49×	0.35×	0.44×	0.31×	0.46×	0.36×	0.33×	0.32×
Interest coverage	7.87×	5.96×	6.48×	6.04×	5.3×	5.73×	5.35×	6.93×
Dividend yield	6.7%	8.2%	8.3%	7.8%	6.7%	4.8%	10.3%	8.1%
Payout ratio	76.5%	95.3%	91.9%	83.2%	59.8%	116.2%	133.6%	348.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.5%	11.4%	10.6%	10.9%	13.6%	3.7%	8.5%	3.2%
Return on invested capital	10.7%	8.3%	8.6%	8.3%	7.1%	4.9%	6.8%	6.3%
Return on assets	9.4%	7.5%	7.2%	7.4%	9.1%	2.4%	5.7%	2.1%
Free cash flow yield	8.3%	10.2%	11.6%	10.6%	8.8%	9.4%	12.1%	9.5%
Earnings yield	8.8%	8.6%	9.0%	9.4%	11.3%	4.1%	7.7%	2.3%
Enterprise value	CA$618.5M	CA$464.4M	CA$447.4M	CA$405.8M	CA$453.4M	CA$317.4M	CA$379.8M	CA$460.2M
Net debt / EBITDA	2.11×	1.78×	2.52×	1.73×	218.16×	6.15×	2.25×	3.95×
Cash conversion cycle (days)	-833	-841	-503	-711	36	-650	-769	-717