| For
Comparison Only!
Expressed as % |
|
Sample Page
|
|
|
$
|
|
Risk
|
Est Cash
Distributions |
Estimated
Distributable
|
Estimated
Cash Flow |
|
|
Same Stores
Sales Growth |
Estimated %
Payout |
|
Trust
Name
|
Symbol
|
|
C.Gain |
Dividend |
Income |
R of C |
Units 0S |
Description
|
Date
|
Analyst
|
Target |
|
|
2005
|
2006
|
2007 |
2008 |
2009 |
2010 |
2011 |
|
2007 |
2008 |
2009 |
2010 |
|
2007 |
2008 |
2009 |
2010 |
2011 |
D/CF
|
Debt |
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
|
|
|
|
|
|
|
|
|
A & W Revenue |
|
|
|
|
|
AW.un
|
|
A & W Revenue
|
|
|
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades |
AW.un
E-Mail |
 |
|
2008
Est 15.5
|
2008
Est 84.5
|
|
14.3 M
0 CDs
|
3% of
sales
676 restaurants
X - Discontinued coverage
|
Oct 16/08
|
BMO
|
$13.00
|
X
|
|
$1.08
|
$1.16
|
$1.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Apr 30/08 |
CIBC
|
$15.00
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.4x
|
$10
M
|
|
|
|
|
|
|
|
|
|
|
|
| Apr 28/09
|
RBC |
$11.00
|
X
|
Avg
|
$1.08 |
$1.16
|
$1.31
|
$1.47
|
$1.47
|
$1.52
|
|
|
|
|
|
|
|
1.35A
|
1.45A
|
1.50A
|
1.54A
|
|
|
$10 M
|
3.7
|
7.3
|
4.2
|
|
|
97
|
101
|
98
|
99
|
|
|
|
|
|
|
|
|
|
|
Boston Pizza
Royalties |
|
|
|
|
|
BPF.un
|
|
Boston Pizza
Royalties |
|
|
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades |
BPF.un
E-Mail
|
 |
|
|
2007
88.1
|
2007
11.9
|
17.9 M
0 CDs
|
4% of franchise revenues of
Boston
Pizza restaurants
Does not include U.S. "Bostons's The Gourmet Pizza" .... Yet
|
Nov
05/08 |
BMO
|
$10.00
|
X
|
|
$1.19
|
$1.28
|
$1.35
|
$1.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aug 07/09
|
RBC
|
$10.00
|
|
Avg
|
$1.19
|
$1.28
|
$1.35
|
$1.38
|
$1.38
|
$1.38
|
|
|
|
|
|
|
|
1.36A
|
1.37A
|
1.41A
|
1.43A
|
|
|
$16 M
|
5.7
|
0.7
|
|
|
|
99
|
101
|
98
|
97
|
|
|
| Nov 09/09
|
Scotia
|
$11.00
|
UP
|
High
|
$1.19
|
$1.28
|
$1.36
|
$1.38
|
$1.38
|
$1.38
|
|
|
$1.36
|
$1.33
|
$1.36
|
$1.40
|
|
|
|
|
|
|
|
|
5.8
|
0.7
|
-5.6
|
2.0
|
|
100
|
104
|
98
|
98
|
|
|
|
|
|
|
|
|
|
|
The
Keg Royalties |
|
|
|
|
|
KEG.un |
|
The
Keg Royalties |
|
|
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades |
KEG.un
E-Mail
|
 |
|
|
2007
93.2
|
2007
6.8
|
12.8 M
0 CDs
|
franchiser
of
steakhouses in Canada and the U.S.
91 Restaurants
21% of cash flow exposed to US $
4% of Sales |
|
|
|
|
|
$1.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92
|
|
|
|
|
|
Feb 08/08
|
CIBC
|
$14.00
|
X |
|
$1.09
|
$1.13
|
$1.19
|
$1.27
|
|
|
|
|
$1.29
|
$1.32
|
|
|
|
|
|
|
|
|
0.8x
|
$14
M
|
|
|
|
|
|
|
|
|
|
|
|
Oct 23/08
|
RBC
|
$10.00
|
X
|
Avg
|
$1.09
|
$1.12
|
$1.19
|
$1.27
|
$1.30
|
$1.36
|
|
|
$1.19
|
$1.27
|
$1.34
|
|
|
1.27A
|
1.27A
|
1.31A
|
1.37A
|
|
|
$14 M
|
5.9
|
1.5
|
2.5
|
|
|
94
|
100
|
99
|
99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
Comparison Only!
Expressed as % |
|
|
|
|
$ |
|
Risk
|
Est Cash
Distributions |
Estimated
Distributable
|
Estimated
Cash Flow |
|
|
Same Stores Sales Growth |
Estimated %
Payout |
|
Trust
Name
|
Symbol |
|
C.Gain |
Dividend |
Income |
R of C |
Units 0S |
Description |
Date
|
Analyst
|
Target |
|
|
2005
|
2006
|
2007 |
2008 |
2009 |
2010 |
2011 |
|
2007 |
2008 |
2009 |
2010 |
|
2007 |
2008 |
2009 |
2010 |
2011 |
D/CF
|
Debt |
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
|
|
|
Converted
to a Corp
|
|
|
|
|
|
Imvescor
Restaurant Group/PDM
Royalties
|
|
|
|
|
|
IRG (PDM.un - Converted to a Corp)
|
|
Imvescor Restaurant Group
|
|
|
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades |
IRG
E-Mail
|
 |
|
2010
100
|
|
|
9.9 M
CDs
|
Pizza
Delight
Mikes
224 Restaurants
Formerly PDM.un
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.02
|
$0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Apr 24/09
|
RBC
|
$ 7.00
|
OP
|
X
|
$1.39
|
$1.44
|
$1.44
|
$1.44
|
|
|
|
|
|
|
|
|
|
1.64A
|
1.66A
|
1.61A
|
1.65A
|
|
|
$50 M
|
1.4
|
0.4
|
2.4
|
|
|
88
|
87
|
92
|
93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pizza Pizza Royalty |
|
|
|
|
|
PZA.un
|
|
Pizza Pizza Royalty
|
|
|
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades
|
PZA.un
|
 |
|
|
2007
65
|
2007
35
|
27.8 M
0 CDs
|
6%
of System Sales
530+ restaurants
X - discontinued coverage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apr 24/09
|
RBC
|
$ 7.00
|
OP
|
X
|
|
$0.84
|
$0.89
|
$0.92
|
$0.98
|
$1.00
|
|
|
|
|
|
|
|
0.96A
|
1.01A
|
1.06A
|
1.09A
|
|
|
$47 M
|
4.6
|
1.7
|
2.0
|
|
|
93
|
91
|
90
|
91
|
|
|
Oct 20/08
|
TDW
|
|
|
X
|
$0.39
|
$0.84
|
$0.89
|
$0.92
|
$0.93
|
|
|
|
$0.95
|
$1.01
|
$1.10
|
|
|
|
|
|
|
|
1.7x
|
$47 M
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prime
Restaurants |
|
|
|
|
|
EAT.un |
|
Prime
Restaurants |
|
|
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades |
EAT.un
E-Mail
|
 |
|
2007
1.9
|
2007
98.1
|
|
9.3 M
0 CDs
|
East Side Marios, Casey's and the pub
division Fionn MacCools
3.25%
of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 08/08
|
CIBC
|
$ 8.00
|
X
|
|
$1.13
|
$1.13
|
$1.13
|
$1.13
|
|
|
|
|
$1.13
|
$1.13
|
$1.14
|
|
|
|
|
|
|
|
0x
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
| Aug 07/08 |
RBC
|
$ 7.00
|
X
|
AA
|
$1.13
|
$1.13
|
$1.13
|
$1.13
|
$1.13
|
|
|
|
|
|
|
|
|
1.14A
|
1.13A
|
1.15A
|
|
|
|
0
|
0.6
|
0.3
|
2.0
|
|
|
99
|
100
|
98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
Comparison Only!
Expressed as % |
|
|
|
|
$ |
|
Risk
|
Est Cash
Distributions |
Estimated
Distributable
|
Estimated
Cash Flow |
|
|
Same Stores Sales Growth |
Estimated %
Payout |
|
Trust
Name
|
Symbol |
|
C.Gain |
Dividend |
Income |
R of C |
Units 0S |
Description |
Date
|
Analyst
|
Target |
|
|
2005
|
2006
|
2007 |
2008 |
2009 |
2010 |
2011 |
|
2007 |
2008 |
2009 |
|
|
2007 |
2008 |
2009 |
2010 |
2011 |
D/CF
|
Debt |
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
|
|
|
|
|
|
|
|
|
Priszm Cdn Income |
|
|
|
|
|
QSR.un
|
|
Priszm Cdn Income
|
|
|
%
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades |
QSR.un
E-Mail
|
 |
|
|
|
2007
100
2008
Est 70
|
25.4 M
0 CDs
|
KFC,
Pizza Hut, Long John Silvers and Taco Bell
Q1 is very slow
338 restaurants
X - Coverage dropped
|
Oct 20/08 |
BMO
|
$
2.50
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Feb 02/09
|
CIBC
|
$ 2.50
|
|
X
|
$1.26
|
$1.32
|
$1.05
|
$0.90
|
|
|
|
|
|
|
|
|
|
$0.96
|
$1.16
|
$1.14
|
|
|
4.1x
|
$123 M
|
|
-1.0
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.40
|
$0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jul 24/09
|
RBC
|
$ 2.00
|
|
X
|
$1.26
|
$1.32
|
$1.05
|
$0.90
|
|
|
|
|
|
|
|
|
|
0.72A
|
0.83A
|
0.97A
|
0.83A
|
|
|
$103 M
|
-3.9
|
-1.0
|
1.0
|
|
|
146
|
108
|
62
|
72
|
|
|
Oct 20/08
|
TDW
|
$
4.50
|
BY
|
X
|
$1.26
|
$1.26
|
$1.04
|
$0.90
|
|
|
|
|
$0.81
|
$1.00
|
$1.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Cup |
|
|
|
|
|
SCU.un
|
|
Second Cup
|
|
|
%
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades |
SCU.un
Mail
|
 |
|
2007
1.9
|
2007
82.6
|
2007
15.5
|
10.1 M
0 CDs
|
Second Cup Coffee shops
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aug 12/08
|
RBC
|
$
8.00
|
X
|
Avg
|
$1.00
|
$1.03
|
$1.08
|
$1.12
|
$1.14
|
$1.17
|
|
|
|
|
|
|
|
1.16A
|
1.17A
|
1.21A
|
1.25A
|
|
0.9x
|
$11 M
|
|
|
|
|
|
|
|
|
|
|
|
| Nov 09/09
|
Scotia
|
$ 5.50
|
UP
|
High
|
|
|
|
|
$0.95
|
$0.92
|
|
|
$1.15
|
$1.16
|
$1.11
|
$1.09
|
|
$0.88
|
$1.01
|
$0.95
|
$0.87
|
|
|
|
2.9
|
0.2
|
-3.7
|
1.0
|
|
100
|
97
|
86
|
85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIR
Royalty
|
|
|
|
|
|
Service
Inspired Restaurants
|
|
|
|
|
|
SRV.un
|
|
Service
Inspired Restaurants |
|
|
%
|
|
|
SEDAR
Globe&
Mail
X-Dates
Insider
Trades |
SRV.un
E-Mail
|
 |
|
|
2007
90.8
|
2007
9.2
|
7.0 M
0 CDs
|
Jack
Astors(21): 59% of revenue pool
Canyon Creek Chop House(4): 10%
Alice Fazooli’s Italian Crabshack(5):14%
Signature Restaurants(4): 16%
6% off top (*= FFO )
|
Nov 17/08
|
BMO
|
$ 7.50
|
X
|
|
$1.20
|
$1.24
|
$1.30
|
$1.36
|
$1.40
|
|
|
|
$1.35
|
$1.40
|
$1.42
|
|
|
|
$1.42
|
$1.45
|
|
|
|
0
|
|
|
|
|
|
96
|
97
|
99
|
|
|
|
Aug
18/08
|
Paradigm
|
$12.50
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X
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Aug 18/08
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RBC
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$ 9.00
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X
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AA
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$1.20
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$1.24
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$1.30
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$1.36
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$1.41
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$1.46
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1.35A
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1.43A
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1.50A
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1.52A
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0.0x
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0
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4.2
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3.4
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3.0
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96
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95
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94
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96
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| For
Comparison Only!
Expressed as % |
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$ |
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Risk
|
Est Cash
Distributions |
Estimated
Distributable
|
Estimated
Cash Flow |
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Same Stores Sales Growth
|
Estimated %
Payout |
|
Trust
Name
|
Symbol |
|
C.Gain |
Dividend |
Income |
R of C |
Units 0S |
Description |
Date
|
Analyst
|
Target |
|
|
2005
|
2006
|
2007 |
2008 |
2009 |
2010 |
2011 |
|
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
D/CF
|
Debt |
2007 |
2008 |
2009 |
2010 |
2011 |
2007 |
2008 |
2009 |
2010 |
2011 |
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Tim Hortons
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Tim Hortons
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THI
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Tim Hortons
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%
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Globe&
Mail
X-Dates
Insider
Trades
|
THI
E-Mail
|
 |
|
100
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181 M
0 CDs
|
Not a trust... just good
coffee & sandwiches
* - EPS
FCF - Free Cash Flow
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Nov
02/09
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BMO
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$33.00
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$0.28
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$0.36
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$0.40
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$2.11
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$2.25
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$2.31
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$2.62
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$2.94
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$190 M
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May
07/09
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CIBC
|
$30.00
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$0.36
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$0.40
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Nov
02/09
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RBC
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$38.00
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OP
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Avg
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$0.40
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Nov
02/09
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Scota
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$38.00
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OP
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Med
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$2.00
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$2.24
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$2.35
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$2.59
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0.3x
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5.9
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4.4
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2.9
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4.9
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| Nov
02/09 |
TDW
|
$32.00
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Med
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$0.36
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$0.40
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FCF=
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$0.99
|
$1.34
|
$1.67
|
$1.78
|
*1.43
|
*1.63
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*1.79
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*1.96
|
*2.12
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$191 M
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3.5
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