Boston Pizza Royalties Income Fund's latest earnings report reveals a significant miss in earnings per share, raising questions about its financial trajectory.
On August 13, 2026, Boston Pizza Royalties Income Fund (BPF-UN.TO) reported its Q2 earnings, showcasing a disappointing EPS of $0.15, which fell short of the $0.41 estimate by a staggering 63.4%. This marks a stark contrast to its previous strong performance, highlighting potential challenges ahead for the fund.
Recent earnings trend
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Boston Pizza Royalties Income Fund
BPF-UN.TO
BPF-UN.TO
Boston Pizza Royalties Income Fund
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Market cap
$461.96M
P/E
11.7x
Div. yield
6.60%
Div. / share
$1.45
52W high
$25.15
52W low
$17.93
1W change
-4.07%
Beta
0.73
Analyst Price Targets
Based on analyst covering BPF-UN
Wall Street analysts forecast BPF-UN stock price to rise 22.1% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$26.50
+22.1% Upside
Current Price
C$21.71
Last close
Analyst ratings and price targets are updated periodically. Not financial advice.
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Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on BPF-UN's historical volatility
30-Day Vol
18.8%
Annualized
90-Day Vol
16.4%
Annualized
Trend (90d)
-47.5%
Annualized drift
90d Mean
C$18.32
Expected price
| Horizon | Expected | 68% Range (1ฯ) |
|---|---|---|
| 30 trading days | C$20.52 | C$19.23 โ C$21.89 |
| 60 trading days | C$19.39 | C$17.69 โ C$21.25 |
| 90 trading days | C$18.32 | C$16.37 โ C$20.50 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ยฑ1ฯ, 95% band = ยฑ2ฯ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 1 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-09 | โ | 0.3900 | โ |
| 2026-06-30 | 2026-08-13 | 0.1500 | 0.4100 | -63.4% |
| 2026-03-31 | 2026-05-13 | 0.5700 | 0.4000 | +42.5% |
| 2025-12-31 | 2026-02-13 | 0.5200 | 0.3600 | +44.4% |
| 2025-09-30 | 2025-11-10 | 0.4900 | 0.3300 | +48.5% |
| 2025-06-30 | 2025-08-14 | 0.6700 | 0.3700 | +81.1% |
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Investor takeaway: The notable earnings miss may lead investors to reassess their positions in Boston Pizza Royalties Income Fund, especially given its declining net income despite record franchise sales. The high payout ratio raises concerns about the sustainability of distributions moving forward.
EPS Miss by 63.4% with Record Franchise Sales
Despite record franchise sales growth, the fund's earnings per share fell dramatically, raising concerns about its financial health and future performance.
Bull case
Boston Pizza achieved record franchise sales of C$256.5 million, thanks to successful promotional campaigns and a solid same-restaurant sales growth of 2.3%. The company has a strong business model, boasting a high profit margin of 75.32%, and continues to engage customers effectively, especially during major events like the FIFA World Cup.
Bear case
The significant earnings miss and declining net income signal potential vulnerabilities. The increase in fair-value losses and a high payout ratio of 103.1% could indicate challenges in maintaining distributions, which may deter income-focused investors.
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