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Bullboard - Stock Discussion Forum Sir Royalty Income Fund SIRZF


Primary Symbol: T.SRV.UN

Consumer Cyclical Restaurants
SIR Royalty Income Fund (the Fund) holds investment in SIR Corp (SIR). The Funds' investment, SIR is engaged in the business of owning and operating full-service restaurants in Canada. SIR has concept restaurant brands, including Jack Astor’s Bar and Grill, Scaddabush Italian Kitchen & Bar, and Canyon Creek Chop House, signature restaurant brands, such as Reds Wine Tavern, Reds Midtown Tavern... see more

Bullboard (TSX:SRV.UN)

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Comment by logicandinertiaon Oct 05, 2020 3:31pm

RE:RE:Using Boston Pizza on a comparable analysis basis- what if?

Respectfully , I do my own work and listen to my own counsel.  If somebody puts in some work, I welcome it.   I find it interesting that folks spend time on boards of companies that they ...more  
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Discussion
Comment by flamingogoldon Oct 05, 2020 2:08pm

RE:Using Boston Pizza on a comparable analysis basis- what if?

Logic, nice analysis. My thinking as well. To be even more conservative, a token 2cents/mth dividend would still push the share price up to almost $3 as a comparable to BP. A capital gain double and a ...more  
85
Discussion
Post by logicandinertiaon Oct 05, 2020 1:16pm

Using Boston Pizza on a comparable analysis basis- what if?

Boston Pizza paid rising distributions from 2014 to 2018, before dipping in 2019.  From 2016 to 2018, distributions rose from $27.8 million in 2016 to $30.2 million in 2018, and $30 million in ...more  
159
Discussion
Post by flamingogoldon Oct 05, 2020 12:30pm

Partial or special dividend?

With A&W and Boston Pizza re-instating partial dividends, it will be interesting if SRV can follow in their footsteps with a 4 or 5 cent monthly dividend which is roughly half of where it was ...more  
96
Post by logicandinertiaon Oct 03, 2020 8:46am

A historically well run operation

From 2013 to 2019, SIR CORP delivered to the TRUST $66 million in distributions.  In that time, debt at the CORP level did increase, but only about $7 million (the big increase in lease ...more  
189
Comment by logicandinertiaon Oct 03, 2020 8:03am

RE:RE:RE:RE:RE:RE:Where is the flamingo loudmouth?

Boston Pizza has far too much debt at the ROYALTY TRUST level.  I still dont understand why some of these carry debt at the TRUST, rather than at the operating company.  The Trust is ...more  
106
Discussion
Comment by borne2runon Oct 02, 2020 9:34pm

RE:RE:RE:RE:RE:Where is the flamingo loudmouth?

The Keg And SIR Royalty are comparables. As for Boston Pizza, maybe;  I don't know enough about the structure of Boston Pizza. The consumer price point for Boston Pizza is also lower. At any ...more  
107
Discussion
Comment by flamingogoldon Oct 02, 2020 1:41pm

RE:RE:Shorts are getting fried

Logic, thanks for the thoughtful deep analysis, it's a breath of fresh air here and there isn't much to go around lately in the sector in general. Like you I also hold Keg. I use to own PZA ...more  
115
Discussion
Comment by logicandinertiaon Oct 02, 2020 1:14pm

RE:Shorts are getting fried

There is no borrow available on these types of micro caps.  So this isn't about shorts getting fried.    The cdn brokers aren't putting microcaps on their lending desks as it ...more  
148
Discussion
Post by logicandinertiaon Oct 01, 2020 12:28am

The Amended EBITDA coverage terms with Bank of Nova Scotia

see below from the just filed Credit Amendment.   Note that this new EBITDA coverage ratio replaces the previous one with more flexible terms.  SIR CORP had Adjusted EBITDA of -$3.3 ...more  
201
Post by logicandinertiaon Sep 30, 2020 10:50pm

More of the Same

not unexpected, everything deferred now until December 31, 2020.  Still getting the CEWS subsidy, working with landlords and EDC $6.25 million BCAP facility in place (still fully undrawn).   ...more  
143
Comment by flamingogoldon Sep 29, 2020 6:18pm

RE:What if they make it thru? What can Fowler do?

"Nada" interest sums it up. Reminds me of 2010-2012 when no one wanted to touch real estate down south USA. With the Canuck buck at par I was poking around down there but everyone up here ...more  
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Discussion
Post by logicandinertiaon Sep 29, 2020 5:52pm

What if they make it thru? What can Fowler do?

Even prior to Covid, they were already in trouble in terms of competition (Chuck's, etc), delivery (Sir is one of the few where alcohol sales were included in the royalty sales agreement, so ...more  
249
Discussion
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