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Pizza Pizza Royalty Corp. remains attractive, supported by a high-margin, asset-light model and robust fundamentals. PZA is reasonably valued with a target price of CAD $18.31–$19.27, offering 15–20% upside and a sustainable, high dividend yield. Technical signals are bullish, but recent overbuying suggests caution and potential for a near-term dip before Q4 2025 earnings.
Pizza Pizza Royalty Corp. (OTCMKTS:PZRIF - Get Free Report) fell 0.2% during trading on Wednesday. The company traded as low as $11.60 and last traded at $11.60. Approximately 850 shares traded hands during mid-day trading, an increase of 25% from the average session volume of 679 shares. The stock had previously closed at $11.62.
Pizza Pizza Royalty Fund (PZA:CA) remains a 'Buy,' supported by resilient income streams and an 11%+ upside under conservative growth scenarios. PZA:CA's payout ratio exceeds 100%, but $4M in working capital covers distributions for at least five quarters, mitigating near-term dividend risk. Competitive pressures, notably from Domino's, have temporarily impacted same-store sales, but normalization is expected in Q4 and Q1 FY 2026.
Pizza Pizza Royalty Corp. ( PZA:CA ) Q3 2025 Earnings Call November 5, 2025 9:30 AM EST Company Participants Christine D'Sylva - Chief Financial Officer of PPL Philip Goudreau - Chief Operating Officer of PPL Conference Call Participants Derek Lessard - TD Cowen, Research Division Presentation Operator Ladies and gentlemen, thank you for standing by, and welcome to the Pizza Pizza Royalty Corp.'s Earnings Call for the Third Quarter of 2025. [Operator Instructions] After the speakers' remarks, there will be a question-and-answer session.
Pizza Pizza Royalty Corp. benefits from its low-cost, low-capital, high-margin business model as its financials remain well-positioned. Its prudent management of the royalty pool ensures increasing royalty income per store, margin expansion, and robust cash flow to ensure sustained expansion and dividend payouts. Its valuation stays cheap with decent dividend yields, justifying some upside potential.
Pizza Pizza Royalty has delivered a 23%+ total return since my initial recommendation, far outpacing the S&P 500 and Boston Pizza. Despite macro headwinds and softening discretionary spending in Canada, same-store sales and value-driven promotions continue to drive resilient royalty growth. Expansion in Mexico is accelerating, providing a new growth lever alongside steady 2-3% footprint growth in Canada.
Pizza Pizza Royalty Corp. (OTCPK:PZRIF) Q2 2025 Earnings Conference Call August 7, 2025 5:30 PM ET Company Participants Christine D'Sylva - Chief Financial Officer of PPL Paul Goddard - President & CEO, Pizza Pizza Limited Conference Call Participants Yaozhi Zhang - TD Cowen, Research Division Operator Ladies and gentlemen, thank you for standing by, and welcome to the Pizza Pizza Royalty Corp.'s Earnings Call for the Second Quarter of 2025. [Operator Instructions] As a reminder, this conference is being recorded on August 7, 2025.
Pizza Pizza Royalty Corporation's unique royalty-based model offers high margins, low costs, and resilience against inflation and operational risks. Despite reliance on Canadian sales and limited operational control, steady royalty income and low capital requirements support stable cash flow and dividends. Valuation remains attractive with an 18% upside potential, and technical indicators show continued bullish momentum, though a short-term dip is possible.
Pizza Pizza's Q1 saw a turnaround with positive same-store sales, driven by menu innovation and effective marketing rather than heavy discounting. The asset-light royalty model ensures steady, predictable cash flow, supporting a high dividend payout even during challenging quarters. Recent promotions and new product launches boosted both traffic and average check, outpacing other Canadian QSR pizza chains.
Pizza Pizza Royalty Corp. (OTCPK:PZRIF) Q1 2025 Earnings Conference Call May 7, 2025 5:00 PM ET Company Participants Paul Goddard - Chief Executive Officer Christine D'Sylva - Chief Financial Officer Conference Call Participants Derek Lessard - TD Cowen Operator Ladies and gentlemen, thank you for standing by and welcome to the Pizza Pizza Royalty Corp.'s Earnings Call for the First Quarter of 2025. [Operator Instructions] As a reminder, this conference is being recorded on May 7, 2025.
Pizza Pizza Royalty Corp offers a dividend yield of 6.5%, with monthly payments, making this a noteworthy income stock. Despite the appealing dividend, I do not find Pizza Pizza a compelling investment opportunity at this time. The company has posted extremely limited growth over the past decade and I don't expect the future to be much better.
PZA:CA offers a royalty structure, with unit holders receiving distributions tied to sales of Pizza Pizza and Pizza 73 chain in Canada. Canadian patriotism could boost local retailers like Pizza Pizza, positioning them to gain market share from competing American-based pizza restaurants. Q1 results were okay, but nothing to write home about. Even if future quarters show stronger growth, I don't think management will increase their payout ratio beyond 7.75 cents this year.
Pizza Pizza Royalty's share price increased 10% in the past year, outperforming the TSX, despite flat to slightly down business results and modest growth expectations. FY 2024 results showed a 3% decrease in same-store sales and a 2.7% drop in adjusted EPS, with a 117% payout ratio. Investors anticipated a boost from Canadian patriotism, but Q1 results didn't validate this, showing limited revenue growth.
Pizza Pizza Royalty Corp. (OTCPK:PZRIF) Q4 2024 Earnings Conference Call March 31, 2025 5:00 PM ET Company Participants Paul Goddard – Chief Executive Officer Christine D'Sylva – Chief Financial Officer Conference Call Participants Derek Lessard – TD Cowen Operator Ladies and gentlemen, thank you for standing by, and welcome to the Pizza Pizza Royalty Corp.'s Earnings Call for the Fourth Quarter of 2024. During the presentation, all participants will be in a listen-only mode.
Pizza Pizza Royalty Corp offers an investment opportunity due to its strong Canadian brand and potential sales boost from national pride. The Royalty's distribution payout ratio recently exceeded 100%, causing the unit price to struggle. I believe Pizza Pizza will benefit from Canadians' preference for local brands, ensuring stable distributions and growth. I have a $15 price target.
Pizza Pizza Royalty Corp.'s earnings are driven by restaurant count and comparable sales growth, with recent declines mitigated by new location openings. Despite a 5.3% drop in comparable sales, Pizza Pizza Royalty increased dividends by using cash reserves, achieving a 3.3% year-over-year dividend growth. Valuation using the Gordon Model suggests a 32.2% margin of safety for passive income portfolios.
Pizza Pizza Royalty Corp. (OTCPK:PZRIF) Q3 2024 Earnings Call November 4, 2024 5:30 PM ET Company Participants Christine D'Sylva - Chief Financial Officer Paul Goddard - Chief Executive Officer Conference Call Participants Derek Lessard - TD Securities Operator Good afternoon, ladies and gentlemen and welcome to the Pizza Pizza Royalty Corp. Third Quarter Earnings Call. [Operator Instructions] This call is being recorded on November 4, 2024.
Pizza Pizza Royalty Corp. was previously rated a hold with a "buy under" $13.00. Q2-2024 results showed a 3.9% drop in same-store sales, driven by a 5.1% decline in Pizza Pizza brand sales. The payout ratio was at 109%.
Pizza Pizza Royalty offers a compelling investment opportunity with a strong royalty model, consistent growth, and attractive valuations. The company's track record includes consistent restaurant count growth, dividend increases, and plans for international expansion in Mexico. Despite a weak consumer environment, Pizza Pizza has shown strong results with positive same-store sales growth and successful menu innovations.
Pizza Pizza Royalty Corp. offers a 6.95% dividend and has provided investors with a total return of 78% over the last five years. The company is expected to continue expanding in Canada and internationally. Comparisons with peer Canadian competitors show that Pizza Pizza Royalty Corp. has a higher total return and a lower leverage ratio.