This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024				PPL is Pizza Pizza Limited.
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/								PZA or PPRC Pizza Pizza Royality Corp
Pizza Pizza Royalty Corp				TSX	PZA	OTC	PZRIF	https://www.izzapizza.ca/company/#intro				Fiscal Yr:	Dec 31
Year End PZA	31-Dec-11	31-Dec-12	31-Dec-13	31-Dec-14	31-Dec-15	31-Dec-16	31-Dec-17	31-Dec-18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G	Company
Statement Date PPL	1-Jan-12	30-Dec-12	29-Dec-13	28-Dec-14	3-Jan-16	1-Jan-17	31-Dec-17	30-Dec-18	29-Dec-19	3-Jan-21	2-Jan-22	1-Jan-23	31-Dec-23	31-Dec-24	31-Dec-25	31-Dec-26
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
														$634.5	<-12 mths	0.98%
Royalty System Sales PZA	$467.9	$481.5	$491.1	$505.4	$533.8	$544.9	$551.1	$546.3	$553.5	$488.3	$493.6	$568.3	$628.3	$650	$660			27.96%	<-Total Growth	10	Royalty System Sales		PZA
Increase	2.64%	2.92%	1.98%	2.92%	5.63%	2.07%	1.15%	-0.87%	1.31%	-11.77%	1.09%	15.12%	10.57%	3.40%	1.59%			2.50%	<-IRR #YR->	10	Revenue	27.96%	PZA
5 year Running Average	$451.1	$465.5	$469.5	$480.3	$495.9	$511.3	$525.3	$536.3	$545.9	$536.8	$526.6	$530.0	$546.4	$566	$600			2.84%	<-IRR #YR->	5	Revenue	15.01%	PZA
Revenue per Share	$21.44	$22.07	$22.51	$23.16	$21.68	$22.13	$22.39	$22.19	$22.48	$19.84	$20.05	$23.08	$25.52	$26.39	$26.81			1.53%	<-IRR #YR->	10	5 yr Running Average	16.37%	PZA
Increase	2.64%	2.92%	1.98%	2.92%	-6.39%	2.07%	1.15%	-0.87%	1.31%	-11.77%	1.09%	15.12%	10.57%	3.40%	1.59%			0.37%	<-IRR #YR->	5	5 yr Running Average	1.88%	PZA
5 year Running Average	$20.67	$21.33	$21.52	$22.02	$22.17	$22.31	$22.37	$22.31	$22.18	$21.81	$21.39	$21.53	$22.20	$22.98	$24.37			1.27%	<-IRR #YR->	10	Revenue per Share	13.40%	PZA
P/S (Price/Sales) Med	0.40	0.43	0.53	0.59	0.66	0.68	0.75	0.56	0.43	0.40	0.53	0.56	0.56	0.53	0.00			2.84%	<-IRR #YR->	5	Revenue per Share	15.01%	PZA
P/S (Price/Sales) Close	0.40	0.45	0.59	0.60	0.63	0.80	0.72	0.40	0.43	0.46	0.60	0.59	0.58	0.50	0.49			0.31%	<-IRR #YR->	10	5 yr Running Average	3.13%	PZA
*Total System Sales in Royalty Pool in M CDN $					P/S Med	20 yr	0.53	15 yr	0.53	10 yr	0.56	5 yr	0.53		-10.08%	Diff M/C		-0.11%	<-IRR #YR->	5	5 yr Running Average	-0.52%	PZA
*Total System Sales in 2021 PPRC (PZA)
			-$491.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$628.3
								-$546.3	$0.0	$0.0	$0.0	$0.0	$628.3
			-$469.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$546.4
								-$536.3	$0.0	$0.0	$0.0	$0.0	$546.4
			-$22.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.52
								-$22.19	$0.00	$0.00	$0.00	$0.00	$25.52
			-$21.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$22.20
								-$22.31	$0.00	$0.00	$0.00	$0.00	$22.20
														$40.6	<-12 mths	1.04%
Royality Income PZA	$30.4	$31.3	$31.9	$33.0	$34.8	$35.3	$35.6	$35.4	$35.9	$31.8	$31.9	$36.4	$40.2	$40.64	<-12 mths			25.91%	<-Total Growth	10	Royality Income		PZA
Admin Expenses	-$0.6	-$1.0	-$0.7	-$0.6	-$0.6	-$0.7	-$0.6	-$0.6	-$0.5	-$0.6	-$0.6	-$0.6	-$0.6					2.33%	<-IRR #YR->	10	Royality Income PZA		PZA
Interest Income	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$1.3	-$1.2	-$1.4	-$1.2	-$1.2					2.58%	<-IRR #YR->	5	Royality Income PZA		PZA
Swap Expiry										$0.5	$0.0	$0.0	$0.0
Operating Income PZA*	$29.8	$30.3	$31.3	$32.4	$34.2	$34.7	$35.0	$34.8	$34.1	$30.4	$30.0	$34.6	$39.6	$35.7				26.54%	<-Total Growth	10	Operating Income		PZA
Increase	52.86%	1.80%	3.24%	3.68%	5.42%	1.38%	0.91%	-0.35%	-2.09%	-10.80%	-1.41%	15.16%	14.53%	-9.79%				2.38%	<-IRR #YR->	10	Operating Income	26.54%	PZA
5 year Running Average	$21.9	$24.2	$26.1	$28.6	$31.6	$32.6	$33.5	$34.2	$34.6	$33.8	$32.9	$32.8	$33.7	$34.1				2.58%	<-IRR #YR->	5	Operating Income	13.57%	PZA
Operation Income per Share	$1.36	$1.39	$1.43	$1.49	$1.39	$1.41	$1.42	$1.42	$1.39	$1.24	$1.22	$1.40	$1.61	$1.45				2.60%	<-IRR #YR->	10	5 yr Running Average	29.28%	PZA
Increase	52.86%	1.80%	3.24%	3.68%	-6.57%	1.38%	0.91%	-0.35%	-2.09%	-10.80%	-1.41%	15.16%	14.53%	-9.79%				-0.28%	<-IRR #YR->	5	5 yr Running Average	-1.40%	PZA
5 year Running Average	$1.00	$1.11	$1.20	$1.31	$1.41	$1.42	$1.43	$1.42	$1.40	$1.37	$1.34	$1.33	$1.37	$1.38				1.15%	<-IRR #YR->	10	Operating Income per Share	12.15%	PZA
P/S (Price/Sales) Med	6.27	6.90	8.34	9.15	10.25	10.63	11.79	8.73	7.05	6.38	8.72	9.18	8.85	9.72				2.58%	<-IRR #YR->	5	Operating Income per Share	13.57%	PZA
P/S (Price/Sales) Close	6.27	7.22	9.28	9.42	9.83	12.55	11.40	6.32	7.05	7.44	9.86	9.72	9.16	9.13				1.37%	<-IRR #YR->	10	5 yr Running Average	14.58%	PZA
*Operation Earnings in M CDN $					P/S Med	20 yr	8.72	15 yr	8.72	10 yr	9.00	5 yr	8.72		1.44%	Diff M/C		-0.76%	<-IRR #YR->	5	5 yr Running Average	-3.74%	PZA
Royality Income			-$31.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$40.2								Royality Income
Royality Income								-$35.4	$0.0	$0.0	$0.0	$0.0	$40.2								Royality Income
Operating Income			-$31.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$39.6								Operating Income
Operating Income								-$34.8	$0.0	$0.0	$0.0	$0.0	$39.6								Operating Income
Operating Income			-$26.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$33.7								Operating Income
Operating Income								-$34.2	$0.0	$0.0	$0.0	$0.0	$33.7								Operating Income
Operating Income per Share			-$1.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.61								Operating Income per Share
Operating Income per Share								-$1.42	$0.00	$0.00	$0.00	$0.00	$1.61								Operating Income per Share
Operating Income per Share			-$1.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.37								Operating Income per Share
Operating Income per Share								-$1.42	$0.00	$0.00	$0.00	$0.00	$1.37								Operating Income per Share
														$310.6	<-12 mths	-0.32%
Revenue PPL*	$218.5	$227.1	$238.5	$202.4	$219.9	$219.3	$218.8	$296.0	$288.5	$252.7	$261.8	$295.0	$311.6	$310.6	<-12 mths			30.62%	<-Total Growth	10	Revenue		PPL
Increase	3.89%	3.92%	5.03%	-15.13%	8.64%	-0.28%	-0.23%	35.26%	-2.52%	-12.40%	3.59%	12.68%	5.61%	-0.32%	<-12 mths			2.71%	<-IRR #YR->	10	Revenue	30.62%	PPL
5 year Running Average	$210.6	$218.1	$221.6	$219.4	$221.3	$221	$220	$231	$249	$255	$264	$279	$282	$286	<-12 mths			1.03%	<-IRR #YR->	5	Revenue	5.27%	PPL
Revenue per Share for PZA	$10.02	$10.41	$10.93	$9.28	$8.93	$8.91	$8.89	$12.02	$11.72	$10.27	$10.63	$11.98	$12.66	$12.62	<-12 mths			2.44%	<-IRR #YR->	10	5 yr Running Average	27.25%	PPL
Increase	3.89%	3.92%	5.03%	-15.13%	-3.72%	-0.28%	-0.23%	35.26%	-2.52%	-12.40%	3.59%	12.68%	5.61%	-0.32%	<-12 mths			4.04%	<-IRR #YR->	5	5 yr Running Average	21.89%	PPL
5 year Running Average	$10	$10	$10	$10	$10	$10	$9	$10	$10	$10	$11	$11	$11	$12	<-12 mths			1.47%	<-IRR #YR->	10	Revenue per Share	15.76%	PPL
P/S (Price/Sales) Med based PZA	1.17	1.09	0.91	0.68	0.63	0.60	0.53	0.97	1.20	1.30	1.00	0.93	0.89	0.90	<-12 mths			1.03%	<-IRR #YR->	5	Revenue per Share	5.27%	PPL
P/S (Price/Sales) Close Based PZA	1.17	1.04	0.82	0.66	0.65	0.50	0.55	1.34	1.20	1.12	0.88	0.88	0.86	0.95	<-12 mths			1.21%	<-IRR #YR->	10	5 yr Running Average	12.78%	PPL
*Total Revenue in M CDN $					P/S Med	20 yr	0.97	15 yr	0.97	10 yr	0.91	5 yr	1.00		4.76%	Diff M/C		3.58%	<-IRR #YR->	5	5 yr Running Average	19.21%	PPL
			-$238.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$311.6
								-$296.0	$0.0	$0.0	$0.0	$0.0	$311.6
			-$221.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$281.9
								-$231.3	$0.0	$0.0	$0.0	$0.0	$281.9
			-$11	$0	$0	$0	$0	$0	$0	$0	$0	$0	$13
								-$12	$0	$0	$0	$0	$13
			-$10	$0	$0	$0	$0	$0	$0	$0	$0	$0	$11
								-$10	$0	$0	$0	$0	$11
														$1.00	<-12 mths	1.74%
Adjusted Profit CDN$ PZA	$18.8	$19.3	$21.3	$17.6	$20.8	$21.1	$20.9	$20.2	$20.5	$18.4	$18.0	$20.6	$22.6
AEPS*	$0.80	$0.82	$0.84	$0.90	$0.90	$0.90	$0.89	$0.88	$0.89	$0.77	$0.77	$0.88	$0.98	$1.00	$1.03	$1.07		16.83%	<-Total Growth	10	AEPS		PZA
Increase	-9.09%	2.75%	1.95%	6.93%	-0.12%	0.00%	-0.11%	-1.90%	0.91%	-12.66%	-0.13%	14.38%	10.87%	2.15%	3.00%	3.88%		10	0	10	Years of Data, EPS P or N	100.00%	PZA
5 year Running Average	$0.84	$0.90	$0.85	$0.85	$0.85	$0.87	$0.88	$0.89	$0.89	$0.86	$0.84	$0.84	$0.86	$0.88	$0.93	$0.99		1.57%	<-IRR #YR->	10	AEPS	-95.00%	PZA
AEPS Yield	9.36%	8.20%	6.30%	6.40%	6.56%	5.07%	5.52%	9.80%	9.06%	8.40%	6.42%	6.47%	6.65%	7.55%	7.78%	8.08%		2.22%	<-IRR #YR->	5	AEPS	-95.00%	PZA
Payout Ratio	89.99%	86.62%	90.99%	89.13%	90.78%	94.53%	95.70%	97.56%	96.68%	89.29%	88.73%	89.18%	89.89%	93.00%	90.29%	86.92%		0.10%	<-IRR #YR->	10	5 yr Running Average	95.00%	PZA
5 year Running Average	110.11%	94.11%	95.10%	92.48%	89.50%	90.41%	92.23%	93.54%	95.05%	94.75%	93.59%	92.29%	90.75%	90.02%	90.22%	89.86%		-0.75%	<-IRR #YR->	5	5 yr Running Average	-3.70%	PZA
Price/AEPS Median	10.69	11.66	14.27	15.17	15.91	16.72	18.73	14.09	11.03	10.20	13.76	14.59	14.54	14.10	0.00	0.00		14.57	<-Median->	10	Price/AEPS Median		PZA
Price/AEPS High	11.69	12.82	16.43	15.68	17.28	19.73	20.35	18.57	11.95	13.12	15.71	16.14	15.71	15.00	0.00	0.00		15.93	<-Median->	10	Price/AEPS High		PZA
Price/AEPS Low	9.70	10.50	12.11	14.66	14.53	13.71	17.11	9.61	10.11	7.28	11.81	13.05	13.37	13.19	0.00	0.00		13.21	<-Median->	10	Price/AEPS Low		PZA
Price/AEPS Close	10.69	12.19	15.87	15.62	15.25	19.73	18.12	10.21	11.04	11.90	15.57	15.45	15.04	13.24	12.85	12.37		15.35	<-Median->	10	Price/AEPS Close		PZA
Trailing P/AEPS Close	9.72	12.53	16.18	16.71	15.23	19.73	18.10	10.01	11.14	10.40	15.55	17.67	16.67	13.52	13.24	12.85		16.11	<-Median->	10	Trailing P/AEPS Close		PZA
Median Values		DPR	10 Yrs	90.33%	5 Yrs	89.29%	P/CF	5 Yrs	in order	13.76	15.71	11.81	15.04		-3.80%	Diff M/C					DPR 75% to 95% best		PZA
* Adjusted Earnings Available for Shareholders
			-$0.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.98
								-$0.88	$0.00	$0.00	$0.00	$0.00	$0.98
			-$0.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.86
								-$0.89	$0.00	$0.00	$0.00	$0.00	$0.86
														$0.98	<-12 mths	2.08%
EPS Basic PZA	$0.55	$0.37	$0.79	$0.83	$0.82	$0.86	$0.87	$0.85	$0.85	$0.76	$0.74	$0.86	$0.96					21.52%	<-Total Growth	10	EPS Basic		PZA
EPS Diluted*	$0.55	$0.37	$0.79	$0.83	$0.82	$0.86	$0.87	$0.85	$0.85	$0.76	$0.74	$0.86	$0.96	$0.98	$1.00	$1.03		21.52%	<-Total Growth	10	EPS Diluted		PZA
Increase	-37.50%	-32.73%	113.51%	5.06%	-1.20%	4.88%	1.16%	-2.30%	0.00%	-10.59%	-2.63%	16.22%	11.63%	2.08%	2.04%	3.00%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	6.43%	3.69%	5.94%	5.93%	6.01%	4.87%	5.37%	9.50%	8.70%	8.26%	6.16%	6.30%	6.52%	7.40%	7.55%	7.78%		1.97%	<-IRR #YR->	10	Earnings per Share	21.52%	PZA
5 year Running Average	$0.79	$0.76	$0.70	$0.68	$0.67	$0.73	$0.83	$0.85	$0.85	$0.84	$0.81	$0.81	$0.83	$0.86	$0.91	$0.97		2.46%	<-IRR #YR->	5	Earnings per Share	12.94%	PZA
10 year Running Average				$0.67	$0.76	$0.76	$0.80	$0.77	$0.77	$0.76	$0.77	$0.82	$0.84	$0.86	$0.87	$0.89		-6.25%	<-IRR #YR->	10	5 yr Running Average	19.14%	PZA
* Diluted ESP per share									E/P	10 Yrs	6.23%	5Yrs	6.52%					-0.29%	<-IRR #YR->	5	5 yr Running Average	-1.42%	PZA
			-$0.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.96
								-$0.85	$0.00	$0.00	$0.00	$0.00	$0.96
			-$0.70	$0.00	$0.00	-$0.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.83
								-$0.85	$0.00	$0.00	$0.00	$0.00	$0.83
														$32.03	<-12 mths	4.06%
Dividends to Shareholders PZA	$15.290	$15.670	$16.637	$17.426	$19.442	$20.828	$21.063	$21.063	$21.063	$16.992	$16.741	$19.387	$21.664					30.22%	<-Total Growth	10	Dividends to Shareholders	See	PZA
Dividends to PPL (Class B)	$7.011	$7.127	$7.867	$8.441	$6.764	$6.585	$6.963	$7.555	$7.771	$6.481	$6.856	$7.823	$9.117					15.89%	<-Total Growth	10	Dividends to PPL	Exchangeable	PZA
Total Dividends	$22.301	$22.797	$24.504	$25.867	$26.206	$27.413	$28.026	$28.618	$28.834	$23.473	$23.597	$27.210	$30.781	$32.032	<-12 mths			25.62%	<-Total Growth	10	Total Dividends	Shares	PZA
Portion of Net Income Dividends to PZA	128.53%	193.03%	70.05%	69.65%	77.03%	77.92%	77.87%	77.87%	77.14%	69.43%	69.98%	70.37%	69.94%					69.98%	<-Median->	5	Portion to PZA		PZA
Portion of Net Income to Dividends	187.47%	280.82%	103.17%	103.39%	103.84%	102.55%	103.62%	105.80%	105.60%	95.91%	98.64%	98.77%	99.37%					98.77%	<-Median->	5	Portion of Net Income		PZA
Portion of Cash Flow net WC	141.38%	131.18%	97.44%	99.04%	95.06%	98.95%	100.43%	103.02%	101.91%	94.20%	94.89%	95.71%	97.02%					95.71%	<-Median->	5	Portion of Cash Flow net WC		PZA
PPL owns of PZA (PPRC)	26.50%	26.50%	27.10%	28.00%	19.90%	20.40%	22.30%	22.30%	23.00%	23.50%	23.50%	23.50%	23.90%					23.50%	<-Median->	5	PPL owns of PZA (PPRC)		PPL
Portion of Royalties distriubuted PZA	50.34%	50.11%	52.09%	52.79%	55.85%	58.95%	59.14%	59.49%	58.60%	53.45%	52.45%	53.22%	53.87%					53.45%	<-Median->	5	Portion of Royalties distriubuted PZA		PZA
Portion of Royalties distriubuted PPL	23.08%	22.79%	24.63%	25.57%	19.43%	18.64%	19.55%	21.34%	21.62%	20.39%	21.48%	21.48%	22.67%					21.48%	<-Median->	5	Portion of Royalties distriubuted PPL		PZA
Total of Royalities distributed	73.42%	72.90%	76.71%	78.35%	75.29%	77.58%	78.69%	80.82%	80.21%	73.84%	73.93%	74.70%	76.53%					74.70%	<-Median->	5	Total of Royalities distributed		PZA
Dividend*													$0.86						Estimate		Dividend*
Increase													9.21%						Estimate		Increase
Payout Ratio EPS													89.58%						Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends		PZA
Dividend*	$0.72	$0.71	$0.76	$0.80	$0.81	$0.85	$0.86	$0.86	$0.86	$0.69	$0.69	$0.79	$0.88	$0.93	$0.93	$0.93		15.41%	<-Total Growth	10	Dividends		PZA
Increase	-22.59%	-1.10%	7.09%	4.75%	1.73%	4.12%	1.13%	0.00%	0.00%	-19.33%	-0.75%	14.96%	11.75%	5.68%	0.00%	0.00%		10	4	17	Years of data, Count P, N	58.82%	PZA
Average Increases 5 Year Running	-0.54%	-3.68%	-3.12%	-2.37%	-2.02%	3.32%	3.77%	2.35%	1.40%	-2.81%	-3.79%	-1.02%	1.32%	2.46%	6.33%	6.48%		0.15%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.88	$0.84	$0.81	$0.78	$0.76	$0.79	$0.82	$0.83	$0.85	$0.82	$0.79	$0.77	$0.78	$0.79	$0.84	$0.89		2.44%	<-Total Growth	10	Dividends 5 Yr Running		PZA
Yield H/L Price	8.41%	7.43%	6.38%	5.87%	5.71%	5.65%	5.11%	6.92%	8.76%	8.75%	6.45%	6.11%	6.18%	6.60%				6.15%	<-Median->	10	Yield H/L Price		PZA
Yield on High  Price	7.70%	6.76%	5.54%	5.68%	5.25%	4.79%	4.70%	5.25%	8.09%	6.81%	5.65%	5.53%	5.72%	6.20%				5.59%	<-Median->	10	Yield on High  Price		PZA
Yield on Low Price	9.28%	8.25%	7.51%	6.08%	6.25%	6.89%	5.59%	10.15%	9.56%	12.26%	7.51%	6.84%	6.72%	7.05%				6.87%	<-Median->	10	Yield on Low Price		PZA
Yield on Close Price	8.42%	7.11%	5.73%	5.71%	5.95%	4.79%	5.28%	9.56%	8.76%	7.50%	5.70%	5.77%	5.98%	7.02%	7.02%	7.02%		5.86%	<-Median->	10	Yield on Close Price		PZA
Payout Ratio EPS	130.89%	192.43%	96.52%	96.23%	99.09%	98.37%	98.34%	100.66%	100.66%	90.82%	92.57%	91.57%	91.67%	94.90%	93.00%	90.29%		97.29%	<-Median->	10	DPR EPS		PZA
DPR EPS 5 Yr Running	111.27%	111.45%	115.84%	114.71%	113.26%	107.13%	97.73%	98.54%	99.42%	97.92%	96.86%	95.42%	93.48%	92.39%	92.79%	92.29%		98.23%	<-Median->	10	DPR EPS 5 Yr Running		PZA
Payout Ratio CFPS	83.68%	119.10%	65.62%	66.79%	73.64%	76.26%	75.19%	76.16%	74.44%	67.46%	68.12%	66.88%	69.10%	72.15%				71.37%	<-Median->	10	DPR CF		PZA
DPR CF 5 Yr Running	98.89%	99.38%	90.50%	82.66%	77.36%	76.07%	71.39%	73.52%	75.14%	74.02%	72.47%	70.70%	69.25%	68.87%				73.77%	<-Median->	10	DPR CF 5 Yr Running		PZA
Payout Ratio CFPS WC	99.58%	89.39%	66.16%	66.72%	72.56%	75.17%	75.48%	75.83%	74.45%	68.19%	67.81%	68.19%	68.29%	72.15%				70.42%	<-Median->	10	DPR CF WC		PZA
DPR CF WC 5 Yr Running	102.05%	97.96%	89.46%	81.75%	76.28%	72.93%	71.14%	73.08%	74.70%	73.94%	72.55%	71.02%	69.42%	69.03%				73.00%	<-Median->	10	DPR CF WC 5 Yr Running		PZA
Median Values	10 Yr Med	10 Yr Cl	6.15%	5.86%	5 Yr Med	5 Yr Cl	6.45%	5.98%	5 Yr Med	Payout	91.67%	68.12%	68.19%					0.56%	<-IRR #YR->	5	Dividends	2.85%	PZA
* Dividends per share	10 Yr Med	and Cur.	14.27%	19.81%	5 Yr Med	and Cur.	8.95%	17.50%	Last Div Inc --->		$0.0750	$0.0775	3.33%					1.44%	<-IRR #YR->	10	Dividends	15.41%	PZA
Dividends Growth 15																		-0.30%	<-IRR #YR->	15	Dividends	-4.45%	PZA
Dividends Growth 20																		0.78%	<-IRR #YR->	17	Dividends		PZA
Dividends Growth 5								-$0.86	$0.00	$0.00	$0.00	$0.00	$0.88								Dividends Growth 5		PZA
Dividends Growth 10			-$0.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.88								Dividends Growth 10		PZA
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.88								Dividends Growth 15		PZA
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.88								Dividends Growth 20		PZA
Historical Dividends	Historical	High Div	16.10%	Low Div	4.78%	10 Yr High	12.05%	10 Yr Low	4.71%	Med Div	7.18%	Close Div	7.30%								Historical Dividends		PZA
High/Ave/Median Values	Curr diff	Exp.	-56.37%	Cheap	46.95%	Exp.	-41.71%		49.13%	Exp.	-2.17%	Exp.	-3.83%								High/Ave/Median		PZA
Future Div Yield					Div Yd	7.22%	earning in	5	Years	at IRR of	0.56%	Div Inc.	2.85%								Future Dividend Yield		PZA
Future Div Yield					Div Yd	7.43%	earning in	10	Years	at IRR of	0.56%	Div Inc.	5.78%								Future Dividend Yield		PZA
Future Div Yield					Div Yd	7.64%	earning in	15	Years	at IRR of	0.56%	Div Inc.	8.80%								Future Dividend Yield		PZA
Future Dividend Paid					Div Paid	$0.96	earning in	5	Years	at IRR of	0.56%	Div Inc.	2.85%								Future Dividend Paid		PZA
Future Dividend Paid					Div Paid	$0.98	earning in	10	Years	at IRR of	0.56%	Div Inc.	5.78%								Future Dividend Paid		PZA
Future Dividend Paid					Div Paid	$1.01	earning in	15	Years	at IRR of	0.56%	Div Inc.	8.80%								Future Dividend Paid		PZA
Dividend Covering Cost					Total Div	$4.70	over	5	Years	at IRR of	0.56%	Div Cov.	35.52%								Dividend Covering Cost		PZA
Dividend Covering Cost					Total Div	$8.58	over	10	Years	at IRR of	0.56%	Div Cov.	64.83%								Dividend Covering Cost		PZA
Dividend Covering Cost					Total Div	$12.57	over	15	Years	at IRR of	0.56%	Div Cov.	94.97%								Dividend Covering Cost		PZA
Yield if held 5 years	7.98%	7.70%	9.62%	12.75%	10.80%	9.89%	8.93%	7.15%	6.29%	4.85%	4.58%	4.70%	7.12%	9.52%	11.79%	8.75%		7.14%	<-Median->	10	Paid Median Price		PZA
Yield if held 10 years					8.47%	9.37%	9.25%	10.79%	13.66%	9.18%	8.01%	8.22%	7.36%	6.84%	6.53%	6.21%		9.18%	<-Median->	9	Paid Median Price		PZA
Yield if held 15 years										7.19%	7.59%	8.52%	11.10%	14.84%	12.37%	10.87%		8.05%	<-Median->	4	Paid Median Price		PZA
Yield if held 20 years															9.69%	10.30%		#NUM!	<-Median->	0	Paid Median Price		PZA
Yield if held 25 years																#DIV/0!		#NUM!	<-Median->	0	Paid Median Price		PZA
Cost covered if held 5 years	48.58%	45.57%	51.13%	62.62%	50.61%	45.96%	42.52%	34.85%	31.08%	28.82%	26.34%	23.13%	31.54%	40.68%	53.42%	41.95%		33.20%	<-Median->	10	Paid Median Price		PZA
Cost covered if held 10 years					85.88%	92.14%	89.65%	103.69%	130.06%	105.17%	92.04%	82.93%	67.45%	60.30%	58.42%	56.13%		92.04%	<-Median->	9	Paid Median Price		PZA
Cost covered if held 15 years										128.64%	135.82%	131.55%	152.85%	193.47%	161.18%	144.14%		133.69%	<-Median->	4	Paid Median Price		PZA
Cost covered if held 20 years															172.55%	185.21%		#NUM!	<-Median->	0	Paid Median Price		PZA
Cost covered if held 25 years																#DIV/0!		#NUM!	<-Median->	0	Paid Median Price		PZA
																				Yr	Item	Tot. Growth	Per Year
Operating Income PZA								$34.8	$34.1	$30.4	$30.0	$34.6	$39.6	$41	<-12 mths	2.68%		13.57%	<-Total Growth	5	Operating Income	13.57%	2.58%
AEPS Growth								$0.88	$0.89	$0.77	$0.77	$0.88	$0.98	$1.00	<-12 mths	1.74%		11.63%	<-Total Growth	5	AEPS Growth	11.63%	2.22%
Net Income Growth								$27.0	$27.3	$24.5	$23.9	$27.6	$31.0	$32	<-12 mths	2.08%		14.53%	<-Total Growth	5	Net Income Growth	14.53%	2.75%
Cash Flow Growth								$27.7	$28.3	$25.2	$24.8	$29.0	$31.4	$32	<-12 mths	1.22%		13.36%	<-Total Growth	5	Cash Flow Growth	13.36%	2.54%
Dividend Growth								$0.86	$0.86	$0.69	$0.69	$0.79	$0.88	$0.93	<-12 mths	5.68%		2.85%	<-Total Growth	5	Dividend Growth	2.85%	0.56%
Stock Price Growth								$8.95	$9.77	$9.20	$12.02	$13.64	$14.72	$13.24	<-12 mths	-10.05%		64.47%	<-Total Growth	5	Stock Price Growth	64.47%	10.46%
Operating Income PZA			$31.3	$32.4	$34.2	$34.7	$35.0	$34.8	$34.1	$30.4	$30.0	$34.6	$39.6	$36	<-this year	-9.79%		26.54%	<-Total Growth	10	Operating Income	26.54%	2.38%
AEPS Growth			$0.84	$0.90	$0.90	$0.90	$0.89	$0.88	$0.89	$0.77	$0.77	$0.88	$0.98	$1.00	<-this year	2.15%		16.83%	<-Total Growth	10	AEPS Growth	16.83%	1.57%
Net Income Growth			$23.8	$25.0	$25.2	$26.7	$27.0	$27.0	$27.3	$24.5	$23.9	$27.6	$31.0	$25	<-this year	-20.53%		30.42%	<-Total Growth	10	Net Income Growth	30.42%	2.69%
Cash Flow Growth			$25.4	$26.1	$27.2	$27.3	$28.0	$27.7	$28.3	$25.2	$24.8	$29.0	$31.4	$32	<-this year	1.22%		23.65%	<-Total Growth	10	Cash Flow Growth	23.65%	2.15%
Dividend Growth			$0.76	$0.80	$0.81	$0.85	$0.86	$0.86	$0.86	$0.69	$0.69	$0.79	$0.88	$0.00	<-this year	-100.00%		15.41%	<-Total Growth	10	Dividend Growth	15.41%	1.44%
Stock Price Growth			$13.30	$14.00	$13.65	$17.66	$16.20	$8.95	$9.77	$9.20	$12.02	$13.64	$14.72	$13.24	<-this year	-10.05%		10.68%	<-Total Growth	10	Stock Price Growth	10.68%	1.02%
																				Yr	Item	Tot. Growth	Per Year
Revenue PPL								$296.0	$288.5	$252.7	$261.8	$295.0	$311.6	$311	<-12 mths	-0.32%		5.27%	<-Total Growth	5	Revenue PPL	5.27%	1.03%
Net Income Growth								$1.4	$2.5	-$3.8	-$0.9	$0.2	$2.8	$3.28	<-12 mths	16.23%		103.75%	<-Total Growth	5	Net Income Growth	103.75%	15.30%
Cash Flow Growth								-$16.0	-$6.6	$16.1	$5.9	$3.7	$4.2	$0	<-12 mths	-95.76%		126.16%	<-Total Growth	5	Cash Flow Growth	126.16%	17.73%
Royalty Payments Growth								$35.41	$35.95	$31.79	$31.92	$36.43	$40.22	$41	<-12 mths	1.04%		13.59%	<-Total Growth	5	Royalty Payments Growth	13.59%	2.58%
Asset Growth								$174.28	$155.90	$233.17	$240.51	$245.02	$254.85	$254.85	<-12 mths	0.00%		46.23%	<-Total Growth	5	Asset Growth	46.23%	7.90%
Revenue PPL			$238.5	$202.4	$219.9	$219.3	$218.8	$296.0	$288.5	$252.7	$261.8	$295.0	$311.6	$311	<-this year	-0.32%		30.62%	<-Total Growth	10	Revenue PPL	30.62%	2.71%
Net Income Growth			$10.8	$9.8	$28.2	$3.3	-$6.2	$1.4	$2.5	-$3.8	-$0.9	$0.2	$2.8	$3.28	<-this year	16.23%		-73.78%	<-Total Growth	10	Net Income Growth	-73.78%	-12.53%
Cash Flow Growth			$1.6	-$7.2	-$1.2	-$22.0	-$4.3	-$16.0	-$6.6	$16.1	$5.9	$3.7	$4.2	$0	<-this year	-95.76%		157.58%	<-Total Growth	10	Cash Flow Growth	157.58%	9.92%
Royalty Payments Growth			$31.94	$33.01	$34.81	$35.33	$35.61	$35.41	$35.95	$31.79	$31.92	$36.43	$40.22	$41	<-this year	1.04%		25.91%	<-Total Growth	10	Royalty Payments Growth	25.91%	2.33%
Asset Growth			$177.41	$182.36	$184.23	$176.95	$175.05	$174.28	$155.90	$233.17	$240.51	$245.02	$254.85	$254.85	<-this year	0.00%		43.65%	<-Total Growth	10	Asset Growth	43.65%	3.69%
Dividends on Shares				$60.70	$61.75	$64.30	$65.03	$65.03	$65.03	$52.46	$52.06	$59.85	$66.88	$70.68	$70.68	$70.68		$613.07	No of Years	10	Total Divs	12/31/13
Paid			$1,010.80	$1,064.00	$1,037.40	$1,342.16	$1,231.20	$680.20	$742.52	$699.20	$913.52	$1,036.64	$1,118.72	$1,006.24	$1,006.24	$1,006.24		$1,118.72	No of Years	10	Worth	$13.30	75.19
Total																		$1,731.79
Graham Number AEPS	$10.32	$12.66	$12.75	$13.18	$13.12	$13.10	$13.08	$12.90	$12.64	$12.05	$12.10	$13.01	$13.67	$13.78	$13.99	$14.26		7.21%	<-Total Growth	10	Graham Number AEPS		PZA
Increase	-26.09%	22.74%	0.71%	3.32%	-0.42%	-0.12%	-0.15%	-1.37%	-2.05%	-4.66%	0.38%	7.51%	5.12%	0.83%	1.49%	1.92%		-0.14%	<-Median->	10	Graham Price		PZA
Price/GP Ratio Med	0.83	0.76	0.94	1.03	1.09	1.14	1.28	0.96	0.77	0.65	0.88	0.99	1.04	1.02				1.01	<-Median->	10	Price/GP Ratio Med		PZA
Price/GP Ratio High	0.91	0.83	1.08	1.07	1.18	1.35	1.39	1.26	0.84	0.84	1.00	1.10	1.13	1.09				1.11	<-Median->	10	Price/GP Ratio High		PZA
Price/GP Ratio Low	0.75	0.68	0.80	1.00	0.99	0.94	1.17	0.65	0.71	0.47	0.75	0.89	0.96	0.96				0.91	<-Median->	10	Price/GP Ratio Low		PZA
Price/GP Ratio Close	0.83	0.79	1.04	1.06	1.04	1.35	1.24	0.69	0.77	0.76	0.99	1.05	1.08	0.96	0.95	0.93		1.04	<-Median->	10	Price/GP Ratio Close		PZA
Prem/Disc Close	-17.11%	-20.86%	4.30%	6.26%	4.04%	34.78%	23.82%	-30.64%	-22.70%	-23.66%	-0.63%	4.88%	7.67%	-3.95%	-5.36%	-7.15%		4.46%	<-Median->	10	Graham Price		PZA
Graham Number EPS	$8.55	$8.49	$12.38	$12.68	$12.56	$12.84	$12.91	$12.70	$12.39	$11.95	$11.84	$12.83	$13.54	$13.65	$13.78	$13.99		9.35%	<-Total Growth	10	Graham Number EPS		PZA
Increase	-38.72%	-0.68%	45.75%	2.42%	-0.96%	2.28%	0.49%	-1.57%	-2.49%	-3.54%	-0.89%	8.37%	5.48%	0.80%	1.02%	1.49%		-0.20%	<-Median->	10	Graham Price		PZA
Price/GP Ratio Med	1.00	1.13	0.97	1.07	1.13	1.17	1.30	0.97	0.79	0.66	0.90	1.00	1.05	1.03				1.03	<-Median->	10	Price/GP Ratio Med		PZA
Price/GP Ratio High	1.09	1.24	1.11	1.11	1.23	1.37	1.41	1.28	0.85	0.85	1.02	1.11	1.14	1.10				1.12	<-Median->	10	Price/GP Ratio High		PZA
Price/GP Ratio Low	0.91	1.02	0.82	1.04	1.04	0.96	1.19	0.66	0.72	0.47	0.77	0.90	0.97	0.97				0.93	<-Median->	10	Price/GP Ratio Low		PZA
Price/GP Ratio Close	1.00	1.18	1.07	1.10	1.09	1.37	1.26	0.70	0.79	0.77	1.01	1.06	1.09	0.97	0.96	0.95		1.07	<-Median->	10	Price/GP Ratio Close		PZA
Prem/Disc Close	-0.03%	17.96%	7.43%	10.41%	8.70%	37.49%	25.51%	-29.55%	-21.13%	-23.01%	1.50%	6.28%	8.73%	-2.98%	-3.95%	-5.36%		7.49%	<-Median->	10	Graham Price		PZA
Month, Year	Dec-11	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26		18.00	<Count Years>		Month, Year
Price Close	$8.55	$10.02	$13.30	$14.00	$13.65	$17.66	$16.20	$8.95	$9.77	$9.20	$12.02	$13.64	$14.72	$13.24	$13.24	$13.24		10.68%	<-Total Growth	10	Stock Price		PZA
Increase	1.79%	17.19%	32.73%	5.26%	-2.50%	29.38%	-8.27%	-44.75%	9.16%	-5.83%	30.65%	13.48%	7.92%	-10.05%	0.00%	0.00%		15.35	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	15.55	27.08	16.84	16.87	16.65	20.53	18.62	10.53	11.49	12.11	16.24	15.86	15.33	13.51	13.24	12.85		10.46%	<-IRR #YR->	5	Stock Price	64.47%	PZA
Trailing P/E Ratio	9.72	18.22	35.95	17.72	16.45	21.54	18.84	10.29	11.49	10.82	15.82	18.43	17.12	13.79	13.51	13.24		1.02%	<-IRR #YR->	10	Stock Price	10.68%	PZA
CAPE (10 Yr P/E)				14.28	13.03	14.32	14.47	15.25	15.71	16.07	16.12	15.60	15.45	15.09	14.74	13.96		17.74%	<-IRR #YR->	5	Price & Dividend	117.59%	PZA
Median 10, 5 Yrs		D.  per yr	5.84%	7.27%	% Tot Ret	85.14%	41.01%		T P/E	15.82	P/E:	16.05	15.33					6.86%	<-IRR #YR->	10	Price & Dividend	77.06%	PZA
Price 15		D.  per yr	10.12%		% Tot Ret	62.58%						CAPE Diff	-1.69%					6.05%	<-IRR #YR->	15	Stock Price	-0.67%	PZA
Price 20		D.  per yr	7.20%		% Tot Ret	76.83%												2.17%	<-IRR #YR->	18	Stock Price
Price & Dividend 15																		16.16%	<-IRR #YR->	15	Price & Dividend	3.55116393	PZA
Price & Dividend 20																		9.37%	<-IRR #YR->	18	Price & Dividend
Price  5								-$8.95	$0.00	$0.00	$0.00	$0.00	$14.72								Price  5
Price 10			-$13.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.72								Price 10
Price & Dividend 5								-$8.95	$0.86	$0.69	$0.69	$0.79	$15.60								Price & Dividend 5
Price & Dividend 10			-$13.30	$0.80	$0.81	$0.85	$0.86	$0.86	$0.86	$0.69	$0.69	$0.79	$15.60								Price & Dividend 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.72								Price 15
Price 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.72								Price 20
Price & Dividend 15	$0.72	$0.71	$0.76	$0.80	$0.81	$0.85	$0.86	$0.86	$0.86	$0.69	$0.69	$0.79	$15.60								Price & Dividend 15
Price & Dividend 20	$0.72	$0.71	$0.76	$0.80	$0.81	$0.85	$0.86	$0.86	$0.86	$0.69	$0.69	$0.79	$15.60								Price & Dividend 20
Price H/L Median	$8.56	$9.59	$11.96	$13.60	$14.24	$14.97	$16.75	$12.36	$9.77	$7.89	$10.63	$12.89	$14.24	$14.10				19.02%	<-Total Growth	10	Stock Price		PZA
Increase	13.76%	12.04%	24.78%	13.67%	4.71%	5.13%	11.89%	-26.19%	-21.00%	-19.25%	34.75%	21.27%	10.48%	-0.98%				1.76%	<-IRR #YR->	10	Stock Price	19.02%	PZA
P/E Ratio	15.55	25.91	15.14	16.38	17.36	17.40	19.25	14.54	11.49	10.38	14.36	14.98	14.83	14.38				2.87%	<-IRR #YR->	5	Stock Price	15.17%	PZA
Trailing P/E Ratio	9.72	17.43	32.32	17.21	17.15	18.25	19.47	14.21	11.49	9.28	13.98	17.41	16.55	14.68				8.23%	<-IRR #YR->	10	Price & Dividend	92.84%	PZA
P/E on Running 5 yr Average	10.86	12.68	17.09	19.88	21.18	20.39	20.08	14.61	11.49	9.41	13.05	15.87	17.07	16.39				8.83%	<-IRR #YR->	5	Price & Dividend	53.63%	PZA
P/E on Running 10 yr Average				20.29	18.68	19.66	21.06	15.99	12.73	10.44	13.73	15.66	16.95	16.49				14.83	P/E Ratio		Historical Median		PZA
Median 10, 5 Yrs		D.  per yr	6.47%	5.97%	% Tot Ret	78.66%	67.57%		T P/E	13.98	P/E:	14.91	14.36						Count	18	Years of data		PZA
			-$11.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$14.24
								-$12.36	$0.00	$0.00	$0.00	$0.00	$14.24
			-$11.96	$0.86	$0.86	$0.86	$0.69	$0.69	$0.79	$0.88	$0.93	$0.93	$15.12
								-$12.36	$0.86	$0.69	$0.69	$0.79	$15.12
High Months	May 11	Oct 12	Oct 13	Nov 14	Feb 15	Dec 16	May 17	Jan 18	Apr 19	Jan 20	Nov 21	Mar 22	Aug 23	Jan 24									PZA
Price High	$9.35	$10.54	$13.77	$14.05	$15.47	$17.66	$18.19	$16.29	$10.58	$10.14	$12.13	$14.25	$15.38	$15.00				11.69%	<-Total Growth	10	Stock Price		PZA
Increase	11.31%	12.73%	30.65%	2.03%	10.11%	14.16%	3.00%	-10.45%	-35.05%	-4.16%	19.63%	17.48%	7.93%	-2.47%				1.11%	<-IRR #YR->	10	Stock Price	11.69%	PZA
P/E Ratio	17.00	28.49	17.43	16.93	18.87	20.53	20.91	19.16	12.45	13.34	16.39	16.57	16.02	15.31				-1.14%	<-IRR #YR->	5	Stock Price	-5.59%	PZA
Trailing P/E Ratio	10.63	19.16	37.22	17.78	18.64	21.54	21.15	18.72	12.45	11.93	15.96	19.26	17.88	15.63				16.57	P/E Ratio		Historical Median		PZA
Median 10, 5 Yrs									T P/E	15.96	P/E:	16.75	16.02					19.79	P/E Ratio		Historical High		PZA
			-$13.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.38
								-$16.29	$0.00	$0.00	$0.00	$0.00	$15.38
Low Months	Oct 11	Jan 12	Jan 13	Apr 14	Aug 15	Feb 16	Nov 17	Nov 18	Jan 19	Mar 20	Jan 21	Jan 22	Oct 23	May 24									PZA
Price Low	$7.76	$8.63	$10.15	$13.14	$13.00	$12.27	$15.30	$8.43	$8.95	$5.63	$9.12	$11.52	$13.09	$13.19				28.97%	<-Total Growth	10	Stock Price		PZA
Increase	16.87%	11.21%	17.61%	29.46%	-1.07%	-5.62%	24.69%	-44.90%	6.17%	-37.09%	61.99%	26.32%	13.63%	0.76%				2.58%	<-IRR #YR->	10	Stock Price	28.97%	PZA
P/E Ratio	14.11	23.32	12.85	15.83	15.85	14.27	17.59	9.92	10.53	7.41	12.32	13.40	13.64	13.46				9.20%	<-IRR #YR->	5	Stock Price	55.28%	PZA
Trailing P/E Ratio	8.82	15.69	27.43	16.63	15.66	14.96	17.79	9.69	10.53	6.62	12.00	15.57	15.22	13.74				12.85	P/E Ratio		Historical Median		PZA
Median 10, 5 Yrs									T P/E	12.00	P/E:	13.52	12.32					7.41	P/E Ratio		Historical Low		PZA
			-$10.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.09
								-$8.43	$0.00	$0.00	$0.00	$0.00	$13.09
Free Cash Flow PZA (PPRC) WSJ							$28.014	$27.656	$28.297	$25.188	$24.754	$28.989	$31.350
Change								-1.28%	2.32%	-10.99%	-1.72%	17.11%	8.14%
Free Cash Flow PZA	$18.77	$13.01	$25.35	$24.96	$27.13	$27.31	$28.10	$27.66	$28.30	$25.19	$24.75	$28.99	$31					22.29%	<-Total Growth	10	Free Cash Flow		PZA
Change	-3.00%	-30.69%	94.85%	-1.54%	8.69%	0.66%	2.89%	-1.57%	2.31%	-10.99%	-1.75%	17.13%	6.93%					2.31%	<-IRR #YR->	5	Free Cash Flow MS	12.08%	PZA
FCF/CF from Op Ratio	1.00	1.00	1.00	0.96	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.99					2.03%	<-IRR #YR->	10	Free Cash Flow MS	22.29%	PZA
Dividends paid	$22.30	$22.80	$24.50	$25.87	$26.21	$27.41	$28.03	$28.62	$28.83	$23.47	$23.60	$27.21	$30.78					25.62%	<-Total Growth	10	Dividends paid		PZA
Percentage paid	118.81%	175.23%	96.66%	103.63%	96.59%	100.38%	99.74%	103.46%	101.89%	93.18%	95.34%	93.86%	99.29%					$1.00	<-Median->	10	Percentage paid		PZA
5 Year Covrage				114.12%	111.40%	107.67%	99.37%	100.72%	100.43%	99.86%	98.92%	97.66%	96.86%								5 Year Covrage		PZA
Dividend Coverage Ratio				0.96	1.04	1.00	1.00	0.97	0.98	1.07	1.05	1.07	1.01					1.00	<-Median->	10	Dividend Coverage Ratio		PZA
5 Year of Coverage									1.00	1.00	1.01	1.02	1.03								5 Year of Caogerage		PZA
								-$28	$0	$0	$0	$0	$31
			-$25	$0	$0	$0	$0	$0	$0	$0	$0	$0	$31
Market Cap PZA (PPRC)	$186.5	$218.6	$290.2	$305.5	$336.0	$434.8	$398.8	$220.3	$240.5	$226.5	$295.9	$335.8	$362.4	$325.9	$325.9	$325.9		24.88%	<-Total Growth	10	Market Cap
Company Value PPL	$195.4	$203.2	$177.4	$182.4	$184.2	$176.9	$175.0	$174.3	$155.9	$233.2	$240.5	$245.0	$254.8	$254.8	$254.8	$254.8		43.65%	<-Total Growth	10	Market Cap
																		46.23%	<-Total Growth	5	Market Cap
Diluted # of Shares in Million	29.69	29.70	29.93	30.30	30.74	30.92	31.21	31.67	31.97	32.18	32.18	32.18	32.34	32.18				8.03%	<-Total Growth	10	Diluted		PZA
Change	0.32%	0.04%	0.77%	1.22%	1.46%	0.58%	0.95%	1.45%	0.95%	0.66%	0.00%	0.00%	0.50%	-0.50%				0.78%	<-IRR #YR->	10	Diluted		PZA
Difference Diluted/Basic	-26.52%	-26.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%				0.42%	<-IRR #YR->	5	Diluted		PZA
Change in Diluted Shares per Year
			-29.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	32.3
								-31.7	0.0	0.0	0.0	0.0	32.3
Basic # of Shares in Millions	21.82	21.82	29.93	30.30	30.74	30.92	31.21	31.67	31.97	32.18	32.18	32.18	32.34	32.18				8.03%	<-Total Growth	10	Basic		PZA
Change	0.00%	0.00%	37.20%	1.22%	1.46%	0.58%	0.95%	1.45%	0.95%	0.66%	0.00%	0.00%	0.50%	-0.50%				0.80%	<-Median->	10	Change		PZA
Difference Basic/Outstanding	0.00%	0.00%	-27.11%	-27.99%	-19.92%	-20.38%	-21.13%	-22.26%	-22.99%	-23.49%	-23.49%	-23.49%	-23.87%	-23.49%				-23.24%	<-Median->	10	Difference		PZA
														$31.7	<-12 mths	1.22%
# of Share in Millions PZA (PPRC)	21.818	21.818	21.818	21.818	24.618	24.618	24.618	24.618	24.618	24.618	24.618	24.618	24.618	24.618	24.618	24.618		1.21%	<-IRR #YR->	10	Shares	12.83%	PZA
Change	0.00%	0.00%	0.00%	0.00%	12.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		0.00%	<-IRR #YR->	5	Shares	0.00%	PZA
CF fr Operations $Millon	$18.8	$13.0	$25.4	$26.1	$27.2	$27.3	$28.0	$27.7	$28.3	$25.2	$24.8	$29.0	$31.4	$31.7	<-12 mths			23.65%	<-Total Growth	10	Cash Flow		PZA
Increase	-7.50%	-30.51%	94.39%	2.91%	4.11%	0.54%	2.57%	-1.28%	2.32%	-10.99%	-1.72%	17.11%	8.14%	1.22%	<-12 mths			Why increase	decrease				PZA
5 year Running Average	$19.3	$18.5	$19.5	$20.7	$22.1	$23.8	$26.8	$27.2	$27.7	$27.3	$26.8	$27.0	$27.7	$28.4	<-12 mths			41.77%	<-Total Growth	10	CF 5 Yr Running		PZA
CFPS	$0.86	$0.60	$1.16	$1.20	$1.10	$1.11	$1.14	$1.12	$1.15	$1.02	$1.01	$1.18	$1.27	$1.29	<-12 mths			9.59%	<-Total Growth	10	Cash Flow per Share		PZA
Increase	-7.50%	-30.51%	94.39%	2.91%	-7.73%	0.54%	2.57%	-1.28%	2.32%	-10.99%	-1.72%	17.11%	8.14%	1.22%	<-12 mths			2.15%	<-IRR #YR->	10	Cash Flow	23.65%	PZA
5 year Running Average	$0.89	$0.85	$0.90	$0.95	$0.98	$1.03	$1.14	$1.13	$1.12	$1.11	$1.09	$1.10	$1.13	$1.15	<-12 mths			2.54%	<-IRR #YR->	5	Cash Flow	13.36%	PZA
P/CF on Med Price	9.94	16.03	10.29	11.37	12.90	13.49	14.72	11.00	8.50	7.71	10.57	10.94	11.18	10.93	<-12 mths			0.92%	<-IRR #YR->	10	Cash Flow per Share	9.59%	PZA
P/CF on Closing Price	9.94	16.76	11.45	11.71	12.37	15.92	14.24	7.97	8.50	8.99	11.95	11.58	11.56	10.27	<-12 mths			2.54%	<-IRR #YR->	5	Cash Flow per Share	13.36%	PZA
															-7.39%	Diff M/C		2.31%	<-IRR #YR->	10	CFPS 5 yr Running	25.64%	PZA
														$32.11	<-12 mths	1.20%
Excl.Working Capital CF PZA	-$3.00	$4.34	-$0.21	$0.03	$0.40	$0.39	-$0.11	$0.12	$0.00	-$0.27	$0.12	-$0.56	$0.38	$0.00	<-12 mths			-0.14%	<-IRR #YR->	5	CFPS 5 yr Running	-0.72%	PZA
CF fr Op $M WC	$15.8	$17.4	$25.1	$26.1	$27.6	$27.7	$27.9	$27.8	$28.3	$24.9	$24.9	$28.4	$31.7	$31.7	<-12 mths			26.16%	<-Total Growth	10	Cash Flow less WC		PZA
Increase	-22.26%	10.17%	44.70%	3.86%	5.55%	0.50%	0.73%	-0.46%	1.85%	-11.94%	-0.19%	14.32%	11.59%	0.03%	<-12 mths			2.35%	<-IRR #YR->	10	Cash Flow less WC	26.16%	PZA
5 year Running Average	$18.7	$18.8	$19.8	$20.9	$22.4	$24.8	$26.9	$27.4	$27.9	$27.3	$26.8	$26.9	$27.6	$28.3	<-12 mths			2.69%	<-IRR #YR->	5	Cash Flow less WC	14.21%	PZA
CFPS Excl. WC	$0.72	$0.80	$1.15	$1.20	$1.12	$1.13	$1.13	$1.13	$1.15	$1.01	$1.01	$1.15	$1.29	$1.29	<-12 mths			3.41%	<-IRR #YR->	10	CF less WC 5 Yr Run	39.80%	PZA
Increase	-22.26%	10.17%	44.70%	3.86%	-6.46%	0.50%	0.73%	-0.46%	1.85%	-11.94%	-0.19%	14.32%	11.59%	0.03%	<-12 mths			0.17%	<-IRR #YR->	5	CF less WC 5 Yr Run	0.85%	PZA
5 year Running Average	$0.86	$0.86	$0.91	$0.96	$1.00	$1.08	$1.15	$1.14	$1.13	$1.11	$1.09	$1.09	$1.12	$1.15	<-12 mths			1.12%	<-IRR #YR->	10	CFPS - Less WC	11.81%	PZA
P/CF on Median Price	11.83	12.03	10.38	11.36	12.71	13.30	14.77	10.95	8.50	7.79	10.52	11.16	11.05	10.93	<-12 mths			2.69%	<-IRR #YR->	5	CFPS - Less WC	14.21%	PZA
P/CF on Closing Price	11.83	12.58	11.54	11.70	12.19	15.69	14.29	7.93	8.50	9.09	11.90	11.81	11.42	10.27	<-12 mths			2.17%	<-IRR #YR->	10	CFPS 5 yr Running	23.90%	PZA
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	11.09	5 yr	10.57	P/CF Med	10 yr	11.10	5 yr	10.52		-7.48%	Diff M/C		-0.31%	<-IRR #YR->	5	CFPS 5 yr Running	-1.56%	PZA
			-21.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	24.6								Shares
								-24.6	0.0	0.0	0.0	0.0	24.6								Shares
			-$25.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$31.4								Cash Flow
								-$27.7	$0.0	$0.0	$0.0	$0.0	$31.4								Cash Flow
			-$1.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.27								Cash Flow per Share
								-$1.12	$0.00	$0.00	$0.00	$0.00	$1.27								Cash Flow per Share
			-$0.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.13								CFPS 5 yr Running
								-$1.13	$0.00	$0.00	$0.00	$0.00	$1.13								CFPS 5 yr Running
			-$25.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$31.7								Cash Flow less WC
								-$27.8	$0.0	$0.0	$0.0	$0.0	$31.7								Cash Flow less WC
			-$19.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$27.6								CF less WC 5 Yr Run
								-$27.4	$0.0	$0.0	$0.0	$0.0	$27.6								CF less WC 5 Yr Run
			-$1.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.29								CFPS - Less WC
								-$1.13	$0.00	$0.00	$0.00	$0.00	$1.29								CFPS - Less WC
			-$0.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.12								CFPS 5 yr Running
								-$1.14	$0.00	$0.00	$0.00	$0.00	$1.12								CFPS 5 yr Running
Changes in non-cash working capital	$3.00	-$4.34	$0.21	-$0.03	-$0.40
Rec from PPL						$0.070	$0.023	$0.132	-$0.148	$0.511	-$0.370	-$0.240	-$0.362
Trade & other rec						$0.039	$0.016	-$0.010	-$0.016	$0.015	$0.015	-$0.222	-$0.072
Trade & other Pay						-$0.007	$0.005	-$0.034	$0.030	-$0.064	-$0.014	$0.054	$0.026
Payable to PPL						-$0.017	$0.189	-$0.075	$0.007	-$0.050	$0.166	-$0.021	$0.212
Income Tax Payable						-$0.479	-$0.126	-$0.136	$0.130	-$0.141	$0.088	$0.987	-$0.180
Sum	$3.00	-$4.34	$0.21	-$0.03	-$0.40	-$0.394	$0.107	-$0.123	$0.003	$0.271	-$0.115	$0.558	-$0.376
Google --> TD			$0.21	-$0.03	-$0.40	-$0.39	$0	$0	$0	$0	$0	$1	$0
Difference			$0.00	$0.00	$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0
TD				$0	$0	$0	$0
Difference				$0	$0	$0	$0
Royalty as % of Cash Flow PPL	-599.4%	314.7%	1484.3%	-339.2%	-2254.3%	-130.9%	-668.2%	-174.4%	-424.5%	157.4%	424.9%	771.0%	744.4%	4861.0%				424.94%	<-Median->	5	Royalty as % of CF		PPL
5 year Running Average	-118.5%	-56.6%	238.8%	171.5%	-278.8%	-185.1%	-381.7%	-713.4%	-730.5%	-248.1%	-136.9%	150.9%	334.7%	1391.8%				-136.95%	<-Median->	5	5 year Running Average		PPL
CF fr Operations $Millon	-$3.898	$7.671	$1.622	-$7.244	-$1.244	-$21.957	-$4.288	-$15.968	-$6.638	$16.081	$5.898	$3.710	$4.178	$0.177				157.58%	<-Total Growth	10	CF fr Operations $Millon		PPL
Royalty Paid to PZA excl from PZA	$23.364	$24.143	$24.075	$24.572	$28.044	$28.748	$28.651	$27.853	$28.175	$25.308	$25.063	$28.604	$31.102	$8.604				29.19%	<-Total Growth	10	Royalty Paid to PZA		PPL
Royalty as % of Cash Flow PPL	654.82%	269.87%	330.43%	269.61%	-646.32%	818.33%	-330.12%	325.12%	877.18%	170.68%	162.66%	193.74%	172.73%	234.89%				172.73%	<-Median->	5	Royalty as % of CF '		PPL
5 year Running Average	24.54%	52.44%	102.88%	179.35%	505.38%	528.47%	1944.74%	1686.25%	6221.24%	647.05%	405.12%	237.77%	208.78%	187.67%				405.12%	<-Median->	5	5 year Running Average		PPL
CF fr Op $M WC	$3.568	$8.946	$7.286	$9.114	-$4.339	$3.513	-$8.679	$8.567	$3.212	$14.828	$15.408	$14.764	$18.006	$17.300				147.13%	<-Total Growth	10	CF fr Op $M WC		PPL
Royalty Paid to PZA excl from PZA	$23.36	$24.14	$24.08	$24.57	$28.04	$28.75	$28.65	$27.85	$28.18	$25.31	$25.06	$28.60	$31.10	$40.64				29.19%	<-Total Growth	10	Royalty Paid to PZA WC		PPL
														$0.2	<-12 mths	-95.76%
# of Share in Millions PPL	0.0002	0.0002	0.0002	0.0002	0.0002	0.0002	0.0002	0.0002	0.0002	0.0002	0.0002	0.0002	0.0002	0.0002	0.0002			0.00%	<-IRR #YR->	10	Shares	0.00%	PPL
Change	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%			0.00%	<-IRR #YR->	5	Shares	0.00%	PPL
CF fr Operations $Millon	-$3.9	$7.7	$1.6	-$7.2	-$1.2	-$22.0	-$4.3	-$16.0	-$6.6	$16.1	$5.9	$3.7	$4.2	$0.2	<-12 mths			157.58%	<-Total Growth	10	Cash Flow		PPL
Increase	-113.22%	296.79%	-78.86%	-546.61%	82.83%	-1665.03%	80.47%	-272.39%	58.43%	342.26%	-63.32%	-37.10%	12.61%	-95.76%	<-12 mths			Why increase	decrease				PPL
5 year Running Average	$18.2	$15.9	$11.4	$5.5	-$0.6	-$4.2	-$6.6	-$10.1	-$10.0	-$6.6	-$1.0	$0.6	$4.6	$6.0	<-12 mths			-59.39%	<-Total Growth	10	CF 5 Yr Running		PPL
CFPS	-$19,490	$38,355	$8,110	-$36,220	-$6,220	-$109,785	-$21,440	-$79,840	-$33,190	$80,405	$29,490	$18,550	$20,890	$885	<-12 mths			157.58%	<-Total Growth	10	Cash Flow per Share		PPL
Increase	-113.22%	296.79%	-78.86%	-546.61%	82.83%	-1665.03%	80.47%	-272.39%	58.43%	342.26%	-63.32%	-37.10%	12.61%	-95.76%	<-12 mths			9.92%	<-IRR #YR->	10	Cash Flow	157.58%	PPL
5 year Running Average	$91,126	$79,409	$57,199	$27,638	-$3,093	-$21,152	-$33,111	-$50,701	-$50,095	-$32,770	-$4,915	$3,083	$23,229	$30,044	<-12 mths			#NUM!	<-IRR #YR->	5	Cash Flow	126.16%	PPL
P/CF on Median Price based on PZA	-0.02	0.04	0.01	-0.02	0.00	-0.06	-0.01	-0.05	-0.03	0.08	0.02	0.01	0.01	0.00	<-12 mths			9.92%	<-IRR #YR->	10	Cash Flow per Share	157.58%	PPL
P/CF on Closing Price based on PZA	-0.02	0.04	0.01	-0.02	0.00	-0.05	-0.01	-0.07	-0.03	0.07	0.02	0.01	0.01	0.00	<-12 mths			#NUM!	<-IRR #YR->	5	Cash Flow per Share	126.16%	PPL
															107.78%	Diff M/C		-8.62%	<-IRR #YR->	10	CFPS 5 yr Running	-59.39%	PPL
														$17.3	<-12 mths	-3.92%
Excl.Working Capital CF PPL	$7.5	$1.3	$5.7	$16.4	-$3.1	$25.5	-$4.4	$24.5	$9.9	-$1.3	$9.5	$11.1	$13.8	$17.3	<-12 mths			#NUM!	<-IRR #YR->	5	CFPS 5 yr Running	145.82%	PPL
CF fr Op $M WC	$3.6	$8.9	$7.3	$9.1	-$4.3	$3.5	-$8.7	$8.6	$3.2	$14.8	$15.4	$14.8	$18.0	$17.3	<-12 mths			147.13%	<-Total Growth	10	Cash Flow less WC		PPL
Increase	-85.28%	150.73%	-18.56%	25.09%	-147.61%	180.96%	-347.05%	198.71%	-62.51%	361.64%	3.91%	-4.18%	21.96%	-3.92%	<-12 mths			9.47%	<-IRR #YR->	10	Cash Flow less WC	147.13%	PPL
5 year Running Average	$20.1	$18.2	$13.6	$10.6	$4.9	$4.9	$1.4	$1.6	$0.5	$4.3	$6.7	$11.4	$13.2	$16.1	<-12 mths			16.02%	<-IRR #YR->	5	Cash Flow less WC	110.18%	PPL
CFPS Excl. WC	$17,840	$44,730	$36,430	$45,570	-$21,695	$17,565	-$43,395	$42,835	$16,060	$74,140	$77,040	$73,820	$90,030	$86,500	<-12 mths			-0.29%	<-IRR #YR->	10	CF less WC 5 Yr Run	-2.88%	PPL
Increase	-85.28%	150.73%	-18.56%	25.09%	-147.61%	180.96%	-347.05%	198.71%	-62.51%	361.64%	3.91%	-4.18%	21.96%	-3.92%	<-12 mths			51.95%	<-IRR #YR->	5	CF less WC 5 Yr Run	709.91%	PPL
5 year Running Average	$100,642	$91,202	$68,185	$53,153	$24,575	$24,520	$6,895	$8,176	$2,274	$21,441	$33,336	$56,779	$66,218	$80,306	<-12 mths			9.47%	<-IRR #YR->	10	CFPS - Less WC	147.13%	PPL
P/CF on Median Price based on PZA	0.02	0.04	0.03	0.03	-0.01	0.01	-0.02	0.03	0.01	0.08	0.06	0.05	0.05	0.05	<-12 mths			16.02%	<-IRR #YR->	5	CFPS - Less WC	110.18%	PPL
P/CF on Closing Price based on PZA	0.02	0.04	0.03	0.03	-0.01	0.01	-0.02	0.04	0.01	0.07	0.05	0.04	0.05	0.05	<-12 mths			2.47%	<-IRR #YR->	10	CFPS 5 yr Running	-2.88%	PPL
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	-0.01	5 yr	0.01	P/CF Med	10 yr	0.03	5 yr	0.05		80.28%	Diff M/C		51.95%	<-IRR #YR->	5	CFPS 5 yr Running	709.91%	PPL
			0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0								Shares
								0.0	0.0	0.0	0.0	0.0	0.0								Shares
			-$1.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4.2								Cash Flow
								$16.0	$0.0	$0.0	$0.0	$0.0	$4.2								Cash Flow
			-$8,110	$0	$0	$0	$0	$0	$0	$0	$0	$0	$20,890								Cash Flow per Share
								$79,840	$0	$0	$0	$0	$20,890								Cash Flow per Share
			-$57,199	$0	$0	$0	$0	$0	$0	$0	$0	$0	$23,229								CFPS 5 yr Running
								$50,701	$0	$0	$0	$0	$23,229								CFPS 5 yr Running
			-$7.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$18.0								Cash Flow less WC
								-$8.6	$0.0	$0.0	$0.0	$0.0	$18.0								Cash Flow less WC
			-$13.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$13.2								CF less WC 5 Yr Run
								-$1.6	$0.0	$0.0	$0.0	$0.0	$13.2								CF less WC 5 Yr Run
			-$36,430	$0	$0	$0	$0	$0	$0	$0	$0	$0	$90,030								CFPS - Less WC
								-$42,835	$0	$0	$0	$0	$90,030								CFPS - Less WC
			$0	-$53,153	$0	$0	$0	$0	$0	$0	$0	$0	$66,218								CFPS 5 yr Running
								-$8,176	$0	$0	$0	$0	$66,218								CFPS 5 yr Running
Amortization of deferred gain
Equity income from Pizza Pizza Royalty	-$6.51	-$7.08	-$7.48	-$8.20	-$6.48	-$6.53	-$6.95	-$7.15	-$7.590	-$6.726	-$6.625	-$7.694	-$9.047
Equity income from jointly-controlled companies				-$6.71	-$6.41	-$5.38	-$4.87	-$4.55	-$4.092	-$4.694	-$3.139	-$2.527	-$2.002
Proceeds of unearned vendor allowances	$0.00	$0.00	$0.00	$3.00
Changes in non-cash operating elements of wc	-$0.95	$5.80	$1.82	-$4.45	$15.99	-$13.56	$16.21	-$12.84	$1.83
Trade and Other Recei										$8.485	$0.348	-$1.898	-$0.305
Inventories										-$0.032	-$1.631	-$1.379	$1.960
Income Tax Recoverable										$0.000	$0.000
Rec from joinly controlled companies										-$0.046	-$0.074	$1.029	-$2.535
trade and other Payables										$3.645	$2.141	$1.460	-$1.265
Income  Tax Payable										-$0.035	$0.000
Deposits from Franchisees										$0.656	-$0.530	-$0.045	-$0.634
Sum	-$7.47	-$1.28	-$5.66	-$16.36	$3.10	-$25.47	$4.39	-$24.54	-$9.85	$1.253	-$9.510	-$11.054	-$13.828
TD
Difference
OPM Ratio PZA	4.01%	2.71%	5.16%	5.16%	5.09%	5.01%	5.08%	5.06%	5.11%	5.16%	5.01%	5.10%	4.99%	4.88%				-3.37%	<-Total Growth	10	OPM		PZA
Increase	-9.87%	-32.48%	90.61%	-0.01%	-1.44%	-1.49%	1.41%	-0.41%	1.00%	0.89%	-2.78%	1.72%	-2.19%	-2.10%					Should increase		or be stable.		PZA
Diff from Median	-21.1%	-46.7%	1.5%	1.5%	0.1%	-1.4%	-0.1%	-0.5%	0.5%	1.4%	-1.4%	0.3%	-1.9%	-4.0%				0.00	<-Median->	10	OPM		PZA
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	5.09%	5 Yrs	5.10%					should be	zero, it is a		check on calculations		PZA
EBITDA									$33.89	$31.17	$31.38	$33.62	$36.23								EBITDA	Fr Mt Sc
Change										-8.03%	0.67%	7.14%	7.76%								Change
Margin									6.12%	6.38%	6.36%	5.92%	5.77%								Margin
Long Term Debt PZA (PPRC)	$46.84	$46.87	$46.90	$46.93	$46.94	$46.98	$46.99	$46.99	$46.91	$46.92	$46.94	$46.96	$46.98	$46.98							Debt		PZA
Change		0.07%	0.07%	0.07%	0.01%	0.09%	0.02%	0.02%	-0.18%	0.03%	0.04%	0.04%	0.04%	0.01%				0.03%	<-Median->	10	Change		PZA
Debt/Market Cap Ratio	0.25	0.21	0.16	0.15	0.14	0.11	0.12	0.21	0.20	0.21	0.16	0.14	0.13	0.14				0.15	<-Median->	10	Debt/Market Cap Ratio		PZA
Assets/Current Liabilities Ratio	67.07	176.07	132.53	99.68	95.88	110.93	110.09	121.42	113.02	148.11	129.48	90.38	85.81	108.81				110.51	<-Median->	10	Assets/Current Liabilities Ratio		PZA
Debt to Cash Flow (Years)	2.50	3.59	1.85	1.80	1.73	1.72	1.68	1.70	1.66	1.86	1.90	1.62	1.50	1.48				1.71	<-Median->	10	Debt to Cash Flow (Years)		PZA
Intangibles PZA	$319.21	$319.32	$321.54	$327.86	$333.90	$336.37	$341.13	$348.42	$351.82	$353.72	$353.72	$353.72	$355.90	$363.87
Goodwill	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Total	$319.21	$319.32	$321.54	$327.86	$333.90	$336.37	$341.13	$348.42	$351.82	$353.72	$353.72	$353.72	$355.90	$363.87				Rights and	Marks		Goodwill		PZA
Change	61.61%	0.03%	0.69%	1.97%	1.84%	0.74%	1.42%	2.13%	0.98%	0.54%	0.00%	0.00%	0.62%	2.24%				0.86%	<-Median->	10	Change		PZA
Intangible/Market Cap Ratio	1.71	1.46	1.11	1.07	0.99	0.77	0.86	1.58	1.46	1.56	1.20	1.05	0.98	1.12				1.06	<-Median->	10	Intangible/Market Cap Ratio		PZA
Current Assets PZA	$8.081	$6.413	$7.145	$7.254	$8.487	$8.276	$8.225	$7.141	$6.680	$7.829	$9.341	$11.582	$12.549	$10.682				Liquidity ratio of 1.5 and up, best			Quick Ratio		PZA
Current Liabilities	$5.327	$1.850	$2.480	$3.362	$3.571	$3.107	$3.175	$2.930	$3.097	$2.441	$2.804	$4.070	$4.313	$3.456				2.63	<-Median->	10	Ratio		PZA
Liquidity Ratio	1.52	3.47	2.88	2.16	2.38	2.66	2.59	2.44	2.16	3.21	3.33	2.85	2.91	3.09				2.91	<-Median->	5	Ratio		PZA
Liq. with CF aft div	2.09	2.12	6.40	4.73	4.38	4.75	4.78	4.69	4.49	6.57	6.15	5.20	5.16	5.65				5.20	<-Median->	5	Ratio		PZA
Liq. CF re  Inv+Div	2.09	2.12	6.40	4.55	4.34	4.75	4.78	4.69	4.49	6.57	4.85	3.22	5.16	5.65				4.85	<-Median->	5	Ratio		PZA
Assets PZA	$357.3	$325.7	$328.7	$335.1	$342.4	$344.6	$349.5	$355.8	$350.0	$361.5	$363.1	$367.8	$370.1	$376.1				Debt Ratio of 1.5 and up, best			Current Ratio		PZA
Liabilities	$161.0	$57.6	$59.3	$61.1	$68.9	$69.3	$69.8	$70.5	$71.5	$73.1	$72.8	$75.4	$76.2	$75.1				4.97	<-Median->	10	Ratio		PZA
Debt Ratio	2.22	5.65	5.54	5.48	4.97	4.98	5.01	5.05	4.89	4.94	4.98	4.88	4.86	5.01				4.89	<-Median->	5	Ratio		PZA
Book Value PZA	$196.3	$268.1	$269.4	$274.0	$273.4	$275.4	$279.8	$285.3	$278.5	$288.4	$290.2	$292.4	$293.9	$300.9
Exchangeble Shares	$67.3	$79.0	$81.2	$86.1	$63.0	$65.5	$70.3	$77.5	$80.9	$82.8	$82.8	$82.8	$85.0	$93.0
Net Book Value PZA	$129.0	$189.1	$188.2	$187.8	$210.4	$209.9	$209.5	$207.7	$197.5	$205.6	$207.4	$209.6	$208.9	$207.9	$207.9	$207.9		11.02%	<-Total Growth	10	Book Value		PZA
Book Value per share	$5.91	$8.67	$8.62	$8.61	$8.55	$8.53	$8.51	$8.44	$8.02	$8.35	$8.42	$8.51	$8.48	$8.45	$8.45	$8.45		-1.61%	<-Total Growth	10	Book Value per Share		PZA
Increase	-39.92%	46.62%	-0.50%	-0.16%	-0.72%	-0.25%	-0.18%	-0.84%	-4.93%	4.07%	0.89%	1.06%	-0.33%	-0.46%	0.00%	0.00%		24.29%	P/B Ratio		Current/Historical Median		PZA
P/B Ratio (Median)	1.45	1.11	1.39	1.58	1.67	1.76	1.97	1.46	1.22	0.94	1.26	1.51	1.68	1.67				1.26	P/B Ratio		Historical Median		PZA
P/B Ratio (Close)	1.45	1.16	1.54	1.63	1.60	2.07	1.90	1.06	1.22	1.10	1.43	1.60	1.73	1.57	1.57	1.57		-0.16%	<-IRR #YR->	10	Book Value per Share	-1.61%	PZA
Change	69.41%	-20.07%	33.40%	5.43%	-1.79%	29.70%	-8.10%	-44.28%	14.82%	-9.52%	29.50%	12.29%	8.28%	-9.64%	0.00%	0.00%		0.11%	<-IRR #YR->	5	Book Value per Share	0.55%	PZA
Leverage (A/BK)	2.77	1.72	1.75	1.78	1.63	1.64	1.67	1.71	1.77	1.76	1.75	1.76	1.77	1.81				1.76	<-Median->	5	A/BV		PZA
Debt/Equity Ratio	1.25	0.30	0.32	0.33	0.33	0.33	0.33	0.34	0.36	0.36	0.35	0.36	0.36	0.36				0.36	<-Median->	5	Debt/Eq Ratio		PZA
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	1.55	5 yr Med	1.26		1.38%	Diff M/C		1.71	Historical		Leverage (A/BK)		PZA
			-$8.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.48
								-$8.44	$0.00	$0.00	$0.00	$0.00	$8.48
Long Term Debt PPL	$216.81	$214.09	$212.15	$208.89	$206.57	$204.63	$202.11	$199.69	$197.12	$195.43	$193.17	$190.79	$187.92	$186.99					Deferred gain		Debt		PPL
Change	309.44%	-1.26%	-0.90%	-1.54%	-1.11%	-0.94%	-1.23%	-1.20%	-1.29%	-0.86%	-1.15%	-1.23%	-1.51%	-0.49%				-1.21%	<-Median->	10	Change		PPL
Debt/Market Cap Ratio	1.11	1.05	1.20	1.15	1.12	1.16	1.15	1.15	1.26	0.84	0.80	0.78	0.74	0.73				1.13	<-Median->	10	Debt/Market Cap Ratio		PPL
Intangibles PPL	$18.97	$18.88	$18.93	$0.75	$0.45	$0.13	$3.89	$4.74	$4.06	$2.70	$1.85	$1.43	$1.15	$1.09
Goodwill	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Total	$18.97	$18.88	$18.93	$0.75	$0.45	$0.13	$3.89	$4.74	$4.06	$2.70	$1.85	$1.43	$1.15	$1.09				Goodwill	& Intangibles		Goodwill		PPL
Change	-0.89%	-0.51%	0.29%	-96.03%	-39.76%	-71.30%	2893.08%	21.74%	-14.33%	-33.49%	-31.42%	-22.69%	-19.36%	-5.98%				-27.05%	<-Median->	10	Change		PPL
Intangible/Market Cap Ratio	0.10	0.09	0.11	0.00	0.00	0.00	0.02	0.03	0.03	0.01	0.01	0.01	0.00	0.00				0.01	<-Median->	10	Intangible/Market Cap Ratio		PPL
Current Assets PPL	$53.2	$61.7	$48.6	$58.6	$66.9	$55.7	$44.9	$42.5	$39.2	$42.4	$40.7	$46.3	$51.0	$42.0				Liquidity ratio of 1.5 and up, best			Quick Ratio		PPL
Current Liabilities	$35.2	$38.1	$41.1	$40.1	$54.5	$47.1	$54.9	$51.6	$47.2	$70.8	$71.8	$72.6	$72.9	$64.5				0.82	<-Median->	10	Ratio		PPL
Liquidity Ratio	1.51	1.62	1.18	1.46	1.23	1.18	0.82	0.82	0.83	0.60	0.57	0.64	0.70	0.65				0.64	<-Median->	5	Ratio		PPL
Liquity with CF	1.40	1.82	1.22	1.28	1.21	0.72	0.74	0.51	0.69	0.83	0.65	0.69	0.76	0.65
Deficit										$28.4	$31.1	$26.3	$21.9	$22.5
Assets PPL	$195.4	$203.2	$177.4	$182.4	$184.2	$176.9	$175.0	$174.3	$155.9	$233.2	$240.5	$245.0	$254.8	$241.7				Debt Ratio of 1.5 and up, best			Current Ratio		PPL
Liabilities	$307.3	$312.3	$275.7	$271.5	$284.1	$273.5	$277.9	$277.5	$256.9	$338.5	$346.0	$349.6	$356.8	$343.6				0.66	<-Median->	10	Ratio		PPL
Debt Ratio	0.64	0.65	0.64	0.67	0.65	0.65	0.63	0.63	0.61	0.69	0.70	0.70	0.71	0.70				0.70	<-Median->	5	Ratio		PPL
Deferred Gain (added back)	$215.53	$213.20	$210.87	$208.54	$206.21	$203.88	$201.55	$199.22	$196.89	$194.56	$192.23	$189.90	$187.57	$186.99				1.35	<-Median->	10			PPL
Debt Ratios	1.34	1.33	1.41	1.44	1.37	1.39	1.36	1.35	1.37	1.26	1.25	1.24	1.24	1.25				1.25	<-Median->	5	Debt Ratios		PPL
Book Value PPL	-111.84	-109.12	-98.28	-89.10	-99.92	-96.57	-102.828	-103.167	-100.946	-105.381	-105.502	-104.585	-101.940	-101.914
NCI (The Fund's)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book Value PPL	-$111.8	-$109.1	-$98.3	-$89.1	-$99.9	-$96.6	-$102.8	-$103.2	-$100.9	-$105.4	-$105.5	-$104.6	-$101.9	-$101.9	-$101.9			-3.73%	<-Total Growth	10	Book Value		PPL
Book Value per share	-$559,185	-$545,610	-$491,390	-$445,515	-$499,585	-$482,825	-$514,140	-$515,835	-$504,730	-$526,905	-$527,510	-$522,925	-$509,700	-$509,570	-$509,570			-3.73%	<-Total Growth	10	Book Value per Share		PPL
Increase	24.63%	2.43%	9.94%	9.34%	-12.14%	3.35%	-6.49%	-0.33%	2.15%	-4.39%	-0.11%	0.87%	2.53%	0.03%	0.00%			#NUM!	P/B Ratio		Current/Historical Median		PPL
P/B Ratio (Median)																		#NUM!	P/B Ratio		Historical Median		PPL
P/B Ratio (Close)																		0.37%	<-IRR #YR->	10	Book Value per Share	-3.73%	PPL
Change																		-0.24%	<-IRR #YR->	5	Book Value per Share	1.19%	PPL
Leverage (A/BK)	-1.75	-1.86	-1.81	-2.05	-1.84	-1.83	-1.70	-1.69	-1.54	-2.21	-2.28	-2.34	-2.50	-2.37				-2.28	<-Median->	5	A/BV		PPL
Debt/Equity Ratio	-2.75	-2.86	-2.81	-3.05	-2.84	-2.83	-2.70	-2.69	-2.54	-3.21	-3.28	-3.34	-3.50	-3.37				-3.28	<-Median->	5	Debt/Eq Ratio		PPL
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	#NUM!	5 yr Med	#NUM!					-1.75	Historical		Leverage (A/BK)		PPL
			$491,390	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$509,700
								$515,835	$0	$0	$0	$0	-$509,700
Book Value PPL (excl Deferred Gain)	$103.69	$104.08	$112.59	$119.44	$106.29	$107.31	$98.72	$96.05	$95.94	$89.18	$86.73	$85.31	$85.63	$85.07	$85.1	$85.07		-23.95%	<-Total Growth	10	Book Value		PPL
Book Value per share (PZA Shares)	$4.75	$4.77	$5.16	$5.47	$4.32	$4.36	$4.01	$3.90	$3.90	$3.62	$3.52	$3.47	$3.48	$3.46	$3.46	$3.46		-32.60%	<-Total Growth	10	Book Value per Share		PPL
Increase	291.90%	0.37%	8.18%	6.08%	-21.13%	0.96%	-8.01%	-2.70%	-0.11%	-7.05%	-2.75%	-1.63%	0.37%	-0.65%	0.00%	0.00%		11.60%	P/B Ratio		Current/Historical Median		PPL
P/B Ratio (Median)	1.80	2.01	2.32	2.48	3.30	3.43	4.18	3.17	2.51	2.18	3.02	3.72	4.09	4.08	0.00	0.00		3.43	P/B Ratio		Historical Median		PPL
P/B Ratio (Close)	1.80	2.10	2.58	2.56	3.16	4.05	4.04	2.29	2.51	2.54	3.41	3.94	4.23	3.83	3.83	3.83		-3.87%	<-IRR #YR->	10	Book Value per Share		PPL
Change	-74.03%	16.76%	22.70%	-0.77%	23.62%	28.15%	-0.28%	-43.22%	9.29%	1.31%	34.34%	15.36%	7.52%	-9.47%	0.00%	0.00%		-2.27%	<-IRR #YR->	5	Book Value per Share		PPL
Leverage (A/BK)	1.88	1.95	1.58	1.53	1.73	1.65	1.77	1.81	1.62	2.61	2.77	2.87	2.98	2.84				2.77	<-Median->	5	A/BV		PPL
Debt/Equity Ratio	-4.57	-9.88	-1.94	-2.40	-3.55	-2.59	-2.88	-3.14	-1.46	3.73	3.19	2.90	2.52	2.86				2.90	<-Median->	5	Debt/Eq Ratio		PPL
Shareholders' Equity (Assets less Liabilities)									P/BV	10 yr Med	3.23	5 yr Med	3.02		18.53%	Diff M/C		2.61	Historical		Leverage (A/BK)		PPL
			-$5.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.48
								-$3.90	$0.00	$0.00	$0.00	$0.00	$3.48
														$31.13	<-12 mths	2.83%
Comprehensive Income PZA (PPRC)	$11.67	$8.38	$24.10	$25.17	$25.59	$26.93	$27.64	$26.85	$27.60	$22.12	$25.55	$29.65	$30.27					25.63%	<-Total Growth	10	Comprehensive Income		PZA
Increase	-40.77%	-28.16%	187.39%	4.44%	1.67%	5.26%	2.64%	-2.86%	2.78%	-19.87%	15.51%	16.08%	2.08%					2.78%	<-Median->	5	Comprehensive Income		PZA
5 Yr Running Average	$17	$16	$17	$18	$19	$22	$26	$26	$27	$26	$26	$26	$27					2.31%	<-IRR #YR->	10	Comprehensive Income	25.63%	PZA
ROE	9.0%	4.4%	12.8%	13.4%	12.2%	12.8%	13.2%	12.9%	14.0%	10.8%	12.3%	14.1%	14.5%					2.43%	<-IRR #YR->	5	Comprehensive Income	12.73%	PZA
5Yr Median	9.2%	9.2%	9.2%	9.2%	12.2%	12.8%	12.8%	12.9%	12.9%	12.9%	12.9%	12.9%	14.0%					4.74%	<-IRR #YR->	10	5 Yr Running Average	58.88%	PZA
% Difference from Net Income	-1.90%	3.28%	1.45%	0.59%	1.38%	0.75%	2.20%	-0.72%	1.07%	-9.64%	6.78%	7.63%	-2.28%					0.45%	<-IRR #YR->	5	5 Yr Running Average	2.27%	PZA
Median Values										Diff	5, 10 yr	0.9%	1.1%					14.0%	<-Median->	5	Return on Equity		PZA
			-$24.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$30.3
								-$26.9	$0.0	$0.0	$0.0	$0.0	$30.3
			-$17.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$27.0
								-$26.4	$0.0	$0.0	$0.0	$0.0	$27.0
Current Liability Coverage Ratio	2.96	9.39	10.14	7.77	7.72	8.92	8.79	9.48	9.14	10.21	8.87	6.99	7.36	9.18							CFO / Current Liabilities		PZA
5 year Median	11.88	11.88	10.14	9.39	7.77	8.92	8.79	8.79	8.92	9.14	9.14	9.14	8.87	8.87				882.9%	<-Median->	10	Current Liability Cov Ratio		PZA
Asset Efficiency Ratio	4.41%	5.34%	7.65%	7.79%	8.05%	8.04%	7.98%	7.81%	8.08%	6.89%	6.85%	7.73%	8.57%	8.44%							CFO / Total Assets		PZA
5 year Median	8.9%	8.9%	7.7%	7.7%	7.7%	7.79%	7.98%	7.98%	8.04%	7.98%	7.81%	7.73%	7.73%	7.73%				7.9%	<-Median->	10	Return on Assets		PZA
Return on Assets ROA	3.33%	2.49%	7.23%	7.47%	7.37%	7.76%	7.74%	7.60%	7.80%	6.77%	6.59%	7.49%	8.37%	6.55%				Net	Income/Assets		Return on Assets		PZA
5Yr Median	8.39%	8.39%	7.23%	7.23%	7.23%	7.37%	7.47%	7.60%	7.74%	7.74%	7.60%	7.49%	7.49%	6.77%				7.5%	<-Median->	10	Asset Efficiency Ratio		PZA
Return on Equity ROE	9.22%	4.29%	12.62%	13.32%	11.99%	12.74%	12.91%	13.02%	13.82%	11.91%	11.54%	13.15%	14.83%	11.84%				Net Inc/	Shareholders' equity		Return on Equity		PZA
5Yr Median	9.22%	9.22%	9.22%	9.22%	11.99%	12.62%	12.74%	12.91%	12.91%	12.91%	12.91%	13.02%	13.15%	11.91%				13.0%	<-Median->	10	Return on Equity		PZA
														$31.62	<-12 mths	2.08%
Net Income PZA	$11.896	$8.118	$23.751	$25.018	$25.238	$26.731	$27.048	$27.048	$27.305	$24.474	$23.923	$27.550	$30.977	$24.6	$25.4	$26.3		30.42%	<-Total Growth	10	Net Income		PZA
Increase	-38.11%	-31.76%	192.57%	5.33%	0.88%	5.92%	1.19%	0.00%	0.95%	-10.37%	-2.25%	15.16%	12.44%	-20.53%	3.00%	3.88%		EPS/CF Ratio should not be higher than 1.00					PZA
5 Yr Running Average	$17.099	$16.665	$16.592	$17.601	$18.804	$21.771	$25.557	$26.217	$26.674	$26.521	$25.960	$26.060	$26.846	$26.308	$26.485	$26.969		2.69%	<-IRR #YR->	10	Net Income	30.42%	PZA
Operating Cash Flow	$18.770	$13.043	$25.354	$26.091	$27.163	$27.311	$28.014	$27.656	$28.297	$25.188	$24.754	$28.989	$31.350					2.75%	<-IRR #YR->	5	Net Income	14.53%	PZA
Investment Cash Flow	$0.000	$0.000	$0.000	-$0.136	-$0.038	$0.000	$0.000	$0.000	$0.000	$0.000	-$0.750	-$2.500	$0.000					4.93%	<-IRR #YR->	10	5 Yr Running Average	61.80%	PZA
Total Accruals	-$6.874	-$4.925	-$1.603	-$0.937	-$1.887	-$0.580	-$0.966	-$0.608	-$0.992	-$0.714	-$0.081	$1.061	-$0.373					0.48%	<-IRR #YR->	5	5 Yr Running Average	2.40%	PZA
Total Assets	$357.293	$325.736	$328.681	$335.112	$342.386	$344.646	$349.536	$355.761	$350.008	$361.545	$363.057	$367.831	$370.092						Balance Sheet		Assets		PZA
Accruals Ratio	-1.92%	-1.51%	-0.49%	-0.28%	-0.55%	-0.17%	-0.28%	-0.17%	-0.28%	-0.20%	-0.02%	0.29%	-0.10%					-0.10%	<-Median->	5	Ratio		PZA
EPS/CF Ratio (WC)	0.76	0.46	0.69	0.69	0.73	0.76	0.77	0.75	0.74	0.75	0.73	0.74	0.74					0.74	<-Median->	10	EPS/CF Ratio		PZA
			-$23.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$31.0
								-$27.0	$0.0	$0.0	$0.0	$0.0	$31.0
			-$16.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$26.8
								-$26.2	$0.0	$0.0	$0.0	$0.0	$26.8
Change in Close	1.79%	17.19%	32.73%	5.26%	-2.50%	29.38%	-8.27%	-44.75%	9.16%	-5.83%	30.65%	13.48%	7.92%	-10.05%	0.00%	0.00%			Count	19	Years of data		PZA
up/down																			Count	0	0.00%		PZA
Meet Prediction?																		% right	Count	0	#DIV/0!		PZA
Financial Cash Flow PZA	-$14.257	-$15.570	-$24.504	-$25.867	-$26.244	-$27.413	-$28.026	-$28.618	-$28.922	-$23.473	-$23.597	-$27.210	-$30.781						C F Statement		Financial Cash Flow		PZA
Total Accruals	$7.383	$10.645	$22.901	$24.930	$24.357	$26.833	$27.060	$28.010	$27.930	$22.759	$23.516	$28.271	$30.408								Accruals		PZA
Accruals Ratio	2.07%	3.27%	6.97%	7.44%	7.11%	7.79%	7.74%	7.87%	7.98%	6.29%	6.48%	7.69%	8.22%					7.69%	<-Median->	5	Ratio		PZA
														$3.16	<-12 mths	19.58%
Comprehensive Income PPL	$3.251	$9.925	$10.841	$9.178	$27.801	$3.352	-$6.263	$1.667	$2.221	-$4.435	-$0.121	$0.917	$2.645					-75.60%	<-Total Growth	10	Comprehensive Income		PPL
Increase	-39.62%	205.29%	9.23%	-15.34%	202.91%	-87.94%	-286.84%	126.62%	33.23%	-299.68%	97.27%	857.85%	188.44%					97.27%	<-Median->	5	Comprehensive Income		PPL
5 Yr Running Average	$0.151	$3.184	$5.729	$7.716	$12.199	$12.219	$8.982	$7.147	$5.756	-$0.692	-$1.386	$0.050	$0.245					-13.16%	<-IRR #YR->	10	Comprehensive Income	-75.60%	PPL
ROE	-2.9%	-9.1%	-11.0%	-10.3%	-27.8%	-3.5%	6.1%	-1.6%	-2.2%	4.2%	0.1%	-0.9%	-2.6%					9.67%	<-IRR #YR->	5	Comprehensive Income	58.67%	PPL
5Yr Median	0.5%	-2.9%	-3.6%	-9.1%	-10.3%	-10.3%	-10.3%	-3.5%	-2.2%	-1.6%	0.1%	-0.9%	-0.9%					-27.02%	<-IRR #YR->	10	5 Yr Running Average	-95.72%	PPL
% Difference from Net Income	-2.14%	1.51%	0.73%	-6.46%	-1.37%	2.95%	-1.10%	20.36%	-10.77%	-15.65%	85.91%	449.10%	-6.27%					-49.05%	<-IRR #YR->	5	5 Yr Running Average	-96.57%	PPL
Median Values										Diff	5, 10 yr	-1.2%	-6.3%					-0.9%	<-Median->	5	Return on Equity		PPL
			-$10.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2.6
								-$1.7	$0.0	$0.0	$0.0	$0.0	$2.6
			-$5.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.2
								-$7.1	$0.0	$0.0	$0.0	$0.0	$0.2
Current Liability Coverage Ratio	0.10	0.23	0.18	0.23	-0.08	0.07	-0.16	0.17	0.07	0.21	0.21	0.20	0.25	0.27							CFO / Current Liabilities		PZA
5 year Median	0.65	0.65	0.23	0.23	0.18	0.18	0.07	0.07	0.07	0.07	0.17	0.20	0.21	0.21				18.5%	<-Median->	10	Current Liability Cov Ratio		PZA
Asset Efficiency Ratio	1.83%	4.40%	4.11%	5.00%	-2.36%	1.99%	-4.96%	4.92%	2.06%	6.36%	6.41%	6.03%	7.07%	7.16%							CFO / Total Assets		PZA
5 year Median	14.0%	14.0%	4.4%	4.4%	4.1%	4.11%	1.99%	1.99%	1.99%	2.06%	4.92%	6.03%	6.36%	6.41%				5.0%	<-Median->	10	Return on Assets		PZA
Return on Assets ROA	1.7%	4.8%	6.1%	5.4%	15.3%	1.8%	-3.5%	0.8%	1.6%	-1.6%	-0.4%	0.1%	1.1%	1.4%				Net	Income/Assets		Return on Assets		PZA
5Yr Median	-0.6%	1.7%	3.0%	4.8%	5.4%	5.4%	5.4%	1.8%	1.6%	0.8%	-0.4%	0.1%	0.1%	0.1%				1.0%	<-Median->	10	Asset Efficiency Ratio		PZA
Return on Equity ROE	-3.0%	-9.0%	-11.0%	-11.0%	-28.2%	-3.4%	-6.0%	-1.3%	-2.5%	-3.6%	-0.8%	-0.2%	-2.8%	-3.2%				Net Inc/	Shareholders' equity		Return on Equity		PZA
5Yr Median	-3.0%	-3.0%	-3.5%	-9.0%	-11.0%	-11.0%	-11.0%	-6.0%	-3.4%	-3.4%	-2.5%	-1.3%	-2.5%	-2.8%				-3.1%	<-Median->	10	Return on Equity		PZA
Royalty as % of Income	90.1%	76.2%	74.8%	77.1%	55.3%	91.6%	121.1%	96.2%	93.5%	113.7%	102.8%	99.5%	93.4%					99.54%	<-Median->	5	Royalty as % of Income		PPL
5 Yr Running Average	108.8%	95.3%	89.1%	83.3%	74.7%	75.0%	84.0%	88.2%	91.5%	103.2%	105.5%	101.2%	100.6%					101.16%	<-Median->	5	5 Yr Running Average		PPL
Income PPL before PZA Payment	$33.697	$41.047	$42.704	$42.825	$62.994	$38.589	$29.419	$36.793	$38.435	$27.954	$31.060	$36.594	$43.041					0.79%	<-Total Growth	10	Income		PPL
NCI (The Funds's)	$30.375	$31.270	$31.942	$33.013	$34.808	$35.333	$35.614	$35.408	$35.946	$31.789	$31.919	$36.427	$40.219					25.91%	<-Total Growth	10	Royalty Paid to PZA		PPL
Life Insurance Proceeds	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000	$0.000										PPL
														$3.28	<-12 mths	16.23%
Net Income PPL	$3.322	$9.777	$10.762	$9.812	$28.186	$3.256	-$6.195	$1.385	$2.489	-$3.835	-$0.859	$0.167	$2.822	$3.280	<-12 mths			-73.78%	<-Total Growth	10	Net Income		PPL
Increase	-36.87%	194.31%	10.07%	-8.83%	187.26%	-88.45%	-290.26%	122.36%	79.71%	-254.08%	77.60%	119.44%	1589.82%	16.23%	<-12 mths			12	7	19	Years of data, Count P, N	63.16%	PPL
5 Yr Running Average	$0.284	$3.253	$5.625	$7.787	$12.372	$12.359	$9.164	$7.289	$5.824	-$0.580	-$1.403	-$0.131	$0.157	$0.315	<-12 mths			-12.53%	<-IRR #YR->	10	Net Income	-73.78%	PPL
Accumulative Net Income	-$1.430	$8.347	$19.109	$28.921	$57.107	$60.363	$54.168	$55.553	$58.042	$54.207	$53.348	$53.515	$56.337					$56.337		19	Accumulative Net Income
Accumulative Net Income 5 Yrs							-$6.195	-$4.810	-$2.321	-$6.156	-$7.015	-$6.848	-$4.026					-$4.026		7	Accumulative Net Income 5 Yrs
Operating Cash Flow	-$3.9	$7.7	$1.6	-$7.2	-$1.2	-$22.0	-$4.3	-$16.0	-$6.6	$16.1	$5.9	$3.7	$4.2					15.30%	<-IRR #YR->	5	Net Income	103.75%	PPL
Investment Cash Flow	$4.0	$1.8	-$20.4	$3.7	$39.0	$21.2	$5.5	$11.1	$10.0	$11.2	$17.2	$17.0	$24.2					-30.09%	<-IRR #YR->	10	5 Yr Running Average	-97.21%	PPL
Total Accruals	$3.2	$0.3	$29.5	$13.4	-$9.6	$4.1	-$7.4	$6.3	-$0.8	-$31.1	-$23.9	-$20.6	-$25.5					-53.60%	<-IRR #YR->	5	5 Yr Running Average	-97.85%	PPL
Total Assets	$195.4	$203.2	$177.4	$182.4	$184.2	$176.9	$175.0	$174.3	$155.9	$233.2	$240.5	$245.0	$254.8						Balance Sheet		Assets		PPL
Accruals Ratio	1.65%	0.13%	16.65%	7.34%	-5.21%	2.30%	-4.23%	3.60%	-0.54%	-13.34%	-9.95%	-8.40%	-10.02%					-9.95%	<-Median->	5	Ratio		PPL
EPS/CF Ratio (WC)	0.93	1.09	1.48	1.08	-6.50	0.93	0.71	0.16	0.77	-0.26	-0.06	0.01	0.16					0.16	<-Median->	10	EPS/CF Ratio		PPL
			-$10.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2.8
								-$1.4	$0.0	$0.0	$0.0	$0.0	$2.8
			-$5.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.2
								-$7.3	$0.0	$0.0	$0.0	$0.0	$0.2
Financial Cash Flow PPL	-$2.628	-$1.548	-$6.604	-$2.912	-$37.695	-$0.530	-$1.475	-$3.055	-$2.963	-$23.736	-$24.042	-$22.260	-$23.445						C F Statement		Financial Cash Flow		PPL
Total Accruals	$5.857	$1.812	$36.144	$16.300	$28.098	$4.592	-$5.929	$9.325	$2.119	-$7.370	$0.116	$1.678	-$2.099								Accruals		PPL
Accruals Ratio	3.00%	0.89%	20.37%	8.94%	15.25%	2.60%	-3.39%	5.35%	1.36%	-3.16%	0.05%	0.68%	-0.82%					0.05%	<-Median->	5	Ratio		PPL
Cash PZA (PPRC)	$6.694	$4.167	$5.017	$1.355	$0.000	$2.134	$2.122	$3.910	$3.285	$5.000	$2.657	$1.936	$2.505	$0.781							Cash		PZA
Cash per Share	$0.31	$0.19	$0.23	$0.06	$0.00	$0.09	$0.09	$0.16	$0.13	$0.20	$0.11	$0.08	$0.10	$0.03				$0.11	<-Median->	5	Cash per Share		PZA
Percentage of Stock Price	3.59%	1.91%	1.73%	0.44%	0.00%	0.49%	0.53%	1.77%	1.37%	2.21%	0.90%	0.58%	0.69%	0.24%				0.90%	<-Median->	5	% of Stock Price		PZA
Cash PPL	$17.649	$25.614	$22.263	$14.272	$14.360	$13.024	$12.758	$4.818	$5.188	$8.723	$7.748	$6.237	$11.158	$7.718							Cash		PPL
Cash per Share PPL	$88,245	$128,070	$111,315	$71,360	$71,800	$65,120	$63,790	$24,090	$25,940	$43,615	$38,740	$31,185	$55,790	$38,590				$38,740.000	<-Median->	5	Cash per Share		PPL
Cash per Share PZA	$0.81	$1.17	$1.02	$0.65	$0.58	$0.53	$0.52	$0.20	$0.21	$0.35	$0.31	$0.25	$0.45	$0.31				$0.31	<-Median->	5	Cash per Share		PZA
Percentage of Stock Price PZA	9.46%	11.72%	7.67%	4.67%	4.27%	3.00%	3.20%	2.19%	2.16%	3.85%	2.62%	1.86%	3.08%	2.37%				2.62%	<-Median->	5	% of Stock Price		PPL
Percentage of Royalty	58.10%	81.91%	69.70%	43.23%	41.25%	36.86%	35.82%	13.61%	14.43%	27.44%	24.27%	17.12%	27.74%	18.99%				24.27%	<-Median->	5	Percentage of Royalty		PPL
Notes:
May 18. 2024.  Last estimates were for 2023, 2024 and 2025 of $610M, $633M and $655M for System Sales, $35.7 Operating Income, $0.92, $0.94 2023/4 AEPS, $0.85, $0.88 2023/4 EPS, $27.3M, $28.4M 2023/4 Net Inc PZA.
May 20, 2023.  Last estimates were for 2022, 2023 and 2024 of $519M, $544M, $565M for Royality Sales, $35.
May 20, 2022.  Last estimates were for 2021, 2022 and 2023 of $525M, $563M and $585M Royality Sales PZA, $34.6, $35.7 for Opt Inc PZA, $0.83, $0.89 and $0.93 for EPS PZA.
May 16, 2021.  Last estimates were for 2020, 2021 and 2022 of $513M, $544M and $562M for Royality Sales, $32.6M, $34.6M and $35.7M for Royality Income, $0.85 and $0.88 for 2020 and 2021 for EPS PZA.
May 16, 2020.  Last estimates were for 2019, 2020 and 2021 of 548M, $562M and 578M for Revenue, $35M, $35.8M and 36.8M for Rayality Income, $0.88, $0.90 and $0.92 for EPS
May 17, 2019.  Last estimates were for 2018, 2019 and 2020 of $558M, $572M and $589M or Royality Sales, $35.4M, $36.2M and $37.2M for Operating Income, $0.89, $0.91 and $0.93 for EPS
May 13, 2018.  Last estimates were for 2017 and 2018 of $571M and $595M for Revenue, $0.93 and $0.96 for EPS./td>
Quick Service Restaurant (QSR).
Statements for 2011 are not available or cannot be opened due to formating errors.  I used 2012 statements to obtain them.
From 2005 to December 31, 2012 company was Pizza Pizza Royalty Income Fund
Setpember 2, 2018 - Why John Heinzl is switching from pizza to doughnuts in his dividend growth portfolio
Goodbye pizza. Hello coffee, doughnuts, burgers and fried chicken. Back in May, John Heinzl wrote that he was losing his appetite for Pizza Pizza Royalty Corp.’s (PZA)
shares and would be watching the company’s performance closely.  Hurt by the proliferation of third-party food delivery apps, growing competition from U.S. pizza chains Domino’s Pizza Inc
and Papa John’s International Inc. and a highly promotional fast-food marketplace, Pizza Pizza had reported a string of weak results and the company’s stock had taken a hit.
In light of the company’s deteriorating performance and poor dividend growth prospects, he’s decided to take his lumps and sell the 200 Pizza Pizza shares in his model portfolio. He’s using the proceeds –
plus most of the cash in his model portfolio – to purchase 45 shares of Restaurant Brands International Inc. (QSR). The owner of Tim Hortons, Burger King and the Popeyes fried chicken chain
not only offers superior diversification, but its dividend has been rising steadily and will almost certainly continue to increase. John Heinzl explains his reasoning (for subscribers).
Sector:
Consumer Discretionary, Comsumer
What should this stock accomplish?
I think you should expect stable good income and low dividend growth.
Would I buy this company and Why.
There is nothing inherently wrong with this type of royalty corp.  I do not like the complexity of the accounting and having to evaluate both companies involved.
The more complex a situation the more likely one can make an error in evaluating a company.
Why am I following this stock.
A number of people have recommended this stock, so I decided to take a look at it.
It was on once on John Heinzl's Dividend Hog Portfolio, but has been taken off.
Dividends
Dividends are paid monthly.  Dividends are declared in one month for shareholders of record of the following month and paid in the next month.
For example the February 2006 dividends were paid on March 15, 2006
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money.
Pizza Pizza Royalty Corp through its subsidiary, Pizza Pizza Royalty Limited Partnership, owns and franchises quick-service restaurants under the Pizza Pizza and Pizza
73 brands. It receives the benefit of Pizza Pizza Royalty and Pizza 73 Royalty payable by PPL under the Pizza Pizza License and Royalty Agreement and the Pizza 73
License and Royalty Agreement, respectively, as well as royalty payments under the international agreement, indirectly through its interests in the partnership.
Shares; '%, Value $M		Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date		Sep 14	2016	May 13	2018	May 18	2019	May 16	2020	May 16	2021	May  20	2022	May  20	2023			May  18	2024
Goddard, Paul	16.88%	0.012	0.05%	0.012	0.05%	0.012	0.05%	0.012	0.05%	0.012	0.05%	0.017	0.07%	0.017	0.07%			0.017	0.07%			0.00%
CEO - Shares - Amount	11.80%		$0.188		$0.104		$0.113		$0.107		$0.139		$0.226		$0.244				$0.220
Options - percentage	11.07%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount			$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
D'Syulva, Christine	-0.31%									0.001	0.00%	0.007	0.03%	0.008	0.03%			0.008	0.03%		Not in 2020 INK	0.00%
CFO - Shares - Amount	15.79%										$0.006		$0.090		$0.112				$0.101
Options - percentage	7.85%									0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount											$0.000		$0.000		$0.000				$0.000
Feltner, Curtis Randall	-0.01%	0.051	0.21%	0.051	0.21%	0.051	0.21%	0.051	0.21%	0.053	0.22%	0.053	0.22%								Was CFO, now Sen VP	#DIV/0!
Officer - Shares - Amount	13.21%		$0.826		$0.456		$0.498		$0.469		$0.637		$0.723
Options - percentage	8.26%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%									#DIV/0!
Options - amount			$0.000		$0.000		$0.000		$0.000		$0.000		$0.000
Goudreau, Philip	-0.59%	0.002	0.01%			0.004	0.02%	0.004	0.02%	0.011	0.04%	0.012	0.05%	0.012	0.05%			0.012	0.05%		updated last Dec 2020	0.00%
Officer - Shares - Amount	9.92%		$0.032				$0.039		$0.037		$0.127		$0.158		$0.171				$0.154
Options - percentage	8.00%	0.000	0.00%			0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount			$0.000				$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
	check
Lester, Neil Gainford	-2.23%							0.002	0.01%	0.002	0.01%	0.003	0.01%	0.005	0.02%			0.006	0.03%			35.61%
Director - Shares - Amount	11.56%								$0.018		$0.024		$0.038		$0.070				$0.086
Options - percentage	11.82%							0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount	8.88%								$0.000		$0.000		$0.000		$0.000				$0.000
Nash, Edward Peter Howard	check													0.006	0.02%			0.007	0.03%			16.67%
Director - Shares - Amount	1.74%														$0.088				$0.093
Options - percentage	10.22%													0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount	9.35%														$0.000				$0.000
	9.22%
Swartz, Jay						0.012	0.05%	0.012	0.05%	0.012	0.05%	0.023	0.09%	0.023	0.09%			0.023	0.09%			0.00%
Chairman - Shares - Amt	check						$0.112		$0.106		$0.138		$0.307		$0.331				$0.298
Options - percentage	17.73%					0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount	6.86%						$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
	16.16%
Wright, Elizabeth	9.37%	0.010	0.04%	0.010	0.04%																Ceased insider May 2018
Chairman - Shares - Amt			$0.162		$0.090
Options - percentage		0.000	0.00%	0.000	0.00%
Options - amount			$0.000		$0.000
Overs, Liza Maria Christina Louisa		8.642	35.11%																		updated last June 2015
10% owner - Shares - Amt			$140.007
Pizza Pizza Limited		8.116	32.97%							8.116	32.97%	8.116	32.97%	8.116	32.97%						updated last Jan 2014
10% owner - Shares - Amt			$131.477								$110.701		$110.701		$119.466
Increase in O/S Shares		0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		Yes 0
Due to Stock Options			$0.000		$0.000		$0.000		$0.00		$0.000		$0.000		$0.000				$0.000
Book Value			$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Insider Buying			-$0.054		$0.000		-$0.010		-$0.020		-$0.078		-$0.147		-$0.057				-$0.025
Insider Selling			$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Net Insider Selling			-$0.054		$0.000		-$0.010		-$0.020		-$0.078		-$0.147		-$0.057				-$0.025
Net Selling % of Market Cap			-0.01%		0.00%		0.00%		-0.01%		-0.03%		-0.04%		-0.02%				-0.01%
Directors		8		8		7		7		7		7		8				8
Women		3	38%	3	38%	2	29%	2	29%	2	29%	2	29%	3	38%			3	38%
Minorities		0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings		15	26.11%	18	34.04%	16	24.42%	20	18.00%	20	35.58%	20	13.70%	20	10.65%			20	13.90%
Total Shares Held		6.428	26.11%	8.380	34.04%	6.011	24.42%	4.431	18.00%	11.449	46.51%	4.409	17.91%	3.445	13.99%			4.357	17.70%
Increase/Decrease 3 Mths		-0.034	-0.52%	0.020	0.23%	0.113	1.91%	0.014	0.31%	0.071	0.62%	0.423	10.61%	-0.122	-3.41%			-0.013	-0.31%
Starting No. of Shares		6.462		8.361		5.898		4.417	Top 20	11.379	Top 20	3.986	Top 20	3.566	Top 20			4.371	Top 20
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