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.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Estimates Estimates Estimates
See my website on stocks or see my blog at the following sites.  https://spbrunner.com/stocks.html https://spbrunner.blogspot.com/ Q3 2022
The Keg Royalties Income Fund TSX: KEG.UN OTC: KRIUF http://www.kegincomefund.com/ Fiscal Yr: Dec 31 9/30/22
Year 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Value Description #Y Item Total G
Accounting Rules IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
$33.12 <-12 mths 22.41% Sum of Income
$28.75 <-12 mths 6.25% Royalty Income
$4.37 <-12 mths 1.60% Interest Income
Interest Income $4.28 $4.28 $4.28 $4.28 $4.28 $4.28 $4.28 $4.28 $4.30 $4.31 $4.28 $4.28 $4.31 $4.37 <-12 mths 0.54% <-Total Growth 10 Interest Income
% of Total 31.70% 18.21% 18.08% 18.00% 17.00% 15.55% 15.63% 14.99% 14.50% 14.50% 30.85% 24.89% 15.91% 15.22% <-12 mths -12.00% <-Total Growth 10 % of Total
Royalty Income $9.22 $19.23 $19.40 $19.50 $20.90 $23.25 $23.10 $24.29 $25.36 $25.39 $13.89 $17.17 $27.06 $28.75 <-12 mths 39.46% <-Total Growth 10 Net Royalty Income
Increase 5.93% 108.61% 0.89% 0.49% 7.18% 11.27% -0.65% 5.16% 4.38% 0.11% -45.31% 23.69% 57.54% 6.25% <-12 mths 4.77% <-Median-> 10 Increase
Sum of Income $13.50 $23.51 $23.68 $23.78 $25.18 $27.53 $27.38 $28.58 $29.66 $29.69 $18.17 $21.45 $31.36 $33.12 <-12 mths 32.42% <-Total Growth 10 Sum of Income
Increase 3.96% 74.21% 0.73% 0.39% 5.90% 9.35% -0.55% 4.37% 3.78% 0.12% -38.82% 18.06% 46.21% 5.61% <-12 mths 4.08% <-Median-> 10 Increase
Royality Income KEG $13.5 $23.5 $23.7 $23.78 $25.18 $27.53 $27.38 $28.58 $29.66 $29.69 $13.89 $17.17 $27.06 $28.75 <-12 mths 14.24% <-Total Growth 10 Revenue 6370.78%
Increase 3.96% 74.21% 0.73% 0.39% 5.90% 9.35% -0.55% 4.37% 3.78% 0.12% -53.24% 23.69% 57.54% 6.25% <-12 mths 1.34% <-IRR #YR-> 10 Revenue 1014.20%
5 year Running Average $12.9 $15.3 $17.4 $19.5 $21.9 $24.7 $25.5 $26.5 $27.7 $28.6 $25.8 $23.8 $23.5 $23.3 <-12 mths -1.09% <-IRR #YR-> 5 Revenue 7765.31%
Revenue per Share $1.27 $2.07 $2.09 $2.09 $2.22 $2.42 $2.41 $2.52 $2.61 $2.62 $1.22 $1.51 $2.38 $2.53 <-12 mths 3.07% <-IRR #YR-> 10 5 yr Running Average 1216.17%
Increase -4.87% 62.70% 0.70% 0.39% 5.90% 9.35% -0.55% 4.37% 3.78% 0.12% -53.24% 23.69% 57.54% 6.25% <-12 mths -2.37% <-IRR #YR-> 5 5 yr Running Average 35.24%
5 year Running Average $1.32 $1.48 $1.63 $1.77 $1.95 $2.18 $2.25 $2.33 $2.44 $2.52 $2.28 $2.10 $2.07 $2.05 <-12 mths 1.34% <-IRR #YR-> 10 Revenue per Share -11.31%
P/S (Price/Sales) Med 9.06 6.17 6.63 7.28 7.43 7.88 7.94 8.52 6.74 6.30 8.84 9.48 6.60 5.73 <-12 mths -1.09% <-IRR #YR-> 5 Revenue per Share 8113.97%
P/S (Price/Sales) Close 10.23 6.13 6.95 7.85 7.88 7.34 8.75 7.94 6.16 5.84 9.94 9.67 6.70 5.17 <-12 mths 2.44% <-IRR #YR-> 10 5 yr Running Average 1216.17%
*Equity  and interest income in M CDN $  P/S Med 20 yr  7.91 15 yr  7.28 10 yr  7.65 5 yr  6.74 -32.39% Diff M/C -2.37% <-IRR #YR-> 5 5 yr Running Average
-$23.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $27.1
-$28.6 $0.0 $0.0 $0.0 $0.0 $27.1
-$17.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $23.5
-$26.5 $0.0 $0.0 $0.0 $0.0 $23.5
-$2.09 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.38
-$2.52 $0.00 $0.00 $0.00 $0.00 $2.38
-$1.63 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.07
-$2.33 $0.00 $0.00 $0.00 $0.00 $2.07
$28.75 <-12 mths 6.25%
Royalty Income $9.22 $19.23 $19.40 $19.50 $20.90 $23.25 $23.10 $24.29 $25.36 $25.39 $13.89 $17.17 $27.06 11.37% <-Total Growth 5 Royalty Income
4% of Gross Sales $18.11 $18.89 $19.38 $18.99 $20.83 $22.96 $23.08 $24.04 $25.29 $24.95 $13.76 $17.17 $27.06 12.55% <-Total Growth 5 4% of Gross Sales
$718.6 <-12 mths 6.25%
Gross Sales KRL (Royalty Pool) $452.8 $472.3 $484.6 $474.9 $520.7 $574.0 $577.0 $601.0 $632.2 $623.8 $344.1 $429.3 $676.4 $718.6 <-12 mths 39.59% <-Total Growth 10 Revenue
4% of Gross Sales $18.11 $18.89 $19.38 $18.99 $20.83 $22.96 $23.08 $24.04 $25.29 $24.95 $13.76 $17.17 $27.06 $28.75 <-12 mths 39.59% <-Total Growth 10 Revenue
Increase -0.46% 4.31% 2.60% -2.00% 9.65% 10.25% 0.51% 4.16% 5.19% -1.33% -44.84% 24.78% 57.54% 6.25% <-12 mths 3.39% <-IRR #YR-> 10 Revenue 39.59%
5 year Running Average $17.0 $17.8 $18.4 $18.7 $19.2 $20.2 $21.0 $22.0 $23.2 $24.1 $22.2 $21.0 $21.6 $22.3 <-12 mths 2.39% <-IRR #YR-> 5 Revenue 12.55%
Revenue per Share $42.72 $41.61 $42.68 $41.83 $45.86 $50.56 $50.82 $52.93 $55.68 $54.94 $30.31 $37.82 $59.58 $63.30 <-12 mths 1.65% <-IRR #YR-> 10 5 yr Running Average 17.76%
Increase -8.92% -2.59% 2.57% -2.00% 9.65% 10.25% 0.51% 4.16% 5.19% -1.33% -44.84% 24.78% 57.54% 6.25% <-12 mths -0.31% <-IRR #YR-> 5 5 yr Running Average -1.52%
5 year Running Average $43.59 $43.68 $43.71 $43.15 $42.94 $44.51 $46.35 $48.40 $51.17 $52.99 $48.93 $46.33 $47.66 $49.19 <-12 mths 3.39% <-IRR #YR-> 10 Revenue per Share 39.59%
P/S (Price/Sales) Med 0.27 0.31 0.32 0.36 0.36 0.38 0.38 0.41 0.32 0.30 0.36 0.38 0.26 0.23 <-12 mths 2.39% <-IRR #YR-> 5 Revenue per Share 12.55%
P/S (Price/Sales) Close 0.30 0.31 0.34 0.39 0.38 0.35 0.42 0.38 0.29 0.28 0.40 0.39 0.27 0.21 <-12 mths 0.87% <-IRR #YR-> 10 5 yr Running Average 9.04%
*Gross Sales in M CDN $  P/S Med 10 yr  0.36 5 yr  0.32 -42.82% Diff M/C -0.31% <-IRR #YR-> 5 5 yr Running Average -1.52%
-$484.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $676.4
-$601.0 $0.0 $0.0 $0.0 $0.0 $676.4
-$18.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $21.6
-$22.0 $0.0 $0.0 $0.0 $0.0 $21.6
-$42.68 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $59.58
-$52.93 $0.00 $0.00 $0.00 $0.00 $59.58
-$43.71 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $47.66
-$48.40 $0.00 $0.00 $0.00 $0.00 $47.66
from Press
Distributions to Unit Holders $10.9 $10.9 $10.9 $10.9 $11.4 $13.0 $12.9 $13.2 $13.2 $7.3 $8.2 $12.9 $4.7 -2.58% <-Total Growth 10 Distributions toUnit Holders CF Statement
Distributions to Class C $4.3 $4.3 $4.3 $4.3 $4.3 $4.3 $4.3 $4.3 $4.3 $4.3 $4.3 $4.3 $6.4 0.00% <-Total Growth 10 Distributions to Class C CF Statement
Distribution to Exchangeable $3.8 $3.8 $3.8 $4.4 $5.0 $5.3 $5.6 $6.3 $6.8 $4.5 $5.1 $8.6 $8.6 26.90% <-Total Growth 10 Distribution to Exchangeable CF Statement
Total Distributions $19.0 $19.0 $19.0 $19.5 $20.7 $22.6 $22.7 $23.8 $24.3 $16.0 $17.5 $25.7 $19.8 6.09% <-Total Growth 10 Total Distributions
% of 4% of Sales 100.67% 98.01% 99.94% 93.84% 90.01% 98.06% 94.61% 94.29% 97.27% 116.60% 101.96% 95.17% 68.79% 96.22% <-Median-> 10 % of 4% of Sales
$13.5 <-12 mths 9.87%
Distributable Cash  $12.3 $12.8 $13.1 $13.1 $13.0 $8.5 $6.7 $12.3 Distributable Cash  Fin. Highlights
Distributions to Fund Unit Holders $12.2 $12.6 $12.9 $13.2 $13.2 $7.3 $8.2 $12.9 Dist. to Fund Unit Holders Fin. Highlights
Payout Ratio 98.89% 98.31% 98.34% 100.75% 101.65% 85.90% 121.53% 104.68% Payout Ratio Fin. Highlights
5 year Running Average 99.59% 96.99% 101.64% 102.90%
Distriutions using Div * No of Units $11.3 $12.9 $12.9 $13.2 $13.2 $7.3 $8.2 $12.9 Dist. using Div * No of Units
Distributable Cash  $12.82 $10.6 $11.2 $11.0 $11.4 $12.3 $12.8 $13.1 $13.1 $13.0 $8.5 $6.7 $12.3 7.80% <-Total Growth 10 Distributable Cash  Fin. Highlights
Distributions paid $13.26 $11.12 $10.9 $10.9 $10.9 $11.4 $13.0 $12.9 $13.2 $13.2 $7.3 $8.2 $12.9 18.25% <-Total Growth 10 Distributions paid CF Statement
Payout Ratio 103.48% 105.06% 97.59% 98.87% 95.43% 92.43% 101.86% 98.34% 100.75% 101.65% 85.90% 121.53% 104.68% 99.81% <-Median-> 10 Payout Ratio
% of 4% of Sales 73.24% 58.86% 56.23% 57.38% 52.33% 49.49% 56.53% 53.71% 52.32% 53.02% 53.11% 47.52% 47.63% 52.68% <-Median-> 10 % of 4% of Sales
$0.81 <-12 mths 72.34%
Difference 0.00% 8.00% 0.00% 0.00% 0.00% 0.00% 0.00% 23.33% 54.86% 24.00% 69.90% 0.00% 0.00% 0.00% <-Median-> 10 Difference
EPS Basic KEG $1.24 $1.00 $0.49 $0.45 $0.66 $0.99 $0.11 $1.50 $2.57 $1.50 $1.96 -$0.47 $0.47 -4.08% <-Total Growth 10 EPS Basic
EPS Diluted $1.24 $0.92 $0.49 $0.45 $0.66 $0.99 $0.11 $1.15 $1.16 $1.14 $0.59 -$0.47 $0.47 $0.81 <-12 mths -4.08% <-Total Growth 10 EPS Diluted
Increase -3.13% -25.81% -46.74% -8.16% 46.67% 50.00% -88.89% 945.45% 0.87% -1.72% -48.25% -180.17% -199.37% 72.34% <-12 mths 9 1 10 Years of Data, EPS P or N 90.00%
Earnings Yield 9.5% 7.2% 3.4% 2.7% 3.8% 5.6% 0.5%            0.06            0.07            0.07            0.05           (0.03)            0.03            0.06 <-12 mths -7.03% <-IRR #YR-> 10 Earnings per Share -4.08%
5 year Running Average $1.21 $1.16 $1.04 $0.88 $0.75 $0.70 $0.54            0.67            0.81            0.91            0.83            0.71            0.58            0.51 <-12 mths -16.39% <-IRR #YR-> 5 Earnings per Share -59.13%
10 year Running Average $1.11 $1.07 $1.01 $0.97 $0.96 $0.85            0.86            0.85            0.83            0.77            0.63            0.62            0.66 <-12 mths -5.71% <-IRR #YR-> 10 5 yr Running Average -44.48%
* ESP per share  E/P 10 Yrs 4.31% 5Yrs 4.85% -2.99% <-IRR #YR-> 5 5 yr Running Average -14.08%
-$0.49 -$0.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.47
-$1.15 $0.00 $0.00 $0.00 $0.00 $0.47
-$1.04 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.58
-$0.67 $0.00 $0.00 $0.00 $0.00 $0.58
Dividend* $1.135 Estimates Dividend*
Increase 57.90% Estimates Increase
Payout Ratio EPS 241.49% Estimates Payout Ratio EPS
Special Dividend KEG $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.07 $0.03 $0.03 $0.03 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 <-Median-> 10 Special Dividends
Dividend* $1.28 $0.987 $0.960 $0.960 $0.960 $0.995 $1.067 $1.107 $1.135 $1.135 $0.644 $0.719 $1.135 $1.135 $1.135 $1.135 18.25% <-Total Growth 10 Dividends
Increase 0.00% -22.81% -2.69% 0.00% 0.00% 3.65% 7.24% 3.77% 2.53% 0.00% -43.29% 11.65% 57.93% 0.00% 0.00% 0.00% 12 3 20 Years of data, Count P, N 60.00%
Average Increases 5 Year Running 3.32% -1.96% -3.70% -5.00% -5.10% -4.37% 1.64% 2.93% 3.44% 3.44% -5.95% -5.07% 5.76% 5.26% 5.26% 13.92% -1.37% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $1.23 $1.20 $1.15 $1.09 $1.03 $0.97 $1.00 $1.04 $1.08 $1.12 $1.05 $0.97 $0.97 $0.96 $0.95 $1.05 -16.39% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 11.08% 7.72% 6.94% 6.29% 5.83% 5.21% 5.57% 5.16% 6.45% 6.89% 5.95% 5.01% 7.21% 7.83% 5.89% <-Median-> 10 Yield H/L Price Item
Yield on High  Price 10.23% 6.95% 6.40% 5.80% 5.52% 4.62% 4.88% 4.78% 5.68% 6.41% 4.05% 4.31% 6.72% 6.88% 5.20% <-Median-> 10 Yield on High  Price EPS
Yield on Low Price 12.08% 8.67% 7.59% 6.88% 6.18% 5.96% 6.51% 5.61% 7.45% 7.43% 11.20% 5.98% 7.79% 9.08% 6.69% <-Median-> 10 Yield on Low Price DC
Yield on Close Price 9.82% 7.77% 6.62% 5.84% 5.50% 5.59% 5.06% 5.54% 7.06% 7.43% 5.29% 4.91% 7.11% 8.67% 8.67% 8.67% 5.56% <-Median-> 10 Yield on Close Price CFPS
Payout Ratio EPS 103.06% 107.23% 195.92% 213.33% 145.45% 100.51% 1033.64% 98.89% 100.45% 102.21% 109.12% -151.97% 241.53% 140.15% #VALUE! #DIV/0! 105.66% <-Median-> 10 DPR EPS FCF 
DPR EPS 5 Yr Running 101.29% 103.78% 111.05% 124.71% 136.82% 138.50% 185.63% 154.44% 132.54% 123.07% 126.47% 135.41% 167.24% 189.13% #VALUE! #DIV/0! 136.12% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 105.69% 50.41% 70.71% 54.36% 51.89% 50.59% 57.97% 54.42% 54.09% 54.27% 41.91% 48.01% 48.41% 47.38% #VALUE! #DIV/0! 52.99% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 99.29% 85.98% 81.46% 72.08% 63.20% 54.64% 56.30% 53.86% 53.83% 54.26% 53.08% 51.25% 49.88% 48.36% #VALUE! #DIV/0! 54.06% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 105.32% 61.91% 59.46% 57.14% 53.20% 49.51% 56.82% 53.99% 53.03% 52.91% 55.57% 48.01% 48.41% 47.38% #VALUE! #DIV/0! 53.11% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 99.04% 90.85% 82.69% 73.95% 65.07% 55.87% 55.02% 54.05% 53.31% 53.25% 54.30% 52.72% 51.36% 49.99% #VALUE! #DIV/0! 54.17% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 5.89% 5.56% 5 Yr Med 5 Yr Cl 6.45% 7.06% 5 Yr Med Payout 102.21% 48.41% 52.91% 0.50% <-IRR #YR-> 5 Dividends 2.53%
* Dividends per share  10 Yr Med and Cur. 47.10% 55.78% 5 Yr Med and Cur. 34.43% 22.82% Last Div Inc ---> $0.035 $0.095 170.3% 1.69% <-IRR #YR-> 10 Dividends 18.25%
Dividends Growth 15 -0.34% <-IRR #YR-> 15 Dividends -4.93%
Dividends Growth 20 3.78% <-IRR #YR-> 20 Dividends 110.22%
Dividends Growth 5 -$1.11 $0.00 $0.00 $0.00 $0.00 $1.14 Dividends Growth 5
Dividends Growth 10 -$0.96 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.14 Dividends Growth 10
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 $1.14 Dividends Growth 15
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 $1.14 Dividends Growth 20
Historical Dividends Historical High Div 16.84% Low Div 4.38% 10 Yr High 10.86% 10 Yr Low 4.08% Med Div 6.94% Close Div 7.11% 6.12% 41.60% Historical Dividends
High/Ave/Median Values Curr diff Exp. -48.54%     97.85% Exp. -20.21% 112.39% Cheap 24.87% Cheap 21.91% Since 2011 Cheap High/Ave/Median 
Adjusted Historical Dividends Historical High Div 10.44% Low Div 5.71% 10 Yr High 6.69% 10 Yr Low 96.58% Med Div 6.12% Close Div 5.71% Since 2011 Adjusted Historical Dividends
High/Ave/Median Values Curr diff Exp. -17.00%     51.76% Cheap 29.53% -91.03% Cheap 41.60% Cheap 51.68% High/Ave/Median 
Future Dividend Yield Div Yield 8.88% earning in 5 Years at IRR of 0.50% Div Inc. 2.53% Future Dividend Yield
Future Dividend Yield Div Yield 9.11% earning in 10 Years at IRR of 0.50% Div Inc. 5.12% Future Dividend Yield
Future Dividend Yield Div Yield 9.34% earning in 15 Years at IRR of 0.50% Div Inc. 7.78% Future Dividend Yield
Future Dividend Paid Div Paid $1.16 earning in 5 Years at IRR of 0.50% Div Inc. 2.53% Future Dividend Paid
Future Dividend Paid Div Paid $1.19 earning in 10 Years at IRR of 0.50% Div Inc. 5.12% Future Dividend Paid
Future Dividend Paid Div Paid $1.22 earning in 15 Years at IRR of 0.50% Div Inc. 7.78% Future Dividend Paid
Dividend Covering Cost Total Div $5.73 over 5 Years at IRR of 0.50% Div Cov. 43.76% Dividend Covering Cost
Dividend Covering Cost Total Div $10.45 over 10 Years at IRR of 0.50% Div Cov. 79.75% Dividend Covering Cost
Dividend Covering Cost Total Div $15.28 over 15 Years at IRR of 0.50% Div Cov. 116.65% Dividend Covering Cost
Yield if held 5 years 10.21% 7.67% 7.22% 10.22% 11.00% 8.63% 8.35% 8.01% 7.44% 6.89% 3.37% 3.76% 5.29% 6.45% 6.89% 10.50% 7.73% <-Median-> 10 Paid Median Price
Yield if held 10 years 10.03% 10.65% 8.19% 7.95% 8.29% 8.32% 12.08% 13.01% 5.58% 5.62% 8.21% 7.44% 6.89% 5.94% 8.25% <-Median-> 10 Paid Median Price
Yield if held 15 years 11.56% 12.59% 9.68% 5.14% 5.59% 8.54% 12.08% 13.01% 9.84% 9.11% <-Median-> 6 Paid Median Price
Yield if held 20 years 11.86% 12.59% 9.68% 9.07% 11.86% <-Median-> 1 Paid Median Price
Cost covered if held 5 years 49.11% 46.69% 43.42% 58.14% 58.96% 42.15% 39.20% 37.53% 35.36% 34.00% 27.47% 25.24% 22.51% 27.25% 28.92% 48.63% 36.45% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 118.46% 124.48% 94.69% 87.94% 85.63% 82.43% 115.56% 123.14% 87.65% 76.98% 72.46% 66.81% 62.95% 55.00% 87.79% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 172.65% 184.32% 142.45% 129.86% 123.16% 118.74% 166.63% 177.79% 133.24% 136.15% <-Median-> 6 Paid Median Price
Cost covered if held 20 years 223.08% 237.55% 183.11% 171.87% 223.08% <-Median-> 1 Paid Median Price
Tot. Growth
Revenue Growth  $600.97 $632.16 $623.75 $344.08 $429.34 $676.40 $718.6 <-12 mths 6.25% 12.55% <-Total Growth 5 Revenue Growth  12.55%
EPS Growth $1.15 $1.16 $1.14 $0.59 -$0.47 $0.47 $0.81 <-12 mths 72.34% -59.13% <-Total Growth 5 EPS Growth -59.13%
Net Income Growth $17.06 $29.22 $17.00 $22.26 -$5.37 $5.30 $22.8 <-12 mths 330.83% -68.91% <-Total Growth 5 Net Income Growth -68.91%
Cash Flow Growth $23.73 $24.46 $24.38 $17.44 $17.00 $26.62 $27.2 <-12 mths 2.17% 12.21% <-Total Growth 5 Cash Flow Growth 12.21%
Dividend Growth $1.11 $1.14 $1.14 $0.64 $0.72 $1.14 $1.14 <-12 mths 0.00% 2.53% <-Total Growth 5 Dividend Growth 2.53%
Stock Price Growth $19.99 $16.09 $15.27 $12.16 $14.63 $15.97 $13.10 <-12 mths -17.97% -25.17% <-Total Growth 5 Stock Price Growth -25.17%
Revenue Growth  $484.57 $474.86 $520.70 $574.05 $576.95 $600.97 $632.16 $623.75 $344.08 $429.34 $676.40 $718.6 <-12 mths 6.25% 28.36% <-Total Growth 10 Revenue Growth  28.36%
EPS Growth $0.49 $0.45 $0.66 $0.99 $0.11 $1.15 $1.16 $1.14 $0.59 -$0.47 $0.47 $0.81 <-12 mths 72.34% -4.08% <-Total Growth 10 EPS Growth -4.08%
Net Income Growth $5.59 $5.06 $7.52 $11.24 $1.27 $17.06 $29.22 $17.00 $22.26 -$5.37 $5.30 $22.8 <-12 mths 330.83% -5.07% <-Total Growth 10 Net Income Growth -5.07%
Cash Flow Growth $15.42 $20.05 $21.00 $22.33 $22.27 $23.73 $24.46 $24.38 $17.44 $17.00 $26.62 $27.2 <-12 mths 2.17% 42.10% <-Total Growth 10 Cash Flow Growth 42.10%
Dividend Growth $0.96 $0.96 $0.96 $1.00 $1.07 $1.11 $1.14 $1.14 $0.64 $0.72 $1.14 $1.1 <-12 mths 0.00% 15.43% <-Total Growth 10 Dividend Growth 15.43%
Stock Price Growth $14.50 $16.44 $17.47 $17.81 $21.10 $19.99 $16.09 $15.27 $12.16 $14.63 $15.97 $13.10 <-12 mths -17.97% 9.20% <-Total Growth 10 Stock Price Growth 9.20%
Dividends on Shares $66.24 $66.24 $68.66 $78.45 $78.47 $80.40 $80.40 $44.42 $49.60 $78.33 $78.33 $78.33 $78.33 $691.20 No of Years 10 Total Dividends 12/31/12
Paid  $1,000.50 $1,134.36 $1,205.43 $1,228.89 $1,455.90 $1,379.31 $1,110.21 $1,053.63 $839.04 $1,009.47 $1,101.93 $903.90 $903.90 $903.90 $1,101.93 No of Years 10 Worth $14.50
Total $1,793.13
Graham No. last 3 EPS $17.16 $15.40 $13.17 $10.70 $9.74 $11.10 $9.49 $11.01 $12.49 $15.22 $14.95 $9.25 $6.08 $7.69 $7.69 #VALUE! -53.79% <-Total Growth 10 Graham Price last 3 EPS
Price/GP Ratio Med 0.67 0.83 1.05 1.43 1.69 1.72 2.02 1.95 1.41 1.08 0.72 1.55 2.59 1.89 1.62 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.73 0.92 1.14 1.55 1.79 1.94 2.31 2.10 1.60 1.16 1.06 1.80 2.78 2.15 1.79 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.62 0.74 0.96 1.30 1.60 1.50 1.73 1.79 1.22 1.00 0.38 1.30 2.40 1.63 1.40 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.76 0.82 1.10 1.54 1.79 1.60 2.22 1.82 1.29 1.00 0.81 1.58 2.62 1.70 1.70 #VALUE! 1.59 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -24.14% -17.53% 10.13% 53.64% 79.31% 60.47% 122.39% 81.58% 28.86% 0.33% -18.67% 58.15% 162.47% 70.43% 70.43% #VALUE! 59.31% <-Median-> 10 Graham Price
Graham No. (Normal Calculation) $17.00 $13.79 $9.81 $9.12 $10.84 $13.20 $4.11 $13.63 $14.97 $15.15 $11.70 $10.98 $9.43 $13.34 #VALUE! $0.00 -3.83% <-Total Growth 10 Graham Price
Price/GP Ratio Med 0.68 0.93 1.41 1.67 1.52 1.45 4.66 1.57 1.18 1.09 0.92 1.31 1.67 1.09 1.48 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.73 1.03 1.53 1.82 1.61 1.63 5.33 1.70 1.34 1.17 1.36 1.52 1.79 1.24 1.62 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.62 0.82 1.29 1.53 1.43 1.26 3.99 1.45 1.02 1.01 0.49 1.09 1.55 0.94 1.35 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.77 0.92 1.48 1.80 1.61 1.35 5.14 1.47 1.07 1.01 1.04 1.33 1.69 0.98 #VALUE! #DIV/0! 1.41 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -23.43% -7.93% 47.87% 80.34% 61.19% 34.93% 413.59% 46.64% 7.46% 0.77% 3.92% 33.28% 69.35% -1.79% #VALUE! #DIV/0! 40.79% <-Median-> 10 Graham Price
Price Close $13.02 $12.70 $14.50 $16.44 $17.47 $17.81 $21.10 $19.99 $16.09 $15.27 $12.16 $14.63 $15.97 $13.10 $13.10 $13.10 10.14% <-Total Growth 10 Stock Price
Increase 21.68% -2.46% 14.17% 13.38% 6.27% 1.95% 18.47% -5.26% -19.51% -5.10% -20.37% 20.31% 9.16% -17.97% 0.00% 0.00% 18.24 <-Median-> 10 CAPE (10 Yr P/E)
P/E 10.50 13.80 29.59 36.53 26.47 17.99 191.82 17.38 13.87 13.39 20.61 -30.93 33.98 16.17 #VALUE! #DIV/0! -4.39% <-IRR #YR-> 5 Stock Price -20.11%
Trailing P/E 10.17 10.24 15.76 33.55 38.82 26.98 21.31 181.73 13.99 13.16 10.67 24.80 -33.76 27.87 16.17 #VALUE! 0.97% <-IRR #YR-> 10 Stock Price 10.14%
CAPE (10 Yr P/E) 10.08 10.93 12.24 13.25 13.98 16.87 17.57 18.91 19.78 21.35 26.40 26.72 24.76 #VALUE! #DIV/0! 0.88% <-IRR #YR-> 5 Price & Dividend 4.04%
Median 10, 5 Yrs D.  per yr 6.69% 5.27% % Tot Ret 87.33% 596.97% T P/E 23.05 13.16 P/E:  19.30 13.87 7.66% <-IRR #YR-> 10 Price & Dividend 79.22%
Price 15 D.  per yr 7.81% % Tot Ret 84.25% CAPE Diff -11.34% 1.46% <-IRR #YR-> 15 Stock Price 24.28%
Price  20 D.  per yr 10.08% % Tot Ret 78.45% 2.77% <-IRR #YR-> 20 Stock Price 72.65%
Price  25 D.  per yr 8.41% % Tot Ret 75.24% 2.77% <-IRR #YR-> 21 Stock Price
Price & Dividend 15 9.27% <-IRR #YR-> 15 Price & Dividend 148.42%
Price & Dividend 20 12.84% <-IRR #YR-> 20 Price & Dividend 3.035621622
Price & Dividend 25 11.18% <-IRR #YR-> 21 Price & Dividend
Price  5 -$19.99 $0.00 $0.00 $0.00 $0.00 $15.97 Price  5
Price 10 -$14.50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.97 Price 10
Price & Dividend 5 -$19.99 $1.17 $1.17 $0.64 $0.72 $17.11 Price & Dividend 5
Price & Dividend 10 -$14.50 $0.96 $0.96 $1.00 $1.14 $1.14 $1.17 $1.17 $0.64 $0.72 $17.11 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 $15.97 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 $15.97 Price  20
Price  25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.97 Price  25
Price & Dividend 15 $1.28 $0.99 $0.96 $0.96 $0.96 $1.00 $1.14 $1.14 $1.17 $1.17 $0.64 $0.72 $17.11 Price & Dividend 15
Price & Dividend 20 $1.28 $0.99 $0.96 $0.96 $0.96 $1.00 $1.14 $1.14 $1.17 $1.17 $0.64 $0.72 $17.11 Price & Dividend 20
Price & Dividend 25 $1.28 $0.99 $0.96 $0.96 $0.96 $1.00 $1.14 $1.14 $1.17 $1.17 $0.64 $0.72 $17.11 Price & Dividend 25
Price H/L Median $11.54 $12.79 $13.83 $15.26 $16.47 $19.11 $19.14 $21.45 $17.61 $16.49 $10.82 $14.34 $15.74 $14.50 13.85% <-Total Growth 10 Stock Price
Increase 32.21% 10.84% 8.13% 10.34% 7.96% 16.00% 0.18% 12.07% -17.90% -6.39% -34.39% 32.59% 9.76% -7.88% 1.31% <-IRR #YR-> 10 Stock Price 13.85%
P/E 9.30 13.90 28.21 33.90 24.95 19.30 174.00 18.65 15.18 14.46 18.33 -30.32 33.49 17.90 -6.00% <-IRR #YR-> 5 Stock Price -26.62%
Trailing P/E 9.01 10.31 15.03 31.13 36.60 28.95 19.33 195.00 15.31 14.21 9.49 24.31 -33.28 30.85 8.26% <-IRR #YR-> 10 Price & Dividend 93.25%
P/E on Run. 5 yr Ave 9.50 11.04 13.29 17.41 21.90 27.22 35.44 31.92 21.63 18.12 13.03 20.10 27.26 28.58 -0.93% <-IRR #YR-> 5 Price & Dividend 1.19%
P/E on Run. 10 yr Ave 11.50 12.87 15.06 16.96 19.94 22.54 25.06 20.84 19.84 14.12 22.88 25.20 21.95 13.90 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 6.96% 5.08% % Tot Ret 84.20% -548% T P/E 21.82 14.21 P/E:  18.98 15.18 Count 21 Years of data
-$13.83 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.74
-$21.45 $0.00 $0.00 $0.00 $0.00 $15.74
-$13.83 $1.03 $0.99 $1.03 $1.10 $1.11 $1.14 $1.14 $0.64 $0.72 $16.88
-$21.45 $1.17 $1.17 $0.64 $0.72 $16.88
High Months Mar Jan May Dec Nov May Nov Jun Jan Apr Feb  Nov Apr Feb
Price High $12.49 $14.19 $15.00 $16.55 $17.40 $21.52 $21.88 $23.15 $19.99 $17.70 $15.88 $16.66 $16.90 $16.50 12.67% <-Total Growth 10 Stock Price
Increase 22.45% 13.61% 5.71% 10.33% 5.14% 23.68% 1.67% 5.80% -13.65% -11.46% -10.28% 4.91% 1.44% -2.37% 1.20% <-IRR #YR-> 10 Stock Price 12.67%
P/E 10.07 15.42 30.61 36.78 26.36 21.74 198.91 20.13 17.23 15.53 26.92 -35.22 35.96 20.37 -6.10% <-IRR #YR-> 5 Stock Price -27.00%
Trailing P/E 9.76 11.44 16.30 33.78 38.67 32.61 22.10 210.45 17.38 15.26 13.93 28.24 -35.73 35.11 15.42 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 25.17 15.26 P/E:  24.05 17.23 29.13 P/E Ratio Historical High
-$15.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.90
-$23.15 $0.00 $0.00 $0.00 $0.00 $16.90
Low Months May Oct Jan Jun Apr Aug Jan Dec Dec Dec Mar Jan Jan Oct
Price Low $10.58 $11.38 $12.65 $13.96 $15.54 $16.69 $16.40 $19.75 $15.23 $15.27 $5.75 $12.02 $14.58 $12.50 15.26% <-Total Growth 10 Stock Price
Increase 45.93% 7.56% 11.16% 10.36% 11.32% 7.40% -1.74% 20.43% -22.89% 0.26% -62.34% 109.04% 21.30% -14.27% 1.43% <-IRR #YR-> 10 Stock Price 15.26%
P/E 8.53 12.37 25.82 31.02 23.55 16.86 149.09 17.17 13.13 13.39 9.75 -25.41 31.02 15.43 -5.89% <-IRR #YR-> 5 Stock Price -26.18%
Trailing P/E 8.27 9.18 13.75 28.49 34.53 25.29 16.57 179.55 13.24 13.16 5.04 20.37 -30.82 26.60 11.44 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 18.47 13.16 P/E:  17.02 13.13 7.88 P/E Ratio Historical Low
-$12.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.58
$28 <-12 mths 3.70%
Free Cash Flow $22 $22 $16 $20 $21 $22 $22 $24 $24 $24 $17 $17 $27 $0 68.75% <-Total Growth 10 Free Cash Flow
Change 0.00% -27.27% 25.00% 5.00% 4.76% 0.00% 9.09% 0.00% 0.00% -29.17% 0.00% 58.82% -100.00% 2.38% <-IRR #YR-> 5 Free Cash Flow MS 12.50%
FCF/CF from Op Ratio 1.72 0.99 1.04 1.00 1.00 0.99 0.99 1.01 0.98 0.98 0.97 1.00 1.01 0.00 5.37% <-IRR #YR-> 10 Free Cash Flow MS 68.75%
Dividends paid $19.02 $19.00 $18.98 $19.55 $20.67 $22.63 $22.74 $23.84 $24.27 $16.05 $17.51 $25.75 $0.00 35.54% <-Total Growth 10 Dividends paid
Percentage paid 93.95% 102.86% 94.77% 99.35% 101.12% 94.40% 103.00% 95.36% 0.00% $0.97 <-Median-> 8 Percentage paid
5 Year Coverage 98.41% 98.68% 98.50% 98.55% 98.32% 5 Year Coverage
Dividend Coverage Ratio 1.06 0.97 1.06 1.01 0.99 1.06 0.97 1.05 0.00 1.03 <-Median-> 8 Dividend Coverage Ratio
5 Year of Coverage 1.02 1.01 1.02 1.01 1.02 5 Year of Coverage
Assets Dependent on KRL $216.19 $216.04 $216.19 $224.33 $224.46 $227.67 $237.26 $242.88 $248.22 $255.05 $257.46 $257.24
% of Assets  99.72% 99.63% 97.16% 98.77% 99.11% 98.70% 98.93% 99.12% 99.12% 99.12% 99.12% 95.29% 99.11% <-Median-> 10 % of Assets 
Market Cap $138.0 $144.1 $164.6 $186.7 $198.3 $202.2 $239.6 $227.0 $182.7 $173.4 $138.1 $166.1 $181.3 $148.7 $148.7 $148.7 10.14% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 10.362 14.278 14.312 14.312 14.629 14.812 14.822 14.993 15.437 15.561 16.204 16.406 16.804 16.804 17.41% <-Total Growth 10 Diluted re exchgeble
Change 6.78% 37.79% 0.24% 0.00% 2.21% 1.25% 0.06% 1.16% 2.96% 0.81% 4.13% 1.25% 2.42% 0.00% 1.25% <-Median-> 10 Change
Difference Diluted/Basic 0.00% -21.03% 0.00% 0.00% 0.00% 0.00% 0.00% -24.28% -26.45% -27.04% -29.94% -30.80% -32.43% -32.43% -25.36% <-Median-> 10 Difference Diluted/Basic
Exchange Partnership Units 53.250 5.450
32.43%
Basic # of Shares in Millions 10.362 11.275 14.312 14.312 14.629 14.812 14.822 11.354 11.354 11.354 11.354 11.354 11.354 11.354 -20.67% <-Total Growth 10 Average
Change 6.78% 8.82% 26.93% 0.00% 2.21% 1.25% 0.06% -23.40% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% <-Median-> 10 Change
Difference 2.30% 0.66% -20.67% -20.67% -22.39% -23.35% -23.40% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% <-Median-> 10 Difference
$27.2 <-12 mths 2.17%
# of Share in Millions 10.600 11.350 11.354 11.354 11.354 11.354 11.354 11.354 11.354 11.354 11.354 11.354 11.354 11.354 11.354 11.354 0.00% <-IRR #YR-> 10 Shares 0.00%
Change 9.28% 7.08% 0.03% 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%
CF fr Op $M KEG $12.8 $22.2 $15.4 $20.1 $21.0 $22.3 $22.3 $23.7 $24.5 $24.4 $17.4 $17.0 $26.6 $27.2 <-12 mths 72.71% <-Total Growth 10 Cash Flow
Increase 2.54% 73.27% -30.59% 30.07% 4.75% 6.31% -0.27% 6.55% 3.07% -0.32% -28.46% -2.52% 56.61% 2.17% <-12 mths KRL sold Units (Inc) S. Issue
5 year Running Average $12.1 $14.4 $15.1 $16.6 $18.3 $20.2 $20.2 $21.9 $22.8 $23.4 $22.5 $21.4 $22.0 $22.5 <-12 mths 45.89% <-Total Growth 10 CF 5 Yr Running
CFPS $1.21 $1.96 $1.36 $1.77 $1.85 $1.97 $1.96 $2.09 $2.15 $2.15 $1.54 $1.50 $2.35 $2.40 <-12 mths 72.71% <-Total Growth 10 Cash Flow per Share
Increase -6.17% 61.82% -30.62% 30.07% 4.75% 6.31% -0.27% 6.55% 3.07% -0.32% -28.46% -2.52% 56.61% 2.17% <-12 mths 5.62% <-IRR #YR-> 10 Cash Flow 72.71%
5 year Running Average $1.24 $1.40 $1.42 $1.52 $1.63 $1.78 $1.78 $1.93 $2.00 $2.06 $1.98 $1.88 $1.94 $1.98 <-12 mths 2.33% <-IRR #YR-> 5 Cash Flow 12.21%
P/CF on Med Price 9.54 6.53 10.18 8.64 8.90 9.71 9.76 10.26 8.18 7.68 7.04 9.58 6.71 6.05 <-12 mths 5.62% <-IRR #YR-> 10 Cash Flow per Share 72.71%
P/CF on Closing Price 10.77 6.49 10.68 9.31 9.44 9.06 10.76 9.57 7.47 7.11 7.92 9.77 6.81 5.47 <-12 mths 2.33% <-IRR #YR-> 5 Cash Flow per Share 12.21%
-30.93% Diff M/C 3.16% <-IRR #YR-> 10 CFPS 5 yr Running 36.54%
Excl.Working Capital CF $0.05 -$4.12 $2.92 -$0.98 -$0.52 $0.49 $0.45 $0.19 $0.49 $0.63 -$4.29 $0.00 $0.00 $0.00 <-12 mths 0.09% <-IRR #YR-> 5 CFPS 5 yr Running 0.47%
CF fr Op $M WC $12.9 $18.1 $18.3 $19.1 $20.5 $22.8 $22.7 $23.9 $24.9 $25.0 $13.2 $17.0 $26.6 $27.2 <-12 mths 45.24% <-Total Growth 10 Cash Flow less WC
Increase 3.20% 40.60% 1.35% 4.05% 7.41% 11.36% -0.43% 5.27% 4.32% 0.22% -47.39% 29.24% 56.61% 2.17% <-12 mths 3.80% <-IRR #YR-> 10 Cash Flow less WC 45.24%
5 year Running Average $12.1 $13.6 $14.8 $16.2 $17.8 $19.8 $20.7 $21.8 $23.0 $23.9 $21.9 $20.8 $21.3 $21.8 <-12 mths 2.17% <-IRR #YR-> 5 Cash Flow less WC 11.33%
CFPS Excl. WC $1.21 $1.59 $1.61 $1.68 $1.80 $2.01 $2.00 $2.11 $2.20 $2.20 $1.16 $1.50 $2.35 $2.40 <-12 mths 3.71% <-IRR #YR-> 10 CF less WC 5 Yr Run 43.97%
Increase -5.56% 31.31% 1.32% 4.05% 7.41% 11.36% -0.43% 5.27% 4.32% 0.22% -47.39% 29.24% 56.61% 2.17% <-12 mths -0.42% <-IRR #YR-> 5 CF less WC 5 Yr Run -2.09%
5 year Running Average $1.24 $1.32 $1.40 $1.48 $1.58 $1.74 $1.82 $1.92 $2.02 $2.10 $1.93 $1.83 $1.88 $1.92 <-12 mths 3.80% <-IRR #YR-> 10 CFPS - Less WC 45.24%
P/CF on Med Price 9.51 8.02 8.56 9.08 9.13 9.51 9.57 10.18 8.01 7.49 9.33 9.58 6.71 6.05 <-12 mths 2.17% <-IRR #YR-> 5 CFPS - Less WC 11.33%
P/CF on Closing Price 10.73 7.97 8.98 9.79 9.68 8.86 10.55 9.49 7.32 6.93 10.50 9.77 6.81 5.47 <-12 mths 3.02% <-IRR #YR-> 10 CFPS 5 yr Running 34.61%
*Operational Cash Flow per share CF/CF-WC P/CF Med 10 yr 8.77 5 yr  7.68 P/CF Med 10 yr 9.23 5 yr  8.01 -40.77% Diff M/C -0.42% <-IRR #YR-> 5 CFPS 5 yr Running -2.09%
-$1.36 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.35 Cash Flow per Share
-$2.09 $0.00 $0.00 $0.00 $0.00 $2.35 Cash Flow per Share
-$1.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1.9 CFPS 5 yr Running
-$1.9 $0.0 $0.0 $0.0 $0.0 $1.9 CFPS 5 yr Running
-$18.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $26.6 Cash Flow less WC
-$23.9 $0.0 $0.0 $0.0 $0.0 $26.6 Cash Flow less WC
-$14.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $21.3 CF less WC 5 Yr Run
-$21.8 $0.0 $0.0 $0.0 $0.0 $21.3 CF less WC 5 Yr Run
-$1.61 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.35 CFPS - Less WC
-$2.11 $0.00 $0.00 $0.00 $0.00 $2.35 CFPS - Less WC
-$1.40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.88 CFPS 5 yr Running
-$1.92 $0.00 $0.00 $0.00 $0.00 $1.88 CFPS 5 yr Running
Royalty fee receivable from Keg Restaurants Ltd -$0.157 $0.096 $0.155 -$0.155 -$0.430 $0.046 -$0.141 -$0.099 $0.061
Prepaid expenses and deposits $0.006 $0.002 $0.001 $0.000 $0.001 $0.002 $0.002 $0.000
Accounts payable and accrued liabilities -$0.006 -$0.004 -$0.137 $0.004 $0.018 -$0.014 -$0.001 $0.011 -$0.011
OPM KEG 94.98% 94.47% 65.09% 84.34% 83.42% 81.10% 81.33% 83.03% 82.46% 82.09% 125.60% 98.99% 98.40% 94.63% 51.18% <-Total Growth 10 OPM
Increase -1.37% -0.54% -31.10% 29.57% -1.09% -2.78% 0.28% 2.08% -0.68% -0.44% 52.99% -21.19% -0.59% -3.84% Should increase  or be stable.
Diff from Median 14.8% 14.2% -21.3% 1.9% 0.8% -2.0% -1.7% 0.3% -0.3% -0.8% 51.8% 19.6% 18.9% 14.4% 0.01 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 82.74% 5 Yrs 83.03% should be  zero, it is a   check on calculations
Long Term Debt $128.18 $132.55 $144.15 $143.71 $136.66 $138.28 $129.97 $145.62 $158.02 $144.25 Debt Type
Change 3.41% 8.75% -0.31% -4.90% 1.18% -6.01% 12.04% 8.51% -8.71% 2.30% <-Median-> 8 Change Lg Term R
Debt/Market Cap Ratio 0.65 0.66 0.60 0.63 0.75 0.80 0.94 0.88 0.87 0.97 0.75 <-Median-> 9 Debt/Market Cap Ratio Intang/GW
Assets/Current Liabilities Ratio 89.04 63.14 85.52 76.92 75.09 92.05 155.38 82.79 55.88 129.90 82.79 <-Median-> 9 Assets/Current Liab Ratio Liquidity
Current Liabilities/Asset Ratio 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 <-Median-> 9 Current Liab/Asset Ratio Liq. + CF
Debt to Cash Flow (Years) 6.10 5.94 6.47 6.06 5.59 5.67 7.45 8.57 5.94 5.30 6.06 <-Median-> 9 Debt to Cash Flow (Years) Debt Ratio
Leverage
Intangibles $67.49 $156.07 $156.49 $156.49 $156.49 $164.20 $164.37 $167.95 $176.94 $182.61 $189.89 $195.10 $196.96 $196.96 Keg Rights Intangibles D/E Ratio
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 Goodwill
Total $67.49 $156.07 $156.49 $156.49 $156.49 $164.20 $164.37 $167.95 $176.94 $182.61 $189.89 $195.10 $196.96 $196.96 Total
Change 19.27% 131.25% 0.27% 0.00% 0.00% 4.92% 0.10% 2.17% 5.35% 3.21% 3.98% 2.75% 0.95% 0.00% 2.46% <-Median-> 10 Change
Intangible/Assets Ratio 0.53 0.71 0.72 0.72 0.70 0.72 0.73 0.73 0.74 0.75 0.76 0.77 0.76 0.76 0.73 <-Median-> 10 Intangible/Assets Ratio
Intangible/Market Cap Ratio 0.49 1.08 0.95 0.84 0.79 0.81 0.69 0.74 0.97 1.05 1.38 1.17 1.09 1.32 0.90 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets KEG $2.39 $6.82 $3.31 $3.36 $4.37 $5.91 $5.10 $5.73 $5.90 $5.43 $4.37 $5.37 $6.85 $5.72 Liquidity ratio of 1.5 and up, best
Current Liabilities $1.19 $5.87 $2.18 $2.16 $2.50 $3.60 $2.65 $3.00 $3.19 $2.66 $1.62 $3.07 $4.67 $2.00 1.80 <-Median-> 10 Ratio
Liquidity 2.01 1.16 1.52 1.55 1.75 1.64 1.92 1.91 1.85 2.04 2.70 1.75 1.47 2.86 1.85 <-Median-> 5 Ratio
Liq. with CF aft div 1.40 3.04 3.59 5.79 5.79 4.71 5.46 5.52 5.36 6.23 8.97 4.62 4.41 10.02 5.36 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  1.40 3.04 3.59 5.79 5.79 4.71 5.46 5.52 5.36 6.23 8.97 4.62 4.41 10.02 5.36 <-Median-> 5 Ratio
Assets KEG $126.87 $219.89 $216.80 $216.85 $222.51 $227.11 $226.47 $230.67 $239.84 $245.04 $251.26 $254.34 $260.80 $259.68 Debt Ratio of 1.5 and up, best
Liabilities $17.02 $115.56 $117.78 $123.67 $132.70 $138.32 $149.04 $149.13 $142.31 $143.40 $134.16 $151.28 $165.33 $148.85 1.68 <-Median-> 10 Ratio
Debt Ratio 7.45 1.90 1.84 1.75 1.68 1.64 1.52 1.55 1.69 1.71 1.87 1.68 1.58 1.74 1.69 <-Median-> 5 Ratio
Check 138.32 149.04
Book Value KEG $109.85 $104.34 $99.02 $93.183 $89.807 $88.798 $77.426 $81.540 $97.528 $101.639 $117.092 $103.058 $95.473 $110.831 $110.831 $110.831 -3.58% <-Total Growth 10 Book Value
Book Value per Share $10.36 $9.19 $8.72 $8.21 $7.91 $7.82 $6.82 $7.18 $8.59 $8.95 $10.31 $9.08 $8.41 $9.76 $9.76 $9.76 -3.58% <-Total Growth 10 Book Value per Share
Change 1.04% -11.30% -5.12% -5.90% -3.62% -1.12% -12.81% 5.31% 19.61% 4.22% 15.20% -11.99% -7.36% 16.09% 0.00% 0.00% -31.56% P/B Ratio Current/10 Year Median
P/B Ratio (Median) 1.11 1.39 1.59 1.86 2.08 2.44 2.81 2.99 2.05 1.84 1.05 1.58 1.87 1.49 0.00 0.00 1.48 P/B Ratio Historical Median
P/B Ratio (Close) 1.26 1.38 1.66 2.00 2.21 2.28 3.09 2.78 1.87 1.71 1.18 1.61 1.90 1.34 1.34 1.34 -0.36% <-IRR #YR-> 10 Book Value per Share -3.58%
Change 20.42% 9.96% 20.34% 20.48% 10.26% 3.10% 35.87% -10.04% -32.70% -8.93% -30.88% 36.70% 17.83% -29.34% 0.00% 0.00% 3.21% <-IRR #YR-> 5 Book Value per Share 17.09%
Leverage (A/BK) 1.15 2.11 2.19 2.33 2.48 2.56 2.92 2.83 2.46 2.41 2.15 2.47 2.73 2.34 2.47 <-Median-> 10 A/BV
Debt/Equity Ratio 0.15 1.11 1.19 1.33 1.48 1.56 1.92 1.83 1.46 1.41 1.15 1.47 1.73 1.34 1.47 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.96 5 yr Med 1.84 -31.56% 2.19 Historical Leverage (A/BK)
-$8.72 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.41
-$7.18 $0.00 $0.00 $0.00 $0.00 $8.41
$22.85 <-12 mths 330.83%
Comprehensive Income $12.85 $11.32 $5.59 $5.06 $7.52 $11.24 $1.27 $17.06 $29.22 $17.00 $22.26 -$5.37 $5.30 -5.07% <-Total Growth 10 Comprehensive Income
Increase 3.61% -11.91% -50.63% -9.42% 48.68% 49.36% -88.71% 1245.19% 71.29% -41.82% 30.93% -124.11% 198.83% 30.93% <-Median-> 5 Comprehensive Income
5 Yr Running Average $12 $12 $11 $9 $8 $8 $6 $8 $13 $15 $17 $16 $14 -0.52% <-IRR #YR-> 10 Comprehensive Income -5.07%
ROE KEG 11.7% 10.8% 5.6% 5.4% 8.4% 12.7% 1.6% 20.9% 30.0% 16.7% 19.0% -5.2% 5.6% -20.84% <-IRR #YR-> 5 Comprehensive Income -68.91%
5Yr Median 11.7% 11.7% 11.7% 10.8% 8.4% 8.4% 5.6% 8.4% 12.7% 16.7% 19.0% 19.0% 16.7% 2.30% <-IRR #YR-> 10 5 Yr Running Average 25.49%
% Difference from NI 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 10.17% <-IRR #YR-> 5 5 Yr Running Average 62.32%
Median Values Diff 5, 10 yr 0.0% 0.0% 16.7% <-Median-> 5 Return on Equity
-$5.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $5.3
-$17.1 $0.0 $0.0 $0.0 $0.0 $5.3
-$10.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $13.7
-$8.4 $0.0 $0.0 $0.0 $0.0 $13.7
Current Liability Coverage Ratio 10.85 3.08 8.40 8.83 8.20 6.34 8.58 7.97 7.81 9.39 8.13 5.53 5.70 13.61   CFO / Current Liabilities
5 year Median 11.40 11.17 10.85 8.83 8.40 8.20 8.40 8.20 7.97 7.97 8.13 7.97 7.81 8.13 7.81 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 10.14% 8.22% 8.46% 8.80% 9.21% 10.05% 10.03% 10.37% 10.40% 10.20% 5.24% 6.68% 10.21% 10.47% CFO / Total Assets
5 year Median 10.39% 10.39% 10.14% 8.80% 8.80% 8.80% 9.21% 10.03% 10.05% 10.20% 10.20% 10.20% 10.20% 10.20% 10.2% <-Median-> 5 Return on Assets 
Return on Assets ROA 10.1% 5.1% 2.6% 2.3% 3.4% 4.9% 0.6% 7.4% 12.2% 6.9% 8.9% -2.1% 2.0% 8.8% Net  Income/Assets Return on Assets
5Yr Median 10.1% 10.1% 10.1% 5.1% 3.4% 3.4% 2.6% 3.4% 4.9% 6.9% 7.4% 7.4% 6.9% 6.9% 6.9% <-Median-> 5 Asset Efficiency Ratio
Return on Equity ROE 11.7% 10.8% 5.6% 5.4% 8.4% 12.7% 1.6% 20.9% 30.0% 16.7% 19.0% -5.2% 5.6% 20.6% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 11.7% 11.7% 11.7% 10.8% 8.4% 8.4% 5.6% 8.4% 12.7% 16.7% 19.0% 19.0% 16.7% 16.7% 16.7% <-Median-> 5 Return on Equity
$22.85 <-12 mths 330.83%
Net Income KEG $12.85 $11.32 $5.59 $5.06 $7.52 $11.24 $1.27 $17.06 $29.22 $17.00 $22.26 -$5.37 $5.30 $22.85 <-12 mths -5.07% <-Total Growth 10 Net Income
Increase 3.61% -11.91% -50.63% -9.42% 48.68% 49.36% -88.71% 1245.19% 71.29% -41.82% 30.93% -124.11% 198.83% 330.83% <-12 mths EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $11.7 $11.9 $10.9 $9.4 $8.5 $8.1 $6.1 $8.4 $13.3 $15.2 $17.4 $16.0 $13.7 $12.4 <-12 mths -0.52% <-IRR #YR-> 10 Net Income -5.07%
Operating Cash Flow $12.82 $22.21 $15.42 $20.05 $21.00 $22.33 $22.27 $23.73 $24.46 $24.38 $17.44 $17.00 $26.62 -20.84% <-IRR #YR-> 5 Net Income -68.91%
Investment Cash Flow $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 2.30% <-IRR #YR-> 10 5 Yr Running Ave. 25.49%
Total Accruals $0.03 -$10.90 -$9.83 -$14.99 -$13.48 -$11.09 -$21.00 -$6.67 $4.76 -$7.38 $4.82 -$22.37 -$21.32 10.17% <-IRR #YR-> 5 5 Yr Running Ave. 62.32%
Total Assets $126.87 $219.89 $216.80 $216.85 $222.51 $227.11 $226.47 $230.67 $239.84 $245.04 $251.26 $254.34 $260.80 Balance Sheet Assets
Accruals Ratio 0.02% -4.95% -4.53% -6.91% -6.06% -4.88% -9.27% -2.89% 1.99% -3.01% 1.92% -8.79% -8.18% -3.01% <-Median-> 5 Ratio
EPS/CF Ratio 1.02 0.58 0.30 0.27 0.37 0.49 0.05 0.55 0.53 0.52 0.51 -0.32 0.20 0.43 <-Median-> 10 EPS/CF Ratio
-$5.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $5.3
-$17.1 $0.0 $0.0 $0.0 $0.0 $5.3
-$10.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $13.7
-$8.4 $0.0 $0.0 $0.0 $0.0 $13.7
Change in Close 21.68% -2.46% 14.17% 13.38% 6.27% 1.95% 18.47% -5.26% -19.51% -5.10% -20.37% 20.31% 9.16% -17.97% 0.00% 0.00% Count 22 Years of data
up/down up up up up up Count 6 27.27%
Meet Prediction? yes Yes % right Count 3 50.00%
Financial Cash Flow -$13.26 -$19.11 -$19.00 -$19.68 -$20.15 -$21.21 -$23.05 $23.23 -$24.38 -$24.88 -$16.49 -$17.35 -$25.71 C F Statement  Financial Cash Flow
Total Accruals $13.29 $8.22 $9.17 $4.69 $6.67 $10.12 $2.05 -$29.90 $29.14 $17.50 $21.31 -$5.02 $4.39 Accruals
Accruals Ratio 10.48% 3.74% 4.23% 2.16% 3.00% 4.45% 0.90% -12.96% 12.15% 7.14% 8.48% -1.97% 1.68% Ratio
Cash KEG $0.93 $4.01 $0.43 $0.80 $1.65 $2.77 $1.99 $2.49 $2.57 $2.64 $7.27 $2.37 $4.98 $0.00 Cash
Cash per Share $0.09 $0.35 $0.04 $0.07 $0.15 $0.24 $0.18 $0.22 $0.23 $0.23 $0.64 $0.21 $0.44 $0.00 $0.23 <-Median-> 5 Cash per Share
Percentage of Stock Price 0.68% 2.78% 0.26% 0.43% 0.83% 1.37% 0.83% 1.10% 1.41% 1.52% 5.27% 1.43% 2.75% 0.00% 1.52% <-Median-> 5 % of Stock Price
Keg Restaurants  Ltd. 9/27/10 9/30/11 9/30/12 9/30/13 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18
9/27/10
Revenue per Share $22.61 #DIV/0! #NUM! <-IRR #YR-> -1 Revenue
Increase -6.58% #DIV/0! #NUM! <-IRR #YR-> -1 Rev Per share
5 year Running Average $22.69 #DIV/0! #NUM! <-IRR #YR-> -1 Rev Per share
*Equity  and interest income in M CDN $  #REF! Diff Med/Curr
$0.0 $0.0
$0.0 $0.0
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
EPS KRL* -$0.14 $0.00 #DIV/0! <-Total Growth -1 Earnings
* ESP per share  #DIV/0! 5Yrs
$0.00 $0.00
$0.00 $0.00
Payout Ratio KRL -87.8% #DIV/0! #NUM! <-Median-> 0 DPR EPS
Payout Ratio CF 143.7% #DIV/0! #NUM! <-Median-> 0 DPR CF
Payout Ratio CF NC 131.6% #DIV/0! #NUM! <-Median-> 0 DPR CF NC
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
*Operational Profit Margin (CF/Revenue) Ratio 3.47% 5 Yrs
Current Assets KLR $28.31 $0.00 Liquidity ratio of 1.5 and up, best
Current Liabilities $53.62 $0.00 #NUM! <-Median-> 0 Ratio
Liquidity 0.53 #DIV/0! #NUM! <-Median-> 0 Ratio
Liq. with CF aft div 0.45 #DIV/0! #NUM! <-Median-> 0 Ratio
Liq. CF re  Inv+Div  0.55 #DIV/0! #NUM! <-Median-> 0 Ratio
Assets KLR $138.69 $0.00 Debt Ratio of 1.5 and up, best
Liabilities $208.43 $0.00 #NUM! <-Median-> 0 Ratio
Debt Ratio 0.67 #DIV/0! #NUM! <-Median-> 0 Ratio
Book Value KLR -$69.73 $0.00 #DIV/0! <-Total Growth -1 Book Value
BV per share -$6.58 $0.00 #DIV/0! <-Total Growth -1 Book Value
Change 6.01% -100.00% #DIV/0! Current/Historical Book Value
P/B Ratio (CL) -1.98 #DIV/0! #NUM! <-IRR #YR-> -1 Book Value
Change 14.79% #DIV/0! #NUM! <-IRR #YR-> -1 Book Value
Leverage (A/BK) -1.99 #DIV/0! #NUM! <-Median-> 0 A/BV
Debt/Equity Ratio -2.99 #DIV/0! #NUM! <-Median-> 0 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) 5 yr Med #DIV/0!
$0.00 $0.00
$0.00 $0.00
ROE KRL -0.5% #DIV/0! #NUM! <-Median-> 0 Compreh. Inc
Comprehensive Inc -$0.76 $0.00 Compreh. Inc
5Yr Median #DIV/0!
Return on Assets KRL -1.0% #DIV/0! Net Income/Assets ROA
5Yr Median -0.8% #DIV/0! #NUM! <-Median-> 0 ROA
Return on Equity 22.1% #DIV/0! Net Income/Shareholders' equity ROE
5Yr Median 2.1% #DIV/0! #NUM! <-Median-> 0 ROE
Net Income KLR -$1.46 $0.00 #DIV/0! <-Total Growth -1 Net Income
Operating Cash Flow $9.43 $0.00 C F Statement  Oper C. F.
Investment Cash Flow $1.96 $0.00 C F Statement  Invest. C. F
Total Accruals -$12.84 $0.00 Accruals
Total Assets $138.69 $0.00 Balance Sheet Assets
Accruals Ratio -9.26% #DIV/0! Ratio
EPS/CF Ratio -1.50 #DIV/0! #NUM! <-Median-> 0 EPS/CF Ratio
Should not be higher than 1.00
Financial Cash Flow -$4.03 $0.00 C F Statement  Fin. C. F
Total Accruals -$8.81 $0.00 Accruals
Accruals Ratio -6.35% #DIV/0! Ratio
Cash $9.66 $0.00
2016, 2017 Taxes $1.0620 97.49% $1.1024 99.31%
$0.0273 2.51% $0.0076 0.69%
$1.0893 100.00% $1.1100 100.00%
Recipe Unlimited Corporation
Dividends paid Feb to Jan $1.0833 $1.1100
Current Assets RECP $81.95 $144.59 $137.86 $203.67 $284.32 $278.36
Current Liabilities $133.50 $168.34 $157.61 $461.33 $430.76 $427.93
Liquidity 0.61 0.86 0.87 0.44 0.66 0.65
Assets RECP $503.80 $1,316.02 $1,343.54 $1,591.08 $2,264.07 $2,109.07
Liabilities $279.09 $762.08 $736.12 $1,105.27 $1,919.08 $1,825.54
Debt Ratio 1.81 1.73 1.83 1.44 1.18 1.16
Notes:
November 21, 2023.  There were no estimates last year.
November 26, 2022.  I picked up no estimates last year.
On October 28, 2022, Recipe Unlimited Corporation ("Recipe Unlimited") closed the previously announced plan of arrangement pursuant to which Fairfax Financial Holdings Limited ("Fairfax"), 
through its subsidiary 1000297337 Ontario Inc., acquired all of the multiple voting shares and subordinate voting shares (the "Shares") in the capital of Recipe Unlimited, not including those 
owned by Fairfax and its affiliates, as well as the 9,398,729 multiple voting shares owned by Cara Holdings Limited ("CHL"). 
November 27, 2021.  Last estimates were for 2020 of $30.41M for Royalty Income, $60.41M for Revenue KRL, $760.3 for Gross Sales KRL, $1.15 for EPS KEG, $0.644 and $0.600 for Dividends KEG for 2020-21.
December 5, 2020.  Last estimates were for 2019,  and 2020 of $4.30 amd $4.30 for Interest Income, $640.5 and 652.8 for Gross Sales KRL, $1.17 and $1.15 for EPS
December 8, 2019.  Last estimates were for 2018 and 2019 of $29.6M and 30.7M for Keg Income.
December 9, 2018.  Last estimates were for 2017, 2018 and 2019 of $28.5M, $29.6m and $30.7M for Keg Income, $605.5M, $633M and $660.5M for Gross Sales BDL
May 2018.  Cara Operations limited changed its name to Recipe Unlimited Corporation (TSX-RECP)
January 23, 2018.  Keg Resturants agreed to merger with Cara Opertions Limited (TSX:CARA)
The Fund will remain in its current form and will continue to receive royalties from Keg Restaurants operated by KRL following the merger. The trustees of the Fund have considered the effect of the transaction 
on the interests of the Fund's unitholders and the rights of The Keg Rights Limited Partnership under its agreements with KRL, which will be preserved without modification.
Under the transaction, Cara will pay to KRL's shareholders, Fairfax Financial Holdings Limited ("Fairfax") and Mr. Aisenstat, an aggregate purchase price of $200 million comprised of $105 million in cash and
 3,801,123 Cara subordinate voting shares (based on Cara's closing price of $24.93 per subordinate voting shares on the Toronto Stock Exchange on January 22, 2018). 
December 16, 2017.  Last year the estimates were for 2016, 2017 and 2018 of $23.50, $24.20 and $24.40 for Royality Income, $23.50M, 42.20M and 24.40M for 4% of Gross Sales, $1.07 for EPS for 2016.
December 17, 2016.  Last year I picked up only Royality Income estimates for 2015 and 2016 of $22.4M and $23.6M.
December 15, 2015.  I did not pick up any estimates last year. 
November 30, 2014.  Last year I could find no analysts' estimates on-line.
December 14, 2013.  There were no estimates for 2012 or 2013.
2006 to 2011.  Income Trust tax changes annouced October 2006.  Will be taxed from January 2011.
May 31, 2002, Fund issued 8.1535M shares at $10.00 each
I am concerned about KRL being able to pay royalities.  You have to be able to make money to pay royalities.
If I am not reading the financial statements right, then I do not understand this company and I will not invest in what I do not understand.
Distribution cut was planned because of tax changed.
As previously announced, as a result of this taxation, the Fund's Trustees have adopted a new distribution policy which reflects the Fund's obligation to make the SIFT tax payments. Beginning with 
the distribution payable to unitholders on February 28, 2011, distributions have been set at $0.08 per unit per month. This amounts to a distribution of $0.96 per unit annually. At this level, the 
eligible dividend portion of the Fund's distribution, combined with the return of capital component of the distribution, should provide taxable Canadian individuals with an effective after-tax cash 
return very closely comparable to the return that existed before the imposition of the SIFT tax.
For this company, you also need to analyze if KRL can fund distributions for the KEG.
Exchangeable shares seem to be sert up as a liability.
There are Class A, B and D Partnership units that are exchangeable for Fund Units on a one to one basis.
Sector:
Consumer Discretionary
What should this stock accomplish?
Would I buy this company and Why.
I do not like this company for a personal investment.  They stopped publishing Keg Restaurant accounts after 3 years of EPS losses in 2010.  This only makes me suspecious about if they are trying to hide anything.
This company depends for the majority of assets on Keg Restaurants and I have no idea how well or poorly the Keg Resturants are doing. 
The Fund directly earns interest income on the $57.0 million Keg Loan, with interest income accruing at 7.5% per annum, payable monthly./td>
Then there are Exchangeable Partnership units owned by KRL which have similar distribution and voting rights as the Fund units and are exchangeable into Fund units on a one-for-one basis.
There Partnership units are shown as a liability to the fund.
Why am I following this stock. 
This was a stock suggested by one of my readers.  I like dinning at The Keg.  I find the food very good.  At stock forums I viewed, investors liked this company as it is guaranteed 4% of the sales at Keg restaurants as 
income to the fund.  So I decided to take a look at it.
Dividends
Dividends are paid monthly.  Dividends declared for shareholder in a month are paid in that month.
For example, the dividends declared for shareholder of record on January 21, 2013 was paid on January 31, 2013.
How they make their money.
The Keg Royalties Income Fund is a Canada-based company. The organization works in the Restaurant business sector. Its primary activity is operating and 
franchising keg steakhouses and bar restaurants in Canada and the United States. The target market of this company is those people who want a higher-end casual dining experience.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
12/31/15
Class A 0.906 $16.135 $17.81 Stock pr.
Class B 0.177 $3.147 $17.81
Class D 2.376 $42.316 $17.81
Total 3.459 30.46% % of outstanding Units.
Shares; '%, Value $M %, Val $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 2015 Dec 17 2016 Dec 15 2017 Dec 9 2018 Dec 8 2019 Dec 5 2020 Nov 27 2021 Nov 26 2022 Nov 21 2023
Dean, Nick 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% unavailable 2020 - 23 #DIV/0!
President & Dir - Shares - Amount $0.000 $0.000 $0.000 $0.000
Options - percentage 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
Aisenstat, David 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% Chairman in 2017 #DIV/0!
CEO - Shares - Amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Holds no units 2018
Options - percentage 1.56% 0.767 6.76% 0.177 1.56% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% Unavailable 2019 - 22 #DIV/0!
Options - amount $3.147 $16.184 $3.532 $0.000 $0.000 $0.000 $0.000 $0.000
Reuters Options Value
Maclean, Neil Cameron 0.13% 0.015 0.13% 0.015 0.13% 0.015 0.13% 0.015 0.13% 0.015 0.13% 0.015 0.13% 0.015 0.13% 0.015 0.13% Last update Oct 2008 0.00%
CFO - Shares - Amount $0.271 $0.321 $0.304 $0.245 $0.232 $0.185 $0.222 $0.243 $0.199
Options - percentage 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% 0.000 0.00% #DIV/0!
Options - amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Officer - Shares - Amount
Options - percentage
Options - amount
Henderson, James 0.004 0.04% 0.004 0.04% 0.004 0.04% 0.004 0.04% Updated last 2011
Officer - Shares - Amount $0.084 $0.080 $0.064 $0.061
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000 $0.000 $0.000
Kerr, Timothy 0.010 0.09% 0.001 0.01% 0.001 0.01% 0.001 0.01% Updated Aug 2021 0.00%
Director - Shares - Amount $0.122 $0.015 $0.016 $0.013
Options - percentage 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
Killy, George 0.40% 0.050 0.44% 0.060 0.53% 0.060 0.53% 0.060 0.53% 0.060 0.53% Last update Feb 2017
Director - Shares - Amount $0.801 $1.055 $1.199 $0.965 $0.916 $0.730
Options - percentage 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Woodward, Christopher Charles 0.08% 0.009 0.08% 0.011 0.09% 0.006 0.05% 0.003 0.03% 0.003 0.03% 0.003 0.03% 0.003 0.03% 0.010 0.08% The 2016 annual and 2016 Q3 183.58%
Chairman - Shares - Amt $0.166 $0.196 $0.213 $0.091 $0.051 $0.041 $0.049 $0.053 $0.124 says Woodward is Chairman
Options - percentage 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% 0.000 0.00% Last updated Feb 2019 #DIV/0!
Options - amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Increase in O/S Shares 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% 0.000 0.00% Yes, 0
due to SO $0.000 $0.000 $0.000 $0.000 $0.000 $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 $0.000
Insider Buying -$0.927 -$0.247 -$0.234 $0.000 -$0.158 $0.000 $0.000 $0.000 -$0.079
Insider Selling $0.000 $0.000 $0.000 $0.090 $0.000 $0.058 $0.124 $0.000 $0.000
Net Insider Selling -$0.927 -$0.247 -$0.234 $0.090 -$0.158 $0.058 $0.124 $0.000 -$0.079
% of Market Cap -0.46% -0.10% -0.10% 0.05% -0.09% 0.04% 0.07% 0.00% -0.04%
Directors 5 4 5 5 4 4 4 4
Women 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0%
Minorities 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 30.10% 2 23.28% 4 24.17% 4 19.20% 11 7.47% 9 79.18% 7 77.46% 6 15.02%
Total Shares Held 30.10% 2.643 23.28% 2.744 24.17% 2.180 19.20% 0.848 7.47% 8.990 79.18% 8.794 77.46% 1.705 15.02%
Increase/Decrease -0.76% -0.118 -4.29% 0.050 1.86% -0.154 -6.59% -0.078 -8.47% -0.115 -1.26% 0.087 0.99% -0.123 -6.71%
Starting No. of Shares 2.761 2.694 2.334 0.926 Top 20 MS 9.105 Top 20 MS 8.708 Top 20 MS 1.828 Top 20 MS
Mostly owned Recipe Unlimited Corp
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