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. Q3 2024
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The Keg Royalties Income Fund TSX: KEG.UN OTC: KRIUF http://www.kegincomefund.com/ Fiscal Yr: Dec 31
Year 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 12/31/26 Value Description #Y Item Total G
Accounting Rules IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
$33.73 <-12 mths -0.94% Sum of Income
$29.36 <-12 mths -1.05% Royalty Income
$4.38 <-12 mths -0.16% Interest Income
Interest Income $4.28 $4.28 $4.28 $4.28 $4.28 $4.28 $4.28 $4.30 $4.31 $4.28 $4.28 $4.31 $4.38 $4.38 <-12 mths 2.43% <-Total Growth 10 Interest Income
% of Total 18.21% 18.08% 18.00% 17.00% 15.55% 15.63% 14.99% 14.50% 14.50% 30.85% 24.89% 15.91% 14.77% 14.91% <-12 mths -17.92% <-Total Growth 10 % of Total
Royalty Income $19.23 $19.40 $19.50 $20.90 $23.25 $23.10 $24.29 $25.36 $25.39 $13.89 $17.17 $27.06 $29.67 $29.36 <-12 mths 52.17% <-Total Growth 10 Net Royalty Income
Increase 108.61% 0.89% 0.49% 7.18% 11.27% -0.65% 5.16% 4.38% 0.11% -45.31% 23.69% 57.54% 9.65% -1.05% <-12 mths 6.17% <-Median-> 10 Increase
Sum of Income $23.51 $23.68 $23.78 $25.18 $27.53 $27.38 $28.58 $29.66 $29.69 $18.17 $21.45 $31.36 $34.05 $33.73 <-12 mths 43.22% <-Total Growth 10 Sum of Income
Increase 74.21% 0.73% 0.39% 5.90% 9.35% -0.55% 4.37% 3.78% 0.12% -38.82% 18.06% 46.21% 8.58% -0.94% <-12 mths 5.13% <-Median-> 10 Increase
Royality Income KEG $23.5 $23.7 $23.78 $25.18 $27.53 $27.38 $28.58 $29.66 $29.69 $13.89 $17.17 $27.06 $29.67 $29.36 <-12 mths 24.79% <-Total Growth 10 Revenue 1871.56%
Increase 74.21% 0.73% 0.39% 5.90% 9.35% -0.55% 4.37% 3.78% 0.12% -53.24% 23.69% 57.54% 9.65% -1.05% <-12 mths 2.24% <-IRR #YR-> 10 Revenue 120.22%
5 year Running Average $15.3 $17.4 $19.5 $21.9 $24.7 $25.5 $26.5 $27.7 $28.6 $25.8 $23.8 $23.5 $23.5 $23.4 <-12 mths 0.01% <-IRR #YR-> 5 Revenue 2385.18%
Revenue per Share $2.07 $2.09 $2.09 $2.22 $2.42 $2.41 $2.52 $2.61 $2.62 $1.22 $1.51 $2.38 $2.61 $2.59 <-12 mths 1.89% <-IRR #YR-> 10 5 yr Running Average 155.21%
Increase 62.70% 0.70% 0.39% 5.90% 9.35% -0.55% 4.37% 3.78% 0.12% -53.24% 23.69% 57.54% 9.65% -1.05% <-12 mths -3.21% <-IRR #YR-> 5 5 yr Running Average 20.55%
5 year Running Average $1.48 $1.63 $1.77 $1.95 $2.18 $2.25 $2.33 $2.44 $2.52 $2.28 $2.10 $2.07 $2.07 $2.06 <-12 mths 2.24% <-IRR #YR-> 10 Revenue per Share -15.07%
P/S (Price/Sales) Med 6.17 6.63 7.28 7.43 7.88 7.94 8.52 6.74 6.30 8.84 9.48 6.60 5.55 5.62 <-12 mths 0.01% <-IRR #YR-> 5 Revenue per Share 2385.18%
P/S (Price/Sales) Close 6.13 6.95 7.85 7.88 7.34 8.75 7.94 6.16 5.84 9.94 9.67 6.70 5.33 5.82 <-12 mths 1.56% <-IRR #YR-> 10 5 yr Running Average 155.21%
*Equity  and interest income in M CDN $  P/S Med 20 yr  7.65 15 yr  7.28 10 yr  7.65 5 yr  6.60 -23.94% Diff M/C -3.21% <-IRR #YR-> 5 5 yr Running Average
-$23.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $29.7
-$29.7 $0.0 $0.0 $0.0 $0.0 $29.7
-$19.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $23.5
-$27.7 $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 $2.61
-$2.61 $0.00 $0.00 $0.00 $0.00 $2.61
-$1.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.07
-$2.44 $0.00 $0.00 $0.00 $0.00 $2.07
$28.75 <-12 mths 6.25%
Revenue of KRL
4% of KRL Revenue
Royalty Income $19.23 $19.40 $19.50 $20.90 $23.25 $23.10 $24.29 $25.36 $25.39 $13.89 $17.17 $27.06 $29.67 16.99% <-Total Growth 5 Royalty Income
4% of Gross Sales $18.89 $19.38 $18.99 $20.83 $22.96 $23.08 $24.04 $25.29 $24.95 $13.76 $17.17 $27.06 $29.67 17.33% <-Total Growth 5 4% of Gross Sales
$733.9 <-12 mths -1.05%
Gross Sales KRL (Royalty Pool) $472.3 $484.6 $474.9 $520.7 $574.0 $577.0 $601.0 $632.2 $623.8 $344.1 $429.3 $676.4 $741.7 $733.9 <-12 mths 56.19% <-Total Growth 10 Revenue
4% of Gross Sales $18.89 $19.38 $18.99 $20.83 $22.96 $23.08 $24.04 $25.29 $24.95 $13.76 $17.17 $27.06 $29.67 $29.36 <-12 mths 56.19% <-Total Growth 10 Revenue
Increase 4.31% 2.60% -2.00% 9.65% 10.25% 0.51% 4.16% 5.19% -1.33% -44.84% 24.78% 57.54% 9.65% -1.05% <-12 mths 4.56% <-IRR #YR-> 10 Revenue 56.19%
5 year Running Average $17.8 $18.4 $18.7 $19.2 $20.2 $21.0 $22.0 $23.2 $24.1 $22.2 $21.0 $21.6 $22.5 $23.4 <-12 mths 3.25% <-IRR #YR-> 5 Revenue 17.33%
Revenue per Share $41.61 $42.68 $41.83 $45.86 $50.56 $50.82 $52.93 $55.68 $54.94 $30.31 $37.82 $59.58 $65.33 $64.64 <-12 mths 1.87% <-IRR #YR-> 10 5 yr Running Average 20.34%
Increase -2.59% 2.57% -2.00% 9.65% 10.25% 0.51% 4.16% 5.19% -1.33% -44.84% 24.78% 57.54% 9.65% -1.05% <-12 mths -0.62% <-IRR #YR-> 5 5 yr Running Average -3.08%
5 year Running Average $43.68 $43.71 $43.15 $42.94 $44.51 $46.35 $48.40 $51.17 $52.99 $48.93 $46.33 $47.66 $49.59 $51.53 <-12 mths 4.56% <-IRR #YR-> 10 Revenue per Share 56.19%
P/S (Price/Sales) Med 0.31 0.32 0.36 0.36 0.38 0.38 0.41 0.32 0.30 0.36 0.38 0.26 0.22 0.22 <-12 mths 3.25% <-IRR #YR-> 5 Revenue per Share 17.33%
P/S (Price/Sales) Close 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 0.23 <-12 mths 1.40% <-IRR #YR-> 10 5 yr Running Average 14.94%
*Gross Sales in M CDN $  P/S Med 10 yr  0.36 5 yr  0.30 -34.96% Diff M/C -0.62% <-IRR #YR-> 5 5 yr Running Average -3.08%
-$474.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $741.7
-$632.2 $0.0 $0.0 $0.0 $0.0 $741.7
-$18.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $22.5
-$23.2 $0.0 $0.0 $0.0 $0.0 $22.5
-$41.83 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $65.33
-$55.68 $0.00 $0.00 $0.00 $0.00 $65.33
-$43.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $49.59
-$51.17 $0.00 $0.00 $0.00 $0.00 $49.59
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 $12.9 $13.8 76.33% <-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 $4.3 $4.3 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 $9.4 $9.1 111.02% <-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 $26.6 $27.1 65.65% <-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% 89.60% 92.40% 94.89% <-Median-> 10 % of 4% of Sales
$13.9 <-12 mths 5.69%
Distributable Cash  $12.3 $12.8 $13.1 $13.1 $13.0 $8.5 $6.7 $12.3 $13.2 6.98% <-Total Growth 8 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 $12.9 5.99% <-Total Growth 8 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% 97.98% 98.89% <-Median-> 9 Payout Ratio Fin. Highlights
5 year Running Average 99.59% 96.99% 101.64% 102.90% 102.35% 101.64% <-Median-> 5 5 year Running Average
Distriutions using Div * No of Units $11.3 $12.9 $12.9 $13.2 $13.2 $7.3 $8.2 $12.9 $13.8 22.13% <-Total Growth 8 Dist. using Div * No of Units
Distributable Cash  $10.6 $11.2 $11.0 $11.4 $12.3 $12.8 $13.1 $13.1 $13.0 $8.5 $6.7 $12.3 $13.2 6.98% <-Total Growth 10 Distributable Cash  Fin. Highlights
Distributions paid $11.12 $10.9 $10.9 $10.9 $11.4 $13.0 $12.9 $13.2 $13.2 $7.3 $8.2 $12.9 $12.9 13.40% <-Total Growth 10 Distributions paid CF Statement
Payout Ratio 105.06% 97.59% 98.87% 95.43% 92.43% 101.86% 98.34% 100.75% 101.65% 85.90% 121.53% 104.68% 97.98% 99.55% <-Median-> 10 Payout Ratio
% of 4% of Sales 58.86% 56.23% 57.38% 52.33% 49.49% 56.53% 53.71% 52.32% 53.02% 53.11% 47.52% 47.63% 43.44% 52.32% <-Median-> 10 % of 4% of Sales
$0.63 <-12 mths -48.78%
Difference 8.00% 0.00% 0.00% 0.00% 0.00% 0.00% 23.33% 54.86% 24.00% 69.90% 0.00% 0.00% 44.59% 11.67% <-Median-> 10 Difference
EPS Basic KEG $1.00 $0.49 $0.45 $0.66 $0.99 $0.11 $1.50 $2.57 $1.50 $1.96 -$0.47 $0.47 $2.22 393.33% <-Total Growth 10 EPS Basic
EPS Diluted $0.92 $0.49 $0.45 $0.66 $0.99 $0.11 $1.15 $1.16 $1.14 $0.59 -$0.47 $0.47 $1.23 $0.63 <-12 mths 173.33% <-Total Growth 10 EPS Diluted
Increase -25.81% -46.74% -8.16% 46.67% 50.00% -88.89% 945.45% 0.87% -1.72% -48.25% -180.17% -199.37% 161.70% -48.78% <-12 mths 9 1 10 Years of Data, EPS P or N 90.00%
Earnings Yield 7.2% 3.4% 2.7% 3.8% 5.6% 0.5%            0.06            0.07            0.07            0.05           (0.03)            0.03            0.09            0.04 <-12 mths 1.10% <-IRR #YR-> 10 Earnings per Share 173.33%
5 year Running Average $1.16 $1.04 $0.88 $0.75 $0.70 $0.54            0.67            0.81            0.91            0.83            0.71            0.58            0.59            0.49 <-12 mths 1.18% <-IRR #YR-> 5 Earnings per Share 6.03%
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            0.70            0.70 <-12 mths -3.85% <-IRR #YR-> 10 5 yr Running Average -32.49%
* ESP per share  E/P 10 Yrs 5.21% 5Yrs 4.85% -6.19% <-IRR #YR-> 5 5 yr Running Average -27.35%
-$0.45 -$0.66 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.23
-$1.16 $0.00 $0.00 $0.00 $0.00 $1.23
-$0.88 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.59
-$0.81 $0.00 $0.00 $0.00 $0.00 $0.59
Dividend* $1.135 Estimates Dividend*
Increase -0.02% Estimates Increase
Payout Ratio EPS 180.16% Estimates Payout Ratio EPS
Special Dividend KEG $0.00 $0.00 $0.00 $0.00 $0.00 $0.07 $0.03 $0.03 $0.03 $0.00 $0.00 $0.00 $0.08 $0.00 $0.00 $0.02 <-Median-> 10 Special Dividends
Dividend* $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 $1.135 18.25% <-Total Growth 10 Dividends
Increase -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% 0.00% 12 3 21 Years of data, Count P, N 57.14%
Average Increases 5 Year Running -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% 11.59% 2.28% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $1.20 $1.15 $1.09 $1.03 $0.97 $1.00 $1.04 $1.08 $1.12 $1.05 $0.97 $0.97 $0.98 $0.97 $1.07 $1.15 -10.70% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 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% 7.81% 5.89% <-Median-> 10 Yield H/L Price Item
Yield on High  Price 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% 7.13% 5.20% <-Median-> 10 Yield on High  Price EPS
Yield on Low Price 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% 8.63% 6.97% <-Median-> 10 Yield on Low Price DCF
Yield on Close Price 7.77% 6.62% 5.84% 5.50% 5.59% 5.06% 5.54% 7.06% 7.43% 5.29% 4.91% 7.11% 8.15% 7.54% 7.54% 7.54% 5.56% <-Median-> 10 Yield on Close Price CFPS
Payout Ratio EPS 107.23% 195.92% 213.33% 145.45% 100.51% 1033.64% 98.89% 100.45% 102.21% 109.12% -151.97% 241.53% 98.80% 180.19% #VALUE! #DIV/0! 101.36% <-Median-> 10 DPR EPS FCF 
DPR EPS 5 Yr Running 103.78% 111.05% 124.71% 136.82% 138.50% 185.63% 154.44% 132.54% 123.07% 126.47% 135.41% 167.24% 164.97% 198.13% #VALUE! #DIV/0! 137.66% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 50.41% 70.71% 54.36% 51.89% 50.59% 57.97% 54.42% 54.09% 54.27% 41.91% 48.01% 48.41% 51.36% 46.34% #VALUE! #DIV/0! 51.63% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 85.98% 81.46% 72.08% 63.20% 54.64% 56.30% 53.86% 53.83% 54.26% 53.08% 51.25% 49.88% 49.32% 47.56% #VALUE! #DIV/0! 53.84% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 61.91% 59.46% 57.14% 53.20% 49.51% 56.82% 53.99% 53.03% 52.91% 55.57% 48.01% 49.00% 48.33% 46.34% #VALUE! #DIV/0! 52.97% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 90.85% 82.69% 73.95% 65.07% 55.87% 55.02% 54.05% 53.31% 53.25% 54.30% 52.72% 51.52% 50.35% 48.79% #VALUE! #DIV/0! 53.68% <-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 6.89% 7.11% 5 Yr Med Payout 102.21% 48.41% 49.00% 0.00% <-IRR #YR-> 5 Dividends 0.00%
* Dividends per share  10 Yr Med and Cur. 28.04% 35.60% 5 Yr Med and Cur. 9.53% 6.11% Last Div Inc ---> $0.035 $0.095 170.3% 1.69% <-IRR #YR-> 10 Dividends 18.25%
Dividends Growth 15 -0.76% <-IRR #YR-> 15 Dividends -10.75%
Dividends Growth 20 0.25% <-IRR #YR-> 20 Dividends 5.11%
Dividends Growth 25 3.60% <-IRR #YR-> 21 Dividends
Dividends Growth 5 -$1.14 $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
Dividends Growth 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 $1.14 Dividends Growth 25
Historical Dividends Historical High Div 16.44% Low Div 4.41% 10 Yr High 10.99% 10 Yr Low 4.08% Med Div 7.08% Close Div 7.27% 6.29% 19.92% Historical Dividends
High/Ave/Median Values Curr diff Exp. -54.12%     71.04% Exp. -31.37% 84.87% Cheap 6.54% Cheap 3.74% Since 2011 Cheap High/Ave/Median 
Adjusted Historical Dividends Historical High Div 10.35% Low Div 5.75% 10 Yr High 6.86% 10 Yr Low 96.58% Med Div 6.29% Close Div 5.84% Since 2011 Adjusted Historical Dividends
High/Ave/Median Values Curr diff Exp. -27.12%     31.18% Cheap 9.95% -92.19% Cheap 19.92% Cheap 29.17% High/Ave/Median 
Future Dividend Yield Div Yield 7.54% earning in 5 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Yield
Future Dividend Yield Div Yield 7.54% earning in 10 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Yield
Future Dividend Yield Div Yield 7.54% earning in 15 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Yield
Future Dividend Paid Div Paid $1.14 earning in 5 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Paid
Future Dividend Paid Div Paid $1.14 earning in 10 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Paid
Future Dividend Paid Div Paid $1.14 earning in 15 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Paid
Dividend Covering Cost Total Div $5.68 over 5 Years at IRR of 0.00% Div Cov. 37.71% Dividend Covering Cost
Dividend Covering Cost Total Div $10.22 over 10 Years at IRR of 0.00% Div Cov. 67.89% Dividend Covering Cost
Dividend Covering Cost Total Div $14.76 over 15 Years at IRR of 0.00% Div Cov. 98.06% Dividend Covering Cost
Yield if held 5 years 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% 7.92% 7.17% <-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% 5.93% 8.20% <-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% 8.88% 9.68% <-Median-> 7 Paid Median Price
Yield if held 20 years 11.86% 12.59% 9.68% 9.07% 8.82% 12.22% <-Median-> 2 Paid Median Price
Cost covered if held 5 years 46.69% 43.42% 58.14% 58.96% 42.15% 39.20% 37.53% 35.36% 34.00% 27.47% 25.24% 22.51% 27.70% 29.41% 49.37% 40.14% 34.68% <-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% 67.34% 63.44% 55.42% 55.31% 86.64% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 172.65% 184.32% 142.45% 129.86% 123.16% 118.74% 167.48% 178.71% 133.94% 122.00% 142.45% <-Median-> 7 Paid Median Price
Cost covered if held 20 years 223.08% 238.43% 183.79% 172.51% 167.89% 230.75% <-Median-> 2 Paid Median Price
Tot. Growth
Revenue Growth  $632.16 $623.75 $344.08 $429.34 $676.40 $741.70 $733.9 <-12 mths -1.05% 17.33% <-Total Growth 5 Revenue Growth  17.33%
EPS Growth $1.16 $1.14 $0.59 -$0.47 $0.47 $1.23 $0.63 <-12 mths -48.78% 6.03% <-Total Growth 5 EPS Growth 6.03%
Net Income Growth $29.22 $17.00 $22.26 -$5.37 $5.30 $25.16 $4.6 <-12 mths -81.85% -13.90% <-Total Growth 5 Net Income Growth -13.90%
Cash Flow Growth $24.46 $24.38 $17.44 $17.00 $26.62 $26.86 $27.8 <-12 mths 3.53% 9.84% <-Total Growth 5 Cash Flow Growth 9.84%
Dividend Growth $1.14 $1.14 $0.64 $0.72 $1.14 $1.14 $1.14 <-12 mths 0.00% 0.00% <-Total Growth 5 Dividend Growth 0.00%
Stock Price Growth $16.09 $15.27 $12.16 $14.63 $15.97 $13.93 $15.05 <-12 mths 8.04% -13.42% <-Total Growth 5 Stock Price Growth -13.42%
Revenue Growth  $474.86 $520.70 $574.05 $576.95 $600.97 $632.16 $623.75 $344.08 $429.34 $676.40 $741.70 $733.9 <-this year -1.05% 56.19% <-Total Growth 10 Revenue Growth  56.19%
EPS Growth $0.45 $0.66 $0.99 $0.11 $1.15 $1.16 $1.14 $0.59 -$0.47 $0.47 $1.23 $0.63 <-this year -48.78% 173.33% <-Total Growth 10 EPS Growth 173.33%
Net Income Growth $5.06 $7.52 $11.24 $1.27 $17.06 $29.22 $17.00 $22.26 -$5.37 $5.30 $25.16 $4.6 <-this year -81.85% 397.17% <-Total Growth 10 Net Income Growth 397.17%
Cash Flow Growth $20.05 $21.00 $22.33 $22.27 $23.73 $24.46 $24.38 $17.44 $17.00 $26.62 $26.86 $27.8 <-this year 3.53% 33.97% <-Total Growth 10 Cash Flow Growth 33.97%
Dividend Growth $0.96 $0.96 $1.00 $1.07 $1.11 $1.14 $1.14 $0.64 $0.72 $1.14 $1.14 $1.14 <-this year -0.02% 15.43% <-Total Growth 10 Dividend Growth 15.43%
Stock Price Growth $16.44 $17.47 $17.81 $21.10 $19.99 $16.09 $15.27 $12.16 $14.63 $15.97 $13.93 $15.05 <-this year 8.04% -15.27% <-Total Growth 10 Stock Price Growth -15.27%
Dividends on Shares $58.56 $60.70 $69.36 $69.37 $71.08 $71.08 $39.27 $43.85 $69.25 $74.13 $69.25 $69.25 $69.25 $626.63 No of Years 10 Total Dividends 12/31/13
Paid  $1,002.84 $1,065.67 $1,086.41 $1,287.10 $1,219.39 $981.49 $931.47 $741.76 $892.43 $974.17 $849.73 $918.05 $918.05 $918.05 $849.73 No of Years 10 Worth $16.44
Total $1,476.36
Graham No. last 3 EPS $15.40 $13.17 $10.70 $9.74 $11.10 $9.49 $11.01 $12.49 $15.22 $14.95 $9.25 $6.08 $9.31 $12.51 $12.51 #VALUE! -13.03% <-Total Growth 10 Graham Price last 3 EPS
Price/GP Ratio Med 0.83 1.05 1.43 1.69 1.72 2.02 1.95 1.41 1.08 0.72 1.55 2.59 1.56 1.16 1.62 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.92 1.14 1.55 1.79 1.94 2.31 2.10 1.60 1.16 1.06 1.80 2.78 1.77 1.27 1.79 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.74 0.96 1.30 1.60 1.50 1.73 1.79 1.22 1.00 0.38 1.30 2.40 1.34 1.05 1.42 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.82 1.10 1.54 1.79 1.60 2.22 1.82 1.29 1.00 0.81 1.58 2.62 1.50 1.20 1.20 #VALUE! 1.59 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -17.53% 10.13% 53.64% 79.31% 60.47% 122.39% 81.58% 28.86% 0.33% -18.67% 58.15% 162.47% 49.70% 20.35% 20.35% #VALUE! 59.31% <-Median-> 10 Graham Price
Graham No. (Normal Calculation) $13.79 $9.81 $9.12 $10.84 $13.20 $4.11 $13.63 $14.97 $15.15 $11.70 $10.98 $9.43 $16.14 $11.26 #VALUE! $0.00 77.02% <-Total Growth 10 Graham Price
Price/GP Ratio Med 0.93 1.41 1.67 1.52 1.45 4.66 1.57 1.18 1.09 0.92 1.31 1.67 0.90 1.29 1.38 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.03 1.53 1.82 1.61 1.63 5.33 1.70 1.34 1.17 1.36 1.52 1.79 1.02 1.41 1.56 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.82 1.29 1.53 1.43 1.26 3.99 1.45 1.02 1.01 0.49 1.09 1.55 0.77 1.17 1.18 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.92 1.48 1.80 1.61 1.35 5.14 1.47 1.07 1.01 1.04 1.33 1.69 0.86 1.34 #VALUE! #DIV/0! 1.34 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -7.93% 47.87% 80.34% 61.19% 34.93% 413.59% 46.64% 7.46% 0.77% 3.92% 33.28% 69.35% -13.68% 33.63% #VALUE! #DIV/0! 34.10% <-Median-> 10 Graham Price
Price Close $12.70 $14.50 $16.44 $17.47 $17.81 $21.10 $19.99 $16.09 $15.27 $12.16 $14.63 $15.97 $13.93 $15.05 $15.05 $15.05 -15.27% <-Total Growth 10 Stock Price
Increase -2.46% 14.17% 13.38% 6.27% 1.95% 18.47% -5.26% -19.51% -5.10% -20.37% 20.31% 9.16% -12.77% 8.04% 0.00% 0.00% 19.35 <-Median-> 10 CAPE (10 Yr P/E)
P/E 13.80 29.59 36.53 26.47 17.99 191.82 17.38 13.87 13.39 20.61 -30.93 33.98 11.33 23.89 #VALUE! #DIV/0! -2.84% <-IRR #YR-> 5 Stock Price -13.42%
Trailing P/E 10.24 15.76 33.55 38.82 26.98 21.31 181.73 13.99 13.16 10.67 24.80 -33.76 29.64 12.24 23.89 #VALUE! -1.64% <-IRR #YR-> 10 Stock Price -15.27%
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 23.40 23.15 #VALUE! #DIV/0! 3.54% <-IRR #YR-> 5 Price & Dividend 16.89%
Median 10, 5 Yrs D.  per yr 6.69% 6.38% % Tot Ret 132.59% 180.33% T P/E 23.05 13.16 P/E:  17.69 13.39 5.04% <-IRR #YR-> 10 Price & Dividend 47.22%
Price 15 D.  per yr 13.09% % Tot Ret 72.14% CAPE Diff 23.47% 5.05% <-IRR #YR-> 15 Stock Price 109.47%
Price  20 D.  per yr 10.11% % Tot Ret 85.07% 1.77% <-IRR #YR-> 20 Stock Price 42.14%
Price  25 D.  per yr 9.37% % Tot Ret 86.06% 1.52% <-IRR #YR-> 22 Stock Price
Price & Dividend 15 18.14% <-IRR #YR-> 15 Price & Dividend 349.70%
Price & Dividend 20 11.88% <-IRR #YR-> 20 Price & Dividend 2.614765306
Price & Dividend 25 10.89% <-IRR #YR-> 22 Price & Dividend
Price  5 -$16.09 $0.00 $0.00 $0.00 $0.00 $13.93 Price  5
Price 10 -$16.44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.93 Price 10
Price & Dividend 5 -$16.09 $1.17 $0.64 $0.72 $1.14 $15.15 Price & Dividend 5
Price & Dividend 10 -$16.44 $0.96 $1.00 $1.14 $1.14 $1.17 $1.17 $0.64 $0.72 $1.14 $15.15 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 $13.93 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 $13.93 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 $13.93 Price  25
Price & Dividend 15 $0.99 $0.96 $0.96 $0.96 $1.00 $1.14 $1.14 $1.17 $1.17 $0.64 $0.72 $1.14 $15.15 Price & Dividend 15
Price & Dividend 20 $0.99 $0.96 $0.96 $0.96 $1.00 $1.14 $1.14 $1.17 $1.17 $0.64 $0.72 $1.14 $15.15 Price & Dividend 20
Price & Dividend 25 $0.99 $0.96 $0.96 $0.96 $1.00 $1.14 $1.14 $1.17 $1.17 $0.64 $0.72 $1.14 $15.15 Price & Dividend 25
Price H/L Median $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 $14.54 -4.95% <-Total Growth 10 Stock Price
Increase 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% 0.28% -0.51% <-IRR #YR-> 10 Stock Price -4.95%
P/E 13.90 28.21 33.90 24.95 19.30 174.00 18.65 15.18 14.46 18.33 -30.32 33.49 11.79 23.08 -3.81% <-IRR #YR-> 5 Stock Price -17.66%
Trailing P/E 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 11.82 6.38% <-IRR #YR-> 10 Price & Dividend 68.68%
P/E on Run. 5 yr Ave 11.04 13.29 17.41 21.90 27.22 35.44 31.92 21.63 18.12 13.03 20.10 27.26 24.52 29.71 2.14% <-IRR #YR-> 5 Price & Dividend 16.66%
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 20.63 20.78 13.11 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 6.89% 5.95% % Tot Ret 107.94% 278% T P/E 21.82 14.21 P/E:  18.49 14.46 Count 22 Years of data
-$15.26 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.50
-$17.61 $0.00 $0.00 $0.00 $0.00 $14.50
-$15.26 $0.99 $1.03 $1.10 $1.11 $1.14 $1.14 $0.72 $0.72 $1.14 $15.72
-$17.61 $1.17 $0.64 $0.72 $1.14 $15.72
High Months Jan May Dec Nov May Nov Jun Jan Apr Feb  Nov Apr Feb Oct
Price High $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 $15.93 -0.30% <-Total Growth 10 Stock Price
Increase 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% -3.45% -0.03% <-IRR #YR-> 10 Stock Price -0.30%
P/E 15.42 30.61 36.78 26.36 21.74 198.91 20.13 17.23 15.53 26.92 -35.22 35.96 13.41 25.29 -3.76% <-IRR #YR-> 5 Stock Price -17.46%
Trailing P/E 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 12.95 14.42 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 25.17 15.26 P/E:  20.93 15.53 28.39 P/E Ratio Historical High
-$16.55 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.50
-$19.99 $0.00 $0.00 $0.00 $0.00 $16.50
Low Months Oct Jan Jun Apr Aug Jan Dec Dec Dec Mar Jan Jan Oct Jun
Price Low $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 $13.15 -10.46% <-Total Growth 10 Stock Price
Increase 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% 5.20% -1.10% <-IRR #YR-> 10 Stock Price -10.46%
P/E 12.37 25.82 31.02 23.55 16.86 149.09 17.17 13.13 13.39 9.75 -25.41 31.02 10.16 20.87 -3.87% <-IRR #YR-> 5 Stock Price -17.93%
Trailing P/E 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 10.69 10.98 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 18.47 13.16 P/E:  15.13 10.16 8.10 P/E Ratio Historical Low
-$13.96 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.50
$34 <-12 mths 25.27%
Free Cash Flow MS $22 $16 $20.00 $20.55 $22.23 $21.82 $23.43 $24.01 $23.73 $15.21 $17.92 $26.56 $26.75 $34 <-12 mths 33.75% <-Total Growth 10 Free Cash Flow
Change 0.00% -27.27% 25.00% 2.75% 8.18% -1.84% 7.38% 2.48% -1.17% -35.90% 17.82% 48.21% 0.72% 25.27% <-12 mths 2.18% <-IRR #YR-> 5 Free Cash Flow MS 11.41%
FCF/CF from Op Ratio 0.99 1.04 1.00 0.98 1.00 0.98 0.99 0.98 0.97 0.87 1.05 1.00 1.00 1.20 <-12 mths 2.95% <-IRR #YR-> 10 Free Cash Flow MS 33.75%
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 $26.58 $26.58 <-12 mths 40.03% <-Total Growth 10 Dividends paid
Percentage paid 92.97% 103.71% 97.07% 99.30% 102.27% 105.51% 97.71% 96.94% 99.38% 79.33% <-12 mths $0.99 <-Median-> 9 Percentage paid
5 Year Coverage 99.07% 101.23% 100.11% 99.99% 99.99% 93.77% <-12 mths 5 Year Coverage
Dividend Coverage Ratio 1.08 0.96 1.03 1.01 0.98 0.95 1.02 1.03 1.01 1.26 <-12 mths 1.01 <-Median-> 9 Dividend Coverage Ratio
5 Year of Coverage 1.01 0.99 1.00 1.00 1.00 1.07 <-12 mths 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 $258.43 $257.15
% of Assets  99.72% 99.63% 97.16% 98.77% 99.11% 98.70% 98.93% 99.12% 99.12% 99.12% 99.12% 99.12% 95.29% 99.11% <-Median-> 10 % of Assets 
Market Cap $144.1 $164.6 $186.7 $198.3 $202.2 $239.6 $227.0 $182.7 $173.4 $138.1 $166.1 $181.3 $158.2 $170.9 $170.9 $170.9 -15.27% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 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 16.804 17.41% <-Total Growth 10 Diluted re exchgeble
Change 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% 0.00% 1.25% <-Median-> 10 Change
Difference Diluted/Basic -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% -32.43% -26.75% <-Median-> 10 Difference Diluted/Basic
Exchange Partnership Units 53.250 5.450 5.450 5.450
32.43% 32.43% 32.43%
Basic # of Shares in Millions 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 11.354 -20.67% <-Total Growth 10 Average
Change 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% 0.00% <-Median-> 10 Change
Difference 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% 0.00% <-Median-> 10 Difference
$27.8 <-12 mths 3.53%
# of Share in Millions 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 11.354 0.00% <-IRR #YR-> 10 Shares 0.00%
Change 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% 0.00% <-IRR #YR-> 5 Shares 0.00%
CF fr Op $M KEG $22.2 $15.4 $20.1 $21.0 $22.3 $22.3 $23.7 $24.5 $24.4 $17.4 $17.0 $26.6 $26.9 $27.8 <-12 mths 33.97% <-Total Growth 10 Cash Flow
Increase 73.27% -30.59% 30.07% 4.75% 6.31% -0.27% 6.55% 3.07% -0.32% -28.46% -2.52% 56.61% 0.90% 3.53% <-12 mths KRL sold Units (Inc) S. Issue
5 year Running Average $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 $23.1 <-12 mths 35.31% <-Total Growth 10 CF 5 Yr Running
CFPS $1.96 $1.36 $1.77 $1.85 $1.97 $1.96 $2.09 $2.15 $2.15 $1.54 $1.50 $2.35 $2.37 $2.45 <-12 mths 33.97% <-Total Growth 10 Cash Flow per Share
Increase 61.82% -30.62% 30.07% 4.75% 6.31% -0.27% 6.55% 3.07% -0.32% -28.46% -2.52% 56.61% 0.90% 3.53% <-12 mths 2.97% <-IRR #YR-> 10 Cash Flow 33.97%
5 year Running Average $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 $2.04 <-12 mths 1.90% <-IRR #YR-> 5 Cash Flow 9.84%
P/CF on Med Price 6.53 10.18 8.64 8.90 9.71 9.76 10.26 8.18 7.68 7.04 9.58 6.71 6.13 5.94 <-12 mths 2.97% <-IRR #YR-> 10 Cash Flow per Share 33.97%
P/CF on Closing Price 6.49 10.68 9.31 9.44 9.06 10.76 9.57 7.47 7.11 7.92 9.77 6.81 5.89 6.14 <-12 mths 1.90% <-IRR #YR-> 5 Cash Flow per Share 9.84%
-37.12% Diff M/C 2.70% <-IRR #YR-> 10 CFPS 5 yr Running 30.52%
Excl.Working Capital CF -$4.12 $2.92 -$0.98 -$0.52 $0.49 $0.45 $0.19 $0.49 $0.63 -$4.29 $0.00 -$0.32 $1.68 $0.00 <-12 mths -0.26% <-IRR #YR-> 5 CFPS 5 yr Running -1.30%
CF fr Op $M WC $18.1 $18.3 $19.1 $20.5 $22.8 $22.7 $23.9 $24.9 $25.0 $13.2 $17.0 $26.3 $28.5 $27.8 <-12 mths 49.66% <-Total Growth 10 Cash Flow less WC
Increase 40.60% 1.35% 4.05% 7.41% 11.36% -0.43% 5.27% 4.32% 0.22% -47.39% 29.24% 54.71% 8.54% -2.57% <-12 mths 4.11% <-IRR #YR-> 10 Cash Flow less WC 49.66%
5 year Running Average $13.6 $14.8 $16.2 $17.8 $19.8 $20.7 $21.8 $23.0 $23.9 $21.9 $20.8 $21.3 $22.0 $22.6 <-12 mths 2.73% <-IRR #YR-> 5 Cash Flow less WC 14.42%
CFPS Excl. WC $1.59 $1.61 $1.68 $1.80 $2.01 $2.00 $2.11 $2.20 $2.20 $1.16 $1.50 $2.32 $2.51 $2.45 <-12 mths 3.13% <-IRR #YR-> 10 CF less WC 5 Yr Run 36.11%
Increase 31.31% 1.32% 4.05% 7.41% 11.36% -0.43% 5.27% 4.32% 0.22% -47.39% 29.24% 54.71% 8.54% -2.57% <-12 mths -0.86% <-IRR #YR-> 5 CF less WC 5 Yr Run -4.25%
5 year Running Average $1.32 $1.40 $1.48 $1.58 $1.74 $1.82 $1.92 $2.02 $2.10 $1.93 $1.83 $1.87 $1.94 $1.99 <-12 mths 4.11% <-IRR #YR-> 10 CFPS - Less WC 49.66%
P/CF on Med Price 8.02 8.56 9.08 9.13 9.51 9.57 10.18 8.01 7.49 9.33 9.58 6.79 5.77 5.94 <-12 mths 2.73% <-IRR #YR-> 5 CFPS - Less WC 14.42%
P/CF on Closing Price 7.97 8.98 9.79 9.68 8.86 10.55 9.49 7.32 6.93 10.50 9.77 6.89 5.54 6.14 <-12 mths 2.75% <-IRR #YR-> 10 CFPS 5 yr Running 31.17%
*Operational Cash Flow per share CF/CF-WC P/CF Med 10 yr 8.54 5 yr  7.04 P/CF Med 10 yr 9.23 5 yr  7.49 -33.44% Diff M/C -0.86% <-IRR #YR-> 5 CFPS 5 yr Running -4.25%
-$1.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.37 Cash Flow per Share
-$2.15 $0.00 $0.00 $0.00 $0.00 $2.37 Cash Flow per Share
-$1.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $2.0 CFPS 5 yr Running
-$2.0 $0.0 $0.0 $0.0 $0.0 $2.0 CFPS 5 yr Running
-$19.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $28.5 Cash Flow less WC
-$24.9 $0.0 $0.0 $0.0 $0.0 $28.5 Cash Flow less WC
-$16.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $22.0 CF less WC 5 Yr Run
-$23.0 $0.0 $0.0 $0.0 $0.0 $22.0 CF less WC 5 Yr Run
-$1.68 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.51 CFPS - Less WC
-$2.20 $0.00 $0.00 $0.00 $0.00 $2.51 CFPS - Less WC
-$1.48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.94 CFPS 5 yr Running
-$2.02 $0.00 $0.00 $0.00 $0.00 $1.94 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 -$0.557 -$0.972
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 94.47% 65.09% 84.34% 83.42% 81.10% 81.33% 83.03% 82.46% 82.09% 125.60% 98.99% 98.40% 90.55% 94.74% 7.36% <-Total Growth 10 OPM
Increase -0.54% -31.10% 29.57% -1.09% -2.78% 0.28% 2.08% -0.68% -0.44% 52.99% -21.19% -0.59% -7.99% 4.63% Should increase  or be stable.
Diff from Median 14.2% -21.3% 1.9% 0.8% -2.0% -1.7% 0.3% -0.3% -0.8% 51.8% 19.6% 18.9% 9.4% 14.5% 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 $146.87 $153.53 Debt Type
Change 3.41% 8.75% -0.31% -4.90% 1.18% -6.01% 12.04% 8.51% -7.05% 4.54% 1.18% <-Median-> 9 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 0.93 0.90 0.77 <-Median-> 10 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 56.16 1.84 79.85 <-Median-> 10 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 0.02 0.54 0.01 <-Median-> 10 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 5.47 5.52 6.00 <-Median-> 10 Debt to Cash Flow (Years) Debt Ratio
Leverage
Intangibles $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 $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 $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 $196.96 Total
Change 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% 0.00% 2.46% <-Median-> 10 Change
Intangible/Assets Ratio 0.71 0.72 0.72 0.70 0.72 0.73 0.73 0.74 0.75 0.76 0.77 0.76 0.75 0.76 0.74 <-Median-> 10 Intangible/Assets Ratio
Intangible/Market Cap Ratio 1.08 0.95 0.84 0.79 0.81 0.69 0.74 0.97 1.05 1.38 1.17 1.09 1.25 1.15 1.01 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets KEG $6.82 $3.31 $3.36 $4.37 $5.91 $5.10 $5.73 $5.90 $5.43 $4.37 $5.37 $6.85 $7.03 $5.36 $5.36 Liquidity ratio of 1.5 and up, best
Current Liabilities $5.87 $2.18 $2.16 $2.50 $3.60 $2.65 $3.00 $3.19 $2.66 $1.62 $3.07 $4.67 $4.65 $141.12 $1.54 1.80 <-Median-> 10 Ratio
Liquidity 1.16 1.52 1.55 1.75 1.64 1.92 1.91 1.85 2.04 2.70 1.75 1.47 1.51 0.04 3.47 1.75 <-Median-> 5 Ratio
Liq. with CF aft div 3.04 3.59 5.79 5.79 4.71 5.46 5.52 5.36 6.23 8.97 4.62 4.41 4.32 0.14 0.14 4.62 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  3.04 3.59 5.79 5.79 4.71 5.46 5.52 5.36 6.23 8.97 4.62 4.41 4.32 0.14 0.14 4.62 <-Median-> 5 Ratio
Assets KEG $219.89 $216.80 $216.85 $222.51 $227.11 $226.47 $230.67 $239.84 $245.04 $251.26 $254.34 $260.80 $260.99 $259.32 Debt Ratio of 1.5 and up, best
Liabilities $115.56 $117.78 $123.67 $132.70 $138.32 $149.04 $149.13 $142.31 $143.40 $134.16 $151.28 $165.33 $154.15 $157.71 1.68 <-Median-> 10 Ratio
Debt Ratio 1.90 1.84 1.75 1.68 1.64 1.52 1.55 1.69 1.71 1.87 1.68 1.58 1.69 1.64 1.69 <-Median-> 5 Ratio
Check 138.32 149.04
Book Value KEG $104.34 $99.02 $93.183 $89.807 $88.798 $77.426 $81.540 $97.528 $101.639 $117.092 $103.058 $95.473 $106.833 $101.602 $101.602 $101.602 14.65% <-Total Growth 10 Book Value
Book Value per Share $9.19 $8.72 $8.21 $7.91 $7.82 $6.82 $7.18 $8.59 $8.95 $10.31 $9.08 $8.41 $9.41 $8.95 $8.95 $8.95 14.65% <-Total Growth 10 Book Value per Share
Change -11.30% -5.12% -5.90% -3.62% -1.12% -12.81% 5.31% 19.61% 4.22% 15.20% -11.99% -7.36% 11.90% -4.90% 0.00% 0.00% -14.24% P/B Ratio Current/10 Year Median
P/B Ratio (Median) 1.39 1.59 1.86 2.08 2.44 2.81 2.99 2.05 1.84 1.05 1.58 1.87 1.54 1.62 0.00 0.00 1.51 P/B Ratio Historical Median
P/B Ratio (Close) 1.38 1.66 2.00 2.21 2.28 3.09 2.78 1.87 1.71 1.18 1.61 1.90 1.48 1.68 1.68 1.68 1.38% <-IRR #YR-> 10 Book Value per Share 14.65%
Change 9.96% 20.34% 20.48% 10.26% 3.10% 35.87% -10.04% -32.70% -8.93% -30.88% 36.70% 17.83% -22.05% 13.60% 0.00% 0.00% 1.84% <-IRR #YR-> 5 Book Value per Share 9.54%
Leverage (A/BK) 2.11 2.19 2.33 2.48 2.56 2.92 2.83 2.46 2.41 2.15 2.47 2.73 2.44 2.55 2.47 <-Median-> 10 A/BV
Debt/Equity Ratio 1.11 1.19 1.33 1.48 1.56 1.92 1.83 1.46 1.41 1.15 1.47 1.73 1.44 1.55 1.47 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.96 5 yr Med 1.58 -14.24% 2.26 Historical Leverage (A/BK)
-$8.21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9.41
-$8.59 $0.00 $0.00 $0.00 $0.00 $9.41
$4.57 <-12 mths -81.85%
Comprehensive Income $11.32 $5.59 $5.06 $7.52 $11.24 $1.27 $17.06 $29.22 $17.00 $22.26 -$5.37 $5.30 $25.16 397.17% <-Total Growth 10 Comprehensive Income
Increase -11.91% -50.63% -9.42% 48.68% 49.36% -88.71% 1245.19% 71.29% -41.82% 30.93% -124.11% 198.83% 374.39% 30.93% <-Median-> 5 Comprehensive Income
5 Yr Running Average $12 $11 $9 $8 $8 $6 $8 $13 $15 $17 $16 $14 $13 17.40% <-IRR #YR-> 10 Comprehensive Income 397.17%
ROE KEG 10.8% 5.6% 5.4% 8.4% 12.7% 1.6% 20.9% 30.0% 16.7% 19.0% -5.2% 5.6% 23.5% -2.95% <-IRR #YR-> 5 Comprehensive Income -13.90%
5Yr Median 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% 3.15% <-IRR #YR-> 10 5 Yr Running Average 36.32%
% 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% -0.60% <-IRR #YR-> 5 5 Yr Running Average -2.94%
Median Values Diff 5, 10 yr 0.0% 0.0% 16.7% <-Median-> 5 Return on Equity
-$5.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $25.2
-$29.2 $0.0 $0.0 $0.0 $0.0 $25.2
-$9.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $12.9
-$13.3 $0.0 $0.0 $0.0 $0.0 $12.9
Current Liability Coverage Ratio 3.08 8.40 8.83 8.20 6.34 8.58 7.97 7.81 9.39 8.13 5.53 5.64 6.14 0.20   CFO / Current Liabilities
5 year Median 11.17 10.85 8.83 8.40 8.20 8.40 8.20 7.97 7.97 8.13 7.97 7.81 6.14 5.64 6.14 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 8.22% 8.46% 8.80% 9.21% 10.05% 10.03% 10.37% 10.40% 10.20% 5.24% 6.68% 10.08% 10.94% 10.73% CFO / Total Assets
5 year Median 10.39% 10.14% 8.80% 8.80% 8.80% 9.21% 10.03% 10.05% 10.20% 10.20% 10.20% 10.08% 10.08% 10.08% 10.1% <-Median-> 5 Return on Assets 
Return on Assets ROA 5.15% 2.58% 2.33% 3.38% 4.95% 0.56% 7.39% 12.18% 6.94% 8.86% -2.11% 2.03% 9.64% 1.76% Net  Income/Assets Return on Assets
5Yr Median 10.12% 10.12% 5.15% 3.38% 3.38% 2.58% 3.38% 4.95% 6.94% 7.39% 7.39% 6.94% 6.94% 2.03% 6.9% <-Median-> 5 Asset Efficiency Ratio
Return on Equity ROE 10.84% 5.64% 5.43% 8.38% 12.65% 1.64% 20.92% 29.96% 16.72% 19.01% -5.21% 5.55% 23.55% 4.49% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 11.69% 11.69% 10.84% 8.38% 8.38% 5.64% 8.38% 12.65% 16.72% 19.01% 19.01% 16.72% 16.72% 5.55% 16.7% <-Median-> 5 Return on Equity
$4.57 <-12 mths -81.85%
Net Income KEG $11.32 $5.59 $5.06 $7.52 $11.24 $1.27 $17.06 $29.22 $17.00 $22.26 -$5.37 $5.30 $25.16 $4.57 <-12 mths 397.17% <-Total Growth 10 Net Income
Increase -11.91% -50.63% -9.42% 48.68% 49.36% -88.71% 1245.19% 71.29% -41.82% 30.93% -124.11% 198.83% 374.39% -81.85% <-12 mths EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $11.9 $10.9 $9.4 $8.5 $8.1 $6.1 $8.4 $13.3 $15.2 $17.4 $16.0 $13.7 $12.9 $10.4 <-12 mths 17.40% <-IRR #YR-> 10 Net Income 397.17%
Operating Cash Flow $22.21 $15.42 $20.05 $21.00 $22.33 $22.27 $23.73 $24.46 $24.38 $17.44 $17.00 $26.62 $26.86 -2.95% <-IRR #YR-> 5 Net Income -13.90%
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 3.15% <-IRR #YR-> 10 5 Yr Running Ave. 36.32%
Total Accruals -$10.90 -$9.83 -$14.99 -$13.48 -$11.09 -$21.00 -$6.67 $4.76 -$7.38 $4.82 -$22.37 -$21.32 -$1.71 -0.60% <-IRR #YR-> 5 5 Yr Running Ave. -2.94%
Total Assets $219.89 $216.80 $216.85 $222.51 $227.11 $226.47 $230.67 $239.84 $245.04 $251.26 $254.34 $260.80 $260.99 Balance Sheet Assets
Accruals Ratio -4.95% -4.53% -6.91% -6.06% -4.88% -9.27% -2.89% 1.99% -3.01% 1.92% -8.79% -8.18% -0.65% -3.01% <-Median-> 5 Ratio
EPS/CF Ratio 0.58 0.30 0.27 0.37 0.49 0.05 0.55 0.53 0.52 0.51 -0.32 0.20 0.49 0.49 <-Median-> 10 EPS/CF Ratio
-$5.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $25.2
-$29.2 $0.0 $0.0 $0.0 $0.0 $25.2
-$9.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $12.9
-$13.3 $0.0 $0.0 $0.0 $0.0 $12.9
Change in Close -2.46% 14.17% 13.38% 6.27% 1.95% 18.47% -5.26% -19.51% -5.10% -20.37% 20.31% 9.16% -12.77% 8.04% 0.00% 0.00% Count 23 Years of data
up/down up up up up up Count 6 26.09%
Meet Prediction? yes Yes % right Count 3 50.00%
Financial Cash Flow -$19.11 -$19.00 -$19.68 -$20.15 -$21.21 -$23.05 $23.23 -$24.38 -$24.88 -$16.49 -$17.35 -$25.71 -$27.63 C F Statement  Financial Cash Flow
Total Accruals $8.22 $9.17 $4.69 $6.67 $10.12 $2.05 -$29.90 $29.14 $17.50 $21.31 -$5.02 $4.39 $25.92 Accruals
Accruals Ratio 3.74% 4.23% 2.16% 3.00% 4.45% 0.90% -12.96% 12.15% 7.14% 8.48% -1.97% 1.68% 9.93% Ratio
Cash KEG $4.01 $0.43 $0.80 $1.65 $2.77 $1.99 $2.49 $2.57 $2.64 $7.27 $2.37 $4.98 $2.52 $2.08 Cash
Cash per Share $0.35 $0.04 $0.07 $0.15 $0.24 $0.18 $0.22 $0.23 $0.23 $0.64 $0.21 $0.44 $0.22 $0.18 $0.23 <-Median-> 5 Cash per Share
Percentage of Stock Price 2.78% 0.26% 0.43% 0.83% 1.37% 0.83% 1.10% 1.41% 1.52% 5.27% 1.43% 2.75% 1.60% 1.22% 1.60% <-Median-> 5 % of Stock Price
Keg Restaurants  Ltd. 9/30/11 9/30/12 9/30/13 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18
Revenue per Share #DIV/0! #NUM! <-IRR #YR-> -1 Revenue
Increase #DIV/0! #NUM! <-IRR #YR-> -1 Rev Per share
5 year Running Average #DIV/0! #NUM! <-IRR #YR-> -1 Rev Per share
*Equity  and interest income in M CDN $  #REF! Diff Med/Curr
$0.0
$0.0
$0.00
$0.00
$0.00
$0.00
EPS KRL* $0.00 #DIV/0! <-Total Growth -1 Earnings
* ESP per share  5Yrs
$0.00
$0.00
Payout Ratio KRL #DIV/0! #NUM! <-Median-> 0 DPR EPS
Payout Ratio CF #DIV/0! #NUM! <-Median-> 0 DPR CF
Payout Ratio CF NC #DIV/0! #NUM! <-Median-> 0 DPR CF NC
$0.00
$0.00
$0.00
$0.00
*Operational Profit Margin (CF/Revenue) Ratio 5 Yrs
Current Assets KLR $0.00 Liquidity ratio of 1.5 and up, best
Current Liabilities $0.00 #NUM! <-Median-> 0 Ratio
Liquidity #DIV/0! #NUM! <-Median-> 0 Ratio
Liq. with CF aft div #DIV/0! #NUM! <-Median-> 0 Ratio
Liq. CF re  Inv+Div  #DIV/0! #NUM! <-Median-> 0 Ratio
Assets KLR $0.00 Debt Ratio of 1.5 and up, best
Liabilities $0.00 #NUM! <-Median-> 0 Ratio
Debt Ratio #DIV/0! #NUM! <-Median-> 0 Ratio
Book Value KLR $0.00 #DIV/0! <-Total Growth -1 Book Value
BV per share $0.00 #DIV/0! <-Total Growth -1 Book Value
Change -100.00% #DIV/0! Current/Historical Book Value
P/B Ratio (CL) #DIV/0! #NUM! <-IRR #YR-> -1 Book Value
Change #DIV/0! #NUM! <-IRR #YR-> -1 Book Value
Leverage (A/BK) #DIV/0! #NUM! <-Median-> 0 A/BV
Debt/Equity Ratio #DIV/0! #NUM! <-Median-> 0 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) #DIV/0!
$0.00
$0.00
ROE KRL #DIV/0! #NUM! <-Median-> 0 Compreh. Inc
Comprehensive Inc $0.00 Compreh. Inc
5Yr Median #DIV/0!
Return on Assets KRL #DIV/0! Net Income/Assets ROA
5Yr Median #DIV/0! #NUM! <-Median-> 0 ROA
Return on Equity #DIV/0! Net Income/Shareholders' equity ROE
5Yr Median #DIV/0! #NUM! <-Median-> 0 ROE
Net Income KLR $0.00 #DIV/0! <-Total Growth -1 Net Income
Operating Cash Flow $0.00 C F Statement  Oper C. F.
Investment Cash Flow $0.00 C F Statement  Invest. C. F
Total Accruals $0.00 Accruals
Total Assets $0.00 Balance Sheet Assets
Accruals Ratio #DIV/0! Ratio
EPS/CF Ratio #DIV/0! #NUM! <-Median-> 0 EPS/CF Ratio
Should not be higher than 1.00
Financial Cash Flow $0.00 C F Statement  Fin. C. F
Total Accruals $0.00 Accruals
Accruals Ratio #DIV/0! Ratio
Cash $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 23, 2024.  There were no estimates last year.
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.
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 2016 Dec 15 2017 Dec 9 2018 Dec 8 2019 Dec 5 2020 Nov 27 2021 Nov 26 2022 Nov 21 2023 Nov 23 2024
Dean, Nick 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% unavailable 2020 - 24 #DIV/0!
President & Dir - Shares - Amount $0.000 $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% 0.000 0.00% #DIV/0!
Options - amount $0.000 $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% Chairman in 2017 #DIV/0!
CEO - Shares - Amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Holds no units 2018
Options - percentage 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 $16.184 $3.532 $0.000 $0.000 $0.000 $0.000 $0.000
Reuters Options Value
Legge, Erin 0.000 0.00% note found 2024 #DIV/0!
CFO - Shares - Amount $0.000
Options - percentage 0.000 0.00% #DIV/0!
Options - amount $0.000
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%
Officer - Shares - Amount $0.321 $0.304 $0.245 $0.232 $0.185 $0.222 $0.243 $0.212 $0.229 Was CFO in 2023
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
Henderson, James 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 0.00% 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% 0.001 0.01% Updated Aug 2021 0.00%
Director - Shares - Amount $0.122 $0.015 $0.016 $0.014 $0.015
Options - percentage 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
Killy, George 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 $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%
Options - amount $0.000 $0.000 $0.000 $0.000 $0.000
Woodward, Christopher Charles 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% 0.010 0.08% The 2016 annual and 2016 Q3 0.00%
Chairman - Shares - Amt $0.196 $0.213 $0.091 $0.051 $0.041 $0.049 $0.053 $0.132 $0.143 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 -$0.247 -$0.234 $0.000 -$0.158 $0.000 $0.000 $0.000 -$0.079 $0.000
Insider Selling $0.000 $0.000 $0.090 $0.000 $0.058 $0.124 $0.000 $0.000 $0.000
Net Insider Selling -$0.247 -$0.234 $0.090 -$0.158 $0.058 $0.124 $0.000 -$0.079 $0.000
% of Market Cap -0.10% -0.10% 0.05% -0.09% 0.04% 0.07% 0.00% -0.05% 0.00%
Directors 4 5 5 4 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 23.28% 4 24.17% 4 19.20% 11 7.47% 9 79.18% 7 77.46% 6 15.02% 5 15.12%
Total Shares Held 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% 1.717 15.12%
Increase/Decrease -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% -0.245 -12.48%
Starting No. of Shares 2.694 2.334 0.926 Top 20 MS 9.105 Top 20 MS 8.708 Top 20 MS 1.828 Top 20 MS 1.962 Top 20 MS
Mostly owned Recipe Unlimited Corp
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