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.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/ Q3 2017
The Keg Royalties Income Fund TSX: KEG.UN OTC: KRIUF www.kegincomefund.com  Fiscal Yr: Dec 31 9/30/17
Year 12/31/05 12/31/06 12/31/07 12/30/08 12/31/09 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 Value Description #Y Item Total G
Accounting Rules C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
$28.3 <-12 mths 3.27%
Interest Income $4.28 $4.29 $4.32 $4.32 $4.28 $4.28 $4.28 $4.28 $4.28 $4.28 $4.28 $4.28 $4.28 $4.28 $4.28 -0.23% <-Total Growth 10 Interest Income
% of Total 42.76% 36.90% 33.01% 32.76% 32.97% 31.70% 18.21% 18.08% 18.00% 17.00% 15.55% 15.63% 15.01% 14.46% 13.94% -57.64% <-Total Growth 10 % of Total
Royalty Income $5.73 $7.34 $8.76 $8.87 $8.70 $9.22 $19.23 $19.40 $19.50 $20.90 $23.25 $23.10 $24.22 $25.32 $26.42 214.94% <-Total Growth 10 Net Royalty Income
Increase 7.30% 28.01% 19.45% 1.18% -1.84% 5.93% 108.61% 0.89% 0.49% 7.18% 11.27% -0.65% 4.85% 4.54% 4.34% 3.55% <-Median-> 10 Increase
Income KEG $10.0 $11.6 $13.1 $13.2 $13.0 $13.5 $23.5 $23.7 $23.8 $25.2 $27.5 $27.4 $28.5 $29.6 $30.7 135.55% <-Total Growth 10 Revenue -102.30%
Increase 4.05% 16.12% 12.53% 0.80% -1.53% 3.96% 74.21% 0.73% 0.39% 5.90% 9.35% -0.55% 4.09% 3.86% 3.72% 8.95% <-IRR #YR-> 10 Revenue -100.59%
5 year Running Average $8.8 $10.8 $11.5 $12.2 $12.9 $15.3 $17.4 $19.5 $21.9 $24.7 $25.5 $26.5 $27.6 $28.7 3.09% <-IRR #YR-> 5 Revenue -103.42%
Revenue per Share $1.05 $1.28 $1.35 $1.36 $1.34 $1.27 $2.07 $2.09 $2.09 $2.22 $2.42 $2.41 $2.51 $2.61 $2.70 11.14% <-IRR #YR-> 7 5 yr Running Average -100.74%
Increase 9.51% 22.24% 4.99% 0.83% -1.53% -4.87% 62.70% 0.70% 0.39% 5.90% 9.35% -0.55% 4.09% 3.86% 3.72% 10.84% <-IRR #YR-> 5 5 yr Running Average 188.28%
5 year Running Average $0.95 $1.13 $1.20 $1.28 $1.32 $1.48 $1.63 $1.77 $1.95 $2.18 $2.25 $2.33 $2.43 $2.53 6.51% <-IRR #YR-> 10 Revenue per Share 67.27%
P/S (Price/Sales) Med 11.92 10.02 9.87 6.91 6.52 9.06 6.17 6.63 7.28 7.43 7.88 7.94 8.55 0.00 0.00 3.09% <-IRR #YR-> 5 Revenue per Share -102.48%
P/S (Price/Sales) Close 11.90 9.19 9.53 4.89 7.99 10.23 6.13 6.95 7.85 7.88 7.34 8.75 7.98 7.68 7.40 8.42% <-IRR #YR-> 7 5 yr Running Average -100.88%
*Equity  and interest income in M CDN $  P/S Med 10 yr  7.36 5 yr  7.43 8.42% Diff M/C 8.74% <-IRR #YR-> 5 5 yr Running Average
-$11.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $27.4
-$23.5 $0.0 $0.0 $0.0 $0.0 $27.4
-$12.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $25.5
-$15.3 $0.0 $0.0 $0.0 $0.0 $25.5
-$1.28 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.41
-$2.07 $0.00 $0.00 $0.00 $0.00 $2.41
-$1.28 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.25
-$1.48 $0.00 $0.00 $0.00 $0.00 $2.25
$24.0 <-12 mths 3.88%
Revenue of KBL $193.7 $214.5 $224.4 $234.8 $239.7
4% of KBL Revenue $7.75 $8.58 $8.97 $9.39 $9.59
Royalty Income $5.73 $7.34 $8.76 $8.87 $8.70 $9.22 $19.23 $19.40 $19.50 $20.90 $23.25 $23.10 20.13% <-Total Growth 5 Royalty Income
4% of Gross Sales $13.03 $14.90 $16.51 $17.32 $18.20 $18.11 $18.89 $19.38 $18.99 $20.83 $22.96 $23.08 22.16% <-Total Growth 5 4% of Gross Sales
$595.2 <-12 mths 3.16% Roy. Pool
Gross Sales KBL $325.7 $372.5 $412.8 $433.1 $454.9 $452.8 $472.3 $484.6 $474.9 $520.7 $574.0 $577.0 $605.5 $633.0 $660.5 54.90% <-Total Growth 10 Revenue Sales
4% of Gross Sales $13.03 $14.90 $16.51 $17.32 $18.20 $18.11 $18.89 $19.38 $18.99 $20.83 $22.96 $23.08 $24.22 $25.32 $26.42 54.90% <-Total Growth 10 Revenue
Increase 9.76% 14.35% 10.82% 4.93% 5.03% -0.46% 4.31% 2.60% -2.00% 9.65% 10.25% 0.51% 4.95% 4.54% 4.34% 4.47% <-IRR #YR-> 10 Revenue 54.90%
5 year Running Average $11.5 $13.5 $14.7 $16.0 $17.0 $17.8 $18.4 $18.7 $19.2 $20.2 $21.0 $22.0 $23.3 $24.4 4.08% <-IRR #YR-> 5 Revenue 22.16%
Revenue per Share $34.18 $41.14 $42.54 $44.65 $46.90 $42.72 $41.61 $42.68 $41.83 $45.86 $50.56 $50.82 $53.33 $55.76 $58.18 4.00% <-IRR #YR-> 7 5 yr Running Average 83.64%
Increase 15.52% 20.37% 3.39% 4.97% 5.03% -8.92% -2.59% 2.57% -2.00% 9.65% 10.25% 0.51% 4.95% 4.54% 4.34% 3.40% <-IRR #YR-> 5 5 yr Running Average 18.21%
5 year Running Average $30.84 $35.48 $38.42 $41.88 $43.59 $43.68 $43.71 $43.15 $42.94 $44.51 $46.35 $48.48 $51.27 $53.73 2.13% <-IRR #YR-> 10 Revenue per Share 23.52%
P/S (Price/Sales) Med 0.37 0.31 0.31 0.21 0.19 0.27 0.31 0.32 0.36 0.36 0.38 0.38 0.40 0.00 0.00 4.08% <-IRR #YR-> 5 Revenue per Share 22.13%
P/S (Price/Sales) Close 0.37 0.29 0.30 0.15 0.23 0.30 0.31 0.34 0.39 0.38 0.35 0.42 0.38 0.36 0.34 1.46% <-IRR #YR-> 7 5 yr Running Average 50.28%
*Gross Sales in M CDN $  P/S Med 10 yr  0.32 5 yr  0.36 17.93% Diff M/C 1.19% <-IRR #YR-> 5 5 yr Running Average 6.11%
-$372.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $577.0
-$472.3 $0.0 $0.0 $0.0 $0.0 $577.0
-$16.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $21.0
-$17.8 $0.0 $0.0 $0.0 $0.0 $21.0
-$41.14 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $50.82
-$41.61 $0.00 $0.00 $0.00 $0.00 $50.82
-$41.88 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $46.35
-$43.68 $0.00 $0.00 $0.00 $0.00 $46.35
from Press Release News Room
Distributions to Unit Holders $10.9 $10.9 $10.9 $10.9 $11.4 $13.0 19.69% <-Total Growth 5 Distributions toUnit Holders CF Statement
Distributions to Class C $4.3 $4.3 $4.3 $4.3 $4.3 $4.3 0.00% <-Total Growth 5 Distributions to Class C CF Statement
Distribution to Exchangeable $3.8 $3.8 $3.8 $4.4 $5.0 $5.3 39.37% <-Total Growth 5 Distribution to Exchangeable CF Statement
Total Distributions $19.0 $19.0 $19.0 $19.5 $20.7 $22.6 19.21% <-Total Growth 5 Total Distributions
% of 4% of Sales 100.67% 98.01% 99.94% 93.84% 90.01% 98.06% 98.03% <-Median-> 6 % of 4% of Sales
Distributable Cash  $12.3 $12.8 Distributable Cash  Fin. Highlights
Distributions to Fund Unit Holders $12.2 $12.6 Dist. to Fund Unit Holders Fin. Highlights
Payout Ratio 98.89% 98.31% Payout Ratio Fin. Highlights
Distriutions using Div * No of Units $11.3 $12.9 Dist. using Div * No of Units
$13.2 <-12 mths 3.15%
Distributable Cash  $10.51 $12.20 $12.38 $12.50 $12.82 $10.6 $11.2 $11.0 $11.4 $12.3 $12.8 3.43% <-Total Growth 10 Distributable Cash  Fin. Highlights
Distributions paid $10.08 $11.46 $12.34 $12.40 $13.26 $11.12 $10.9 $10.9 $10.9 $11.4 $13.0 5.69% <-Total Growth 10 Distributions paid CF Statement
Payout Ratio 95.89% 93.97% 99.69% 99.20% 103.48% 105.06% 97.59% 98.87% 95.43% 92.43% 101.86% 99.03% <-Median-> 10 Payout Ratio
% of 4% of Sales 67.64% 69.43% 71.25% 68.15% 73.24% 58.86% 56.23% 57.38% 52.33% 49.49% 56.53% 58.12% <-Median-> 10 % of 4% of Sales
$1.34 <-12 mths 1118.18%
EPS Basic KEG $1.12 $1.20 $1.08 $1.27 $1.28 $1.24 $1.00 $0.49 $0.45 $0.66 $0.99 $0.11 <-12 mths -90.83% <-Total Growth 10 EPS Basic
EPS Diluted $1.12 $1.20 $1.08 $1.27 $1.28 $1.24 $0.92 $0.49 $0.45 $0.66 $0.99 $0.11 $1.34 <-12 mths -90.83% <-Total Growth 10 EPS Diluted
Increase 3.70% 7.14% -10.00% 17.59% 0.79% -3.13% -25.81% -46.74% -8.16% 46.67% 50.00% -88.89% 1118.18% <-12 mths -27.35% <-IRR #YR-> 10 Earnings per Share -90.83%
Earnings Yield 9.0% 10.2% 8.4% 19.1% 12.0% 9.5% 7.2% 3.4% 2.7% 3.8% 5.6% 0.5% 6.7% <-12 mths -34.61% <-IRR #YR-> 5 Earnings per Share -88.04%
5 year Running Average $1.07 $1.11 $1.15 $1.19 $1.21 $1.16 $1.04 $0.88 $0.75 $0.70 $0.54 $0.71 <-12 mths -6.57% <-IRR #YR-> 10 5 yr Running Average -49.34%
10 year Running Average $1.11 $1.07 $1.01 $0.97 $0.96 $0.85 $0.88 <-12 mths -14.15% <-IRR #YR-> 5 5 yr Running Average -53.37%
* ESP per share  E/P 10 Yrs 6.40% 5Yrs 3.38%
-$1.20 -$1.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.11
-$0.92 $0.00 $0.00 $0.00 $0.00 $0.11
-$1.07 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.54
-$1.16 $0.00 $0.00 $0.00 $0.00 $0.54
Special Dividend KEG $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.07 $0.03 $0.00 $0.00 $0.00 <-Median-> 10 Special Dividends
Dividend* $1.09 $1.13 $1.19 $1.27 $1.28 $1.28 $0.987 $0.960 $0.960 $0.960 $0.995 $1.067 $1.107 $1.135 $1.135 -5.27% <-Total Growth 10 Dividends
Increase 0.67% 3.60% 6.02% 6.52% 0.47% 0.00% -22.81% -2.69% 0.00% 0.00% 3.65% 7.24% 3.77% 2.53% 0.00% Count 15 Years of data
Average Increases 5 Year Running 20.85% 22.06% 3.36% 3.46% 3.32% -1.96% -3.70% -5.00% -5.10% -4.37% 1.64% 2.93% 3.44% 3.44% -0.16% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $0.98 $1.11 $1.15 $1.19 $1.23 $1.20 $1.15 $1.09 $1.03 $0.97 $1.00 $1.04 $1.07 $1.11 2.00% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 8.68% 8.75% 8.98% 13.54% 14.65% 11.08% 7.72% 6.94% 6.29% 5.83% 5.21% 5.57% 5.16% 7.33% <-Median-> 10 Yield H/L Price
Yield on High  Price 7.60% 7.69% 8.38% 9.95% 12.53% 10.23% 6.95% 6.40% 5.80% 5.52% 4.62% 4.88% 4.78% 6.68% <-Median-> 10 Yield on High  Price
Yield on Low Price 10.12% 10.16% 9.67% 21.20% 17.63% 12.08% 8.67% 7.59% 6.88% 6.18% 5.96% 6.51% 5.59% 8.13% <-Median-> 10 Yield on Low Price
Yield on Close Price 8.70% 9.54% 9.29% 19.13% 11.94% 9.82% 7.77% 6.62% 5.84% 5.50% 5.59% 5.06% 5.53% 5.67% 5.67% 7.19% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 97.07% 93.86% 110.56% 100.16% 99.84% 103.06% 107.23% 195.92% 213.33% 145.45% 100.51% 1033.64% 85% 108.90% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 92.19% 100.50% 100.17% 100.13% 101.29% 103.78% 111.05% 124.71% 136.82% 138.50% 185.63% 146.17% 107.41% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 117.74% 97.02% 94.98% 99.65% 99.16% 105.69% 50.41% 70.71% 54.36% 51.89% 50.59% 57.97% 64.34% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 86.10% 96.34% 103.96% 100.86% 99.29% 85.98% 81.46% 72.08% 63.20% 54.64% 56.30% 83.72% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 110.11% 94.84% 95.92% 99.61% 99.46% 105.32% 61.91% 59.46% 57.14% 53.20% 49.51% 56.82% 60.68% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 81.77% 95.07% 102.92% 99.59% 99.04% 90.85% 82.69% 73.95% 65.07% 55.87% 55.02% 86.77% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 5 Yr Med 5 Yr Cl 5.83% 5.59% 5 Yr Med Payout 195.92% 54.36% 56.82% -0.54% <-IRR #YR-> 10 Dividends -5.27%
* Dividends per share  5 Yr Med and Cur. -2.72% 1.50% Last Div Inc ---> $0.092 $0.095 3.1% 1.58% <-IRR #YR-> 5 Dividends 8.16%
1.28% <-IRR #YR-> -1 Dividends 8.16%
-$1.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.07
-$0.99 $0.00 $0.00 $0.00 $0.00 $1.07
Historical Dividends Historical High Div 19.06% Low Div 4.78% Ave Div 11.92% Med Div 8.68% Close Div 8.40% 6.06% -6.43% Historical Dividends
High/Ave/Median Values Curr diff Exp. -70.25% Exp 18.63% Exp. -52.43% Exp. -34.67% Exp. -32.53% Since 2011 Exp. High/Ave/Median 
Future Dividend Yield Div Yd 6.57% earning in 5 Years at IRR of 3.00% Div Inc. 15.93% Future Dividend Yield
Future Dividend Yield Div Yd 7.62% earning in 10 Years at IRR of 3.00% Div Inc. 34.39% Future Dividend Yield
Future Dividend Yield Div Yd 8.83% earning in 15 Years at IRR of 3.00% Div Inc. 55.80% Future Dividend Yield
Yield if held 5 yrs 12.47% 14.11% 10.90% 10.21% 7.67% 7.22% 10.22% 11.00% 8.63% 8.35% 8.01% 7.44% 6.89% 10.21% <-Median-> 10 Paid Median Price
Yield if held 10 yrs 10.03% 10.65% 8.19% 7.95% 8.29% 8.32% 12.08% 13.01% 8.29% <-Median-> 5 Paid Median Price
Yield if held 15 yrs 11.56% 12.59% 9.68% #NUM! <-Median-> 0 Paid Median Price
Yield if held 20 yrs #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 58.15% 63.89% 50.81% 49.11% 46.69% 43.42% 58.14% 58.96% 42.15% 39.20% 37.53% 35.16% 33.63% 49.96% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 118.46% 124.48% 94.69% 87.94% 85.63% 82.43% 115.24% 122.45% 94.69% <-Median-> 5 Paid Median Price
Cost covered if held 15 years 172.65% 183.99% 141.93% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 20 years #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Graham No. last 3 EPS $14.01 $15.73 $16.17 $16.17 $16.52 $16.80 $16.16 $15.00 $12.77 $10.50 $9.69 $10.36 $9.70 $11.42 #VALUE! -34.12% <-Total Growth 10 Graham Price
Price/GP Ratio Med 0.89 0.82 0.82 0.58 0.53 0.69 0.79 0.92 1.19 1.57 1.97 1.85 2.22 0.87 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.02 0.93 0.88 0.79 0.62 0.74 0.88 1.00 1.30 1.66 2.22 2.11 2.39 0.94 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.77 0.70 0.76 0.37 0.44 0.63 0.70 0.84 1.09 1.48 1.72 1.58 2.04 0.80 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.89 0.75 0.79 0.41 0.65 0.78 0.79 0.97 1.29 1.66 1.84 2.04 2.06 1.75 #VALUE! 0.88 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -10.76% -24.99% -20.53% -58.88% -35.25% -22.49% -21.43% -3.34% 28.72% 66.31% 83.84% 103.59% 106.49% 75.38% #VALUE! -11.93% <-Median-> 10 Graham Price
Graham No. $14.80 $16.53 $15.78 $17.12 $17.19 $17.00 $13.79 $9.81 $9.12 $10.84 $13.20 $4.11 $14.65 #VALUE! $0.00 -75.15% <-Total Growth 10 Graham Price
Price/GP Ratio Med 0.85 0.78 0.84 0.55 0.51 0.68 0.93 1.41 1.67 1.52 1.45 4.66 1.47 1.17 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.97 0.89 0.90 0.75 0.59 0.73 1.03 1.53 1.82 1.61 1.63 5.33 1.58 1.28 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.73 0.67 0.78 0.35 0.42 0.62 0.82 1.29 1.53 1.43 1.26 3.99 1.35 1.04 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.84 0.71 0.81 0.39 0.62 0.77 0.92 1.48 1.80 1.61 1.35 5.14 1.37 #VALUE! #DIV/0! 1.13 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -15.54% -28.62% -18.59% -61.16% -37.74% -23.43% -7.93% 47.87% 80.34% 61.19% 34.93% 413.59% 36.63% #VALUE! #DIV/0! 13.50% <-Median-> 10 Graham Price
Price Close $12.50 $11.80 $12.85 $6.65 $10.70 $13.02 $12.70 $14.50 $16.44 $17.47 $17.81 $21.10 $20.02 $20.02 $20.02 78.81% <-Total Growth 10 Stock Price
Increase -2.72% -5.60% 8.90% -48.25% 60.90% 21.68% -2.46% 14.17% 13.38% 6.27% 1.95% 18.47% -5.12% 0.00% 0.00% 5.98% <-IRR #YR-> 10 Stock Price 78.81%
P/E 11.16 9.83 11.90 5.24 8.36 10.50 13.80 29.59 36.53 26.47 17.99 191.82 14.94 #VALUE! #DIV/0! 10.69% <-IRR #YR-> 5 Stock Price 66.14%
Trailing P/E 11.57 10.54 10.71 6.16 8.43 10.17 10.24 15.76 33.55 38.82 26.98 21.31 182.00 14.94 #VALUE! 13.75% <-IRR #YR-> 10 Price & Dividend 181.75%
Median 10, 5 Yrs D.  per yr 7.77% 6.51% % Tot Ret 56.49% 37.85% Price Inc 13.38% P/E:  15.90 29.59 17.20% <-IRR #YR-> 5 Price & Dividend 113.37%
-$11.80 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $21.10
-$12.70 $0.00 $0.00 $0.00 $0.00 $21.10
-$11.80 $1.19 $1.27 $1.28 $1.28 $0.99 $0.96 $0.96 $0.96 $1.00 $22.24
-$12.70 $0.96 $0.96 $0.96 $1.00 $22.24
Price H/L Median $12.52 $12.87 $13.30 $9.40 $8.73 $11.54 $12.79 $13.83 $15.26 $16.47 $19.11 $19.14 $21.48 48.72% <-Total Growth 10 Stock Price
Increase 6.78% 2.80% 3.34% -29.36% -7.13% 32.21% 10.84% 8.13% 10.34% 7.96% 16.00% 0.18% 12.20% 4.05% <-IRR #YR-> 10 Stock Price 48.72%
P/E 11.18 10.73 12.31 7.40 6.82 9.30 13.90 28.21 33.90 24.95 19.30 174.00 16.03 8.40% <-IRR #YR-> 5 Stock Price 49.71%
Trailing P/E 11.59 11.49 11.08 8.70 6.87 9.01 10.31 15.03 31.13 36.60 28.95 19.33 195.23 11.67% <-IRR #YR-> 10 Price & Dividend 143.10%
P/E on Run. 5 yr Ave 12.07 12.00 8.17 7.33 9.50 11.04 13.29 17.41 21.90 27.22 35.44 30.25 15.12% <-IRR #YR-> 5 Price & Dividend 96.62%
P/E on Run. 10 yr Ave 11.50 12.87 15.06 16.96 19.94 22.54 24.54 11.18 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 7.62% 6.71% % Tot Ret 65.31% 44.40% Price Inc 8.13% P/E:  16.60 28.21 Count 15 Years of data
-$12.87 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.14
-$12.79 $0.00 $0.00 $0.00 $0.00 $19.14
-$12.87 $1.19 $1.27 $1.28 $1.28 $0.99 $0.96 $1.03 $0.99 $1.00 $20.28
-$12.79 $0.96 $0.96 $0.96 $1.00 $20.28
High Months Apr Oct Jul Jan May Mar Jan May Dec Nov May Nov Jun
Price High $14.30 $14.65 $14.25 $12.79 $10.20 $12.49 $14.19 $15.00 $16.55 $17.40 $21.52 $21.88 $23.15 49.35% <-Total Growth 10 Stock Price
Increase 10.00% 2.45% -2.73% -10.25% -20.25% 22.45% 13.61% 5.71% 10.33% 5.14% 23.68% 1.67% 5.80% 4.09% <-IRR #YR-> 10 Stock Price 49.35%
P/E 12.77 12.21 13.19 10.07 7.97 10.07 15.42 30.61 36.78 26.36 21.74 198.91 17.28 9.05% <-IRR #YR-> 5 Stock Price 54.19%
Trailing P/E 13.24 13.08 11.88 11.84 8.03 9.76 11.44 16.30 33.78 38.67 32.61 22.10 210.45 12.77 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 5.71% P/E:  18.58 30.61 29.76 P/E Ratio Historical High
-$14.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $21.88
-$14.19 $0.00 $0.00 $0.00 $0.00 $21.88
Low Months Oct Dec Nov Nov Mar May Oct Jan Jun Apr Aug Jan Dec
Price Low $10.74 $11.09 $12.35 $6.00 $7.25 $10.58 $11.38 $12.65 $13.96 $15.54 $16.69 $16.40 $19.80 47.88% <-Total Growth 10 Stock Price
Increase 2.78% 3.26% 11.36% -51.42% 20.83% 45.93% 7.56% 11.16% 10.36% 11.32% 7.40% -1.74% 20.73% 3.99% <-IRR #YR-> 10 Stock Price 47.88%
P/E 9.59 9.24 11.44 4.72 5.66 8.53 12.37 25.82 31.02 23.55 16.86 149.09 14.78 7.58% <-IRR #YR-> 5 Stock Price 44.11%
Trailing P/E 9.94 9.90 10.29 5.56 5.71 8.27 9.18 13.75 28.49 34.53 25.29 16.57 180.00 10.52 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 10.36% P/E:  14.61 25.82 7.67 P/E Ratio Historical Low
-$11.09 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.40
Long Term Debt $128.18 $132.55 $144.15 $144.88 Debt
Change 3.41% 8.75% 0.51% 6.08% <-Median-> 2 Change
Debt/Market Cap Ratio 0.65 0.66 0.60 0.64 0.65 <-Median-> 3 Debt/Market Cap Ratio
Goodwill & Intangibles $56.59 $67.49 $156.07 $156.49 $156.49 $156.49 $164.20 $164.37 $167.11 Keg Rights Intangible Assets 
Change 19.27% 131.25% 0.27% 0.00% 0.00% 4.92% 0.10% 1.67% 0.27% <-Median-> 7 Change
Intangible/Assets Ratio 0.49 0.53 0.71 0.72 0.72 0.70 0.72 0.73 0.73 0.72 <-Median-> 8 Intangible/Assets Ratio
Intangible/Market Cap Ratio 0.55 0.49 1.08 0.95 0.84 0.79 0.81 0.69 0.74 0.80 <-Median-> 8 Intangible/Market Cap Ratio
Assets Dependent on Keg $216.19 $216.04 $216.19 $224.33 $224.46 $226.84
% of Assets  99.72% 99.63% 97.16% 98.77% 99.11% 98.84% 99.11% <-Median-> 5 % of Assets 
Market Cap $119.1 $106.8 $124.7 $64.5 $103.8 $138.0 $144.1 $164.6 $186.7 $198.3 $202.2 $239.6 $227.3 $227.3 $227.3 124.24% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 8.277 8.934 9.611 9.704 9.704 10.362 14.278 14.312 14.312 14.629 14.812 14.822 14.953 65.90% <-Total Growth 10 Diluted re exchgeble units
Change 7.93% 7.57% 0.96% 0.00% 6.78% 37.79% 0.24% 0.00% 2.21% 1.25% 0.06% 0.89% 1.11% <-Median-> 10 Change
Basic # of Shares in Millions 8.277 8.934 9.611 9.704 9.704 10.362 11.275 14.312 14.312 14.629 14.812 14.822 11.354 65.90% <-Total Growth 10 Average
Change 7.93% 7.57% 0.96% 0.00% 6.78% 8.82% 26.93% 0.00% 2.21% 1.25% 0.06% -23.40% 1.73% <-Median-> 10 Change
Difference 15.1% 1.3% 1.0% 0.0% 0.0% 2.3% 0.7% -20.7% -20.7% -22.4% -23.3% -23.4% 0.0% -10.35% <-Median-> 10 Difference
$23.6 <-12 mths 6.02%
# of Share in Millions 9.530 9.054 9.704 9.700 9.700 10.600 11.350 11.354 11.354 11.354 11.354 11.354 11.354 11.354 11.354 2.29% <-IRR #YR-> 10 Shares 25.40%
Change -4.99% -5.00% 7.18% -0.04% 0.00% 9.28% 7.08% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% <-IRR #YR-> 5 Shares 0.03%
CF fr Op $M KEG $8.8 $10.5 $12.2 $12.4 $12.5 $12.8 $22.2 $15.4 $20.1 $21.0 $22.3 $22.3 $23.6 <-12 mths 111.88% <-Total Growth 10 Cash Flow
Increase -4.86% 19.43% 16.07% 1.50% 0.96% 2.54% 73.27% -30.59% 30.07% 4.75% 6.31% -0.27% 6.02% <-12 mths KRL sold Units (Inc) S. Issue
5 year Running Average $10.5 $11.0 $10.6 $11.3 $12.1 $14.4 $15.1 $16.6 $18.3 $20.2 $20.2 $21.9 <-12 mths 67.30% <-Total Growth 10 CF 5 Yr Running
CFPS $0.92 $1.16 $1.26 $1.28 $1.29 $1.21 $1.96 $1.36 $1.77 $1.85 $1.97 $1.96 $2.08 <-12 mths 68.96% <-Total Growth 10 Cash Flow per Share
Increase 0.13% 25.72% 8.30% 1.54% 0.96% -6.17% 61.82% -30.62% 30.07% 4.75% 6.31% -0.27% 6.02% <-12 mths 7.80% <-IRR #YR-> 10 Cash Flow 111.88%
5 year Running Average $1.14 $1.16 $1.11 $1.18 $1.24 $1.40 $1.42 $1.52 $1.63 $1.78 $1.78 $1.92 <-12 mths 0.05% <-IRR #YR-> 5 Cash Flow 0.27%
P/CF on Med Price 13.56 11.09 10.58 7.36 6.77 9.54 6.53 10.18 8.64 8.90 9.71 9.76 10.33 <-12 mths 5.38% <-IRR #YR-> 10 Cash Flow per Share 68.96%
P/CF on Closing Price 13.54 10.16 10.22 5.21 8.30 10.77 6.49 10.68 9.31 9.44 9.06 10.76 9.63 <-12 mths 0.05% <-IRR #YR-> 5 Cash Flow per Share 0.23%
1.94% Diff M/C 4.55% <-IRR #YR-> 10 CFPS 5 yr Running 55.99%
Excl.Working Capital CF $0.6 $0.2 -$0.12 $0.01 -$0.04 $0.05 -$4.12 $2.92 -$0.98 -$0.52 $0.49 $0.45 4.96% <-IRR #YR-> 5 CFPS 5 yr Running 27.38%
CF fr Op $M WC $9.4 $10.8 $12.1 $12.4 $12.5 $12.9 $18.1 $18.3 $19.1 $20.5 $22.8 $22.7 111.28% <-Total Growth 10 Cash Flow less WC
Increase 4.32% 14.26% 12.35% 2.54% 0.62% 3.20% 40.60% 1.35% 4.05% 7.41% 11.36% -0.43% 7.77% <-IRR #YR-> 10 Cash Flow less WC 111.28%
5 year Running Average $11.0 $11.1 $10.7 $11.4 $12.1 $13.6 $14.8 $16.2 $17.8 $19.8 $20.7 4.67% <-IRR #YR-> 5 Cash Flow less WC 25.61%
CFPS Excl. WC $0.99 $1.19 $1.24 $1.28 $1.28 $1.21 $1.59 $1.61 $1.68 $1.80 $2.01 $2.00 6.53% <-IRR #YR-> 10 CF less WC 5 Yr Run 88.21%
Increase 9.80% 20.28% 4.83% 2.58% 0.62% -5.56% 31.31% 1.32% 4.05% 7.41% 11.36% -0.43% 8.79% <-IRR #YR-> 5 CF less WC 5 Yr Run 52.37%
5 year Running Average $1.20 $1.17 $1.12 $1.20 $1.24 $1.32 $1.40 $1.48 $1.58 $1.74 $1.82 5.35% <-IRR #YR-> 10 CFPS - Less WC 68.48%
P/CF on Med Price 12.68 10.84 10.68 7.36 6.79 9.51 8.02 8.56 9.08 9.13 9.51 9.57 4.66% <-IRR #YR-> 5 CFPS - Less WC 25.57%
P/CF on Closing Price 12.66 9.94 10.32 5.21 8.33 10.73 7.97 8.98 9.79 9.68 8.86 10.55 4.25% <-IRR #YR-> 10 CFPS 5 yr Running 51.59%
*Operational Cash Flow per share CF/CF-WC P/CF Med 10 yr 9.22 5 yr  9.71 P/CF Med 10 yr 9.10 5 yr  9.13 -100.00% Diff M/C 6.61% <-IRR #YR-> 5 CFPS 5 yr Running 37.74%
-$1.16 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.96 Cash Flow per Share
-$1.96 $0.00 $0.00 $0.00 $0.00 $1.96 Cash Flow per Share
-$1.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1.8 CFPS 5 yr Running
-$1.4 $0.0 $0.0 $0.0 $0.0 $1.8 CFPS 5 yr Running
-$10.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $22.7 Cash Flow less WC
-$18.1 $0.0 $0.0 $0.0 $0.0 $22.7 Cash Flow less WC
-$11.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $20.7 CF less WC 5 Yr Run
-$13.6 $0.0 $0.0 $0.0 $0.0 $20.7 CF less WC 5 Yr Run
-$1.19 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.00 CFPS - Less WC
-$1.59 $0.00 $0.00 $0.00 $0.00 $2.00 CFPS - Less WC
-$1.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.82 CFPS 5 yr Running
-$1.32 $0.00 $0.00 $0.00 $0.00 $1.82 CFPS 5 yr Running
Royalty fee receivable from Keg Restaurants Ltd -$0.157 $0.096 $0.155 -$0.155 -$0.430 $0.046
Prepaid expenses and deposits $0.006 $0.002 $0.001 $0.000 $0.001 $0.002
Accounts payable and accrued liabilities -$0.006 -$0.004 -$0.137 $0.004 $0.018 -$0.014
OPM KEG 87.91% 90.42% 93.26% 93.92% 96.29% 94.98% 94.47% 65.09% 84.34% 83.42% 81.10% 81.33% -10.05% <-Total Growth 10 OPM
Increase -8.57% 2.85% 3.15% 0.70% 2.53% -1.37% -0.54% -31.10% 29.57% -1.09% -2.78% 0.28% Should increase  or be stable.
Diff from Median -1.0% 1.8% 5.0% 5.8% 8.4% 7.0% 6.4% -26.7% -5.0% -6.1% -8.7% -8.4% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 88.80% 5 Yrs 81.33% should be  zero, it is a   check on calculations
Current Assets KEG $0.18 $2.14 $2.76 $2.77 $2.78 $2.39 $6.82 $3.31 $3.36 $4.37 $5.91 $5.10 $5.38 Liquidity ratio of 1.5 and up, best
Current Liabilities $0.06 $0.94 $1.08 $1.08 $1.08 $1.19 $5.87 $2.18 $2.16 $2.50 $3.60 $2.65 $1.46 1.84 <-Median-> 10 Ratio
Liquidity 3.00 2.27 2.55 2.56 2.57 2.01 1.16 1.52 1.55 1.75 1.64 1.92 3.68 1.64 <-Median-> 5 Ratio
Liq. with CF aft div -23.02 2.60 3.12 2.60 2.67 1.40 3.04 3.59 5.79 5.79 4.71 5.46 0.37 5.46 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  -23.02 2.60 3.12 2.60 2.67 1.40 3.04 3.59 5.79 5.79 4.71 5.46 0.37 5.46 <-Median-> 5 Ratio
Assets KEG $97.67 $106.50 $116.26 $116.33 $116.36 $126.87 $219.89 $216.80 $216.85 $222.51 $227.11 $226.47 $229.50 Debt Ratio of 1.5 and up, best
Liabilities $14.84 $14.86 $16.77 $16.84 $16.88 $17.02 $115.56 $117.78 $123.67 $132.70 $138.32 $149.04 $148.65 1.87 <-Median-> 10 Ratio
Debt Ratio 6.58 7.17 6.93 6.91 6.89 7.45 1.90 1.84 1.75 1.68 1.64 1.52 1.54 1.68 <-Median-> 5 Ratio
Check 138.32 149.04 148.65
Book Value KEG $82.83 $91.64 $99.49 $99.49 $99.48 $109.85 $104.34 $99.02 $93.18 $89.81 $88.80 $77.43 $80.85 $80.85 $80.85 -15.51% <-Total Growth 10 Book Value
Book Value per Share $8.69 $10.12 $10.25 $10.26 $10.26 $10.36 $9.19 $8.72 $8.21 $7.91 $7.82 $6.82 $7.12 $7.12 $7.12 -32.62% <-Total Growth 10 Book Value per Share
Change 9.99% 16.46% 1.30% 0.03% 0.00% 1.04% -11.30% -5.12% -5.90% -3.62% -1.12% -12.81% 4.42% 0.00% 0.00% 88.94% P/B Ratio Current/10 Year Median
P/B Ratio (Median) 1.44 1.27 1.30 0.92 0.85 1.11 1.39 1.59 1.86 2.08 2.44 2.81 3.02 1.39 P/B Ratio Historical Median
P/B Ratio (Close) 1.44 1.17 1.25 0.65 1.04 1.26 1.38 1.66 2.00 2.21 2.28 3.09 2.81 2.81 2.81 -3.87% <-IRR #YR-> 10 Book Value per Share -32.62%
Change -11.56% -18.94% 7.50% -48.27% 60.91% 20.42% 9.96% 20.34% 20.48% 10.26% 3.10% 35.87% -9.13% 0.00% 0.00% -5.80% <-IRR #YR-> 5 Book Value per Share -25.81%
Leverage (A/BK) 1.18 1.16 1.17 1.17 1.17 1.15 2.11 2.19 2.33 2.48 2.56 2.92 2.84 2.15 <-Median-> 10 A/BV
Debt/Equity Ratio 0.18 0.16 0.17 0.17 0.17 0.15 1.11 1.19 1.33 1.48 1.56 1.92 1.84 1.15 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.49 5 yr Med 2.08 88.94% Diff M/C 1.19 Historical Leverage (A/BK)
-$10.12 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.82
-$9.19 $0.00 $0.00 $0.00 $0.00 $6.82
$17.20 <-12 mths 1256.15%
Comprehensive Income $10.72 $10.39 $12.37 $12.40 $12.85 $11.32 $5.59 $5.06 $7.52 $11.24 $1.27 -88.18% <-Total Growth 10 Comprehensive Income
Increase -3.14% 19.07% 0.24% 3.61% -11.91% -50.63% -9.42% 48.68% 49.36% -88.71% -9.42% <-Median-> 5 Comprehensive Income
5 Yr Running Average $12 $12 $11 $9 $8 $8 $6 -19.23% <-IRR #YR-> 10 Comprehensive Income -88.18%
ROE KEG 11.7% 10.4% 12.4% 12.5% 11.7% 10.8% 5.6% 5.4% 8.4% 12.7% 1.6% -35.45% <-IRR #YR-> 5 Comprehensive Income -88.79%
5Yr Median 11.7% 11.7% 11.7% 10.8% 8.4% 8.4% 5.6% -10.26% <-IRR #YR-> 6 5 Yr Running Average #DIV/0!
% 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% -12.36% <-IRR #YR-> 5 5 Yr Running Average -48.29%
Median Values Diff 5, 10 yr 0.0% 0.0% 5.6% <-Median-> 5 Return on Equity
-$10.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1.3
-$11.3 $0.0 $0.0 $0.0 $0.0 $1.3
-$11.7 $0.0 $0.0 $0.0 $0.0 $0.0 $6.1
-$11.9 $0.0 $0.0 $0.0 $0.0 $6.1
Current Liability Coverage Ratio 156.83 11.40 11.17 11.45 11.53 10.85 3.08 8.40 8.83 8.20 6.34 8.58   CFO / Current Liabilities
5 year Median 31.67 22.00 11.45 11.45 11.40 11.17 10.85 8.83 8.40 8.20 8.40 8.40 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 9.63% 10.10% 10.39% 10.65% 10.71% 10.14% 8.22% 8.46% 8.80% 9.21% 10.05% 10.03% CFO / Total Assets
5 year Median 9.63% 10.10% 10.10% 10.39% 10.39% 10.39% 10.14% 8.80% 8.80% 8.80% 9.21% 9.2% <-Median-> 5 Return on Assets 
Return on Assets ROA 9.5% 10.1% 8.9% 10.6% 10.7% 10.1% 5.1% 2.6% 2.3% 3.4% 4.9% 0.6% Net  Income/Assets Return on Assets
5Yr Median 9.4% 9.4% 9.5% 10.1% 10.1% 10.1% 10.1% 5.1% 3.4% 3.4% 2.6% 2.6% <-Median-> 5 Asset Efficiency Ratio
Return on Equity ROE 11.2% 11.7% 10.4% 12.4% 12.5% 11.7% 10.8% 5.6% 5.4% 8.4% 12.7% 1.6% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 11.2% 11.2% 11.2% 11.7% 11.7% 11.7% 11.7% 10.8% 8.4% 8.4% 5.6% 5.6% <-Median-> 5 Return on Equity
$17.20 <-12 mths 1256.15%
Net Income KEG $9.30 $10.72 $10.39 $12.37 $12.40 $12.85 $11.32 $5.59 $5.06 $7.52 $11.24 $1.27 -88.18% <-Total Growth 10 Net Income
Increase 5.20% 15.31% -3.14% 19.07% 0.24% 3.61% -11.91% -50.63% -9.42% 48.68% 49.36% -88.71% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $8.9 $9.6 $10.3 $11.0 $11.7 $11.9 $10.9 $9.4 $8.5 $8.1 $6.1 -19.23% <-IRR #YR-> 10 Net Income -88.18%
Operating Cash Flow $8.80 $10.51 $12.20 $12.38 $12.50 $12.82 $22.21 $15.42 $20.05 $21.00 $22.33 $22.27 -35.45% <-IRR #YR-> 5 Net Income -88.79%
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 -3.67% <-IRR #YR-> 10 5 Yr Running Ave. -31.22%
Total Accruals $0.50 $0.21 -$1.81 -$0.01 -$0.10 $0.03 -$10.90 -$9.83 -$14.99 -$13.48 -$11.09 -$21.00 -12.36% <-IRR #YR-> 5 5 Yr Running Ave. -48.29%
Total Assets $97.67 $106.50 $116.26 $116.33 $116.36 $126.87 $219.89 $216.80 $216.85 $222.51 $227.11 $226.47 Balance Sheet Assets
Accruals Ratio 0.51% 0.20% -1.56% -0.01% -0.09% 0.02% -4.95% -4.53% -6.91% -6.06% -4.88% -9.27% -6.06% <-Median-> 5 Ratio
EPS/CF Ratio 1.13 1.01 0.87 0.99 1.00 1.02 0.58 0.30 0.27 0.37 0.49 0.05 0.53 <-Median-> 10 EPS/CF Ratio
-$10.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1.3
-$11.3 $0.0 $0.0 $0.0 $0.0 $1.3
-$8.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $6.1
-$11.9 $0.0 $0.0 $0.0 $0.0 $6.1
Change in Close -2.72% -5.60% 8.90% -48.25% 60.90% 21.68% -2.46% 14.17% 13.38% 6.27% 1.95% 18.47% -5.12% 0.00% 0.00% Count 16 Years of data
up/down up up up Count 4 25.00%
Meet Prediction? yes % right Count 2 50.00%
Financial Cash Flow -$9.00 -$10.13 -$11.46 -$12.34 -$12.46 -$13.26 -$19.11 -$19.00 -$19.68 -$20.15 -$21.21 -$23.05 C F Statement  Financial Cash Flow
Total Accruals $9.50 $10.35 $9.65 $12.33 $12.36 $13.29 $8.22 $9.17 $4.69 $6.67 $10.12 $2.05 Accruals
Accruals Ratio 9.73% 9.72% 8.30% 10.60% 10.62% 10.48% 3.74% 4.23% 2.16% 3.00% 4.45% 0.90% Ratio
Cash KEG $0.18 $0.56 $1.30 $1.34 $1.38 $0.93 $4.01 $0.43 $0.80 $1.65 $2.77 $1.99 $2.74 Cash
Cash per Share $0.02 $0.06 $0.13 $0.14 $0.14 $0.09 $0.35 $0.04 $0.07 $0.15 $0.24 $0.18 $0.24 $0.15 <-Median-> 5 Cash per Share
Percentage of Stock Price 0.15% 0.53% 1.04% 2.07% 1.33% 0.68% 2.78% 0.26% 0.43% 0.83% 1.37% 0.83% 1.21% 0.83% <-Median-> 5 % of Stock Price
Keg Restaurants  Ltd. 9/30/05 10/1/06 9/30/07 9/28/08 9/27/09 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
10/1/06 9/30/07 9/28/08 9/27/09 9/27/10
Revenue per Share $21.40 $22.11 $23.13 $24.21 $22.61 #DIV/0! #NUM! <-IRR #YR-> 0 Revenue
Increase 3.31% 4.64% 4.65% -6.58% #DIV/0! #NUM! <-IRR #YR-> 5 Rev Per share
5 year Running Average $22.69 #DIV/0! #NUM! <-IRR #YR-> 0 Rev Per share
*Equity  and interest income in M CDN $  #REF! Diff Med/Curr
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
-$214.5 $0.0 $0.0 $0.0 $0.0
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-$22.11 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
EPS KRL* -$0.01 $0.36 -$0.12 -$0.81 -$0.14 $0.00 -100.00% <-Total Growth 5 Earnings
* ESP per share  E/P 10 Yrs #DIV/0! 5Yrs
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-$0.36 $0.00 $0.00 $0.00 $0.00
Payout Ratio KRL -1062.5% 34.6% -112.8% -16.3% -87.8% #DIV/0! #DIV/0! <-Median-> 4 DPR EPS
Payout Ratio CF 71.6% 63.9% 91.4% 68.1% 143.7% #DIV/0! #DIV/0! <-Median-> 4 DPR CF
Payout Ratio CF NC 102.0% 87.4% 109.2% 131.3% 131.6% #DIV/0! #DIV/0! <-Median-> 4 DPR CF NC
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-$1.87 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-$1.37 $0.00 $0.00 $0.00 $0.00
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 3.47% 5 Yrs
Current Assets KLR $24.83 $30.26 $30.55 $23.57 $28.31 $0.00 Liquidity ratio of 1.5 and up, best
Current Liabilities $28.21 $35.45 $45.89 $50.89 $53.62 $0.00 #DIV/0! <-Median-> 4 Ratio
Liquidity 0.88 0.85 0.67 0.46 0.53 #DIV/0! #NUM! <-Median-> 0 Ratio
Liq. with CF aft div 1.02 1.04 0.69 0.58 0.45 #DIV/0! #NUM! <-Median-> 0 Ratio
Liq. CF re  Inv+Div  0.94 0.65 0.36 0.46 0.55 #DIV/0! #NUM! <-Median-> 0 Ratio
Assets KLR $104.13 $113.13 $134.15 $136.88 $138.69 $0.00 Debt Ratio of 1.5 and up, best
Liabilities $153.55 $165.10 $187.03 $197.07 $208.43 $0.00 #DIV/0! <-Median-> 4 Ratio
Debt Ratio 0.68 0.69 0.72 0.69 0.67 #DIV/0! #NUM! <-Median-> 0 Ratio
Book Value KLR -$49.43 -$51.97 -$52.87 -$60.20 -$69.73 $0.00 -100.00% <-Total Growth 5 Book Value
BV per share -$5.46 -$5.36 -$5.45 -$6.21 -$6.58 $0.00 -100.00% <-Total Growth 5 Book Value
Change #DIV/0! -1.90% 1.77% 13.85% 6.01% -100.00% #DIV/0! Current/Historical Book Value
P/B Ratio (CL) -2.16 -2.40 -1.22 -1.72 -1.98 #DIV/0! #NUM! <-IRR #YR-> 5 Book Value
Change #DIV/0! 11.00% -49.15% 41.33% 14.79% #DIV/0! #NUM! <-IRR #YR-> 0 Book Value
Leverage (A/BK) -2.11 -2.18 -2.54 -2.27 -1.99 #DIV/0! #DIV/0! <-Median-> 4 A/BV
Debt/Equity Ratio -3.11 -3.18 -3.54 -3.27 -2.99 #DIV/0! #DIV/0! <-Median-> 4 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med #DIV/0! 5 yr Med #DIV/0!
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$5.36 $0.00 $0.00 $0.00 $0.00
ROE KRL -0.3% 2.4% -0.7% -5.4% -0.5% #DIV/0! #NUM! <-Median-> 0 Compreh. Inc
Comprehensive Inc -$0.28 $2.74 -$0.90 -$7.32 -$0.76 $0.00 Compreh. Inc
5Yr Median #DIV/0!
Return on Assets KRL -0.1% 3.1% -0.8% -5.7% -1.0% #DIV/0! Net Income/Assets ROA
5Yr Median -0.1% 1.5% -0.1% -0.5% -0.8% #DIV/0! #NUM! <-Median-> 0 ROA
Return on Equity 0.2% -6.6% 2.1% 13.1% 22.1% #DIV/0! Net Income/Shareholders' equity ROE
5Yr Median 0.2% -3.2% 0.2% 1.2% 2.1% #DIV/0! #NUM! <-Median-> 0 ROE
Net Income KLR -$0.11 $3.45 -$1.13 -$7.86 -$1.46 $0.00 -100.00% <-Total Growth 5 Net Income
Operating Cash Flow $14.25 $18.15 $13.50 $18.20 $9.43 $0.00 C F Statement  Oper C. F.
Investment Cash Flow $1.70 -$8.27 -$38.60 $0.10 $1.96 $0.00 C F Statement  Invest. C. F
Total Accruals -$16.05 -$6.43 $23.97 -$26.16 -$12.84 $0.00 Accruals
Total Assets $104.13 $113.13 $134.15 $136.88 $138.69 $0.00 Balance Sheet Assets
Accruals Ratio -15.41% -5.68% 17.87% -19.11% -9.26% #DIV/0! Ratio
EPS/CF Ratio -0.10 2.53 -0.97 -8.08 -1.50 #DIV/0! #DIV/0! <-Median-> 4 EPS/CF Ratio
Should not be higher than 1.00
Financial Cash Flow -$0.71 -$6.08 $11.61 $5.49 -$4.03 $0.00 C F Statement  Fin. C. F
Total Accruals -$15.34 -$0.35 $12.36 -$31.65 -$8.81 $0.00 Accruals
Accruals Ratio -14.73% -0.31% 9.21% -23.12% -6.35% #DIV/0! Ratio
Cash $15.06 $18.86 $5.37 $2.30 $9.66 $0.00
Notes:
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.
May 31, 2002, Fund issued 8.1535M shares at $10.00 eachy
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.
Income Trust tax changes annouced October 2006.  Will be taxed from January 2011.
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 Resturant 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 Fund is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership (the "Partnership"),
 a subsidiary of the Fund, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). In exchange for use of those trademarks, KRL pays the Fund a royalty of 4% of gross sales of Keg restaurants included in the royalty pool.
KRL pays the Fund a royalty of 4% of gross sales of Keg restaurants included in the royalty pool.
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 Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M
Date Oct 14 2012 Dec 14 2013 Nov 30 2014 Dec 15 2015 Dec 17 2016 Dec 15 2017
Aisenstat, David 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% Chairman in 2017
CEO - Shares - Amount $0.000 $0.000 $0.000 $0.000 $0.000
Options - percentage 0.177 1.56% 0.178 1.57% 0.177 1.56% 0.767 6.76% 0.177 1.56% Exchangeable Shares
Options - amount $2.562 $3.104 $3.147 $16.184 $3.538
Reuters Options Value 0.000 $0
Maclean, Neil Cameron 0.015 0.13% 0.015 0.13% 0.015 0.13% 0.015 0.13% 0.015 0.13%
CFO - Shares - Amount $0.220 $0.266 $0.271 $0.321 $0.304
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
Henderson, James 0.000 0.00% 0.000 0.00% Other officers holdings are
Officer - Shares - Amount $0.000 $0.000 unavailable
Options - percentage 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000
Killy, George 0.045 0.40% 0.045 0.40% 0.050 0.44% 0.060 0.53%
Director - Shares - Amount $0.786 $0.801 $1.055 $1.201
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
Woodward, Christopher Charles 0.008 0.07% 0.009 0.08% 0.009 0.08% 0.011 0.09% Mentioned as elected in 2017
Chairman?? - Shares - Amt $0.145 $0.166 $0.196 $0.213 site says Aisenstate is Chair?
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% The 2016 annual and 2016 Q3
Options - amount $0.000 $0.000 $0.000 $0.000 says Woodward is Chairman
Increase in O/S Shares 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
Book Value $0.000 $0.000 $0.000 $0.000
Insider Buying -$0.927 -$0.247 -$0.234
Insider Selling $0.000 $0.000 $0.000
Net Insider Selling -$0.016 -$0.927 -$0.247 -$0.234
% of Market Cap -0.01% -0.46% -0.10% -0.10%
Directors 3 5 5 5 4
Women 0 0% 0 0% 0 0% 0 0% 0 0%
Minorities 0 0% 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 4 24.36% 4 27.26% 0 0.00% 4 30.10% 2 23.28% 4 24.17%
Total Shares Held 2.766 24.36% 3.095 27.26% 0.000 0.00% 3.417 30.10% 2.643 23.28% 2.744 24.17%
Increase/Decrease 0.344 14.19% 0.034 1.10% 0.000 #DIV/0! -0.026 -0.76% -0.118 -4.29% 0.050 1.86%
Starting No. of Shares 2.422 3.061 0.000 3.443 2.761 2.694
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