Declared Dividend • Jul 14
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 21st July 2025 Payment date: 31st July 2025 Dividend yield will be 6.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 2.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 25% to shift the payout ratio to a potentially unsustainable range, which is more than the 19% EPS decline seen over the last 5 years. Announcement • Jul 10
The Keg Royalties Income Fund Announces July 2025 Cash Distribution, Payable on July 31, 2025 The Keg Royalties Income Fund announced that its July 2025 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at July 21, 2025. The July 2025 distribution will be paid on July 31, 2025. Declared Dividend • Jun 18
Dividend of CA$0.095 announced Dividend of CA$0.095 is the same as last year. Ex-date: 20th June 2025 Payment date: 30th June 2025 Dividend yield will be 6.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 2.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 25% to shift the payout ratio to a potentially unsustainable range, which is more than the 19% EPS decline seen over the last 5 years. Announcement • Jun 13
The Keg Royalties Income Fund Announces June 2025 Cash Distribution, Payable on June 30, 2025 The Keg Royalties Income Fund announced that its June 2025 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at June 21, 2025. The June 2025 distribution will be paid on June 30, 2025. Declared Dividend • May 12
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 21st May 2025 Payment date: 30th May 2025 Dividend yield will be 6.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 25% to shift the payout ratio to a potentially unsustainable range, which is more than the 19% EPS decline seen over the last 5 years. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: CA$0.79 (vs CA$0.14 loss in 1Q 2024) First quarter 2025 results: EPS: CA$0.79 (up from CA$0.14 loss in 1Q 2024). Revenue: CA$8.82m (up 5.8% from 1Q 2024). Net income: CA$8.94m (up CA$10.6m from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • May 09
The Keg Royalties Income Fund Announces May 2025 Cash Distribution, Payable on May 30, 2025 The Keg Royalties Income Fund announced that its May 2025 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at May 21, 2025. The May 2025 distribution will be paid on May 30, 2025. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to CA$18.08, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 16x in the Hospitality industry in Canada. Total returns to shareholders of 50% over the past three years. Declared Dividend • Apr 11
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 21st April 2025 Payment date: 30th April 2025 Dividend yield will be 8.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (153% earnings payout ratio). However, it is covered by cash flows (69% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 70% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Announcement • Apr 09
The Keg Royalties Income Fund Announces April 2025 Cash Distribution, Payable on April 30, 2025 The Keg Royalties Income Fund announced that its March 2025 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at April 21, 2025. The April 2025 distribution will be paid on April 30, 2025. Declared Dividend • Mar 16
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 21st March 2025 Payment date: 31st March 2025 Dividend yield will be 8.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (153% earnings payout ratio). However, it is covered by cash flows (69% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 70% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Mar 07
Full year 2024 earnings released: EPS: CA$0.74 (vs CA$2.22 in FY 2023) Full year 2024 results: EPS: CA$0.74 (down from CA$2.22 in FY 2023). Revenue: CA$33.1m (down 2.7% from FY 2023). Net income: CA$8.42m (down 67% from FY 2023). Profit margin: 25% (down from 74% in FY 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 14
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 21st February 2025 Payment date: 28th February 2025 Dividend yield will be 8.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (282% earnings payout ratio). However, it is covered by cash flows (69% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 214% to bring the payout ratio under control. However, EPS has declined by 24% over the last 5 years so the company would need to reverse this trend. Announcement • Feb 12
The Keg Royalties Income Fund Announces February 2025 Cash Distribution, Payable on February 28, 2025 The Keg Royalties Income Fund announced that its February 2025 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at February 21, 2025. The February 2025 distribution will be paid on February 28, 2025. Announcement • Dec 24
The Keg Royalties Income Fund Announces Special Cash Distribution, Payable on January 31, 2025 The Keg Royalties Income Fund announced that a Special Cash Distribution of $0.04 per unit has been declared and is payable to unitholders of record as at December 31, 2024. The Special Cash Distribution will be paid to unitholders on January 31, 2025. Announcement • Dec 20
The Keg Royalties Income Fund Announces January 2025 Cash Distribution, Payable on January 31, 2025 The Keg Royalties Income Fund announced that its January 2025 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of December 31, 2024. The January 2025 distribution will be paid on January 31, 2025. The record date for this distribution is earlier than in other months to coincide with the Fund’s year-end. Declared Dividend • Dec 13
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 20th December 2024 Payment date: 31st December 2024 Dividend yield will be 6.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (282% earnings payout ratio). However, it is covered by cash flows (69% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 214% to bring the payout ratio under control. However, EPS has declined by 24% over the last 5 years so the company would need to reverse this trend. Announcement • Dec 11
The Keg Royalties Income Fund Announces December 2024 Cash Distribution, Payable on December 31, 2024 The Keg Royalties Income Fund announced that its December 2024 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at December 21, 2024. The December 2024 distribution will be paid on December 31, 2024. Declared Dividend • Nov 13
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 21st November 2024 Payment date: 29th November 2024 Dividend yield will be 8.1%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (282% earnings payout ratio). However, it is covered by cash flows (69% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 214% to bring the payout ratio under control. However, EPS has declined by 24% over the last 5 years so the company would need to reverse this trend. Announcement • Nov 09
The Keg Royalties Income Fund Announces November 2024 Cash Distribution, Payable on November 29, 2024 The Keg Royalties Income Fund announced that its November 2024 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at November 21, 2024. The November 2024 distribution will be paid on November 29, 2024. Reported Earnings • Nov 08
Third quarter 2024 earnings released: CA$0.51 loss per share (vs CA$1.45 profit in 3Q 2023) Third quarter 2024 results: CA$0.51 loss per share (down from CA$1.45 profit in 3Q 2023). Revenue: CA$8.09m (flat on 3Q 2023). Net loss: CA$5.80m (down 135% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Oct 14
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 21st October 2024 Payment date: 31st October 2024 Dividend yield will be 7.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (48% earnings payout ratio) and cash flows (69% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Declared Dividend • Sep 12
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 20th September 2024 Payment date: 30th September 2024 Dividend yield will be 8.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (48% earnings payout ratio) and cash flows (69% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Declared Dividend • Aug 14
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 21st August 2024 Payment date: 30th August 2024 Dividend yield will be 8.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (48% earnings payout ratio) and cash flows (69% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 10
The Keg Royalties Income Fund Announces Cash Distribution for August 2024, Payable on August 30, 2024 The Keg Royalties Income Fund announced that its August 2024 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at August 21, 2024. The August 2024 distribution will be paid on August 30, 2024. Reported Earnings • Aug 09
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: CA$8.10m (up 2.0% from 2Q 2023). Net income: CA$10.8m (up 355% from 2Q 2023). Declared Dividend • Jul 14
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 19th July 2024 Payment date: 31st July 2024 Dividend yield will be 8.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 1.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 11
The Keg Royalties Income Fund Announces July 2024 Cash Distribution, Payable on July 31, 2024 The Keg Royalties Income Fund announced that its July 2024 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at July 21, 2024. The July 2024 distribution will be paid on July 31, 2024. Declared Dividend • Jun 14
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 21st June 2024 Payment date: 28th June 2024 Dividend yield will be 8.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 1.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Declared Dividend • May 16
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 17th May 2024 Payment date: 31st May 2024 Dividend yield will be 8.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 1.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 15
The Keg Royalties Income Fund Announces Cash Distribution for the Month of May 2024, Payable on May 31, 2024 The Keg Royalties Income Fund announced that its May 2024 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at May 21, 2024. The May 2024 distribution will be paid on May 31, 2024. Reported Earnings • May 12
First quarter 2024 earnings released: CA$0.14 loss per share (vs CA$0.45 profit in 1Q 2023) First quarter 2024 results: CA$0.14 loss per share (down from CA$0.45 profit in 1Q 2023). Revenue: CA$8.34m (down 4.8% from 1Q 2023). Net loss: CA$1.65m (down 132% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 15
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 18th April 2024 Payment date: 30th April 2024 Dividend yield will be 8.4%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 43% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.9% EPS decline seen over the last 5 years. Announcement • Apr 12
The Keg Royalties Income Fund Announces April 2024 Cash Distribution, Payable on April 30, 2023 The Keg Royalties Income Fund announced that its April 2024 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at April 21, 2024. The April 2024 distribution will be paid on April 30, 2023. Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: CA$2.22 (vs CA$0.47 in FY 2022) Full year 2023 results: EPS: CA$2.22 (up from CA$0.47 in FY 2022). Revenue: CA$34.1m (up 8.6% from FY 2022). Net income: CA$25.2m (up 374% from FY 2022). Profit margin: 74% (up from 17% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 17
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 20th March 2024 Payment date: 29th March 2024 Dividend yield will be 8.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (70% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 37% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.2% EPS decline seen over the last 5 years. Announcement • Mar 14
The Keg Royalties Income Fund Announces Cash Distribution for the Month of March 2024, Payable on March 29, 2024 The Keg Royalties Income Fund announced that its March 2024 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at March 21, 2024. The March 2024 distribution will be paid on March 29, 2024. Announcement • Mar 09
The Keg Royalties Income Fund, Annual General Meeting, May 14, 2024 The Keg Royalties Income Fund, Annual General Meeting, May 14, 2024. Upcoming Dividend • Feb 13
Upcoming dividend of CA$0.095 per share at 7.7% yield Eligible shareholders must have bought the stock before 20 February 2024. Payment date: 29 February 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 7.7%. Within top quartile of Canadian dividend payers (6.4%). Higher than average of industry peers (2.9%). Declared Dividend • Feb 12
Dividend of CA$0.095 announced Shareholders will receive a dividend of CA$0.095. Ex-date: 20th February 2024 Payment date: 29th February 2024 Dividend yield will be 8.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (70% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 37% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.2% EPS decline seen over the last 5 years. Announcement • Feb 09
The Keg Royalties Income Fund Announces Cash Distribution for February 2024, payable on February 29, 2024 The Keg Royalties Income Fund announced that its February 2024 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at February 21, 2024. The February 2024 distribution will be paid on February 29, 2024. Upcoming Dividend • Dec 22
Upcoming dividend of CA$0.095 per share at 8.5% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 31 January 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 8.5%. Within top quartile of Canadian dividend payers (6.5%). Higher than average of industry peers (3.0%). Announcement • Dec 20
The Keg Royalties Income Fund Announces Special Cash Distribution, Payable on January 31, 2024 The Keg Royalties Income Fund announced that a Special Cash Distribution of $0.08 per unit has been declared and is payable to unitholders of record as at December 31, 2023. The Special Cash Distribution will be paid to unitholders on January 31, 2024 and treated as an eligible dividend that will be included in the Fund’s December 31, 2023 year-end for tax purposes. Announcement • Dec 19
The Keg Royalties Income Fund Announces Cash Distribution for January 2024, Will Be Paid on January 31,2024 The Keg Royalties Income Fund announced that its January 2024 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of December 31, 2023. The January 2024 distribution will be paid on January 31,2024. The record date for this distribution is earlier than in other months to coincide with the Fund’s year-end. Announcement • Dec 12
The Keg Royalties Income Fund Announces December 2023 Cash Distribution, Payable on December 29, 2023 The Keg Royalties Income Fund announced that its December 2023 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at December 21, 2023. The December 2023 distribution will be paid on December 29, 2023. Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: CA$1.45 (vs CA$0.40 in 3Q 2022) Third quarter 2023 results: EPS: CA$1.45 (up from CA$0.40 in 3Q 2022). Revenue: CA$8.15m (down 1.1% from 3Q 2022). Net income: CA$16.5m (up 262% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 12% per year. Announcement • Oct 13
The Keg Royalties Income Fund Announces October 2023 Cash Distribution, Payable on October 31, 2023 The Keg Royalties Income Fund announced that its October 2023 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at October 21, 2023. The October 2023 distribution will be paid on October 31, 2023. Announcement • Sep 13
The Keg Royalties Income Fund Announces September 2023 Cash Distribution, Payable on September 29, 2023 The Keg Royalties Income Fund announced that its September 2023 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at September 21, 2023. The September 2023 distribution will be paid on September 29, 2023. New Risk • Aug 14
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 118% Dividend yield: 7.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 30% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (118% payout ratio). Announcement • Aug 12
The Keg Royalties Income Fund Announces August 2023 Cash Distribution, Payable on August 31, 2023 The Keg Royalties Income Fund announced that its August 2023 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at August 21, 2023. The August 2023 distribution will be paid on August 31, 2023. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: CA$0.21 (vs CA$0.88 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.21 (down from CA$0.88 in 2Q 2022). Revenue: CA$7.94m (down 2.3% from 2Q 2022). Net income: CA$2.37m (down 76% from 2Q 2022). Profit margin: 30% (down from 124% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Jul 12
The Keg Royalties Income Fund Declares Cash Distribution for July 2023, Payable on July 31, 2023 The Keg Royalties Income Fund announced that its July 2023 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at July 21, 2023. The July 2023 distribution will be paid on July 31, 2023. Announcement • Jun 15
The Keg Royalties Income Fund Announces June 2023 Cash Distribution, Payable on June 30, 2023 The Keg Royalties Income Fund announced that its June 2023 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at June 21, 2023. The June 2023 distribution will be paid on June 30, 2023. Announcement • May 12
The Keg Royalties Income Fund Declares Distribution for the Month of May 2023, Payable on May 31, 2023 The Keg Royalties Income Fund announced that its May 2023 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at May 21, 2023. The May 2023 distribution will be paid on May 31, 2023. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: CA$0.45 (vs CA$0.72 loss in 1Q 2022) First quarter 2023 results: EPS: CA$0.45 (up from CA$0.72 loss in 1Q 2022). Revenue: CA$8.76m (up 30% from 1Q 2022). Net income: CA$5.13m (up CA$13.3m from 1Q 2022). Profit margin: 59% (up from net loss in 1Q 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: CA$0.47 (vs CA$0.47 loss in FY 2021) Full year 2022 results: EPS: CA$0.47 (up from CA$0.47 loss in FY 2021). Revenue: CA$31.4m (up 46% from FY 2021). Net income: CA$5.30m (up CA$10.7m from FY 2021). Profit margin: 17% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Total stores: 107 (up by 1 from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 13
Upcoming dividend of CA$0.095 per share at 7.1% yield Eligible shareholders must have bought the stock before 20 March 2023. Payment date: 31 March 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.1%. Within top quartile of Canadian dividend payers (6.1%). Higher than average of industry peers (3.6%). Announcement • Feb 10
The Keg Royalties Income Fund Announces February 2023 Cash Distribution, Payable on February 28, 2023 The Keg Royalties Income Fund announced that its February 2023 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at February 21, 2023. The February 2023 distribution will be paid on February 28, 2023. Recent Insider Transactions • Dec 26
Key Executive recently bought CA$79k worth of stock On the 21st of December, Christopher Woodward bought around 5k shares on-market at roughly CA$15.89 per share. This transaction increased Christopher's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Christopher's only on-market trade for the last 12 months. Announcement • Dec 20
The Keg Royalties Income Fund Announces January 2023 Cash Distribution, Payable on January 31, 2023 The Keg Royalties Income Fund announced that its January 2023 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of December 31, 2022. The January 2023 distribution will be paid on January 31, 2023. Announcement • Dec 10
The Keg Royalties Income Fund Announces Cash Distribution for December 2022, Payable on December 30, 2022 The Keg Royalties Income Fund announced that its December 2022 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of December 21, 2022. The December 2022 distribution will be paid on December 30, 2022. Announcement • Nov 15
The Keg Royalties Income Fund Announces November 2022 Cash Distribution, Payable on November 30, 2022 The Keg Royalties Income Fund announced that its November 2022 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of November 21, 2022. The November 2022 distribution will be paid on November 30, 2022. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: CA$0.40 (vs CA$0.66 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.40 (down from CA$0.66 in 3Q 2021). Revenue: CA$8.24m (up 15% from 3Q 2021). Net income: CA$4.54m (down 40% from 3Q 2021). Profit margin: 55% (down from 105% in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Announcement • Oct 14
The Keg Royalties Income Fund Announces October 2022 Distribution, Payable on October 31, 2022 The Keg Royalties Income Fund announced that its October 2022 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of October 21, 2022. The October 2022 distribution will be paid on October 31, 2022. Announcement • Sep 13
The Keg Royalties Income Fund Declares Cash Distribution of September 2022, Payable on September 30, 2022 The Keg Royalties Income Fund announced that its September 2022 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of September 21, 2022. The September 2022 distribution will be paid on September 30, 2022. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: CA$0.88 (vs CA$0.49 loss in 2Q 2021) Second quarter 2022 results: EPS: CA$0.88 (up from CA$0.49 loss in 2Q 2021). Revenue: CA$8.12m (up 136% from 2Q 2021). Net income: CA$10.0m (up CA$15.6m from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • Aug 11
The Keg Royalties Income Fund Announces August 2022 Cash Distribution, Payable on August 31, 2022 The Keg Royalties Income Fund announced that its August 2022 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of August 21, 2022. The August 2022 distribution will be paid on August 31, 2022. Announcement • Jul 13
The Keg Royalties Income Fund Announces July 2022 Cash Distribution, Payable on July 29, 2022 The Keg Royalties Income Fund announced that its July 2022 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of July 21, 2022. The July 2022 distribution will be paid on July 29, 2022. Announcement • Jun 11
The Keg Royalties Income Fund Announces June 2022 Cash Distribution, Payable on June 30, 2022 The Keg Royalties Income Fund announced that its June 2022 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of June 21, 2022. The June 2022 distribution will be paid on June 30, 2022. Buying Opportunity • May 20
Now 21% undervalued Over the last 90 days, the stock is up 2.7%. The fair value is estimated to be CA$19.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 12
First quarter 2022 earnings released: CA$0.72 loss per share (vs CA$0.51 loss in 1Q 2021) First quarter 2022 results: CA$0.72 loss per share (down from CA$0.51 loss in 1Q 2021). Revenue: CA$6.72m (up 77% from 1Q 2021). Net loss: CA$8.18m (loss widened 42% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Announcement • May 12
the Keg Royalties Income Fund Announces May 2022 Cash Distribution, Payable on May 31, 2022 The Keg Royalties Income Fund announced that its May 2022 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of May 21, 2022. The May 2022 distribution will be paid on May 31, 2022. Announcement • Apr 14
The Keg Royalties Income Fund Declares Cash Distribution of April 2022, Payable on April 29, 2022 The Keg Royalties Income Fund announced that its April 2022 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as of April 21, 2022. The April 2022 distribution will be paid on April 29, 2022. Buying Opportunity • Apr 04
Now 20% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be CA$20.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: CA$0.47 loss per share (down from CA$1.96 profit in FY 2020). Revenue: CA$21.4m (up 18% from FY 2020). Net loss: CA$5.37m (down 124% from profit in FY 2020). Revenue missed analyst estimates by 2.6%. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Feb 15
The Keg Royalties Income Fund Announces Cash Distribution for February 2022, Payable on February 28, 2022 The Keg Royalties Income Fund announced that its February 2022 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at February 21, 2022. The February 2022 distribution will be paid on February 28, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS CA$0.66 (vs CA$1.21 in 3Q 2020) Third quarter 2021 results: Revenue: CA$7.17m (up 34% from 3Q 2020). Net income: CA$7.54m (down 45% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 13
Upcoming dividend of CA$0.07 per share Eligible shareholders must have bought the stock before 20 September 2021. Payment date: 30 September 2021. Trailing yield: 5.8%. Within top quartile of Canadian dividend payers (4.5%). Higher than average of industry peers (3.2%). Recent Insider Transactions • Aug 31
Independent Trustee recently sold CA$56k worth of stock On the 24th of August, Timothy Kerr sold around 4k shares on-market at roughly CA$14.03 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$124k more than they bought in the last 12 months. Reported Earnings • Aug 12
Second quarter 2021 earnings released: CA$0.49 loss per share (vs CA$0.39 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: CA$3.44m (up 89% from 2Q 2020). Net loss: CA$5.53m (loss widened 26% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
First quarter 2021 earnings released: CA$0.51 loss per share (vs CA$3.13 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: CA$3.80m (down 44% from 1Q 2020). Net loss: CA$5.77m (down 116% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 8% per year. Announcement • May 13
The Keg Royalties Income Fund Announces May 2021 Cash Distribution, Payable on May 31, 2021 The Keg Royalties Income Fund announced that its May 2021 distribution of $0.035 per unit has been declared and is payable to unitholders of record as at May 21, 2021. The May 2021 distribution will be paid on May 31, 2021. Recent Insider Transactions • Apr 01
Independent Trustee recently sold CA$68k worth of stock On the 25th of March, Timothy Kerr sold around 5k shares on-market at roughly CA$13.61 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$126k more than they bought in the last 12 months. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS CA$1.96 (vs CA$1.50 in FY 2019) Full year 2020 results: Revenue: CA$18.2m (down 39% from FY 2019). Net income: CA$22.3m (up 31% from FY 2019). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings.