The Keg Royalties Income Fund
The Keg Royalties Income Fund operates as an unincorporated open-ended limited purpose trust. It invests in The Keg Rights Limited Partnership that owns the trademarks, trade names, operating procedures and systems, and other intellectual property used in connection with the operation of Keg steakhouse restaurants and bars in Canada and the United States. The company was founded in 2002 and is he… Read more
The Keg Royalties Income Fund (KEG-UN) - Net Assets
Latest net assets as of March 2025: CA$108.71 Million CAD
Based on the latest financial reports, The Keg Royalties Income Fund (KEG-UN) has net assets worth CA$108.71 Million CAD as of March 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$259.76 Million) and total liabilities (CA$151.06 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$108.71 Million |
| % of Total Assets | 41.85% |
| Annual Growth Rate | -1.94% |
| 5-Year Change | -12.96% |
| 10-Year Change | 14.77% |
| Growth Volatility | 13.37 |
The Keg Royalties Income Fund - Net Assets Trend (2002–2024)
This chart illustrates how The Keg Royalties Income Fund's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for The Keg Royalties Income Fund (2002–2024)
The table below shows the annual net assets of The Keg Royalties Income Fund from 2002 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | CA$101.91 Million | -4.60% |
| 2023-12-31 | CA$106.83 Million | +11.90% |
| 2022-12-31 | CA$95.47 Million | -7.36% |
| 2021-12-31 | CA$103.06 Million | -11.99% |
| 2020-12-31 | CA$117.09 Million | +15.20% |
| 2019-12-31 | CA$101.64 Million | +4.22% |
| 2018-12-31 | CA$97.53 Million | +19.61% |
| 2017-12-31 | CA$81.54 Million | +5.31% |
| 2016-12-31 | CA$77.43 Million | -12.81% |
| 2015-12-31 | CA$88.80 Million | -1.12% |
| 2014-12-31 | CA$89.81 Million | -3.62% |
| 2013-12-31 | CA$93.18 Million | -5.90% |
| 2012-12-31 | CA$99.02 Million | -5.09% |
| 2011-12-31 | CA$104.33 Million | -5.02% |
| 2010-12-31 | CA$109.85 Million | +10.42% |
| 2009-12-31 | CA$99.48 Million | 0.00% |
| 2008-12-31 | CA$99.49 Million | 0.00% |
| 2007-12-31 | CA$99.49 Million | +8.57% |
| 2006-12-31 | CA$91.64 Million | +10.63% |
| 2005-12-31 | CA$82.83 Million | -48.53% |
| 2004-12-31 | CA$160.94 Million | +2.70% |
| 2003-12-31 | CA$156.70 Million | -0.10% |
| 2002-12-31 | CA$156.85 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to The Keg Royalties Income Fund's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 2136100000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | CA$123.28 Million | 120.96% |
| Total Equity | CA$101.91 Million | 100.00% |
The Keg Royalties Income Fund Competitors by Market Cap
The table below lists competitors of The Keg Royalties Income Fund ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Kreditbanken A/S
CO:KRE
|
$143.90 Million |
|
LF Corp
KO:093050
|
$143.95 Million |
|
Yantai Yatong Precision Mechanical Corp. A
SHG:603190
|
$143.96 Million |
|
Skipper Limited
NSE:SKIPPER
|
$143.96 Million |
|
TruBridge Inc.
NASDAQ:TBRG
|
$143.84 Million |
|
Shanghai National Center of Testing and Inspection for Electric Cable and Wire Co. Ltd.
SHE:301289
|
$143.81 Million |
|
Linc AB
ST:LINC
|
$143.77 Million |
|
PowerCell Sweden AB (publ)
PINK:PCELF
|
$143.74 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in The Keg Royalties Income Fund's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 106,833,000 to 101,914,000, a change of -4,919,000 (-4.6%).
- Net income of 8,424,000 contributed positively to equity growth.
- Dividend payments of 27,110,000 reduced retained earnings.
- Other factors increased equity by 13,767,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$8.42 Million | +8.27% |
| Dividends Paid | CA$27.11 Million | -26.6% |
| Other Changes | CA$13.77 Million | +13.51% |
| Total Change | CA$- | -4.60% |
Book Value vs Market Value Analysis
This analysis compares The Keg Royalties Income Fund's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.08x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2002-12-31 | CA$9.05 | CA$18.65 | x |
| 2003-12-31 | CA$8.99 | CA$18.65 | x |
| 2004-12-31 | CA$12.75 | CA$18.65 | x |
| 2005-12-31 | CA$10.01 | CA$18.65 | x |
| 2006-12-31 | CA$10.26 | CA$18.65 | x |
| 2007-12-31 | CA$10.35 | CA$18.65 | x |
| 2008-12-31 | CA$10.25 | CA$18.65 | x |
| 2009-12-31 | CA$10.25 | CA$18.65 | x |
| 2010-12-31 | CA$10.60 | CA$18.65 | x |
| 2011-12-31 | CA$7.31 | CA$18.65 | x |
| 2012-12-31 | CA$6.92 | CA$18.65 | x |
| 2013-12-31 | CA$6.51 | CA$18.65 | x |
| 2014-12-31 | CA$6.14 | CA$18.65 | x |
| 2015-12-31 | CA$5.99 | CA$18.65 | x |
| 2016-12-31 | CA$5.22 | CA$18.65 | x |
| 2017-12-31 | CA$5.44 | CA$18.65 | x |
| 2018-12-31 | CA$6.32 | CA$18.65 | x |
| 2019-12-31 | CA$6.45 | CA$18.65 | x |
| 2020-12-31 | CA$7.23 | CA$18.65 | x |
| 2021-12-31 | CA$9.08 | CA$18.65 | x |
| 2022-12-31 | CA$8.41 | CA$18.65 | x |
| 2023-12-31 | CA$6.36 | CA$18.65 | x |
| 2024-12-31 | CA$8.98 | CA$18.65 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently The Keg Royalties Income Fund utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 8.27%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 29.27%
- • Asset Turnover: 0.11x
- • Equity Multiplier: 2.55x
- Recent ROE (8.27%) is below the historical average (11.41%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2002 | 6.92% | 57.49% | 0.05x | 2.34x | CA$-2.28 Million |
| 2003 | 11.78% | 55.92% | 0.09x | 2.34x | CA$1.31 Million |
| 2004 | 10.49% | 66.76% | 0.09x | 1.70x | CA$509.40K |
| 2005 | 11.23% | 92.90% | 0.10x | 1.18x | CA$1.02 Million |
| 2006 | 11.70% | 92.26% | 0.11x | 1.16x | CA$1.56 Million |
| 2007 | 10.44% | 79.41% | 0.11x | 1.17x | CA$437.90K |
| 2008 | 12.43% | 93.81% | 0.11x | 1.17x | CA$2.42 Million |
| 2009 | 12.46% | 95.50% | 0.11x | 1.17x | CA$2.45 Million |
| 2010 | 11.69% | 95.18% | 0.11x | 1.15x | CA$1.86 Million |
| 2011 | 10.84% | 48.13% | 0.11x | 2.11x | CA$881.50K |
| 2012 | 5.64% | 28.79% | 0.09x | 2.19x | CA$-4.32 Million |
| 2013 | 5.43% | 25.95% | 0.09x | 2.33x | CA$-4.26 Million |
| 2014 | 8.38% | 36.00% | 0.09x | 2.48x | CA$-1.46 Million |
| 2015 | 12.65% | 48.32% | 0.10x | 2.56x | CA$2.36 Million |
| 2016 | 1.64% | 5.49% | 0.10x | 2.92x | CA$-6.47 Million |
| 2017 | 20.92% | 70.21% | 0.11x | 2.83x | CA$8.90 Million |
| 2018 | 29.96% | 115.21% | 0.11x | 2.46x | CA$19.46 Million |
| 2019 | 16.72% | 66.96% | 0.10x | 2.41x | CA$6.84 Million |
| 2020 | 19.01% | 160.29% | 0.06x | 2.15x | CA$10.55 Million |
| 2021 | -5.21% | -31.24% | 0.07x | 2.47x | CA$-15.67 Million |
| 2022 | 5.55% | 19.60% | 0.10x | 2.73x | CA$-4.24 Million |
| 2023 | 23.55% | 73.88% | 0.13x | 2.44x | CA$14.47 Million |
| 2024 | 8.27% | 29.27% | 0.11x | 2.55x | CA$-1.77 Million |
Industry Comparison
This section compares The Keg Royalties Income Fund's net assets metrics with peer companies in the Restaurants industry.
Industry Context
- Industry: Restaurants
- Average net assets among peers: $-122,452,000
- Average return on equity (ROE) among peers: 0.00%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| The Keg Royalties Income Fund (KEG-UN) | CA$108.71 Million | 6.92% | 1.39x | $143.87 Million |
| A W FOOD SERVICES OF CANADA INC (AW) | $-122.45 Million | 0.00% | 0.00x | $50.76 Million |