DDM Analysis: KEG-UN.TO

Valuation Snapshot

Stable Growth	$16.71 - $31.00	$22.57
Multi-Stage	$26.39 - $28.91	$27.63
Blended Fair Value	$25.10
Current Price	$13.89
Upside	80.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.03%	3.33%	1.61	0.77	0.77	0.49	0.43	0.77	1.42	1.35	1.35	1.23
YoY Growth	-	-	110.35%	0.00%	57.92%	11.66%	-43.30%	-45.94%	4.83%	0.50%	9.49%	5.75%
Dividend Yield	-	-	11.62%	5.12%	4.89%	2.92%	3.25%	9.01%	8.11%	7.40%	6.70%	6.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.02
(-) Cash Dividends Paid (M)	16.10
(=) Cash Retained (M)	2.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.80	2.38	1.43
Cash Retained (M)	2.92	2.92	2.92
(-) Cash Required (M)	-3.80	-2.38	-1.43
(=) Excess Retained (M)	-0.88	0.55	1.50
(/) Shares Outstanding (M)	16.80	16.80	16.80
(=) Excess Retained per Share	-0.05	0.03	0.09
LTM Dividend per Share	0.96	0.96	0.96
(+) Excess Retained per Share	-0.05	0.03	0.09
(=) Adjusted Dividend	0.91	0.99	1.05
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	1.25%	2.25%	3.25%
Fair Value	$16.71	$22.57	$31.00
Upside / Downside	20.28%	62.46%	123.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.02	19.45	19.88	20.33	20.79	21.26	21.90
Payout Ratio	84.63%	85.70%	86.78%	87.85%	88.93%	90.00%	92.50%
Projected Dividends (M)	16.10	16.67	17.26	17.86	18.49	19.13	20.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	1.25%	2.25%	3.25%
Year 1 PV (M)	15.46	15.61	15.77
Year 2 PV (M)	14.85	15.15	15.44
Year 3 PV (M)	14.26	14.69	15.12
Year 4 PV (M)	13.69	14.24	14.81
Year 5 PV (M)	13.15	13.81	14.50
PV of Terminal Value (M)	372.00	390.73	410.22
Equity Value (M)	443.41	464.23	485.85
Shares Outstanding (M)	16.80	16.80	16.80
Fair Value	$26.39	$27.63	$28.91
Upside / Downside	89.97%	98.89%	108.16%

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The Keg Royalties Income Fund (KEG-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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