Earnings
September 18, 2021 - SRV.UN
New! SIR Royalty Income Fund-Q2-2021 Earnings, Price Target Update .....
September 15, 2021 - KEG.UN
The Key Royalties Income Fund - Q2-2021 Earnings, Price Target Update .....
September 14, 2021 - BPF.UN
Boston Pizza Royalties Income Fund - Q2-2021 Earnings, Price Target Update .....
September 14, 2021 - AW.UN
A&W Revenue Royalties Income Fund - Q2-2021 Earninngs, Price Target Update .....
September 12, 2021 - ARX
Arc Resources Ltd Q2-2021 Earnings, Price Target Update .....
September 10, 2021 - IMO
Imperial Oil Ltd - Q2-2021 Earnings, Price Target Update .....
September 9, 2021 - SU
Suncor Energy Inc. Q2-2021 Earnings, Price Target Update .....
September 8, 2021 - CNQ
Canadian Natural Resources Ltd, Q2-2021 Earnings, Price Target Update .....
Recommendation Changes
PZA, CNQ, TOU, SU, BEP.UN, more...
Valuation Criteria

1. The Basic Business of the Trust - Who Are They and What Do they Do?
Business - utility, pipeline, natural resource, real estate, business trust
Industry factors - depleting, non-depleting, seasonality factors, hedging management
Economic factors - sensitivity to interest rates, currencies, commodities
Business diversification - single sector vs multi-sector business

2. Trust Financial Data - The Fundamentals
Ratio Review - distribution ratios, debt to equity, market capitalization to book value
Assets - type and age of assets that are key to the trust, capital expenditure reserves
Liabilities - amount, terms, interest rates, maturity schedules
Revenues - growth from same store, organic & acquisitions
Profitability - profit margins, expense control
Comparability - to sector peers, previous reporting periods
Valuation ladder - liquidation - going concern - goodwill premiums
Income tax - tax -deferred vs current income

3. The Legal & Organization Structure - Rights and Powers
Capital structure - share classes, debt instruments,
Corporate structure - subsidiaries, affiliated/connected corporations and trusts
Legal obligations - customer contracts, management internalization, unit subordination terms, management agreements, prospectus review

4. Quality of Reporting & Filing - Playing by the Rules
Clarity and timeliness of company reports Observing the legal filing requirements Adherence to Generally Accepted Accounting Principles "GAAP"

5. Management, Governance, Unions - Integrity Questions
- review of the quality of mgt decisions
-observation of good corporate governance practices - ie no conflicts of interest
-unions - expiration of contracts, general relations

6. "Industry & Economic Issues" - The Bigger Picture
-competitors, product cycles, brand strengths, supply/demand for products
-broader economic factors - interest rates, economic indicators, global trends
-current taxation and regulatory trends and issues

7. Sources of Information
-websites for - "trust and related entities", SEDAR/Edgar, independent research sources,
brokerage firm research, webcasts, general news media, ratings services.

Produced by H.C. Levant, - Reproduction of this material in part or it's entirety is subject to copyright licensing agreements and is forbidden except only with the express written consent of the author.

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