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The Keg Royalties Income Fund - Q3-2018 Earnings & Price Target Update

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The Keg Royalties Income Fund (KEG.UN) is positioned towards the higher end of the casual dining restaurant segment, focusing on customers looking for high quality steak and prime rib at a reasonable price. Vancouver-based Keg Restaurants Ltd. is the leading operator and franchisor of steakhouse restaurants in Canada and has a presence in select regional markets in the United States. Keg Restaurants Ltd. continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. Revenues are split approximately equally between these two business models, including 15% of revenues from the US. As of Sept-30-2018, the Royalty Pool includes 103 Keg restaurants, 45 of which are owned and operated by KRL and its subsidiaries, (33 in Canada and 10 in the United Sates), and 58 Keg restaurants which are owned and operated by Keg franchisees (all of which are in Canada). The total number of Keg restaurants in the Royalty Pool has increased from the 80 Keg restaurants as of Mar-31-2002, to 103 as of Sept-30-2018.

The Keg brand has been in existence for thirty-eight years. Prior to Q2-2018 Keg Restaurants Ltd was connected to Hy's of Canada thru a common ownership that had grown from 10% at the time of the IPO to 27% as of Sept-30-2018. Keg Restaurants Ltd is now owned by Recipe Unlimited Corp.(formerly Cara Restaurants) who are owned by Fairfax Holdings Inc. (FFH).

The Keg employs 9,500 with annual system sales forecast to exceed $700M in 2018. Corporate market expansion in the US is focused on three target markets, specifically: Phoenix, Arizona; Denver, Colorado; and Dallas, Texas.

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