RE:From EarningsCorrect, on page 3 of updated Corp Presentation:
https://topazwebsite.cdn.prismic.io/topazwebsite/5d93e0c6-4912-4076-baab-69add9c8aa5a_Topaz+Feb+2023+Corporate+Update+vFinal.pdf But alternatively 2023E div is sustainable down to $0 AECO & US$55 WTI, so basically it's easily covered in worst case scenario.
So have I got this correct:
1) 2023E div of CAD0.30 per quarter (6.2% yield) is 59% of 2022A's Excess FCF
2) Prorated Excess FCF is ~10% yield.
3) They expect royalty production growth to average 6% CAGR through 2028 with no additional capital from Topaz: (see slide 5 of presentation).
So ignorning product price changes, we have total 16% yield = 6.2% div + 6% production growth + 3.8% Excess FCF they are retaining "for self-funded M&A growth given the broad range of opportunities Topaz continues to identify".