Company Valuation: Royal Gold, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 6,906 7,394 7,946 8,670 18,761 21,375 - -
Change - 7.07% 7.47% 9.11% 116.39% 13.93% - -
Enterprise Value (EV) 1 6,767 7,847 8,088 8,475 19,423 21,000 19,505 18,120
Change - 15.95% 3.08% 4.78% 129.19% 8.12% -7.12% -7.1%
P/E 25.2x 31.1x - 26.2x 33.2x 21.6x 19.2x 18.8x
PBR 2.66x 2.7x - - - 2.67x 2.38x 2.16x
PEG - -2.4x - - 1x 0.3x 1.6x 8.05x
Capitalization / Revenue 10.6x 12.3x 13.1x 12.1x 18.2x 11.4x 9.58x 10x
EV / Revenue 10.4x 13x 13.4x 11.8x 18.8x 11.2x 8.74x 8.48x
EV / EBITDA 13x 16.5x 16.9x 14.5x 22.9x 13.8x 11x 10.3x
EV / EBIT 20.6x 27.7x 26.7x 19.7x 30.4x 17.6x 12.7x 12.9x
EV / FCF 110x -15.5x 19.6x 19.8x -22.1x 17.9x 12.6x 11.9x
FCF Yield 0.91% -6.43% 5.11% 5.04% -4.53% 5.6% 7.92% 8.38%
Dividend per Share 2 1.3 1.425 1.525 1.65 1.825 1.92 2 2.2
Rate of return 1.24% 1.26% 1.26% 1.25% 0.82% 0.76% 0.79% 0.87%
EPS 2 4.17 3.63 - 5.04 6.69 11.67 13.11 13.42
Distribution rate 31.2% 39.3% - 32.7% 27.3% 16.5% 15.3% 16.4%
Net sales 1 653.6 603.2 605.7 719.4 1,030 1,873 2,232 2,136
EBITDA 1 522.6 474.4 479.6 585.8 848.3 1,523 1,774 1,760
EBIT 1 328.4 283.7 303.2 429.9 638.2 1,190 1,542 1,403
Net income 1 274 239 - 332 466.3 939.6 1,188 1,142
Net Debt 1 -138.4 453 141.8 -195.5 661.7 -375.1 -1,870 -3,255
Reference price 2 105.21 112.72 120.96 131.85 222.29 252.28 252.28 252.28
Nbr of stocks (in thousands) 65,637 65,593 65,692 65,757 84,398 84,728 - -
Announcement Date 2/16/22 A 2/15/23 A 2/14/24 A 2/12/25 A 2/18/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.62x11.21x13.79x0.76% 21.38B
12.84x4.75x7.44x0.83% 133B
15.98x6.26x8.75x0.81% 101B
12.68x3.19x4.8x2.05% 71.8B
31.41x18.9x22.11x0.51% 69.98B
12.86x4.14x5.94x4.09% 53.3B
10.1x3.44x5.21x0.52% 34.54B
17.41x3.66x7.64x2.25% 22.54B
14.12x4.08x7.94x - 21.15B
15.42x6.77x9.25x5.57% 16.21B
Average 16.44x 6.64x 9.29x 1.93% 54.51B
Weighted average by Cap. 16.28x 6.74x 9.26x 1.47%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Royal Gold, Inc.
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