Intrinsic value of Royal Gold - RGLD

Previous Close

$89.43

  Intrinsic Value

$8.63

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

-13%

Previous close

$89.43

 
Intrinsic value

$8.63

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

-13%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of RGLD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.50
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
Revenue, $m
  441
  512
  588
  670
  757
  849
  947
  1,049
  1,157
  1,270
  1,387
  1,510
  1,638
  1,770
  1,908
  2,052
  2,201
  2,356
  2,517
  2,684
  2,858
  3,039
  3,228
  3,424
  3,629
  3,842
  4,065
  4,297
  4,539
  4,792
  5,057
Variable operating expenses, $m
 
  504
  580
  660
  746
  837
  934
  1,035
  1,141
  1,252
  1,368
  1,489
  1,615
  1,746
  1,882
  2,023
  2,170
  2,323
  2,482
  2,647
  2,818
  2,997
  3,183
  3,376
  3,578
  3,788
  4,008
  4,237
  4,476
  4,725
  4,986
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  295
  504
  580
  660
  746
  837
  934
  1,035
  1,141
  1,252
  1,368
  1,489
  1,615
  1,746
  1,882
  2,023
  2,170
  2,323
  2,482
  2,647
  2,818
  2,997
  3,183
  3,376
  3,578
  3,788
  4,008
  4,237
  4,476
  4,725
  4,986
Operating income, $m
  146
  7
  8
  9
  11
  12
  13
  15
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
EBITDA, $m
  306
  193
  222
  253
  286
  321
  358
  396
  437
  480
  524
  570
  618
  669
  721
  775
  831
  890
  950
  1,014
  1,079
  1,148
  1,219
  1,293
  1,370
  1,451
  1,535
  1,623
  1,714
  1,810
  1,910
Interest expense (income), $m
  19
  21
  25
  30
  35
  41
  47
  53
  60
  67
  74
  82
  90
  98
  107
  116
  125
  134
  145
  155
  166
  177
  189
  201
  214
  227
  241
  255
  270
  286
  302
Earnings before tax, $m
  119
  -13
  -17
  -21
  -25
  -29
  -34
  -39
  -44
  -49
  -55
  -61
  -67
  -73
  -80
  -87
  -94
  -102
  -109
  -117
  -126
  -135
  -144
  -153
  -163
  -173
  -184
  -195
  -207
  -219
  -232
Tax expense, $m
  27
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  102
  -13
  -17
  -21
  -25
  -29
  -34
  -39
  -44
  -49
  -55
  -61
  -67
  -73
  -80
  -87
  -94
  -102
  -109
  -117
  -126
  -135
  -144
  -153
  -163
  -173
  -184
  -195
  -207
  -219
  -232

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  86
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,091
  3,480
  3,999
  4,555
  5,148
  5,777
  6,441
  7,139
  7,872
  8,638
  9,438
  10,272
  11,140
  12,043
  12,982
  13,958
  14,972
  16,026
  17,121
  18,260
  19,444
  20,676
  21,959
  23,295
  24,687
  26,138
  27,651
  29,230
  30,878
  32,600
  34,399
Adjusted assets (=assets-cash), $m
  3,005
  3,480
  3,999
  4,555
  5,148
  5,777
  6,441
  7,139
  7,872
  8,638
  9,438
  10,272
  11,140
  12,043
  12,982
  13,958
  14,972
  16,026
  17,121
  18,260
  19,444
  20,676
  21,959
  23,295
  24,687
  26,138
  27,651
  29,230
  30,878
  32,600
  34,399
Revenue / Adjusted assets
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
Average production assets, $m
  2,871
  3,330
  3,826
  4,358
  4,925
  5,527
  6,163
  6,831
  7,532
  8,265
  9,031
  9,828
  10,659
  11,523
  12,422
  13,355
  14,326
  15,334
  16,382
  17,471
  18,605
  19,784
  21,011
  22,289
  23,621
  25,009
  26,457
  27,968
  29,545
  31,193
  32,914
Working capital, $m
  109
  27
  31
  35
  39
  44
  49
  55
  60
  66
  72
  79
  85
  92
  99
  107
  114
  123
  131
  140
  149
  158
  168
  178
  189
  200
  211
  223
  236
  249
  263
Total debt, $m
  586
  717
  858
  1,009
  1,170
  1,341
  1,522
  1,712
  1,911
  2,120
  2,337
  2,564
  2,800
  3,046
  3,301
  3,567
  3,842
  4,129
  4,427
  4,737
  5,059
  5,394
  5,743
  6,106
  6,485
  6,879
  7,291
  7,721
  8,169
  8,637
  9,127
Total liabilities, $m
  815
  947
  1,088
  1,239
  1,400
  1,571
  1,752
  1,942
  2,141
  2,350
  2,567
  2,794
  3,030
  3,276
  3,531
  3,797
  4,072
  4,359
  4,657
  4,967
  5,289
  5,624
  5,973
  6,336
  6,715
  7,109
  7,521
  7,951
  8,399
  8,867
  9,357
Total equity, $m
  2,275
  2,533
  2,911
  3,316
  3,748
  4,205
  4,689
  5,197
  5,731
  6,289
  6,871
  7,478
  8,110
  8,768
  9,451
  10,161
  10,900
  11,667
  12,464
  13,293
  14,155
  15,052
  15,986
  16,959
  17,972
  19,028
  20,130
  21,279
  22,480
  23,733
  25,043
Total liabilities and equity, $m
  3,090
  3,480
  3,999
  4,555
  5,148
  5,776
  6,441
  7,139
  7,872
  8,639
  9,438
  10,272
  11,140
  12,044
  12,982
  13,958
  14,972
  16,026
  17,121
  18,260
  19,444
  20,676
  21,959
  23,295
  24,687
  26,137
  27,651
  29,230
  30,879
  32,600
  34,400
Debt-to-equity ratio
  0.258
  0.280
  0.290
  0.300
  0.310
  0.320
  0.320
  0.330
  0.330
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
Adjusted equity ratio
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  102
  -13
  -17
  -21
  -25
  -29
  -34
  -39
  -44
  -49
  -55
  -61
  -67
  -73
  -80
  -87
  -94
  -102
  -109
  -117
  -126
  -135
  -144
  -153
  -163
  -173
  -184
  -195
  -207
  -219
  -232
Depreciation, amort., depletion, $m
  160
  186
  214
  243
  275
  309
  344
  382
  421
  462
  505
  549
  595
  644
  694
  746
  800
  857
  915
  976
  1,039
  1,105
  1,174
  1,245
  1,320
  1,397
  1,478
  1,562
  1,651
  1,743
  1,839
Funds from operations, $m
  260
  173
  197
  223
  250
  280
  311
  343
  377
  413
  450
  488
  529
  571
  614
  659
  706
  755
  806
  859
  914
  971
  1,030
  1,092
  1,157
  1,224
  1,294
  1,367
  1,444
  1,524
  1,607
Change in working capital, $m
  -6
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
Cash from operations, $m
  266
  169
  193
  219
  246
  275
  306
  338
  371
  407
  444
  482
  522
  564
  607
  652
  699
  747
  798
  850
  905
  961
  1,020
  1,082
  1,146
  1,213
  1,283
  1,355
  1,431
  1,511
  1,593
Maintenance CAPEX, $m
  0
  -160
  -186
  -214
  -243
  -275
  -309
  -344
  -382
  -421
  -462
  -505
  -549
  -595
  -644
  -694
  -746
  -800
  -857
  -915
  -976
  -1,039
  -1,105
  -1,174
  -1,245
  -1,320
  -1,397
  -1,478
  -1,562
  -1,651
  -1,743
New CAPEX, $m
  0
  -459
  -496
  -532
  -567
  -602
  -635
  -668
  -701
  -733
  -765
  -798
  -831
  -864
  -898
  -934
  -970
  -1,008
  -1,048
  -1,090
  -1,133
  -1,179
  -1,227
  -1,278
  -1,332
  -1,388
  -1,448
  -1,511
  -1,577
  -1,647
  -1,721
Cash from investing activities, $m
  -200
  -619
  -682
  -746
  -810
  -877
  -944
  -1,012
  -1,083
  -1,154
  -1,227
  -1,303
  -1,380
  -1,459
  -1,542
  -1,628
  -1,716
  -1,808
  -1,905
  -2,005
  -2,109
  -2,218
  -2,332
  -2,452
  -2,577
  -2,708
  -2,845
  -2,989
  -3,139
  -3,298
  -3,464
Free cash flow, $m
  66
  -451
  -489
  -527
  -565
  -602
  -639
  -675
  -711
  -747
  -784
  -820
  -858
  -896
  -935
  -976
  -1,018
  -1,062
  -1,107
  -1,155
  -1,205
  -1,257
  -1,312
  -1,370
  -1,431
  -1,495
  -1,562
  -1,634
  -1,708
  -1,787
  -1,870
Issuance/(repayment) of debt, $m
  -25
  131
  141
  151
  161
  171
  181
  190
  199
  208
  218
  227
  236
  246
  255
  265
  276
  287
  298
  310
  322
  335
  349
  363
  379
  395
  412
  430
  448
  468
  489
Issuance/(repurchase) of shares, $m
  -2
  358
  394
  426
  456
  487
  517
  547
  577
  607
  637
  668
  699
  731
  763
  797
  832
  869
  907
  946
  988
  1,032
  1,077
  1,126
  1,176
  1,229
  1,286
  1,345
  1,407
  1,472
  1,541
Cash from financing (excl. dividends), $m  
  -36
  489
  535
  577
  617
  658
  698
  737
  776
  815
  855
  895
  935
  977
  1,018
  1,062
  1,108
  1,156
  1,205
  1,256
  1,310
  1,367
  1,426
  1,489
  1,555
  1,624
  1,698
  1,775
  1,855
  1,940
  2,030
Total cash flow (excl. dividends), $m
  30
  38
  46
  49
  53
  56
  59
  62
  65
  68
  71
  74
  77
  80
  84
  87
  90
  94
  97
  101
  105
  110
  114
  119
  124
  129
  135
  141
  147
  153
  160
Retained Cash Flow (-), $m
  -46
  -358
  -394
  -426
  -456
  -487
  -517
  -547
  -577
  -607
  -637
  -668
  -699
  -731
  -763
  -797
  -832
  -869
  -907
  -946
  -988
  -1,032
  -1,077
  -1,126
  -1,176
  -1,229
  -1,286
  -1,345
  -1,407
  -1,472
  -1,541
Prev. year cash balance distribution, $m
 
  86
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -234
  -348
  -376
  -404
  -431
  -458
  -485
  -512
  -539
  -566
  -594
  -622
  -650
  -680
  -710
  -742
  -775
  -809
  -845
  -883
  -922
  -963
  -1,007
  -1,052
  -1,100
  -1,151
  -1,204
  -1,260
  -1,319
  -1,381
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -224
  -319
  -327
  -332
  -334
  -332
  -328
  -320
  -310
  -297
  -282
  -265
  -247
  -228
  -209
  -189
  -169
  -149
  -130
  -112
  -95
  -80
  -66
  -54
  -43
  -34
  -26
  -19
  -14
  -10
Current shareholders' claim on cash, %
  100
  94.1
  88.7
  84.0
  79.8
  76.0
  72.5
  69.4
  66.5
  63.9
  61.5
  59.3
  57.2
  55.3
  53.5
  51.8
  50.2
  48.7
  47.3
  46.0
  44.7
  43.5
  42.3
  41.2
  40.1
  39.1
  38.1
  37.1
  36.2
  35.3
  34.4

Royal Gold, Inc., together with its subsidiaries, is engaged in acquiring and managing precious metal streams, royalties and similar interests. The Company operates through two segments: Acquisition and Management of Stream Interests, and Acquisition and Management of Royalty Interests. Its assets are located in Canada, Chile, Dominican Republic, Mexico, the United States, Africa, Australia and Other. As of June 30, 2016, the Company owned stream interests on four producing properties and three development-stage properties. It has investments in stream interests relating to Pueblo Viejo, Andacollo, Wassa and Prestea, and Rainy River. As of June 30, 2016, the Company owned royalty interests on 34 producing properties, 21 development-stage properties and 131 exploration-stage properties, of which it considered 50 to be evaluation-stage projects.

FINANCIAL RATIOS  of  Royal Gold (RGLD)

Valuation Ratios
P/E Ratio 57.1
Price to Sales 13.2
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 21.9
Price to Free Cash Flow 21.9
Growth Rates
Sales Growth Rate 22.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 25.8%
Total Debt to Equity 25.8%
Interest Coverage 7
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity 4.5%
Return On Equity - 3 Yr. Avg. 1.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 79.8%
Gross Margin - 3 Yr. Avg. 81.7%
EBITDA Margin 67.6%
EBITDA Margin - 3 Yr. Avg. 55.1%
Operating Margin 33.1%
Oper. Margin - 3 Yr. Avg. 21.9%
Pre-Tax Margin 27%
Pre-Tax Margin - 3 Yr. Avg. 14.4%
Net Profit Margin 23.1%
Net Profit Margin - 3 Yr. Avg. 6.8%
Effective Tax Rate 22.7%
Eff/ Tax Rate - 3 Yr. Avg. -78.5%
Payout Ratio 59.8%

RGLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RGLD stock intrinsic value calculation we used $441 million for the last fiscal year's total revenue generated by Royal Gold. The default revenue input number comes from 2017 income statement of Royal Gold. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RGLD stock valuation model: a) initial revenue growth rate of 16% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for RGLD is calculated based on our internal credit rating of Royal Gold, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Royal Gold.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RGLD stock the variable cost ratio is equal to 98.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for RGLD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Royal Gold.

Corporate tax rate of 27% is the nominal tax rate for Royal Gold. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RGLD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RGLD are equal to 650.9%.

Life of production assets of 17.9 years is the average useful life of capital assets used in Royal Gold operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RGLD is equal to 5.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2275 million for Royal Gold - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 65.923 million for Royal Gold is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Royal Gold at the current share price and the inputted number of shares is $5.9 billion.

RELATED COMPANIES Price Int.Val. Rating
ABX Barrick Gold 16.33 1.40  str.sell
TECK Teck Resources 21.81 5.17  str.sell
HL Hecla Mining 5.10 1.94  str.sell
WPM Wheaton Precio 19.07 2.75  str.sell
NGD New Gold 3.68 0.90  str.sell

COMPANY NEWS

▶ Despite Bitcoin And Trump, Gold Regains Lost Luster   [Sep-21-17 03:52PM  Investor's Business Daily]
▶ What Is Royal Gold Incs (RGLD) Share Price Doing?   [Sep-20-17 01:57PM  Simply Wall St.]
▶ What Smart Money Positioning Tells Us about Golds Future   [Sep-19-17 02:36PM  Market Realist]
▶ Why Most Mining Stocks Fell on Friday   [08:09AM  Market Realist]
▶ Analyzing the RSI Movements of Precious Metals   [Sep-18-17 09:10AM  Market Realist]
▶ An Overview of Mining Shares Movement in September 2017   [Sep-13-17 07:41AM  Market Realist]
▶ Why Shares of Royal Gold Rose 7% in August   [Sep-09-17 09:39AM  Motley Fool]
▶ Newmont Mining Earns IBD Rating Upgrade   [Sep-08-17 03:00AM  Investor's Business Daily]
▶ Watch These 2 Toronto-Based Miners As The Gold Rush Continues   [Sep-07-17 05:19PM  Investor's Business Daily]
▶ Reading the Dollar against Gold over the Past Month   [Sep-06-17 01:19PM  Market Realist]
▶ Royal Gold Receives Composite Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Royal Gold, Inc. : August 24, 2017   [Aug-24-17 04:02PM  Capital Cube]
▶ Royal Gold Announces Fourth Quarter Dividend   [Aug-23-17 04:19PM  Business Wire]
▶ This Could Be The Biggest Gold Discovery In History   [Aug-20-17 07:30PM  Oilprice.com]
▶ Royal Gold misses 4Q profit forecasts   [12:33AM  Associated Press]
▶ Reading the Dollars Influence on Golds Movement   [Aug-07-17 05:05PM  Market Realist]
▶ How Are Miners Volatility Numbers Moving?   [12:01PM  Market Realist]
▶ A Conversation With Frank Holmes of US Global Investors   [Aug-04-17 04:23PM  GuruFocus.com]
▶ Why Royal Gold Shares Advanced 10% in July   [Aug-03-17 04:28PM  Motley Fool]
▶ Here's Why the Best Is Yet to Come for Royal Gold, Inc.   [Aug-02-17 08:20AM  Motley Fool]
▶ 3 Reasons Royal Gold, Inc. Stock Could Fall   [Aug-01-17 08:10AM  Motley Fool]
▶ How Precious Metals Performed at End of July   [07:42AM  Market Realist]
▶ How Risky Is Royal Gold, Inc.?   [Jul-31-17 11:31AM  Motley Fool]
▶ The 1 Reason You Should Consider Gold Stocks Today   [Jul-30-17 12:35PM  Motley Fool]
▶ Behind Golds 4-Week High   [Jul-26-17 04:29PM  Market Realist]
▶ Analyzing Miners Correlation in July 2017   [Jul-24-17 11:53AM  Market Realist]
▶ Gold Stocks for a Rising Dollar   [Jul-22-17 10:34AM  Motley Fool]
▶ How Has Miners Volatility Trended in July?   [Jul-20-17 09:37AM  Market Realist]
▶ 3 Great Stocks for Low-Risk Investors   [Jul-18-17 06:06PM  Motley Fool]
▶ Gold Stocks for a Successful Trump Presidency   [Jul-15-17 08:16AM  Motley Fool]
▶ Which Miners Have a Downward Trending Correlation to Gold?   [Jul-13-17 06:00PM  Market Realist]
▶ Better Buy: Royal Gold, Inc. vs. Barrick Gold   [Jul-12-17 08:25AM  Motley Fool]
▶ Precious Metals Continued to Fall on July 7   [07:41AM  Market Realist]
▶ Gold Stocks for a Rocky Trump Presidency   [Jul-11-17 01:33PM  Motley Fool]
▶ Royal Gold, Inc.'s Most Brilliant Moves in 2017 So Far   [Jul-06-17 09:06PM  Motley Fool]
▶ Will Central Banks Gold Reserve Holdings Push Gold Higher?   [Jul-05-17 05:36PM  Market Realist]
▶ ETFs with exposure to Royal Gold, Inc. : July 3, 2017   [Jul-03-17 03:43PM  Capital Cube]
▶ You Won't Believe How Profitable This Gold Stock Is   [Jul-01-17 07:36AM  Motley Fool]
▶ Better Buy: Royal Gold, Inc. vs. Goldcorp   [Jun-30-17 08:25AM  Motley Fool]
▶ Analyzing Major Miners Correlation Trends with Gold   [Jun-27-17 04:03PM  Market Realist]
▶ 3 Top Gold Stocks to Buy Now   [09:18AM  Motley Fool]
▶ Which Miners Have a Downward Trend in Correlation to Gold?   [Jun-26-17 07:38AM  Market Realist]
▶ Royal Gold, Inc. in 3 Charts   [Jun-23-17 09:25AM  Motley Fool]
▶ ETFs with exposure to Royal Gold, Inc. : June 19, 2017   [Jun-19-17 04:04PM  Capital Cube]
▶ Which Stocks Are Showing Rising Relative Strength?   [Jun-16-17 01:38PM  Investor's Business Daily]
▶ How Are Miners Correlations to Gold Trending?   [12:05PM  Market Realist]
▶ Will the Fed Pull Golds Strings?   [Jun-14-17 12:58PM  Market Realist]
▶ Reading Mining Stocks Other Technicals   [Jun-12-17 04:09PM  Market Realist]
▶ Here's Why Royal Gold Popped 16% in May   [Jun-09-17 12:25PM  Motley Fool]
▶ How Royal Gold, Inc. Makes Most of Its Money   [Jun-08-17 04:15PM  Motley Fool]
▶ Whats the Correlation between the Dollar and Gold?   [Jun-06-17 09:39AM  Market Realist]
▶ 3 Mid-Cap Stocks With Big-Cap Potential   [Jun-03-17 11:11AM  Motley Fool]
Financial statements of RGLD
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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