Intrinsic value of Royal Gold - RGLD

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$72.40

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$72.40

 
Intrinsic value

$8.43

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence* premium content

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*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 2016), $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 4.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  29.50
  29.50
  27.05
  24.85
  22.86
  21.07
  19.47
  18.02
  16.72
  15.55
  14.49
  13.54
  12.69
  11.92
  11.23
  10.60
  10.04
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
Revenue, $m
  360
  466
  592
  739
  909
  1,100
  1,314
  1,551
  1,810
  2,092
  2,395
  2,719
  3,064
  3,429
  3,814
  4,219
  4,643
  5,085
  5,547
  6,029
  6,530
  7,051
  7,592
  8,155
  8,740
  9,348
  9,980
  10,637
  11,320
  12,031
  12,771
Variable operating expenses, $m
 
  320
  406
  507
  623
  755
  901
  1,064
  1,242
  1,435
  1,643
  1,865
  2,102
  2,352
  2,617
  2,894
  3,185
  3,489
  3,806
  4,136
  4,479
  4,837
  5,208
  5,594
  5,996
  6,413
  6,846
  7,297
  7,765
  8,253
  8,761
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
  355
  320
  406
  507
  623
  755
  901
  1,064
  1,242
  1,435
  1,643
  1,865
  2,102
  2,352
  2,617
  2,894
  3,185
  3,489
  3,806
  4,136
  4,479
  4,837
  5,208
  5,594
  5,996
  6,413
  6,846
  7,297
  7,765
  8,253
  8,761
Operating income, $m
  5
  146
  186
  232
  285
  345
  413
  487
  568
  657
  752
  854
  962
  1,077
  1,198
  1,325
  1,458
  1,597
  1,742
  1,893
  2,050
  2,214
  2,384
  2,561
  2,744
  2,935
  3,134
  3,340
  3,554
  3,778
  4,010
EBITDA, $m
  146
  329
  418
  522
  641
  776
  927
  1,094
  1,277
  1,476
  1,689
  1,918
  2,162
  2,419
  2,691
  2,976
  3,275
  3,588
  3,914
  4,253
  4,607
  4,974
  5,356
  5,753
  6,166
  6,595
  7,040
  7,504
  7,986
  8,488
  9,010
Interest expense (income), $m
  18
  23
  33
  45
  58
  73
  91
  110
  132
  155
  181
  208
  238
  269
  302
  337
  374
  412
  452
  494
  538
  584
  631
  680
  731
  784
  839
  897
  956
  1,018
  1,083
Earnings before tax, $m
  -22
  123
  153
  188
  227
  272
  322
  377
  437
  502
  571
  646
  725
  808
  896
  988
  1,084
  1,185
  1,289
  1,399
  1,512
  1,630
  1,753
  1,881
  2,013
  2,151
  2,294
  2,443
  2,598
  2,759
  2,927
Tax expense, $m
  60
  33
  41
  51
  61
  73
  87
  102
  118
  135
  154
  174
  196
  218
  242
  267
  293
  320
  348
  378
  408
  440
  473
  508
  544
  581
  619
  660
  701
  745
  790
Net income, $m
  -77
  90
  112
  137
  166
  199
  235
  275
  319
  366
  417
  471
  529
  590
  654
  721
  791
  865
  941
  1,021
  1,104
  1,190
  1,280
  1,373
  1,470
  1,570
  1,675
  1,783
  1,897
  2,014
  2,137

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  117
  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
  3,067
  3,821
  4,855
  6,061
  7,447
  9,016
  10,771
  12,712
  14,838
  17,144
  19,629
  22,287
  25,115
  28,109
  31,265
  34,580
  38,054
  41,684
  45,471
  49,417
  53,523
  57,794
  62,233
  66,846
  71,640
  76,622
  81,800
  87,185
  92,787
  98,616
  104,684
Adjusted assets (=assets-cash), $m
  2,950
  3,821
  4,855
  6,061
  7,447
  9,016
  10,771
  12,712
  14,838
  17,144
  19,629
  22,287
  25,115
  28,109
  31,265
  34,580
  38,054
  41,684
  45,471
  49,417
  53,523
  57,794
  62,233
  66,846
  71,640
  76,622
  81,800
  87,185
  92,787
  98,616
  104,684
Revenue / Adjusted assets
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
Average production assets, $m
  2,467
  3,194
  4,058
  5,066
  6,224
  7,536
  9,003
  10,625
  12,402
  14,330
  16,406
  18,628
  20,992
  23,494
  26,132
  28,903
  31,806
  34,840
  38,006
  41,304
  44,736
  48,305
  52,015
  55,871
  59,878
  64,042
  68,370
  72,871
  77,553
  82,425
  87,498
Working capital, $m
  142
  32
  41
  51
  63
  76
  91
  107
  125
  144
  165
  188
  211
  237
  263
  291
  320
  351
  383
  416
  451
  487
  524
  563
  603
  645
  689
  734
  781
  830
  881
Total debt, $m
  601
  848
  1,142
  1,484
  1,878
  2,324
  2,822
  3,373
  3,977
  4,632
  5,338
  6,093
  6,896
  7,746
  8,642
  9,584
  10,570
  11,601
  12,677
  13,797
  14,964
  16,176
  17,437
  18,747
  20,109
  21,524
  22,994
  24,524
  26,114
  27,770
  29,493
Total liabilities, $m
  838
  1,085
  1,379
  1,721
  2,115
  2,561
  3,059
  3,610
  4,214
  4,869
  5,575
  6,330
  7,133
  7,983
  8,879
  9,821
  10,807
  11,838
  12,914
  14,034
  15,201
  16,413
  17,674
  18,984
  20,346
  21,761
  23,231
  24,761
  26,351
  28,007
  29,730
Total equity, $m
  2,229
  2,736
  3,476
  4,340
  5,332
  6,456
  7,712
  9,102
  10,624
  12,275
  14,054
  15,958
  17,982
  20,126
  22,386
  24,759
  27,246
  29,846
  32,557
  35,383
  38,323
  41,380
  44,559
  47,862
  51,294
  54,861
  58,569
  62,425
  66,435
  70,609
  74,954
Total liabilities and equity, $m
  3,067
  3,821
  4,855
  6,061
  7,447
  9,017
  10,771
  12,712
  14,838
  17,144
  19,629
  22,288
  25,115
  28,109
  31,265
  34,580
  38,053
  41,684
  45,471
  49,417
  53,524
  57,793
  62,233
  66,846
  71,640
  76,622
  81,800
  87,186
  92,786
  98,616
  104,684
Debt-to-equity ratio
  0.270
  0.310
  0.330
  0.340
  0.350
  0.360
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
Adjusted equity ratio
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -77
  90
  112
  137
  166
  199
  235
  275
  319
  366
  417
  471
  529
  590
  654
  721
  791
  865
  941
  1,021
  1,104
  1,190
  1,280
  1,373
  1,470
  1,570
  1,675
  1,783
  1,897
  2,014
  2,137
Depreciation, amort., depletion, $m
  141
  183
  232
  289
  356
  431
  514
  607
  709
  819
  938
  1,064
  1,200
  1,343
  1,493
  1,652
  1,817
  1,991
  2,172
  2,360
  2,556
  2,760
  2,972
  3,193
  3,422
  3,660
  3,907
  4,164
  4,432
  4,710
  5,000
Funds from operations, $m
  167
  272
  343
  426
  522
  629
  750
  882
  1,028
  1,185
  1,355
  1,536
  1,728
  1,932
  2,147
  2,373
  2,609
  2,856
  3,113
  3,381
  3,660
  3,950
  4,252
  4,566
  4,891
  5,230
  5,582
  5,948
  6,328
  6,724
  7,137
Change in working capital, $m
  -3
  7
  9
  10
  12
  13
  15
  16
  18
  19
  21
  22
  24
  25
  27
  28
  29
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
Cash from operations, $m
  170
  647
  335
  416
  510
  616
  735
  866
  1,010
  1,166
  1,334
  1,513
  1,705
  1,907
  2,120
  2,345
  2,580
  2,825
  3,081
  3,348
  3,626
  3,915
  4,215
  4,527
  4,851
  5,188
  5,538
  5,902
  6,281
  6,675
  7,086
Maintenance CAPEX, $m
  0
  -141
  -183
  -232
  -289
  -356
  -431
  -514
  -607
  -709
  -819
  -938
  -1,064
  -1,200
  -1,343
  -1,493
  -1,652
  -1,817
  -1,991
  -2,172
  -2,360
  -2,556
  -2,760
  -2,972
  -3,193
  -3,422
  -3,660
  -3,907
  -4,164
  -4,432
  -4,710
New CAPEX, $m
  0
  -727
  -864
  -1,008
  -1,158
  -1,312
  -1,467
  -1,622
  -1,776
  -1,928
  -2,077
  -2,222
  -2,364
  -2,502
  -2,638
  -2,771
  -2,903
  -3,034
  -3,166
  -3,298
  -3,432
  -3,569
  -3,710
  -3,856
  -4,007
  -4,164
  -4,329
  -4,501
  -4,682
  -4,872
  -5,072
Cash from investing activities, $m
  -1,010
  -868
  -1,047
  -1,240
  -1,447
  -1,668
  -1,898
  -2,136
  -2,383
  -2,637
  -2,896
  -3,160
  -3,428
  -3,702
  -3,981
  -4,264
  -4,555
  -4,851
  -5,157
  -5,470
  -5,792
  -6,125
  -6,470
  -6,828
  -7,200
  -7,586
  -7,989
  -8,408
  -8,846
  -9,304
  -9,782
Free cash flow, $m
  -840
  -221
  -712
  -824
  -938
  -1,051
  -1,163
  -1,271
  -1,374
  -1,471
  -1,562
  -1,646
  -1,723
  -1,795
  -1,860
  -1,920
  -1,975
  -2,027
  -2,075
  -2,122
  -2,167
  -2,211
  -2,256
  -2,301
  -2,348
  -2,398
  -2,450
  -2,505
  -2,565
  -2,628
  -2,697
Issuance/(repayment) of debt, $m
  275
  247
  294
  343
  394
  446
  498
  551
  604
  655
  706
  755
  803
  850
  896
  942
  986
  1,031
  1,076
  1,121
  1,166
  1,213
  1,261
  1,310
  1,361
  1,415
  1,471
  1,529
  1,591
  1,655
  1,724
Issuance/(repurchase) of shares, $m
  0
  481
  1,158
  1,345
  1,536
  1,729
  1,921
  2,109
  2,292
  2,468
  2,635
  2,794
  2,945
  3,088
  3,223
  3,352
  3,476
  3,595
  3,711
  3,826
  3,941
  4,056
  4,173
  4,294
  4,419
  4,550
  4,687
  4,832
  4,985
  5,147
  5,318
Cash from financing (excl. dividends), $m  
  272
  728
  1,452
  1,688
  1,930
  2,175
  2,419
  2,660
  2,896
  3,123
  3,341
  3,549
  3,748
  3,938
  4,119
  4,294
  4,462
  4,626
  4,787
  4,947
  5,107
  5,269
  5,434
  5,604
  5,780
  5,965
  6,158
  6,361
  6,576
  6,802
  7,042
Total cash flow (excl. dividends), $m
  -567
  26
  -418
  -481
  -544
  -606
  -664
  -720
  -770
  -816
  -856
  -891
  -920
  -944
  -964
  -978
  -989
  -996
  -1,000
  -1,001
  -1,000
  -998
  -995
  -991
  -987
  -983
  -979
  -976
  -974
  -973
  -973
Retained Cash Flow (-), $m
  124
  -624
  -740
  -864
  -992
  -1,124
  -1,257
  -1,390
  -1,522
  -1,652
  -1,779
  -1,903
  -2,025
  -2,143
  -2,260
  -2,374
  -2,487
  -2,599
  -2,712
  -2,825
  -2,940
  -3,058
  -3,178
  -3,303
  -3,432
  -3,567
  -3,708
  -3,856
  -4,011
  -4,174
  -4,345
Prev. year cash balance distribution, $m
 
  117
  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
 
  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
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $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
Current shareholders' claim on cash, %
  100
  90.4
  75.5
  64.0
  54.9
  47.7
  41.9
  37.2
  33.3
  30.0
  27.3
  25.0
  23.0
  21.3
  19.8
  18.5
  17.4
  16.4
  15.5
  14.7
  14.0
  13.3
  12.7
  12.2
  11.7
  11.2
  10.8
  10.4
  10.0
  9.7
  9.3

Royal Gold, Inc., together with its subsidiaries, acquires and manages precious metals royalties, metal streams, and similar interests. It focuses on acquiring stream and royalty interests or to finance projects that are in production or in development stage in exchange for stream or royalty interests. As of June 30, 2016, the company owned stream interests in 4 producing property and 3 development stage properties; and owned royalty interests in 34 producing properties, 21 development stage properties, and 131 exploration stage properties. Its principal producing stream and royalty interests on properties are located in the United States, Canada, Chile, Mexico, the Dominican Republic, and Ghana. The company also holds stream and royalty interests in mines and projects in other countries, including Argentina, Australia, Bolivia, Brazil, Burkina Faso, Finland, Guatemala, Honduras, Macedonia, Nicaragua, Peru, Russia, Spain, and Tunisia. Royal Gold, Inc. was founded in 1981 and is based in Denver, Colorado.

FINANCIAL RATIOS  of  Royal Gold (RGLD)

Valuation Ratios
P/E Ratio -61.2
Price to Sales 13.1
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 27.7
Price to Free Cash Flow 27.7
Growth Rates
Sales Growth Rate 29.5%
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 27%
Total Debt to Equity 27%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.3%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital -2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 0.5%
Return On Equity -3.4%
Return On Equity - 3 Yr. Avg. 0.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 79.2%
Gross Margin - 3 Yr. Avg. 86.1%
EBITDA Margin 38.1%
EBITDA Margin - 3 Yr. Avg. 58.6%
Operating Margin 1.4%
Oper. Margin - 3 Yr. Avg. 26.2%
Pre-Tax Margin -6.1%
Pre-Tax Margin - 3 Yr. Avg. 17.1%
Net Profit Margin -21.4%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate -272.7%
Eff/ Tax Rate - 3 Yr. Avg. -78%
Payout Ratio -76.6%

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 $360 million for the last fiscal year's total revenue generated by Royal Gold. The default revenue input number comes from 2016 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 29.5% 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 5%, 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 68.6%.

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 3.9% 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 685.1%.

Life of production assets of 17.5 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 6.9%. 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 - $2229 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 66.096 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 $4.8 billion.


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COMPANY NEWS

▶ How Miners Performed on April 18   [Apr-20-17 12:10PM  Market Realist]
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▶ 3 Top Gold Stocks to Buy in 2017   [Apr-15-17 08:50AM  Motley Fool]
▶ Better Buy: Hecla Mining Co. vs. Royal Gold Inc.   [Apr-12-17 08:37AM  Motley Fool]
▶ Where Mining Stocks Are Headed in April 2017   [07:38AM  Market Realist]
▶ Better Buy: Royal Gold, Inc. vs. Barrick Gold Corp   [Apr-08-17 08:06AM  Motley Fool]
▶ Mining Stocks Correlation to Gold Is Falling   [Apr-07-17 12:46PM  Market Realist]
▶ Which Miners Are Seeing Falling Correlations with Gold?   [Apr-06-17 04:18PM  Market Realist]
▶ Royal Gold Provides Update on its Fiscal 2017 Third Quarter   [Apr-03-17 03:00AM  Business Wire]
▶ What Drove Mining Stocks on March 30?   [Mar-31-17 06:59PM  Market Realist]
▶ How Silver Dragged Down the Gold-Silver Ratio   [02:05PM  Market Realist]
▶ How Miners Have Performed Recently   [Mar-30-17 05:35PM  Market Realist]
▶ 10 Reasons to Buy Royal Gold Inc. Stock and Never Sell   [Mar-29-17 11:06AM  Motley Fool]
▶ Mining Correlation Trends: Key Analysis   [Mar-28-17 01:58PM  Market Realist]
▶ Royal Gold Announces Second Quarter Dividend   [Mar-02-17 11:45AM  Business Wire]
▶ The 1 Thing Royal Gold, Inc has to Prove in 2017   [Feb-17-17 02:52PM  at Motley Fool]
▶ Better Buy: Franco-Nevada Corporation vs. Royal Gold   [Feb-10-17 10:43AM  at Motley Fool]
▶ Will Royal Gold, Inc. Raise Its Dividend in 2017?   [Jan-27-17 01:53PM  at Motley Fool]
▶ Royal Gold, Inc.'s Absolute Best Move in 2016   [Jan-21-17 01:42PM  at Motley Fool]
▶ How Risky Is Royal Gold, Inc.?   [08:42AM  at Motley Fool]
▶ 3 Stocks to Buy During a Stock Market Crash   [Jan-16-17 08:21AM  at Motley Fool]
▶ Better Buy: Royal Gold, Inc. vs. Goldcorp Inc.   [Jan-13-17 08:25AM  at Motley Fool]
▶ 5 Mid-Cap Stocks to Buy in January   [Jan-08-17 02:41PM  at Motley Fool]
▶ 3 Gold Miners That Would Remain Profitable at $900 Per Ounce   [Dec-20-16 08:37AM  at Motley Fool]
▶ Royal Gold, Inc. in 5 Charts   [Dec-17-16 08:05AM  at Motley Fool]
▶ 3 Top Gold Stocks to Buy Now   [07:35AM  at Motley Fool]
▶ Is Carlyle Group LP (CG) A Bad Stock To Buy?   [Dec-10-16 05:51PM  at Insider Monkey]
▶ 10 Reasons to Buy Silver Wheaton Stock Today   [Dec-09-16 12:04AM  at Motley Fool]
▶ Better Buy: Royal Gold, Inc. vs. Newmont Mining   [Dec-02-16 12:32PM  at Motley Fool]
Stock chart of RGLD 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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