Intrinsic value of Royal Gold - RGLD

Previous Close

$81.52

  Intrinsic Value

$20.57

stock screener

  Rating & Target

str. sell

-75%

Previous close

$81.52

 
Intrinsic value

$20.57

 
Up/down potential

-75%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  22.50
  20.75
  19.18
  17.76
  16.48
  15.33
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
Revenue, $m
  441
  540
  652
  777
  915
  1,066
  1,230
  1,406
  1,594
  1,793
  2,005
  2,227
  2,461
  2,706
  2,961
  3,228
  3,505
  3,794
  4,095
  4,407
  4,732
  5,069
  5,420
  5,784
  6,163
  6,557
  6,967
  7,394
  7,839
  8,303
  8,787
Variable operating expenses, $m
 
  529
  639
  762
  897
  1,045
  1,205
  1,378
  1,562
  1,758
  1,965
  2,183
  2,412
  2,651
  2,902
  3,163
  3,435
  3,719
  4,013
  4,319
  4,637
  4,968
  5,311
  5,668
  6,040
  6,426
  6,828
  7,246
  7,682
  8,137
  8,611
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
  529
  639
  762
  897
  1,045
  1,205
  1,378
  1,562
  1,758
  1,965
  2,183
  2,412
  2,651
  2,902
  3,163
  3,435
  3,719
  4,013
  4,319
  4,637
  4,968
  5,311
  5,668
  6,040
  6,426
  6,828
  7,246
  7,682
  8,137
  8,611
Operating income, $m
  146
  11
  13
  16
  18
  21
  25
  28
  32
  36
  40
  45
  49
  54
  59
  65
  70
  76
  82
  88
  95
  101
  108
  116
  123
  131
  139
  148
  157
  166
  176
EBITDA, $m
  306
  11
  13
  16
  18
  21
  25
  28
  32
  36
  40
  45
  49
  54
  59
  65
  70
  76
  82
  88
  95
  101
  108
  116
  123
  131
  139
  148
  157
  166
  176
Interest expense (income), $m
  19
  36
  47
  60
  74
  89
  106
  125
  145
  166
  189
  213
  238
  264
  292
  321
  351
  382
  415
  449
  485
  521
  559
  599
  640
  683
  728
  774
  823
  873
  925
Earnings before tax, $m
  119
  -25
  -34
  -44
  -55
  -68
  -82
  -97
  -113
  -130
  -149
  -168
  -189
  -210
  -233
  -256
  -281
  -307
  -333
  -361
  -390
  -420
  -451
  -483
  -517
  -552
  -588
  -626
  -666
  -707
  -750
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
  -25
  -34
  -44
  -55
  -68
  -82
  -97
  -113
  -130
  -149
  -168
  -189
  -210
  -233
  -256
  -281
  -307
  -333
  -361
  -390
  -420
  -451
  -483
  -517
  -552
  -588
  -626
  -666
  -707
  -750

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
  3,094
  3,726
  4,499
  5,361
  6,313
  7,354
  8,482
  9,695
  10,991
  12,368
  13,825
  15,360
  16,972
  18,659
  20,422
  22,261
  24,176
  26,168
  28,241
  30,394
  32,633
  34,959
  37,376
  39,889
  42,502
  45,220
  48,049
  50,995
  54,064
  57,262
  60,597
Adjusted assets (=assets-cash), $m
  3,008
  3,726
  4,499
  5,361
  6,313
  7,354
  8,482
  9,695
  10,991
  12,368
  13,825
  15,360
  16,972
  18,659
  20,422
  22,261
  24,176
  26,168
  28,241
  30,394
  32,633
  34,959
  37,376
  39,889
  42,502
  45,220
  48,049
  50,995
  54,064
  57,262
  60,597
Revenue / Adjusted assets
  0.147
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
Average production assets, $m
  1,425
  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
Working capital, $m
  110
  5
  6
  7
  8
  10
  11
  13
  14
  16
  18
  20
  22
  24
  27
  29
  32
  34
  37
  40
  43
  46
  49
  52
  55
  59
  63
  67
  71
  75
  79
Total debt, $m
  586
  769
  977
  1,209
  1,465
  1,745
  2,049
  2,375
  2,724
  3,094
  3,486
  3,899
  4,332
  4,786
  5,261
  5,755
  6,270
  6,806
  7,364
  7,943
  8,545
  9,171
  9,821
  10,497
  11,200
  11,931
  12,692
  13,485
  14,310
  15,171
  16,068
Total liabilities, $m
  819
  1,002
  1,210
  1,442
  1,698
  1,978
  2,282
  2,608
  2,957
  3,327
  3,719
  4,132
  4,565
  5,019
  5,493
  5,988
  6,503
  7,039
  7,597
  8,176
  8,778
  9,404
  10,054
  10,730
  11,433
  12,164
  12,925
  13,718
  14,543
  15,404
  16,301
Total equity, $m
  2,275
  2,723
  3,289
  3,919
  4,615
  5,376
  6,200
  7,087
  8,034
  9,041
  10,106
  11,228
  12,406
  13,640
  14,928
  16,273
  17,672
  19,129
  20,644
  22,218
  23,854
  25,555
  27,322
  29,159
  31,069
  33,056
  35,124
  37,278
  39,521
  41,859
  44,297
Total liabilities and equity, $m
  3,094
  3,725
  4,499
  5,361
  6,313
  7,354
  8,482
  9,695
  10,991
  12,368
  13,825
  15,360
  16,971
  18,659
  20,421
  22,261
  24,175
  26,168
  28,241
  30,394
  32,632
  34,959
  37,376
  39,889
  42,502
  45,220
  48,049
  50,996
  54,064
  57,263
  60,598
Debt-to-equity ratio
  0.258
  0.280
  0.300
  0.310
  0.320
  0.320
  0.330
  0.340
  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
  0.360
Adjusted equity ratio
  0.728
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  102
  -25
  -34
  -44
  -55
  -68
  -82
  -97
  -113
  -130
  -149
  -168
  -189
  -210
  -233
  -256
  -281
  -307
  -333
  -361
  -390
  -420
  -451
  -483
  -517
  -552
  -588
  -626
  -666
  -707
  -750
Depreciation, amort., depletion, $m
  160
  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
Funds from operations, $m
  260
  -25
  -34
  -44
  -55
  -68
  -82
  -97
  -113
  -130
  -149
  -168
  -189
  -210
  -233
  -256
  -281
  -307
  -333
  -361
  -390
  -420
  -451
  -483
  -517
  -552
  -588
  -626
  -666
  -707
  -750
Change in working capital, $m
  -6
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
Cash from operations, $m
  266
  -26
  -35
  -45
  -57
  -69
  -83
  -98
  -115
  -132
  -151
  -170
  -191
  -212
  -235
  -259
  -283
  -309
  -336
  -364
  -393
  -423
  -454
  -487
  -520
  -556
  -592
  -630
  -670
  -711
  -754
Maintenance CAPEX, $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
  0
New CAPEX, $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
  0
Cash from investing activities, $m
  -200
  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
Free cash flow, $m
  66
  -26
  -35
  -45
  -57
  -69
  -83
  -98
  -115
  -132
  -151
  -170
  -191
  -212
  -235
  -259
  -283
  -309
  -336
  -364
  -393
  -423
  -454
  -487
  -520
  -556
  -592
  -630
  -670
  -711
  -754
Issuance/(repayment) of debt, $m
  -25
  183
  208
  232
  256
  280
  303
  326
  349
  371
  392
  413
  434
  454
  474
  495
  515
  536
  557
  579
  602
  626
  650
  676
  703
  731
  761
  792
  825
  860
  897
Issuance/(repurchase) of shares, $m
  -2
  525
  599
  675
  751
  829
  906
  983
  1,061
  1,137
  1,214
  1,290
  1,367
  1,444
  1,521
  1,600
  1,681
  1,763
  1,848
  1,935
  2,026
  2,120
  2,218
  2,320
  2,427
  2,539
  2,657
  2,780
  2,909
  3,045
  3,188
Cash from financing (excl. dividends), $m  
  -36
  708
  807
  907
  1,007
  1,109
  1,209
  1,309
  1,410
  1,508
  1,606
  1,703
  1,801
  1,898
  1,995
  2,095
  2,196
  2,299
  2,405
  2,514
  2,628
  2,746
  2,868
  2,996
  3,130
  3,270
  3,418
  3,572
  3,734
  3,905
  4,085
Total cash flow (excl. dividends), $m
  30
  682
  772
  862
  951
  1,039
  1,126
  1,211
  1,294
  1,376
  1,455
  1,533
  1,609
  1,685
  1,761
  1,836
  1,913
  1,990
  2,069
  2,151
  2,235
  2,323
  2,414
  2,510
  2,610
  2,715
  2,825
  2,942
  3,065
  3,194
  3,331
Retained Cash Flow (-), $m
  -46
  -525
  -599
  -675
  -751
  -829
  -906
  -983
  -1,061
  -1,137
  -1,214
  -1,290
  -1,367
  -1,444
  -1,521
  -1,600
  -1,681
  -1,763
  -1,848
  -1,935
  -2,026
  -2,120
  -2,218
  -2,320
  -2,427
  -2,539
  -2,657
  -2,780
  -2,909
  -3,045
  -3,188
Prev. year cash balance distribution, $m
 
  52
  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
 
  9
  11
  13
  16
  18
  21
  25
  28
  32
  36
  40
  45
  49
  54
  59
  65
  70
  76
  82
  88
  95
  101
  108
  116
  123
  131
  139
  148
  157
  166
Cash available for distribution, $m
 
  209
  173
  187
  199
  210
  220
  228
  234
  238
  241
  243
  243
  242
  239
  236
  232
  227
  221
  216
  209
  203
  196
  189
  182
  176
  169
  162
  156
  149
  143
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
 
  200
  158
  163
  164
  163
  160
  154
  146
  137
  127
  115
  104
  92
  80
  69
  59
  49
  41
  33
  27
  21
  16
  12
  9
  7
  5
  3
  2
  2
  1
Current shareholders' claim on cash, %
  100
  90.8
  83.0
  76.2
  70.4
  65.4
  61.0
  57.1
  53.7
  50.6
  47.8
  45.3
  43.1
  41.0
  39.2
  37.4
  35.8
  34.4
  33.0
  31.7
  30.5
  29.4
  28.4
  27.4
  26.4
  25.5
  24.7
  23.9
  23.1
  22.3
  21.6

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 52.1
Price to Sales 12
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 20
Price to Free Cash Flow 20
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 22.5% 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 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%.

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 6.1% 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 2%.

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 0%.

Life of production assets of 10 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 0.9%. 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 - $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 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 $5.3 billion.

RELATED COMPANIES Price Int.Val. Rating
ABX Barrick Gold 10.41 14.25  hold
HL Hecla Mining 2.85 0.94  str.sell
NGD New Gold 1.10 0.95  str.sell
SAND Sandstorm Gold 3.99 0.98  str.sell
IAG IAMGOLD 4.59 1.51  str.sell
GSS Golden Star Re 0.740 26.25  str.buy

COMPANY NEWS

▶ Royal Gold, Inc. to Host Earnings Call   [10:00AM  ACCESSWIRE]
▶ Royal Gold: Fiscal 4Q Earnings Snapshot   [Aug-08-18 05:49PM  Associated Press]
▶ 3 Growth Stocks for in-the-Know Investors   [Jul-13-18 09:22AM  Motley Fool]
▶ Top 4 Gold Stocks as of July 2018   [Jul-09-18 07:55PM  Investopedia]
▶ Stocks Drift Lower; Micron Slumps On China Ruling; Royal Gold Breaks Out   [Jul-03-18 12:45PM  Investor's Business Daily]
▶ This Gold Miner's Troubles Hold a Lesson for Investors   [Jun-19-18 09:31AM  Motley Fool]
▶ This Gold Company Is Preparing for a New Growth Phase   [Jun-18-18 08:15AM  Motley Fool]
▶ 3 Gold Stocks That Could Bounce Back   [Jun-07-18 10:13AM  InvestorPlace]
▶ What Is Royal Gold Incs (NASDAQ:RGLD) Share Price Doing?   [Jun-06-18 11:46AM  Simply Wall St.]
▶ Royal Gold Announces New Organizational Structure   [Jun-01-18 08:00AM  Business Wire]
▶ Royal Gold Announces Third Quarter Dividend   [May-30-18 01:30PM  Business Wire]
▶ These Gold Streaming Stocks Are Buys for 2018   [May-13-18 09:32AM  Motley Fool]
▶ Is Franco-Nevada Corporation (FNV) a Buy?   [May-04-18 02:30PM  Motley Fool]
▶ What Is Gold Streaming?   [09:16AM  Motley Fool]
▶ Everything You Need to Know About Royal Gold Stock   [May-02-18 09:16PM  Motley Fool]
▶ Royal Gold: Fiscal 3Q Earnings Snapshot   [06:31PM  Associated Press]
▶ Earnings Preview For Royal Gold   [03:11PM  Benzinga]
▶ Where Will Wheaton Precious Metals Be in 5 Years?   [May-01-18 10:15AM  Motley Fool]
▶ 3 Gold Mining Stocks That Are Waking Up   [Apr-16-18 11:51AM  InvestorPlace]
▶ Royal Gold Provides Update on its Fiscal 2018 Third Quarter   [Apr-09-18 04:10PM  Business Wire]
▶ Is Royal Gold, Inc. a Buy?   [Mar-23-18 02:16PM  Motley Fool]
▶ Which Gold Stocks Have the Best Dividend?   [09:18AM  Motley Fool]
▶ Royal Gold Announces Second Quarter Dividend   [Mar-20-18 03:01PM  Business Wire]
▶ 2 Gold and Silver Stocks to Avoid (and 1 to Buy)   [Mar-02-18 08:16AM  Motley Fool]
▶ Time to Get Greedy With Wheaton Precious Metals Stock   [Feb-28-18 08:45AM  Motley Fool]
▶ Royal Gold, Inc. to Host Earnings Call   [09:30AM  ACCESSWIRE]
▶ Royal Gold reports 2Q loss   [Feb-07-18 05:21PM  Associated Press]
▶ Read This Before You Buy Gold Stocks   [Feb-06-18 06:07AM  Motley Fool]
▶ Better Buy: Wheaton Precious Metals vs. Royal Gold   [Feb-02-18 08:18AM  Motley Fool]
▶ Here's How Royal Gold, Inc. Crushed It in 2017   [Jan-31-18 06:49AM  Motley Fool]
▶ Could Gold be Set for a Big Move in 2018?   [Jan-26-18 04:39PM  Market Realist]
▶ Analyzing the Technicals of Mining Stocks in January 2018   [Jan-24-18 09:37AM  Market Realist]
▶ Is Franco-Nevada Corp a Buy in 2018?   [Jan-19-18 09:33AM  Motley Fool]
▶ Technicals for Mining Shares and How Theyre Moving   [Jan-11-18 07:36AM  Market Realist]
▶ How Did Mining Share React on the Last Trading Day of 2017?   [Jan-05-18 10:38AM  Market Realist]
▶ Reading the Recent Gold-Silver Spread   [09:03AM  Market Realist]
▶ Gold Stocks: What to Watch in 2018   [08:02AM  Motley Fool]
▶ 3 Myths About Investing in Gold   [10:15AM  Motley Fool]
▶ How Miners Correlate to Gold   [Jan-03-18 02:02PM  Market Realist]
▶ Why 2017 Was a Year to Remember for Royal Gold, Inc.   [Dec-30-17 11:34AM  Motley Fool]
▶ What Happened in the Stock Market Today   [Dec-28-17 05:00PM  Motley Fool]
▶ Denver gold company gets some bad news about a Canadian mine   [12:00PM  American City Business Journals]
▶ Can Gold Repeat Its Rally in the New Year?   [02:32PM  Market Realist]
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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