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 21,152 - -
Change - 7.07% 7.47% 9.11% 116.39% 12.75% - -
Enterprise Value (EV) 1 6,767 7,847 8,088 8,475 19,423 20,788 19,316 17,951
Change - 15.95% 3.08% 4.78% 129.19% 7.03% -7.08% -7.07%
P/E 25.2x 31.1x - 26.2x 33.2x 21.3x 18.3x 17.7x
PBR 2.66x 2.7x - - - 2.64x 2.36x 2.13x
PEG - -2.4x - - 1x 0.3x 1.1x 4.71x
Capitalization / Revenue 10.6x 12.3x 13.1x 12.1x 18.2x 11.3x 9.62x 9.83x
EV / Revenue 10.4x 13x 13.4x 11.8x 18.8x 11.1x 8.78x 8.34x
EV / EBITDA 13x 16.5x 16.9x 14.5x 22.9x 13.7x 11x 10.1x
EV / EBIT 20.6x 27.7x 26.7x 19.7x 30.4x 17.6x 12.8x 12.6x
EV / FCF 110x -15.5x 19.6x 19.8x -22.1x 17.7x 12.6x 11.9x
FCF Yield 0.91% -6.43% 5.11% 5.04% -4.53% 5.64% 7.92% 8.42%
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% 0.77% 0.8% 0.88%
EPS 2 4.17 3.63 - 5.04 6.69 11.74 13.61 14.12
Distribution rate 31.2% 39.3% - 32.7% 27.3% 16.4% 14.7% 15.6%
Net sales 1 653.6 603.2 605.7 719.4 1,030 1,867 2,200 2,152
EBITDA 1 522.6 474.4 479.6 585.8 848.3 1,522 1,761 1,776
EBIT 1 328.4 283.7 303.2 429.9 638.2 1,183 1,505 1,429
Net income 1 274 239 - 332 466.3 953.9 1,206 1,199
Net Debt 1 -138.4 453 141.8 -195.5 661.7 -364.5 -1,836 -3,201
Reference price 2 105.21 112.72 120.96 131.85 222.29 249.65 249.65 249.65
Nbr of stocks (in thousands) 65,637 65,593 65,692 65,757 84,398 84,728 - -
Announcement Date 2/16/22 2/15/23 2/14/24 2/12/25 2/18/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.62x4.67x7.32x0.84% 130B
16.06x6.29x8.79x0.81% 102B
12.71x3.19x4.81x2.05% 71.94B
30.96x18.78x22x0.51% 69.15B
12.36x4.07x5.96x3.75% 52.25B
9.89x3.36x5.09x0.53% 33.8B
16.88x3.57x7.43x2.32% 21.96B
21.55x11.18x13.74x0.76% 21.3B
13.71x3.96x7.7x - 20.54B
Average 16.30x 6.57x 9.20x 1.45% 58.12B
Weighted average by Cap. 16.11x 6.70x 9.20x 1.3%

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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