The Gold Report
Notable Quotes
"ICG has closed a CA$2.5M flow-through placement." (12/24/15) Integra Gold Corp. - Thibaut Lepouttre, Caesars Report More >
"The exploration upside at MAG's Juanicipio project is substantial." (12/23/15) MAG Silver Corp. - Gwen Preston, Resource Maven More >
"AKG's management continues to deliver on its development milestones." (12/22/15) Asanko Gold Inc. - Nana Sangmuah, Clarus Securities More >
"We are initiating coverage on KDX with a Buy rating." (12/21/15) Klondex Mines Ltd. - Don Blyth, Paradigm Capital More >
"VIT's Eagle is a shovel-ready, fully permitted, prefinanced gold project." (12/17/15) Victoria Gold Corp. - Tom Hayes, Edison Investment Research More >
Top 10 Comments: Royal Gold
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Gold Stock Analyst (08/20/2009)
"Royal Gold reported results for FY ended 6/30/09. Gross royalty revs were $73.8 mil and just below GSA's forecast of $75.7 mil. On average shares outstanding of 35.3 mil, that's royalty revs of $2.09/share, which translated to earnings of $1.09 and cash flow of $2.01 per share. On its continued strong results, the company expects to modestly increase its dividend from current $0.32/shr. RGLD, now around $39, is selling at 18.7X trailing annual royalties/share. We see gross royalties of $100 mil for FY10, or $2.47 on each of the 40.5 mil shares now outstanding. At the 20X cash flow we use for royalty stock target forecasting, that works out to $49 per share. But, the big growth comes in FY11, which begins July 1, 2010. Penasquito starts hitting its stride for an estimated $20 mil/yr royalty and Andacollo fully online for 40K Au oz to Co, or $36 mil/yr at $900 Gold. These two royals total $56 mil, or $1.38 additional/share. For FY11, GSA sees total royalties of $146 mil, or $3.60/share. Valued at 20X, it calculates to a $72 target price for RGLD but we won't raise our current $66 target until we fully update the company report in several months, when we reach the Royalty Earners." |
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