Royal Gold, Inc. (RGLD)

Industry: Gold Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
AGI	35	Alamos Gold Inc.	1,163	27.38	19.78	14.11	11.25	15.60	17.96
FNV	36	Franco-Nevada Corp	1,122	46.70	36.59	29.49	24.14	31.35	32.96
0R4M.L	37	Lundin Gold Inc.	1,069	19.75	19.75	11.62	11.62	9.10	11.62
SLR.AX	38	Silver Lake Resour	938	9.79	9.79	1.60	1.60	4.11	6.53
CGAU	39	Centerra Gold Inc.	932	6.33	6.15	2.35	1.94	1.22	4.55
GMD.AX	40	Genesis Minerals L	897	15.87	15.87	8.37	8.37	5.23	13.20
NGD	41	New Gold Inc.	891	22.95	22.95	10.10	7.79	6.74	5.22
RGLD	42	Royal Gold, Inc.	856	27.48	23.83	19.62	17.92	19.68	20.42
DRD.JO	43	DRDGOLD Limited	842	0.63	0.32	0.14	0.09	-	0.14
WAF.AX	44	West African Resou	794	3.91	3.91	2.31	2.31	3.29	2.86
AAUC	45	Allied Gold Corpor	780	-	-	6.77	6.77	3.74	5.65
GOR.AX	46	Gold Road Resource	740	11.50	11.50	5.53	5.53	5.41	7.52
RED.AX	47	Red 5 Limited	689	-	-	4.53	4.53	14.33	15.50
GFI.JO	48	Gold Fields Limite	651	8.36	8.36	4.05	3.68	2.78	4.45
OGC.AX	49	OceanaGold Corpora	619	-	-	0.89	0.98	-	-
RKVA.F	50	Wesdome Gold Mines	587	11.27	8.07	5.65	4.12	5.84	5.04

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.53	9.08	4.53	4.12	5.23	5.43
Full Range Median Multiple	11.39	10.65	5.53	4.53	5.41	6.09
Industry Multiple	15.37	13.59	7.17	6.31	8.36	9.51
Market Implied Multiple	36.32	31.50	25.66	23.44	25.74	26.70
Company (RGLD) Multiple	27.48	23.83	19.62	17.92	19.68	20.42
(*) Net Income / EBITDA / Revenue	480	553	703	769	701	675
Winsorized Enterprise Value	N/A	N/A	3,181	3,168	3,662	3,670
Full Range Median Enterprise Value	N/A	N/A	3,887	3,483	3,792	4,113
(-) Net Debt	597	597	597	597	597	597
Winsorized Equity Value	5,054	5,022	2,583	2,570	3,064	3,072
Full Range Median Equity Value	5,466	5,893	3,290	2,886	3,195	3,516
(/) Shares Outstanding	66	66	66	66	66	66
Winsorized Fair Value	$76.86	$76.37	$39.28	$39.08	$46.60	$46.72
Full Range Median Fair Value	$83.12	$89.60	$50.03	$43.88	$48.58	$53.46
Current Price	$265.12	$265.12	$265.12	$265.12	$265.12	$265.12
Upside / Downside	-71.01%	-71.19%	-85.18%	-85.26%	-82.42%	-82.38%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$53.80	$53.46	$27.50	$27.36	$32.62	$32.70
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy