Key Metrics:

Royalties: Over 60, with 6 producing and 10+ expected by 2025.
Revenue:
- 2021: $3.6M.
- 2023: $12.3M (guided).
Future Growth: 6 more assets expected online by 2026.
Portfolio Composition:
- 70% precious metals.
- 70% in Australia.
Shares Outstanding: 51M.
Dividend Yield: 1.83%.
Valuation Comparison (2023 EV/Royalty Revenue):
- Vox: 7.6x.
- Gold Royalty Corp: 110.8x.
- Metalla: 49.7x.

Step 1: Revenue Estimation at $4,000 Gold and $100 Silver

2026 Projected Revenue Growth: Let's assume the addition of 6 new royalties by 2026 boosts revenue to $40M annually based on the historical growth trajectory and asset ramp-up.

Step 2: Free Cash Flow (FCF) Estimation

FCF Margin: Conservatively assume 70% (typical for royalty companies).
Estimated FCF: $40M × 70% = $28M.

Step 3: Market Cap Calculation

FCF Multiple: Assume a conservative 20x multiple for high-growth royalty companies.
Market Cap: $28M × 20 = $560M.

Step 4: Stock Price Calculation

Shares Outstanding: 51M.
Stock Price: $560M ÷ 51M = $10.98/share.

Conclusion:

If gold reaches $4,000/oz and silver reaches $100/oz, and Vox continues growing as projected with 10+ producing royalties, the estimated stock price could be around $10.98/share, reflecting substantial upside from current levels. This assumes strong execution, continued portfolio expansion, and favorable commodity prices.

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Disclaimer

The user RockeTeller holds no position in TSX:VOXR. Simply Wall St has no position in any of the companies mentioned. The author of this narrative is not affiliated with, nor authorised by Simply Wall St as a sub-authorised representative. This narrative is general in nature and explores scenarios and estimates created by the author. The narrative does not reflect the opinions of Simply Wall St, and the views expressed are the opinion of the author alone, acting on their own behalf. These scenarios are not indicative of the company's future performance and are exploratory in the ideas they cover. The fair value estimates are estimations only, and does not constitute a recommendation to buy or sell any stock, and they do not take account of your objectives, or your financial situation. Note that the author's analysis may not factor in the latest price-sensitive company announcements or qualitative material.

Vox Overview and Stock Price Projection (at $4,000 Gold and $100 Silver)