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Royal Gold

DB:RG3
Snowflake Description

Reasonable growth potential with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RG3
DB
$6B
Market Cap
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Last updated 2019/04/25 21:02
Company description

Royal Gold, Inc., together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. The last earnings update was 77 days ago. More info.

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RG3 Share Price and Events
7 Day Returns
-3.4%
DB:RG3
-4.7%
DE Metals and Mining
0.8%
DE Market
1 Year Returns
3.9%
DB:RG3
-38%
DE Metals and Mining
-4.5%
DE Market
RG3 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Royal Gold (RG3) -3.4% -5.2% 7.9% 3.9% 49.9% 57.5%
DE Metals and Mining -4.7% 5.9% -8.7% -38% -25.8% -25.1%
DE Market 0.8% 6.9% 8.1% -4.5% 10.4% 13.9%
1 Year Return vs Industry and Market
  • RG3 outperformed the Metals and Mining industry which returned -38% over the past year.
  • RG3 outperformed the Market in Germany which returned -4.5% over the past year.
Price Volatility
RG3
Industry
5yr Volatility vs Market

RG3 Value

 Is Royal Gold undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Royal Gold to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Royal Gold.

DB:RG3 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.9%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:RG3
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.13
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.132 (1 + (1- 21%) (6.3%)) 		1.126
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.126 * 5.96%) 		6.94%

Discounted Cash Flow Calculation for DB:RG3 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Royal Gold is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:RG3 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.94%)
2019 266.60 Analyst x5 249.30
2020 249.75 Analyst x4 218.39
2021 161.73 Analyst x3 132.24
2022 150.38 Est @ -7.02% 114.98
2023 143.09 Est @ -4.85% 102.31
2024 138.33 Est @ -3.32% 92.49
2025 135.20 Est @ -2.26% 84.53
2026 133.16 Est @ -1.51% 77.85
2027 131.84 Est @ -0.99% 72.08
2028 131.02 Est @ -0.63% 66.98
Present value of next 10 years cash flows $1,211.13
DB:RG3 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $131.02 × (1 + 0.23%) ÷ (6.94% – 0.23%) 		$1,956.42
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $1,956.42 ÷ (1 + 6.94%)10 		$1,000.14
DB:RG3 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,211.13 + $1,000.14 		$2,211.27
Equity Value per Share
(USD)		 = Total value / Shares Outstanding
= $2,211.27 / 65.52 		$33.75
DB:RG3 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:RG3 represents 0.88955x of NasdaqGS:RGLD
(This could be a different class, a depositary receipt, a different currency, or all of these things.) 		0.88955x
Value per Share
(Listing Adjusted, EUR)		 = Value per Share (USD) x Listing Adjustment Factor
= $ 33.75 x 0.88955 		€30.02
Value per share (EUR) From above. €30.02
Current discount Discount to share price of €77.16
= -1 x (€77.16 - €30.02) / €30.02 		-157%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Royal Gold is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Royal Gold's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Royal Gold's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:RG3 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $-1.35
NasdaqGS:RGLD Share Price ** NasdaqGS (2019-04-25) in USD $86.74
Germany Metals and Mining Industry PE Ratio Median Figure of 5 Publicly-Listed Metals and Mining Companies 14.74x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 20.1x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Royal Gold.

DB:RG3 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:RGLD Share Price ÷ EPS (both in USD)

= 86.74 ÷ -1.35

 -64.12x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Royal Gold is loss making, we can't compare its value to the DE Metals and Mining industry average.
  • Royal Gold is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Royal Gold's expected growth come at a high price?
Raw Data
DB:RG3 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -64.12x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts		 61.1%per year
Europe Metals and Mining Industry PEG Ratio Median Figure of 62 Publicly-Listed Metals and Mining Companies 0.69x
Germany Market PEG Ratio Median Figure of 268 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Royal Gold, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Royal Gold's assets?
Raw Data
DB:RG3 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $32.29
NasdaqGS:RGLD Share Price * NasdaqGS (2019-04-25) in USD $86.74
Germany Metals and Mining Industry PB Ratio Median Figure of 8 Publicly-Listed Metals and Mining Companies 2.33x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.87x
DB:RG3 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:RGLD Share Price ÷ Book Value per Share (both in USD)

= 86.74 ÷ 32.29

 2.69x

* Primary Listing of Royal Gold.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Royal Gold is overvalued based on assets compared to the DE Metals and Mining industry average.
X
Value checks
We assess Royal Gold's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)
    5. Royal Gold has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

RG3 Future Performance

 How is Royal Gold expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
61.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Royal Gold expected to grow at an attractive rate?
  • Royal Gold's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Royal Gold's earnings growth is expected to exceed the Germany market average.
  • Royal Gold's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:RG3 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:RG3 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 61.1%
DB:RG3 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 10.5%
Germany Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 32.2%
Europe Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 0.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:RG3 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:RG3 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-06-30 327
2021-06-30 544 364 145 1
2020-06-30 490 333 129 3
2019-06-30 438 288 97 4
DB:RG3 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 426 285 -88
2018-09-30 444 302 -127
2018-06-30 457 329 -113
2018-03-31 450 317 -120
2017-12-31 441 289 58
2017-09-30 434 283 100
2017-06-30 439 267 102
2017-03-31 424 250 102
2016-12-31 410 240 11
2016-09-30 401 222 -2
2016-06-30 356 169 -77
2016-03-31 335 165 -83

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Royal Gold's earnings are expected to grow significantly at over 20% yearly.
  • Royal Gold's revenue is expected to grow by 10.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:RG3 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Royal Gold Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:RG3 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-06-30
2021-06-30 2.32 2.42 2.21 2.00
2020-06-30 2.11 2.38 1.95 3.00
2019-06-30 1.49 1.60 1.38 4.00
DB:RG3 Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 -1.35
2018-09-30 -1.94
2018-06-30 -1.73
2018-03-31 -1.84
2017-12-31 0.88
2017-09-30 1.54
2017-06-30 1.56
2017-03-31 1.57
2016-12-31 0.16
2016-09-30 -0.04
2016-06-30 -1.19
2016-03-31 -1.27

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Royal Gold will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Show me more growth companies in the Metals and Mining industry
X
Future performance checks
We assess Royal Gold's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Royal Gold has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

RG3 Past Performance

  How has Royal Gold performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Royal Gold's growth in the last year to its industry (Metals and Mining).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Royal Gold does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Royal Gold's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Royal Gold's 1-year growth to the DE Metals and Mining industry average as it is not currently profitable.
Earnings and Revenue History
Royal Gold's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Royal Gold Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:RG3 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 426.48 -88.40 45.95
2018-09-30 443.54 -126.76 48.60
2018-06-30 456.77 -113.13 44.41
2018-03-31 449.74 -119.77 44.01
2017-12-31 440.77 57.54 43.42
2017-09-30 433.54 100.37 42.52
2017-06-30 439.05 101.53 46.21
2017-03-31 424.25 101.95 42.63
2016-12-31 410.19 10.63 44.49
2016-09-30 400.80 -2.32 41.45
2016-06-30 355.81 -77.15 40.32
2016-03-31 334.60 -82.77 38.26
2015-12-31 315.25 9.90 31.05
2015-09-30 277.70 -11.76 32.59
2015-06-30 272.57 51.97 27.07
2015-03-31 268.58 53.79 24.45
2014-12-31 251.43 48.91 25.61
2014-09-30 243.04 66.13 21.76
2014-06-30 230.41 62.64 21.19
2014-03-31 217.32 56.71 19.83
2013-12-31 233.04 43.03 23.13
2013-09-30 259.53 59.58 24.36
2013-06-30 280.21 69.15 24.03
2013-03-31 283.16 79.02 23.90
2012-12-31 278.46 98.56 21.17
2012-09-30 266.68 94.75 20.33
2012-06-30 253.61 92.48 20.65

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Royal Gold has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Royal Gold has efficiently used its assets last year compared to the DE Metals and Mining industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Royal Gold improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Royal Gold's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Royal Gold has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

RG3 Health

 How is Royal Gold's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Royal Gold's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Royal Gold is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Royal Gold's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Royal Gold's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Royal Gold Company Filings, last reported 3 months ago.

DB:RG3 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,146.97 358.90 156.54
2018-09-30 2,139.27 354.94 117.08
2018-06-30 2,141.27 351.03 88.75
2018-03-31 2,130.41 422.27 109.38
2017-12-31 2,299.82 493.49 98.13
2017-09-30 2,330.19 539.77 89.50
2017-06-30 2,320.26 586.17 85.85
2017-03-31 2,316.50 635.88 88.09
2016-12-31 2,310.27 677.43 83.99
2016-09-30 2,298.54 674.03 133.04
2016-06-30 2,285.89 600.69 116.63
2016-03-31 2,281.36 630.25 126.72
2015-12-31 2,362.22 677.49 117.60
2015-09-30 2,359.82 674.78 104.31
2015-06-30 2,415.93 313.87 749.12
2015-03-31 2,413.02 319.48 715.23
2014-12-31 2,358.03 316.87 675.13
2014-09-30 2,378.34 314.33 691.41
2014-06-30 2,372.56 311.86 659.54
2014-03-31 2,360.82 309.40 646.11
2013-12-31 2,368.75 306.98 659.29
2013-09-30 2,374.94 304.60 637.90
2013-06-30 2,370.64 302.26 664.04
2013-03-31 2,377.86 299.96 673.10
2012-12-31 2,372.75 297.70 680.73
2012-09-30 1,886.05 295.44 302.04
2012-06-30 1,863.43 293.25 375.46
  • Royal Gold's level of debt (16.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (13% vs 16.7% today).
  • Debt is well covered by operating cash flow (79.4%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Royal Gold's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Royal Gold's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. Royal Gold has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

RG3 Dividends

 What is Royal Gold's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.22%
Current annual income from Royal Gold dividends. Estimated to be 1.22% next year.
If you bought €2,000 of Royal Gold shares you are expected to receive €24 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Royal Gold's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Royal Gold's dividend is below the markets top 25% of dividend payers in Germany (3.67%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:RG3 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Germany Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:RG3 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-06-30
2021-06-30 1.06 1.00
2020-06-30 1.07 3.00
2019-06-30 1.04 4.00
DB:RG3 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-12 1.060 1.160
2018-11-14 1.060 1.285
2018-08-22 1.000 1.312
2018-05-30 1.000 1.134
2018-03-20 1.000 1.139
2017-11-15 1.000 1.187
2017-08-23 0.960 1.087
2017-05-31 0.960 1.181
2017-03-02 0.960 1.359
2016-11-03 0.960 1.404
2016-11-02 0.960 1.340
2016-08-17 0.920 1.246
2016-05-25 0.920 1.266
2016-04-28 0.920 1.592
2016-04-27 0.920 1.554
2016-02-25 0.920 1.797
2015-11-11 0.920 2.609
2015-08-20 0.880 1.861
2015-06-04 0.880 1.540
2015-03-12 0.880 1.366
2014-11-14 0.880 1.292
2014-08-28 0.840 1.258
2014-05-30 0.840 1.139
2014-03-14 0.840 1.290
2013-11-20 0.840 1.573
2013-09-16 0.800 1.633
2013-05-29 0.800 1.577
2013-03-14 0.800 1.381
2012-11-14 0.800 1.056
2012-09-04 0.600 0.661
2012-05-25 0.600 0.778
2012-03-14 0.600 0.956
2011-11-16 0.600 0.839
2011-08-30 0.440 0.608
2011-05-26 0.440 0.697
2011-02-28 0.440 0.808
2010-11-17 0.440 0.874
2010-09-14 0.360 0.719
2010-05-25 0.360 0.756
2010-03-10 0.360 0.740
2009-11-18 0.360 0.761
2009-08-27 0.320 0.690
2009-06-02 0.320 0.772

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Royal Gold's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess Royal Gold's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Royal Gold afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Royal Gold has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

RG3 Management

 What is the CEO of Royal Gold's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tony Jensen
COMPENSATION $3,905,910
AGE 56
TENURE AS CEO 12.8 years
CEO Bio

Mr. Tony Alan Jensen serves as the Chief Executive Officer and President of RG Exchangeco Inc. Mr. Jensen has been the President and Chief Executive Officer of Royal Gold, Inc. since August 2003 and since July 1, 2006 respectively. He served as the Chief Operating Officer of Royal Gold Inc. since August 2003 until June 2006. He has more than 20 years’ experience in the mining industry and served as Mine General Manager for Placer Dome''s Cortez Gold Mines, in Nevada. During his career with Placer Dome, Mr. Jensen served various senior operating positions domestically and internationally, as well as corporate positions in San Francisco, California and Santiago, Chile. Prior to his posting at Cortez Cortez Gold Mines, in Nevada, he served as the Director of Finance and Strategic Growth for Placer Dome Latin America from 1995 to 1999. He serves as a Director of RG Exchangeco Inc. Prior to 1995, He held various engineering, operational management and corporate experience at Placer Dome US. He has been a Non Independent Director of Royal Gold, Inc. since August 25, 2004. He was Mine General Manager at Cortez Joint Venture from 1999 to 2003. He has been a member of the Nevada Mining Association Executive Committee and Board since 1999 and served as Chairman of the Nevada Mining Association from 2001 to 2002. He serves as the Chairman of RGLD Gold AG. He serves as Chairman at the South Dakota School of Mines Industrial Advisory Board. He served as an Independent Director at Golden Star Resources, Ltd. from June 13, 2012 to May 6, 2017. He holds a B.S. degree in Mining Engineering from South Dakota School of Mines and also holds a Certificate in Finance from Golden Gate University in San Francisco.

CEO Compensation
  • Tony's compensation has increased whilst company is loss making.
  • Tony's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Royal Gold management team in years:

4.1
Average Tenure
56
Average Age
  • The tenure for the Royal Gold management team is about average.
Management Team

Tony Jensen

TITLE
President
COMPENSATION
$4M
AGE
56
TENURE
12.8 yrs

Bill Heissenbuttel

TITLE
CFO & VP of Strategy
COMPENSATION
$2M
AGE
53
TENURE
0.8 yrs

Mark Isto

TITLE
Vice President of Operations
COMPENSATION
$1M
AGE
58
TENURE
2.8 yrs

Bruce Kirchhoff

TITLE
VP, General Counsel & Secretary
COMPENSATION
$1M
AGE
59
TENURE
12.2 yrs

Jason Hynes

TITLE
Director of Business Development & Global Sales
AGE
39
TENURE
5.8 yrs

Paul Libner

TITLE
Controller & Treasurer
TENURE
0.8 yrs

Alistair Baker

TITLE
Director of Business Development
TENURE
4.1 yrs
Board of Directors Tenure

Average tenure and age of the Royal Gold board of directors in years:

4.9
Average Tenure
63
Average Age
  • The tenure for the Royal Gold board of directors is about average.
Board of Directors

Bill Hayes

TITLE
Chairman of the Board
COMPENSATION
$369K
AGE
73
TENURE
4.9 yrs

Tony Jensen

TITLE
President
COMPENSATION
$4M
AGE
56
TENURE
15.3 yrs

Ron Vance

TITLE
Independent Director
COMPENSATION
$245K
AGE
66
TENURE
6 yrs

C. McArthur

TITLE
Independent Director
COMPENSATION
$238K
AGE
63
TENURE
5.1 yrs

Chris Thompson

TITLE
Independent Director
COMPENSATION
$239K
AGE
70
TENURE
4.9 yrs

Jamie Sokalsky

TITLE
Independent Director
COMPENSATION
$239K
AGE
61
TENURE
3.7 yrs

Sybil Veenman

TITLE
Independent Director
COMPENSATION
$245K
AGE
54
TENURE
2.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
27. Sep 18 Buy Sybil Veenman Individual 26. Sep 18 26. Sep 18 500 €66.48 €33,240
17. Sep 18 Buy Jamie Sokalsky Individual 17. Sep 18 17. Sep 18 2,000 €66.04 €132,086
15. Aug 18 Buy Jamie Sokalsky Individual 15. Aug 18 15. Aug 18 2,000 €68.23 €136,470
29. Jun 18 Sell William Heissenbuttel Individual 29. Jun 18 29. Jun 18 -4,091 €79.83 €-326,586
28. Jun 18 Sell William Heissenbuttel Individual 27. Jun 18 27. Jun 18 -6,360 €79.25 €-504,011
20. Jun 18 Sell William Heissenbuttel Individual 20. Jun 18 20. Jun 18 -6,480 €79.37 €-514,340
01. Jun 18 Sell Bruce Kirchhoff Individual 01. Jun 18 01. Jun 18 -760 €77.05 €-58,560
01. Jun 18 Sell Karli Anderson Individual 01. Jun 18 01. Jun 18 -1,049 €76.91 €-80,684
X
Management checks
We assess Royal Gold's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. Royal Gold has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

RG3 News

Simply Wall St News

RG3 Company Info

Description

Royal Gold, Inc., together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. It focuses on acquiring stream and royalty interests or to finance projects that are in production or in development stage in exchange for stream or royalty interests, which primarily consists of gold, silver, copper, nickel, zinc, lead, cobalt, and molybdenum. As of August 1, 2018, the company owned interests in 191 properties on 6 continents, including interests on 40 producing mines and 18 development stage projects. Its principal producing stream and royalty interests on properties are located in the United States, Canada, Chile, the Dominican Republic, Ghana, and Mexico. The company also holds stream and royalty interests in mines and projects in other countries, including Argentina, Australia, Bolivia, Brazil, Burkina Faso, Guatemala, Honduras, Macedonia, Nicaragua, Peru, Russia, Spain, and Tunisia. Royal Gold, Inc. was founded in 1981 and is based in Denver, Colorado.

Details
Name: Royal Gold, Inc.
RG3
Exchange: DB
Founded: 1981
$5,113,907,193
65,516,940
Website: http://www.royalgold.com
Address: Royal Gold, Inc.
1660 Wynkoop Street,
Suite 1000,
Denver,
Colorado, 80202,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS RGLD Common Stock Nasdaq Global Select US USD 09. Jun 1981
DB RG3 Common Stock Deutsche Boerse AG DE EUR 09. Jun 1981
LSE 0KXS Common Stock London Stock Exchange GB USD 09. Jun 1981
BMV RGLD * Common Stock Bolsa Mexicana de Valores MX MXN 09. Jun 1981
Number of employees
Current staff
Staff numbers
23
Royal Gold employees.
Industry
Gold
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 21:02
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/04/23
Last earnings filing: 2019/02/07
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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