Royal Gold, Inc.

DB:RG3 Stock Report

Market Cap: €8.4b

Royal Gold Valuation

Is RG3 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of RG3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: RG3 (€127.7) is trading below our estimate of fair value (€244.82)

Significantly Below Fair Value: RG3 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for RG3?

Key metric: As RG3 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for RG3. This is calculated by dividing RG3's market cap by their current earnings.
What is RG3's PE Ratio?
PE Ratio30.6x
EarningsUS$287.39m
Market CapUS$8.80b

Price to Earnings Ratio vs Peers

How does RG3's PE Ratio compare to its peers?

The above table shows the PE ratio for RG3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24x
EVK Evonik Industries
33.5x32.9%€7.7b
NDA Aurubis
8.2x-5.3%€3.4b
FPE3 Fuchs
18.3x8.6%€4.8b
SY1 Symrise
36.2x13.6%€14.2b
RG3 Royal Gold
30.6x17.8%€8.8b

Price-To-Earnings vs Peers: RG3 is expensive based on its Price-To-Earnings Ratio (30.6x) compared to the peer average (24x).

Price to Earnings Ratio vs Industry

How does RG3's PE Ratio compare vs other companies in the European Metals and Mining Industry?

15 CompaniesPrice / EarningsEstimated GrowthMarket Cap
RG3 30.6xIndustry Avg. 11.5xNo. of Companies15PE0816243240+
15 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: RG3 is expensive based on its Price-To-Earnings Ratio (30.6x) compared to the European Metals and Mining industry average (11.5x).

Price to Earnings Ratio vs Fair Ratio

What is RG3's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

RG3 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio30.6x
Fair PE Ratio18.5x

Price-To-Earnings vs Fair Ratio: RG3 is expensive based on its Price-To-Earnings Ratio (30.6x) compared to the estimated Fair Price-To-Earnings Ratio (18.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst RG3 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€127.70
€163.19
+27.8%
8.0%€178.26€134.18n/a11
Dec ’25€138.05
€160.05
+15.9%
8.5%€175.77€132.30n/a11
Nov ’25€133.35
€152.76
+14.6%
10.3%€170.44€123.20n/a11
Oct ’25€126.30
€144.71
+14.6%
9.7%€166.23€120.15n/a11
Sep ’25€126.25
€143.56
+13.7%
9.0%€157.87€118.18n/a11
Aug ’25€127.15
€145.60
+14.5%
9.3%€160.76€120.34n/a12
Jul ’25€116.35
€143.64
+23.5%
8.9%€157.30€121.72n/a12
Jun ’25€117.65
€141.51
+20.3%
8.9%€154.63€119.44n/a12
May ’25€112.60
€141.11
+25.3%
9.7%€156.69€120.32n/a12
Apr ’25€112.70
€132.24
+17.3%
12.0%€153.33€106.23n/a12
Mar ’25€97.38
€131.35
+34.9%
11.7%€153.18€106.12n/a12
Feb ’25€107.50
€134.65
+25.3%
8.8%€147.20€110.40n/a11
Jan ’25€111.10
€131.86
+18.7%
8.5%€147.07€110.30n/a11
Dec ’24€113.05
€133.19
+17.8%
8.6%€149.41€112.06€138.0511
Nov ’24€98.34
€138.18
+40.5%
9.5%€165.22€113.29€133.3511
Oct ’24€100.10
€140.08
+39.9%
9.5%€165.53€115.40€126.3011
Sep ’24€103.20
€134.06
+29.9%
10.5%€160.95€112.20€126.2513
Aug ’24€105.30
€131.57
+24.9%
10.4%€158.20€110.29€127.1513
Jul ’24€105.20
€135.89
+29.2%
9.0%€161.02€112.25€116.3513
Jun ’24€117.70
€137.34
+16.7%
8.1%€161.98€112.92€117.6513
May ’24€119.60
€133.67
+11.8%
8.7%€158.46€110.47€112.6013
Apr ’24€118.60
€130.78
+10.3%
7.0%€142.99€109.78€112.7013
Mar ’24€113.45
€132.86
+17.1%
6.8%€144.94€111.28€97.3813
Feb ’24€118.75
€128.28
+8.0%
6.4%€141.10€108.33€107.5013
Jan ’24€105.05
€124.78
+18.8%
8.2%€140.40€105.77€111.1013
Dec ’23€108.15
€129.07
+19.3%
8.0%€144.21€108.64€113.0512

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 18:42
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Royal Gold, Inc. is covered by 31 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Farooq HamedBarclays
Garrett NelsonBB&T Capital Markets
Brian QuastBMO Capital Markets Equity Research