Discounted Cash Flow

Royal Gold Inc.

RGLD · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $288.8m $-82.4m $169.9m -28.5% $-1.18
2017 $542.8m (87.9%) $101.5m (223.2%) $103.4m (-39.1%) 18.7% (165.5%) $1.55 (231.4%)
2018 $651.8m (20.1%) $-113.1m (-211.4%) $107.3m (3.8%) -17.4% (-192.8%) $-1.73 (-211.6%)
2019 $423.1m (-35.1%) $93.8m (182.9%) $-10.4m (-109.7%) 22.2% (227.8%) $1.43 (182.7%)
2020 $498.8m (17.9%) $199.3m (112.5%) $94.7m (1007.1%) 40.0% (80.2%) $3.04 (112.6%)
2021 $615.9m (23.5%) $302.5m (51.8%) $58.6m (-38.1%) 49.1% (22.9%) $4.61 (51.6%)
2022 $603.2m (-2.1%) $239.0m (-21.0%) $103.6m (77.0%) 39.6% (-19.3%) $3.64 (-21.0%)
2023 $605.7m (0.4%) $239.4m (0.2%) $66.9m (-35.5%) 39.5% (-0.2%) $3.64 (0.0%)
2024 $719.4m (18.8%) $332.0m (38.7%) $111.9m (67.3%) 46.2% (16.8%) $5.04 (38.5%)
2025 $1.0b (43.2%) $466.3m (40.4%) $197.7m (76.7%) 45.2% (-2.0%) $6.70 (32.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model