Jefferies Upgrades Royal Gold For Compelling Growth Potential
Jefferies Upgrades Royal Gold For Compelling Growth Potential
Royal Gold also benefits from a healthy balance sheet, allowing it to pursue new deals and further optimize its portfolio. With minimal exposure to inflationary cost pressures due to its fixed-cost streaming agreements, the company is well-positioned for the current environment.Investment bank Jefferies has upgraded Royal Gold Inc (NASDAQ:RGLD) to a Buy rating, boosting its price target by 16%, from $154 to $178. The bank sees compelling growth potential from the streaming and royalty business leader for precious metals.
投资银行杰富瑞已将皇家黄金公司（纳斯达克：RGLD）的评级提升为买入，并将其目标价格提高了16%，从154美元调整到178美元。该银行看到贵金属的流媒体和特许权使用费业务领导者具有诱人的增长潜力。
According to Jefferies analysts, Royal Gold could see a 10% hike in year-over-year sales, accompanied by growth from mines across the Americas. The largest contributions come from North America (40% of total revenue), followed by South America (35%) and Africa (25%). Royal Gold's unique business model ensures growth without substantial capital expenditures, as operator-funded expansions increase production.
根据杰富瑞分析师的意见，皇家黄金的年销售额可能会同比增长10%，同时来自美洲各地的矿山也将带来增长。最大贡献来自北美（占总营业收入的40%），其次是南美（35%）和非洲（25%）。皇家黄金独特的商业模式确保其在没有大量资本支出的情况下实现增长，因为运营商资助的扩展增加了生产。
Key growth catalysts include optimization and expansion at major mining operations. Highlights include increased throughput at the Mount Milligan mine in Canada and the ongoing ramp-up at the Barrick Gold's Pueblo Viejo mine in the Dominican Republic. Both projects could significantly increase the firm's long-term revenue growth.
主要的增长催化剂包括主要矿业运营的优化和扩展。亮点包括在加拿大的Mount Milligan矿的产量增加，以及在多米尼加共和国的巴里克黄金公司Pueblo Viejo矿的持续提升。这两个项目可能会显著增加公司的长期营业收入增长。
Royal Gold also benefits from a healthy balance sheet, allowing it to pursue new deals and further optimize its portfolio. With minimal exposure to inflationary cost pressures due to its fixed-cost streaming agreements, the company is well-positioned for the current environment.
皇家黄金还受益于健康的资产负债表，使其能够追求新交易并进一步优化其投资组合。由于其固定成本流媒体协议对通货膨胀成本压力的影响最小，公司的市场定位充分适应当前的环境。
Interestingly, Jeffries forecasts an average of $2,658 per ounce in 2025, barely above gold's opening price for the year, $2,625. Although inflation fears have subsided and gold-backed BRICS currency hasn't materialized, central bank purchases provide support, reflecting the demand for gold as a safe-haven asset.
有趣的是，杰富瑞预测2025年的平均价格为每盎司2,658美元，仅高于黄金当年的开盘价2,625美元。尽管通货膨胀担忧有所减弱且以黄金为支持的金砖国家货币尚未实现，但中央银行的购买提供了支持，反映了黄金作为避险资产的需求。
Even Goldman Sachs, which had a more optimistic $3,000 price target for 2025, recently moved the goalpost, seeing the price reach that level in mid-2026. They pointed at fewer than anticipated interest rate cuts as the main catalyst for the outlook.
即使是高盛，这家对2025年持更乐观态度的公司，曾设定3,000美元的目标价，最近也将目标推迟，预计该价格将在2026年中期达到。他们指出，低于预期的利率削减是这种观点的主要催化剂。
Still, beyond the commodity's price, which constitutes the largest part of its portfolio (75% in 2025), Royal Gold has more tools for generating value for its shareholders.
尽管商品的价格构成了其投资组合的最大部分（2025年占75%），皇家黄金仍有更多工具为其股东创造价值。
The firm recently announced a 12.5% increase in its quarterly dividend, raising it to $0.45 per share and giving it a forward yield of 1.4%. The payments have steadily risen over the last decade, and with a low 27% cash payout ratio, the firm has plenty of leeway to continue the practice.
该公司最近宣布季度股息增加12.5%，提升至每股0.45美元，前瞻收益率为1.4%。在过去十年中，支付金额稳步上升，且现金支付比例低至27%，该公司有充足的余地继续这一做法。
Read Next:
• Chile's Codelco Targets Turnaround with Modest Copper Output Increase and Strategic Lithium Ventures
继续阅读：
• 智利的国家铜业公司以适度的铜产量增加和战略锂矿投资为目标实现扭转。
Photo: Shutterstock
Photo: shutterstock