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.
投資銀行傑富瑞已將皇家黃金公司（納斯達克:RGLD）評級上調至買入，同時將其目標價從154美元提升至178美元，增長幅度達16%。該銀行認爲貴金屬的流媒體和特許權使用費業務領導者具有引人注目的增長潛力。
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.
根據傑富瑞分析師的意見，皇家黃金的年銷售額可能會同比增長10%，同時來自美洲各地的礦山也將帶來增長。最大貢獻來自北美（佔總營業收入的40%），其次是南美（35%）和非洲（25%）。皇家黃金獨特的商業模式確保其在沒有大量資本支出的情況下實現增長，因爲運營商資助的擴展增加了生產。
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.
主要的增長催化劑包括主要礦業運營的優化和擴展。亮點包括在加拿大的Mount Milligan礦的產量增加，以及在多米尼加共和國的巴里克黃金公司Pueblo Viejo礦的持續提升。這兩個項目可能會顯著增加公司的長期營業收入增長。
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.
皇家黃金還受益於健康的資產負債表，使其能夠追求新交易並進一步優化其投資組合。由於其固定成本流媒體協議對通貨膨脹成本壓力的影響最小，公司的市場定位充分適應當前的環境。
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，傑富瑞預測2025年的平均價格爲每盎司2,658美元，僅高於黃金當年的開盤價2,625美元。儘管通貨膨脹擔憂有所減弱且以黃金爲支持的金磚國家貨幣尚未實現，但中央銀行的購買提供了支持，反映了黃金作爲避險資產的需求。
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，這家對2025年持更樂觀態度的公司，曾設定3,000美元的目標價，最近也將目標推遲，預計該價格將在2026年中期達到。他們指出，低於預期的利率削減是這種觀點的主要催化劑。
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.
儘管商品的價格構成了其投資組合的最大部分（2025年佔75%），皇家黃金仍有更多工具爲其股東創造價值。
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.
該公司最近宣佈季度股息增加12.5%，提升至每股0.45美元，前瞻收益率爲1.4%。在過去十年中，支付金額穩步上升，且現金支付比例低至27%，該公司有充足的餘地繼續這一做法。
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Photo: Shutterstock
Photo: Shutterstock
譯文內容由第三人軟體翻譯。
