Caledonia Mining Corporation PLC (CMCL) vs Gold Royalty Corp. (GROY)

Caledonia Mining Corporation PLC and Gold Royalty Corp. are both Gold companies. Gold Royalty Corp. is the larger, with a market value of $736.7M against $461.5M — 1.6× the size. Caledonia Mining Corporation PLC trades at the lower P/E: 6.0× against 790×. Gold Royalty Corp. grew revenue faster over the last twelve months: 82.3% against 39.1%. Caledonia Mining Corporation PLC has the higher net margin (27.0% vs 6.65%) and the higher return on invested capital (32.3% vs 0.52%). Both pay a dividend; Caledonia Mining Corporation PLC yields more (5.17% vs 1.49%). Across the 22 metrics below, Caledonia Mining Corporation PLC leads on 15 and Gold Royalty Corp. on 7.

Valuation

Metric CMCL GROY Gold median
P/E 5.97 790.00 23.34
P/S 1.50 32.33 5.02
P/B 1.29 1.01 3.53
Price to free cash flow 8.07 n/m 16.73
EV/EBITDA 2.85 63.25 8.34
EV/Sales 1.28 31.71 4.92
Earnings yield 16.74% 0.13% 1.44%
Free cash flow yield 12.39% (8.14%) 0.75%

Profitability

Metric CMCL GROY Gold median
Gross margin 50.86% 71.17% 50.00%
Operating margin 48.95% 26.32% 26.32%
Net margin 26.97% 6.65% 12.30%
Free cash flow margin 18.53% 47.92% 0.00%
Return on equity 25.72% 0.23% 6.36%
Return on assets 15.82% 0.19% 0.00%
Return on invested capital 32.26% 0.52% 0.52%

Growth

Metric CMCL GROY Gold median
Revenue growth (TTM) 39.08% 82.28% 68.15%
EPS growth (last fiscal year) 210.99% 0.00% —
Revenue growth, 5-year CAGR 21.76% 141.00% 16.12%
Net income growth, 5-year CAGR 21.86% 0.00% 0.00%

Health

Metric CMCL GROY Gold median
Debt to equity 0.36 0.00 0.10
Current ratio 5.73 4.80 3.08
Net debt to EBITDA (0.14) (3.24) 0.00

Dividend

Metric CMCL GROY Gold median
Dividend yield 5.17% 1.49% 1.49%
Payout ratio 0.24 0.00 0.00

Size

Metric CMCL GROY Gold median
Market cap 461.53m 736.74m 1.96b

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