GREY:CCNMF - Post by User
Post by
North4ston Dec 16, 2010 6:39pm
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Post# 17859027
Understanding Callinan as a Royalty Company
Understanding Callinan as a Royalty CompanyVery nice coverage of PM royalty companies:
https://www.metalaugmentor.com/eforum/?p=5490
"..we’ll note that both Callinan and Terra Nova stand out as having thecombination of lowest enterprise value to production and resource basemultiples. At the same time, we’ll also note what doesn’t get shown inthe above chart: of the two, only Callinan has translated these “cheapvaluation” metrics into consistent and robust cash flow with a price tocash flow (P/CF) multiple of about 9x if exploration spending isignored. This is partly due to the royalty structure itself and partlydue to the quality of the underlying operations, with the remainder ofthe credit going to conservative financial management."