ValuationGoldmoney Properties currently has positive net annual cash flows of approximately 8M (CAD) per year. Most REITS trade at a multiple of their Funds From Operations (FFO) of roughly 15. If we apply this multiple to the Goldmoney Properties cash flows, we arrive at a valuation in excess of the TOTAL current Goldmoney market cap.
This is remarkable considering the precious metals business is making well in excess what GM Properties is making. It would not surprise me if cash flows from the PM business this quarter are twice that of the properties line of business.
The market has not yet woken up to how management has positioned the company to achieve consistent profitability.