Gold Royalty: The Cash Flow Catch-Up Supports A Re-Rating

Gold Royalty is transitioning from serial acquirer to cash-flow compounding, with its portfolio now funding expansion and reducing reliance on outside capital. GROY’s operating leverage is evident as revenue more than doubled while general and administrative costs rose only 17%, and no single asset dominates revenue. Recent acquisitions like Pedra Branca and Borborema add near-term cash flow, while long-term growth is driven by permitted and built assets such as Odyssey and REN. Despite a high near-term EV/EBITDA multiple, GROY trades below NAV; successful project execution and cash flow growth could catalyze a valuation re-rating. I believe that Gold Royalty ( GROY ) is now entering a phase in which its largely acquired asset portfolio will begin to fund its own expansion.