Authored by Schroders’ Metals Fund team, this report analyzes why gold equities remain attractive despite strong recent gains.
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Margins vs. Valuations: Producer cashflow margins are at record highs, yet equities trade at discounts to NAV, with EV/EBITDA multiples still near the bottom of five-year ranges.
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Balance Sheets: Companies are deleveraging rapidly, shifting from net debt to cash, supporting higher dividends and buybacks.
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Investor Flows: Western investors remain cautious; participation lags despite central bank and Asian demand driving the secular gold bull market.
What could renewed Western inflows mean for valuations ahead? Read the full report for deeper insights
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