Vox Royalty Corp. (NASDAQ: VOXR)

Sector: Basic Materials Industry: Other Precious Metals & Mining CIK: 0001907909
Market Cap 152.58 Mn
P/B 3.70
P/E -257.00
P/S 13.76
ROIC (Qtr) 0.23
Div Yield % 1.02
Rev 1y % (Qtr) 57.10
Total Debt (Qtr) 11.70 Mn
Debt/Equity (Qtr) 0.12
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About

Investment thesis

Bull case

  • Strong tangible asset base of 122.56M provides 10.48x coverage of total debt 11.70M, indicating robust asset backing and low credit risk.
  • Robust tangible asset base of 122.56M provides 10.47x coverage of working capital 11.70M, indicating strong operational backing.
  • Free cash flow of (66.21M) provides excellent 26.93x coverage of dividends (2.46M), indicating sustainable shareholder returns.
  • Tangible assets of 122.56M provide robust 54.62x coverage of other current liabilities 2.24M, indicating strong asset backing.
  • Operating cash flow of 4.68M provides solid 0.94x coverage of current liabilities 4.97M, showing strong operational health.

Bear case

  • Operating cash flow of 4.68M barely covers its investment activities of (70.29M), with a coverage ratio of -0.07, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Operating cash flow of 4.68M provides thin coverage of dividend payments of (2.46M) with a -1.90 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Free cash flow of (66.21M) provides weak coverage of capital expenditures of 70.89M, with a -0.93 ratio suggesting additional external financing needs for growth initiatives.
  • The company's operating cash flow of 4.68M shows concerning coverage of stock compensation expenses of 1.97M, with a 2.37 ratio indicating potential earnings quality issues.
  • Free cash flow of (66.21M) represents just -5.96x of debt issuance 11.11M, suggesting concerning reliance on leverage rather than internal cash generation for growth.

Peer comparison

Companies in the Other Precious Metals & Mining
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 HL Hecla Mining Co/De/ 13.92 Bn 43.35 9.78 275.80 Mn
2 TFPM Triple Flag Precious Metals Corp. 7.13 Bn 34.87 20.73 14.50 Mn
3 PPTA Perpetua Resources Corp. 2.49 Bn -56.16 0.00 0.05 Mn
4 ASM Avino Silver & Gold Mines Ltd 1.28 Bn 82.71 20.45 3.38 Mn
5 MUX McEwen Inc. 1.25 Bn -104.83 7.51 127.73 Mn
6 MTA Metalla Royalty & Streaming Ltd. 0.74 Bn -347.30 96.23 8.77 Mn
7 NEWP New Pacific Metals Corp 0.58 Bn -195.22 0.00 0.00 Mn
8 ELE Elemental Royalty Corp 0.30 Bn -829.72 18.50 0.00 Mn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.20 0.38
EV to Cash from Ops. EV/CFO 34.91 46.96
EV to Debt EV to Debt 12.62 3,165.55
EV to EBIT EV/EBIT 93.14 -95.38
EV to EBITDA EV/EBITDA 40.91 4.86
EV to Free Cash Flow [EV/FCF] EV/FCF 40.82 31.14
EV to Market Cap EV to Market Cap 0.97 0.86
EV to Revenue EV/Rev 13.33 13.34
Price to Book Value [P/B] P/B 3.70 6.32
Price to Earnings [P/E] P/E -257.00 -125.76
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) -0.63 2.56
Dividend Payout Ratio % Div Payout % (Qtr) -156.20 -10.52
Dividend per Basic Share Div per Share (Qtr) 0.06 0.02
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) -4.84 3.93
Interest Coverage Int. cover (Qtr) 1.84 9.92
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -1,616.21 -825.54
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 23.88 689.03
Dividend Growth (1y) % Div 1y % (Qtr) 31.91 -3.81
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -140.91 85.08
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 66.28 150.70
EBIT Growth (1y) % EBIT 1y % (Qtr) -2.49 97.21
EBT Growth (1y) % EBT 1y % (Qtr) -42.93 107.49
EPS Growth (1y) % EPS 1y % (Qtr) -100.00 129.12
FCF Growth (1y) % FCF 1y % (Qtr) -1,967.70 414.62
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -11.37 41.58
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.10 0.15
Cash Payout Ratio Cash Payout (Qtr) 0.03 0.01
Cash Ratio Cash Ratio (Qtr) 2.44 9.29
Current Ratio Curr Ratio (Qtr) 3.35 12.32
Debt to Equity Ratio Debt/Equity (Qtr) 0.12 0.07
Interest Cover Ratio Int Coverage (Qtr) 1.84 9.92
Times Interest Earned Times Interest Earned (Qtr) 1.84 9.92
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 48.20 -110.37
EBIT Margin % EBIT Margin % (Qtr) 8.56 -125.82
EBT Margin % EBT Margin % (Qtr) 3.91 -136.05
Gross Margin % Gross Margin % (Qtr) 61.80 27.60
Net Profit Margin % Net Margin % (Qtr) -12.80 -140.71