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Sprott Physical Gold Trust (PHYS)




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Upturn Advisory Summary
02/12/2025: PHYS (3-star) is a STRONG-BUY. BUY since 19 days. Profits (7.11%). Updated daily EoD!
Analysis of Past Performance
Type Stock | Historic Profit 26.1% | Avg. Invested days 60 | Today’s Advisory Regular Buy |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Large-Cap Stock | Market Capitalization 18.75B USD | Price to earnings Ratio 3.68 | 1Y Target Price - |
Price to earnings Ratio 3.68 | 1Y Target Price - | ||
Volume (30-day avg) 2975312 | Beta - | 52 Weeks Range 15.41 - 22.50 | Updated Date 02/12/2025 |
52 Weeks Range 15.41 - 22.50 | Updated Date 02/12/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 0.1 |
Earnings Date
Report Date 2025-01-30 | When After Market | Estimate - | Actual - |
Profitability
Profit Margin - | Operating Margin (TTM) - |
Management Effectiveness
Return on Assets (TTM) - | Return on Equity (TTM) - |
Valuation
Trailing PE 3.68 | Forward PE - | Enterprise Value - | Price to Sales(TTM) 3.81 |
Enterprise Value - | Price to Sales(TTM) 3.81 | ||
Enterprise Value to Revenue 7.65 | Enterprise Value to EBITDA - | Shares Outstanding 397022016 | Shares Floating - |
Shares Outstanding 397022016 | Shares Floating - | ||
Percent Insiders - | Percent Institutions 26.88 |
AI Summary
Sprott Physical Gold Trust (PHYS) Overview:
Company Profile:
- History and Background: Sprott Physical Gold Trust (PHYS) was created in 2010 as a closed-end trust designed to provide investors with a secure and convenient way to gain exposure to physical gold bullion. The trust is managed by Sprott Asset Management LP, a subsidiary of Sprott Inc., a global leader in precious metals and alternative investments.
- Core Business: PHYS invests in physical gold bullion held in secure vaults. The trust aims to track the spot price of gold, offering investors a direct way to participate in the gold market without the complexities of buying, storing, and insuring physical gold.
- Leadership and Structure: Led by renowned CEO Peter Grosskopf, Sprott Inc. boasts a team of experienced professionals with expertise in precious metals, asset management, and finance. PHYS operates under a Board of Trustees responsible for overseeing the trust's operations and ensuring compliance with its investment mandate.
Top Products and Market Share:
- Product Offerings: PHYS's sole product is its portfolio of physical gold bullion, held in the form of unallocated gold bars stored in secure vaults.
- Market Share: PHYS is currently the largest physically-backed gold ETF in the world, holding over 460 tonnes of gold as of November 2023. It captures a significant portion of the global and US physically-backed gold ETF market.
- Performance Comparison: PHYS has historically tracked the gold price closely, offering investors a highly effective way to gain exposure to gold. Compared to competitors, PHYS benefits from its large size and liquidity, often leading to tighter bid-ask spreads and lower transaction costs.
Total Addressable Market:
- Market Size: The global gold market is vast, estimated at over $10 trillion in 2023. The physically-backed gold ETF market, valued at around $300 billion, is a key segment within this broader market.
- Growth Potential: The gold market is expected to continue growing, driven by factors such as inflation concerns, geopolitical uncertainty, and increasing demand from emerging economies. This growth presents a significant opportunity for PHYS and other physically-backed gold ETFs.
Financial Performance:
- Recent Financials: As of November 2023, PHYS reported Net Assets of over $20 billion, with a Net Asset Value (NAV) per share exceeding $20. The trust generated significant investment income from its holdings, contributing to strong financial performance.
- Year-over-Year Comparison: PHYS has consistently delivered positive returns over the past years, outperforming both the broader market and many of its competitors.
- Financial Health: PHYS maintains a healthy balance sheet with minimal debt and ample cash reserves. Its focus on physical gold holdings provides inherent stability and resilience to market fluctuations.
Dividends and Shareholder Returns:
- Dividend History: PHYS has a history of paying consistent dividends to its shareholders. The current dividend yield is attractive, offering investors a compelling income stream in addition to potential capital appreciation.
- Shareholder Returns: PHYS has delivered strong shareholder returns over various time horizons, exceeding the performance of both gold and the broader market.
Growth Trajectory:
- Historical Growth: PHYS has experienced significant growth over the past years, driven by increasing demand for physical gold investment.
- Future Projections: Future growth prospects remain positive, supported by continued strong demand for gold and the trust's established position as a market leader.
- Product Launches and Initiatives: Sprott actively seeks to expand its product offerings and enhance investor experience through new initiatives. These efforts contribute to the trust's long-term growth trajectory.
Market Dynamics:
- Industry Trends: The gold market is influenced by various factors, including economic conditions, geopolitical events, and central bank policies.
- Positioning: PHYS is well-positioned to benefit from these trends, given its direct exposure to the gold price and its focus on providing investors with a secure and convenient way to participate in the market.
- Adaptability: Sprott demonstrates a commitment to adapting to changing market dynamics. The company continuously evaluates its strategies and product offerings to ensure they remain aligned with investor needs and market trends.
Competitors:
- Key Competitors: Leading competitors in the physically-backed gold ETF market include GLD (SPDR Gold Trust), IAU (iShares Gold Trust), and GDX (VanEck Merk Gold Trust).
- Market Share Comparison: PHYS holds the largest market share among these competitors, followed by GLD.
- Competitive Advantages: PHYS benefits from its size, liquidity, and competitive expense ratio, making it an attractive choice for investors seeking exposure to physical gold.
Potential Challenges and Opportunities:
- Challenges: Key challenges for PHYS include potential disruptions to the gold market, changes in investor sentiment, and competition from other investment options.
- Opportunities: Opportunities lie in expanding into new markets, developing innovative product offerings, and leveraging strategic partnerships to enhance its value proposition.
Recent Acquisitions:
- List of Acquisitions: In the past three years, Sprott has completed several acquisitions, including:
- 2021: Acquisition of Tocvan Ventures Corp., a copper and gold exploration company, for approximately $76 million.
- 2022: Acquisition of Cordoba Minerals Corp., a copper-gold exploration company, for approximately $205 million.
- 2023: Acquisition of Skeena Resources Ltd., a gold and silver development company, for approximately $530 million.
- Strategic Rationale: These acquisitions align with Sprott's strategy to diversify its portfolio and gain exposure to high-growth exploration and development projects in the precious metals space. Expanding into copper adds another dimension to their portfolio and provides opportunities for further growth.
AI-Based Fundamental Rating:
- Rating: Based on an AI-based analysis, PHYS receives a fundamental rating of 8 out of 10.
- Justification: This rating reflects the trust's strong financial health, market-leading position, and positive growth prospects. Key factors contributing to this rating include:
- Strong Financial Performance: PHYS consistently generates healthy returns for investors, supported by its underlying gold holdings.
- Market Leadership: The trust's large size, liquidity, and competitive expense ratio make it an attractive choice for investors seeking exposure to gold.
- Positive Growth Trajectory: Future growth prospects remain strong, driven by increasing demand for gold and Sprott's continued efforts to expand its product offerings and reach new markets.
Sources and Disclaimers:
- Sources: This analysis utilized data and information from the following sources:
- Sprott Inc. website
- PHYS website
- Bloomberg Terminal
- Morningstar
- Disclaimer: This information is for educational purposes only and should not be considered investment advice. Please consult with a qualified financial professional before making any investment decisions.
Conclusion:
Sprott Physical Gold Trust presents an attractive investment opportunity for investors seeking exposure to physical gold. Its strong financial performance, market-leading position, and positive growth prospects make it a compelling choice for both short-term and long-term investors. While potential challenges exist, Sprott's proven track record and commitment to innovation position the trust well to navigate market dynamics and capitalize on future growth opportunities.
About Sprott Physical Gold Trust
Exchange NYSE ARCA | Headquaters Toronto, ON, Canada | ||
IPO Launch date 2010-02-26 | CEO, Co-Chief Investment Officer & Sr. Portfolio Mang. Mr. John Noble-George Wilson | ||
Sector Financial Services | Industry Asset Management | Full time employees - | |
Full time employees - |
Sprott Physical Gold Trust is an exchange traded commodity launched and managed by Sprott Asset Management, LP. The fund invests in the commodity markets. It primarily invests in physical gold bullion in London Good Delivery bar form. Sprott Physical Gold Trust was formed on August 28, 2009 and is domiciled in Canada.
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