MeritValue

Sprott Physical Gold & Silver Trust

CEFdata completeness 63%8 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Sprott Physical Gold & Silver Trust earns about 14% on equity, and has bought back 14% of its shares over 5 years. The applicable estimate puts fair value near $16.75 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$310.7M1$4.73M2$308.5M3$1.02B4$4.36B4
Operating cash flow−$21.2M5−$17.8M6−$20.1M7−$22.2M8−$29.9M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$679,0009$3.4M10$6.9M11$4.42M11$18.8M11
Diluted shares220.7M214.9M211.1M200.5M190.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$474.76
your share of equity
Profit it earned you last year
$228.29
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $474.76 of net worth that earned you $228.29 last year.

iii. Is this a good business?
Moat signal · return on equity
14% avg · 5y
FY21 -8%FY22 0%FY23 7%FY24 20%FY25 48%

It earned an average 14% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−14% shares · 5y

Share count is down 14% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$16.75
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$308.5M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 40-F · period ending 2021-12-31 · accession 0001387131-23-003842 (ProfitLoss)
  2. 40-F · period ending 2022-12-31 · accession 0001999371-24-003925 (ProfitLoss)
  3. 40-F · period ending 2023-12-31 · accession 0001999371-25-002917 (ProfitLoss)
  4. 40-F · period ending 2024-12-31 · accession 0001999371-26-005824 (ProfitLoss)
  5. 40-F · period ending 2021-12-31 · accession 0001387131-23-003842 (CashFlowsFromUsedInOperatingActivities)
  6. 40-F · period ending 2022-12-31 · accession 0001999371-24-003925 (CashFlowsFromUsedInOperatingActivities)
  7. 40-F · period ending 2023-12-31 · accession 0001999371-25-002917 (CashFlowsFromUsedInOperatingActivities)
  8. 40-F · period ending 2024-12-31 · accession 0001999371-26-005824 (CashFlowsFromUsedInOperatingActivities)
  9. 40-F · period ending 2021-12-31 · accession 0001999371-24-003925 (CashAndCashEquivalents)
  10. 40-F · period ending 2022-12-31 · accession 0001999371-25-002917 (CashAndCashEquivalents)
  11. 40-F · period ending 2023-12-31 · accession 0001999371-26-005824 (CashAndCashEquivalents)