FINWIRES · TerminalLIVE
FINWIRES

RBC概述OR Royalties對產業整合與股票回購的立場

-- 加拿大皇家銀行資本市場（RBC Capital Markets）週五表示，已與OR Royalties（OR.TO）執行長Jason Attew和公司資本市場副總裁Grant Moenting舉行了投資者會議。 RBC表示，已審閱投資人提出的關鍵問題以及管理層回覆的摘要。 當被問及OR為何在2025年減少交易活動時，該公司表示將繼續保持資本配置的謹慎態度。 RBC指出，管理層認為2025年業績不佳的原因包括估值過高、回報率低於目標門檻、競爭加劇、資本可用性下降，以及25%的交易沒有擔保，這對OR來說是不可接受的。 關於OR的資本回報前景，管理層表示願意回購股票以推動每股盈餘成長，而不是進行稀釋性收購。 該公司表示，預計2026年全年保持機會性回購，具體取決於投資機會和內部估值。 RBC表示，OR預計，由於大量新企業湧入本已分散的產業，特許權使用費產業的整合將持續進行。 同時，OR的管理階層認為，魁北克省Malartic礦區的機會在很大程度上被低估了。該公司持有Agnico Eagle Mines (AEM.TO)旗下該礦5%的淨冶煉廠特許權使用費。 RBC指出，Malartic礦區目前正經歷從低品位露天開採到高品位地下開採的轉型。 RBC維持對OR的「跑贏大盤」評級和56美元的目標價。截至紐約證券交易所收盤，該公司股價為每股39.65美元。

Price: $54.70, Change: $-0.11, Percent Change: -0.20%

Related Articles

Research

Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.

$URI
Equities

Petro Rabigh Emerges From Loss in Q1; Revenue Grows

Rabigh Refining and Petrochemical (SASE:2380), d/b/a Petro Rabigh, said Sunday it swung back to profit in the first quarter of 2026, while revenue increased year over year.Net profit attributable to shareholders of the issuer for the three months ended March 31 was 1.47 billion Saudi riyals, compared with the attributable loss of 691 million riyals earlier. EPS moved to 0.88 riyal from a loss per share of 0.41 riyal.The Tadawul-listed oil refining and petrochemical company's revenue was 14.85 billion riyals, compared with 11.21 billion riyals a year ago.

$SASE:2380
Research

Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $8 to $155, valuing HIG shares at 11.3x our 2026 operating EPS estimate of $13.75 (cut by $0.45) and at 10.6x our 2027 EPS estimate of $14.65 (cut by $0.30), vs. the shares' one-year average forward multiple of 10.3x and peer average of 13x. Q1 EPS of $3.09 vs. $2.20 a year ago missed our $3.60 estimate and $3.39 consensus view. Operating revenue growth of 6.2% was in line with our 6%-10% forecast, amid 5.3% earned premium growth, 13% higher net investment income, and 7.9% fee revenue growth. Q1 written premium growth of 4% and full-year 2025 growth of 7% bode well for 2026 revenue trends as premiums are earned. Underwriting results improved significantly, with Personal Lines combined ratio improving to 87.7% from 106.1% and underlying combined ratio to 85.0% from 89.7%. Business Insurance combined ratio was stable at 94.8%. Weighing the Q1 EPS miss with HIG's decent top-line growth and discounted valuation to peers, we view the shares as undervalued.

$HIG