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RBC概述OR Royalties对行业整合和股票回购的立场

-- 加拿大皇家银行资本市场（RBC Capital Markets）周五表示，已与OR Royalties（OR.TO）首席执行官Jason Attew和公司资本市场副总裁Grant Moenting举行了投资者会议。 RBC表示，已审阅投资者提出的关键问题以及管理层答复的摘要。 当被问及OR为何在2025年减少交易活动时，该公司表示将继续保持资本配置的谨慎态度。 RBC指出，管理层认为2025年业绩不佳的原因包括估值过高、回报率低于目标阈值、竞争加剧、资本可用性下降，以及25%的交易没有担保，这对OR来说是不可接受的。 关于OR的资本回报前景，管理层表示愿意回购股票以推动每股收益增长，而不是进行稀释性收购。 该公司表示，预计将在2026年全年保持机会性回购，具体取决于投资机会和内部估值。 RBC表示，OR预计，由于大量新企业涌入本已分散的行业，特许权使用费行业的整合将持续进行。 与此同时，OR的管理层认为，魁北克省Malartic矿区的机遇在很大程度上被低估了。该公司持有Agnico Eagle Mines (AEM.TO)旗下该矿5%的净冶炼厂特许权使用费。 RBC指出，Malartic矿区目前正经历从低品位露天开采向高品位地下开采的转型。 RBC维持对OR的“跑赢大盘”评级和56美元的目标价。截至纽约证券交易所收盘，该公司股价为每股39.65美元。

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

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