10 stories mentioning FNV.TO
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RBC Precious Metals Price Target Changes Brief: Kinross To US$40 From $45; FNV To US$295 From $320; TFPM To US$38 From $44; OR To US$50 From $56; WPM To US$165 From $200
Valuations of gold royalty companies have contracted especially for mid/small cap companies including Triple Flag Precious Metals (TFPM.TO) and OR Royalties (OR.TO), RBC Capital Markets said Wednesday.OR's shares trade at the lowest valuation across the royalty group and a larger discount to historical valuation levels, RBC said.The market value of larger cap royalty companies including Wheaton Precious Metals (WPM.TO) and Franco-Nevada (FNV.TO) valuation has been more resilient, according to RBC.Meanwhile, valuations of senior producers including Agnico Eagle (AEM.TO) have converged.Barrick's (ABX.TO) shares have begun to outperform peers following its positive first-quarter results, resumption of its buyback program, and potential upside from its planned initial public offering in North America.Price: $42.55, Change: $-1.09, Percent Change: -2.50%
Franco-Nevada Corp (FNV.TO, FNV) was upgraded to Buy from Hold at TD Securities on Wednesday.Analyst Derik Ma lowered his price target on shares of the Toronto-based gold-focused royalty and streaming company to US$291 from US$292."We are upgrading FNV... reflecting a compelling combination of balance sheet strength, robust deal flow, and a potential Cobre Panama catalyst within the next 6 months," Ma said in a note to clients."Despite these positive attributes, FNV is trading at near 5-year valuation trough multiples, presenting an attractive entry point," the analyst said."We are confident in management's ability to grow the business in a strong deal environment," Ma said. "FNV's financial capacity allows it to pursue large-scale deal opportunities without capital restrictions or limitations."
National Bank Financial on Wednesday upgraded its rating on the shares of Franco-Nevada (FNV.TO, FNV) to outperform from sector perform while raising its price target to C$420 from C$410 following the royalty company's first-quarter results."We have incorporated Q1 financials and modified some assets to better align with operator guidance. We continue to see improving momentum throughout H2 on progressing towards resumption of production from Cobre Panama, significant tailwinds from elevated oil & gas prices, improved option value given its large-scale portfolio, and a more compelling valuation relative to peers," analyst Shane Nagle wrote. .(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $331.68, Change: $+6.04, Percent Change: +1.85%
RBC Capital Markets said Wednesday that the first quarter represents a seasonally weak period for operating results of gold equities.According to RBC, the market is expected to focus on forward-looking statements on the impact of higher gold and energy prices to costs, as well as emerging inflationary pressures."Although we expect no formal cost guidance revisions across our coverage, commentary on potential changes into mid-year updates could present surprise risk," RBC said.RBC said Alamos (AGI.TO), Barrick Mining (ABX.TO), Eldorado Gold (ELD.TO), G Mining (GMIN.TO), SSR Mining (SSR.TO) and Wheaton Precious Metals (WPM.TO) have outlined materially softer first quarter.RBC said companies with key upcoming deliverables into the first quarter include B2Gold (BTO.TO), Barrick, Alamos, Agnico Eagle (AEM.TO), Centerra (CG.TO), Franco Nevada (FNV.TO), Iamgold (IMG.TO), K92 (KNT.TO), Kinross (K.TO), Lundin Gold (LUG.TO), Orla Mining (OLA.TO), OR Royalties (OR.TO) and Wesdome (WDO.TO).According to RBC, gold equity valuations at spot have expanded in recent weeks, but are still reasonably attractively valued.Price: $66.72, Change: $-0.42, Percent Change: -0.63%