A month has gone by since the last earnings report for Franco-Nevada (FNV) . Shares have added about 3.8% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Franco-Nevada due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Franco-Nevada Q2 Earnings Miss, Revenues Decline ...

yorkfoto Introduction If there's one thing we discuss a lot, it's "the big picture," as I believe staying on top of major trends is key when it comes to improving the odds of making profitable investment decisions. This includes: Leading economic indicators, like manufacturing and services surveys. Consumer reports, including consumer sentiment and inflation expectations. Geopolitical developments like wars, major elections, and related events. Supply chain developments, including economic re-shoring a ...

Franco-Nevada Corporation (FNV) reported adjusted earnings of 75 cents per share in second-quarter 2024, missing the Zacks Consensus Estimate of 78 cents. The bottom line decreased 21% year over year.The company generated revenues of $260 million in the reported quarter, down 21.2% year over year. The downside was driven by lower contributions from Antapaccay, Candelaria and Energy assets, partially offset by record gold prices. In the June-end quarter, 74.2% of revenues were sourced from Precious Metal ass ...

财务数据和关键指标变化 - 第二季度总GEO销售量为110,264盎司,较上年同期的168,515盎司有所下降,但剔除科布雷巴拿马的影响后,较上年同期的131,865盎司有所上升 [14] - 金银GEO销售量为82,350盎司,较上年同期的95,383盎司有所下降 [19] - 收入为2.601亿美元,较上年同期的3.299亿美元有所下降,但剔除科布雷巴拿马的影响后,较上年同期的2.582亿美元有所上升 [21] - 调整后EBITDA为2.219亿美元,调整后净收益为1.449亿美元,每股0.75美元 [23] - 销售成本和折旧摊销费用较上年同期有所下降,主要是由于科布雷巴拿马的影响消除 [24][25] - 税收费用中包括4910万美元的前期调整,2024年实际增量税费用约为2100万美元,预计未来有效税率将在19%-20%之间 [27][28] 各条业务线数据和关键指标变化 - 金银GEO占总GEO的75%,较上年同期的95,383盎司有所下降 [19] - 多元化GEO为27,914盎司,较上年同期的36,000多盎司有所下降 [19] - 铁矿石GEO相对平稳,能源GEO下降至22,100盎司,较上年同期的28,683盎司有所下降 [20] 各个市场数据和关键指标变化 - 收入来源82%来自美洲市场 [29] 公司战略和发展方向及行业竞争 - 公司积极拓展新的长寿命资产,包括在厄瓜多尔的SolGold Cascabel铜金项目获得黄金流stream,以及在秘鲁的Yanacocha获得新的矿权 [11][37][41] - 公司认为Cascabel和Yanacocha都是世界级的地质资源,未来有望为公司贡献大量产量多年 [38][42] - 公司在交易结构上采取了多重风险缓释措施,如分阶段融资、条件融资等,以降低项目风险 [39][59] - 公司继续关注多元化发展,包括在锂等新兴金属领域寻找机会 [79] 管理层对经营环境和未来前景的评论 - 短期内Candelaria和Antapaccay的产量下降是暂时性的,预计下半年将恢复正常 [10] - 新项目Tocantinzinho、Greenstone和Salares Norte将在下半年为公司贡献产量 [12][34] - 公司对Yanacocha和Cascabel项目的长期前景持乐观态度,认为这些资产将为公司带来可观的现金流 [38][41][50] - 公司对未来的商业发展机会保持积极态度,认为当前交易环境依然活跃 [52][76] 其他重要信息 - 公司修订了10亿美元的无担保循环信贷额度,将期限延长至2029年6月 [33] - 公司预计2024年总GEO销售量将在480,000-540,000盎司之间,黄金白银GEO销售量将在360,000-400,000盎司之间,预计将处于较低端 [34] 问答环节重要的提问和回答 问题1 **Josh Wolfson 提问** 询问Yanacocha交易的预期收益率是否与2015-2016年的"超级"交易类似 [45] **Eaun Gray 回答** 公司看重Yanacocha的长期潜力,包括现有氧化矿生产和未来硫化矿开发,以及Conga和Killish项目的上行空间,预期获得合理的风险调整后收益率 [46][47][49][50] 问题2 **Tanya Jakusconek 提问** 询问公司在交易中使用的内部收益率水平 [66][70] **Eaun Gray 回答** 公司更关注风险调整后的收益,对于有较大期权价值的资产,即使内部收益率不高,只要能获得长期稳定的现金流也会考虑,Yanacocha和Cascabel的内部收益率在中个位数左右 [69][72][74] 问题3 **Bjorn Wiklander 提问** 询问公司1.4亿美元的现金储备是否足以支持未来交易 [94] **Eaun Gray 回答** 公司目前看到了丰富的交易机会管线,现金储备将有助于公司在竞争中保持优势地位,未来会继续积极部署这些资金 [95]

New Mine Start-ups and Acquisitions(in U.S. dollars unless otherwise noted)TORONTO, Aug. 13, 2024 /PRNewswire/ - "Franco-Nevada benefited from record gold prices in the quarter and realized higher revenues and cash from operations compared to Q1 2024," stated Paul Brink, CEO. "However, our year over year results were lower without the contribution from Cobre Panama and due to lower production at Candelaria and Antapaccay. Results for the second quarter include a catch-up of higher tax rates due to tax measu ...

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Juanmonino/E+ via Getty Images Introduction Everything is fine. The S&P 500 is up more than 15% year-to-date as I write this, with the most bullish fund manager survey sentiment since November 2021, according to Bank of America. Bank of America Moreover, this shift comes with a very interesting change in economic expectations. Roughly one year ago, more than one in four fund managers expected a hard landing. Less than 4% expected a no-landing scenario. Now, the exact opposite is visible. 26% expect a no-lan ...

Franco-Nevada Corporation’s (FNV) shares have improved around 3% since it reported first-quarter 2024 earnings on May 1. This uptick was driven by the company's outstanding margin performance, supported by rising gold prices, despite experiencing year-over-year declines in revenues and earnings. Adjusted earnings of 76 cents per share beat the Zacks Consensus Estimate of 68 cents. The 4% year-over-year decline in its bottom line was mainly attributed to lower Gold Equivalent Ounces (GEOs) sold in the quarte ...

Q 1 2 0 2 4 R E S U L T S P R E S E N T A T I O N M A Y 2 , 2 0 2 4 C A U T I O N A R Y S T A T E M E N T 2 Forward-Looking Statements This presentation contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding ...

财务数据和关键指标变化 - 总GEOs销售量为122,897盎司,较上年同期的145,331盎司下降15% [13] - 贵金属GEOs销售量为93,018盎司,较上年同期的82,575盎司增加12.7% [13] - 收入为2.568亿美元,较上年同期的2.758亿美元下降7% [17] - 调整后EBITDA为2.161亿美元,较上年同期的2.292亿美元下降5.7% [17] - 调整后每股收益为0.76美元,较上年同期的0.79美元下降3.8% [19] 各条业务线数据和关键指标变化 - 贵金属GEOs占总GEOs的76%,较上年同期的76.5%略有下降 [20] - 多元化GEOs中,Vale royalty贡献有所增加,而能源GEOs大幅下降 [15] 各个市场数据和关键指标变化 - 公司83%的收入来自美洲市场 [20] 公司战略和发展方向及行业竞争 - 公司无债务,有23亿美元的可用资本,并有活跃的交易管线 [11] - 公司正关注收购天然气royalty、黄金和白银royalty等资产 [10] - 公司认为在大宗商品价格上涨环境下,其无债务优势将成为竞争优势 [22] 管理层对经营环境和未来前景的评论 - 管理层认为Cobre Panama问题有望得到解决,并与新政府进行建设性对话 [9][46][47] - 管理层对Antapaccay、Greenstone等新矿山的投产持乐观态度 [9][60][61] - 管理层认为大宗商品价格波动对公司影响有限,能够充分获益于价格上涨 [21][22] 问答环节重要的提问和回答 问题1 **Brian MacArthur 提问** 询问Antapaccay产量是否可持续 [26][27] **Paul Brink 回答** 预计Antapaccay产量将在全年内有所下降,但仍在指导范围内 [27] 问题2 **Heiko Ihle 提问** 询问公司是否看到交易定价环境有所改善 [41][42] **Euan Gray 回答** 在金价上涨环境下,有色金属生产商出售贵金属流的交易更为活跃 [44] 问题3 **Tanya Jakusconek 提问** 询问公司是否考虑非黄金资产的收购机会,如锂 [73][74][75][76] **Jason O'Connell 回答** 公司主要关注黄金资产,但也在关注锂等其他有潜力的商品机会 [74][76]