Cormark Research empfiehlt Osisko Gold Royalties mit Ziel 22,50 CAD

Cormark Research empfiehlt Osisko Gold Royalties mit Ziel 22,50 CAD

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Investment Thesis:

Osisko Gold Royalties is a gold focused royalty company that has a 5% NSR on the Canadian Malartic mine and a 2.0-3.5% NSR on the Éléonore mine, both in Quebec, as well as a growing portfolio of smaller producing and exploration stage royalties.

Highlights:

 

Orion Portfolio Acquisition A Bold Move

We view the C$1.125 BB purchase of the Orion portfolio as a bold acquisition by the Osisko Management team to use its strong balance sheet to vault the company into the upper tier of precious metals royalty companies. The transaction lifts the company to a market capitalization that can compete for the capital pools currently flowing to the larger royalty and streaming companies in the gold sector.

Larger Platform Should Drive A Rerate; Upgrade To Buy Rating

While the transaction is accretive to cash flow and slightly negative to NAV, we believe the increased size and scale of Osisko’s platform should result in a rerate on the multiples ascribed to Osisko. We are increasing our target price to C$22.50 (from C$17.50) on the back of our updated estimates and an increase in our target multiples to 2.5x NAV and 25x EV/CF (from 2.0x and 20x previously), bringing Osisko closer to the multiples ascribed to its senior royalty/streaming peers. We are upgrading Osisko to Buy (from Market Perform) and believe it should be a core holding for investors looking for high quality, safe exposure to the gold sector. 

We view the C$1.125 BB purchase of the Orion portfolio as a bold acquisition by the Osisko Management team to use its strong balance sheet to vault the company into the upper tier of precious metals royalty companies. The transaction lifts the company to a market capitalization that can compete for the capital pools currently flowing to the larger royalty and streaming companies in the gold sector.

Company Description:

Osisko Gold Royalties is a gold royalty company that owns a 5% NSR on the Canadian Malartic mine in Quebec and a 2.0-3.5% NSR on the Éléonore mine in Quebec. Longer- term upside could come from the large and growing portfolio of royalties and investments on various projects in Canada.



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