Franco-Nevada Corp. (FNV-T)

Gold's done well. She typically doesn't invest in commodity sectors. If you want gold exposure, one preference has always been FNV because of its royalty structure. This means you don't have to worry too much about operating costs of the underlying mine. Performed very well long-term over the cycle.

Gold has benefited from all the uncertainty. Valuation very rich. If you already own it, would've appreciated significantly; so it can provide a source of capital to recycle into things more undervalued. Gold hit all-time high this morning; he doesn't have a price target. Gold price highly correlated to volatility; so if things calm down, that price will moderate.

Likes it, but don't chase here.

They don't take on production and environmental risks, being a royalty company. They just cash the cheques, but their valuation has always been high. They took a big hit when their Panama gold operation was shut down; maybe that mine will reopen. Is in a volatile sector. Great balance sheet and history. Likes it and the sector now.

They buy the profit streams from miners; they don't own the mines. No debt and lots of cash. When the mining metals cycle is cheap, FNV will buy royalty streams cheaply. When the cycle improves, profits and cash levels will rise. A Canadian national champion.

His go-to name for a streamer, but he owns no gold right now as valuations have risen so much.

Gold is almost like an insurance policy. Good diversifier. Should be a good, long-term hedge. Deposits have become harder to find. 

He prefers the business model of the royalty companies like FNV or WPM. As well, they operate counter-cyclically -- give money when gold prices are low and harvest when prices are high. Always looks expensive, but it's expensive for a reason.

Still suffering the shut-down of the Panama mine, though new discussions may arise about it. FNV has no debt. Arbitration could happen. Once Panama is back on line, FNV shares will resume their climb. He bought this just after the Panama situation. He's happy to hold this long term.

The bellwether gold stock globally. Great range of assets. Very good balance sheet. Spectacular corporate culture. If you don't own it, you should. Expects a settlement in Panama, and the stock would rerate.

Optionality for copper mine in Panama to be restarted; if it does, could see a sharp snapback in shares. Gold rally has helped all their gold royalty streams.

Is a great way to get exposure to gold without taking too much risk. Best balance sheet, assets, management etc. Don't need to take risky bets in lower end of the market. Great way to get returns for the long term investor. 

Better stocks in the space such as OR, WPM, or AGI. FNV is catching up, and in the long, long run it will perform well. But right now, it's lagging, so he'd rotate out.

Gold ounces sold were 110,264, down 35% year over year. EPS was 75 vs 95c last year, and estimates 81c. EBITDA fell 19% to $221.9M and below estimates $237M. Results are fairly weak considering the price of gold rose 18% vs the comparable quarter. Guidance was moved to the lower end of the prior range. FNV did announced another smelter royalty. A disappointing quarter, but we think the decline today reflects the picture. We would continue to see it more as a BUY. We also quite like the sector outlook currently. 
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Best idea in mining royalty sector. Very strong assets and good assets. 

He likes gold but would rather have a producer than a royalty company since there are better operating cash flow multiples. Its major Panama project could be a headwind. The average analyst's price target is $199.

Recent troubles in Panama weighing on the share price. Expecting rise in share price with strong commodity prices. Would recommend investors to hold this stock.