Franco-Nevada Corp. (FNV-T)

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. 

Not his area of expertise. His firm has liked FNV for a while. Royalty business model makes a lot of sense. Very interesting space right now. Also likes Kinross.

If you want exposure to gold, one of the best investments to make in the sector. Takes royalties off the top, doesn't have to worry about operational costs of running a mine. Took a hit from Panama mine write-off.

He doesn't want to see any company hold such a large position (18%) in any mining project (Panama), no matter how good it is. But a royalty streamer is attractive and FNV performs well. Year to date, FNV is marginally down, despite Panama, and outperforming peers. He expects a resolution to the Panama setback.

Broke support around $160. Highly likely it's oversold, so could get back to the $160 area. Good shot at a rally. But going to be some challenges getting through that support level. In tech analysis, old support = new resistance.

Phenomenal long-term track record. Outstanding job driving shareholder value. He's looking at it, as the price has come down so much. Foreign assets, like Panama mine, are always a risk.

Sell today. First place to find support would be $134. If not there, then at $105. Really depends on USD, which is weak. Certain commodities you can't hold forever. Indicators are making a new leg down.

Hasn't studied in depth, could be interested. Hears that management is the best. Likes companies that do something non-correlated with the rest of a portfolio. Hurt by stake in Panama mine. Low-risk way to get commodity exposure, but foreign assets increase that risk. Not a big fan of mining, but if he did want a royalty play, this would be a contender. 

Biggest and best-of-breed in the category. Likes business model for its exposure to commodity price and upside optionality to more reserve and resource discovery. Insulates shareholders from operating and capital cost overruns endemic to mining. Well diversified by geography and operator. Bit of non-gold commodity exposure. 

Timely right now. Price has pulled back a lot since the summer, because biggest royalty interest is in Panama, operated by FM. That mine accounts for about 22% of Franco's NAV, and market's shaved about 30% off shares, which gives a good margin of safety. Good entry opportunity. Believes arbitration will prevail in its favour, which is what happens historically. Yield is 1.2%.