Core Insights - Franco-Nevada Corporation (NYSE:FNV) is recognized as one of the best gold stocks to buy according to hedge funds [1] - Price targets for Franco-Nevada have been raised by both Raymond James and CIBC due to increased gold price forecasts [2] Group 1: Price Target Increases - Raymond James raised its price target on Franco-Nevada from $218 to $234 while maintaining an Outperform rating [1] - CIBC increased its price target from C$315 to C$460, also keeping an Outperformer rating [2] Group 2: Market Context - The price target increases are attributed to higher gold price forecasts and a recent surge in gold prices, positively impacting gold stocks year-to-date [2] Group 3: Company Overview - Franco-Nevada Corporation is a Canadian gold-focused royalty and streaming company with a diversified portfolio of cash-flow producing assets [3]

Group 1 - Franco-Nevada Inc. stock is currently trading at $205.00, reflecting a 0.60% increase, with a 2.61% rise over the past month and a significant 66.03% increase over the past year [1] - Long-term shareholders are optimistic about the company's performance, while others may consider the price-to-earnings (P/E) ratio to assess potential overvaluation [1][5] - Franco-Nevada has a P/E ratio of 50.07, which is higher than the industry average of 39.02 in the Metals & Mining sector, suggesting that shareholders may expect better performance or that the stock could be overvalued [6] Group 2 - The P/E ratio serves as a tool for investors to evaluate market performance against historical earnings and industry benchmarks, with a lower P/E potentially indicating undervaluation or weak growth prospects [5][9] - Investors are advised to use the P/E ratio cautiously, as it is just one of many metrics to consider alongside other financial ratios, industry trends, and qualitative factors for a comprehensive analysis [9]

Core Viewpoint - Franco-Nevada Corporation is set to release its third quarter 2025 results on November 3 after market close, followed by a conference call on November 4 at 11:00 am ET [1]. Group 1 - The third quarter 2025 results will be announced after the market closes on November 3 [1]. - A conference call to discuss the results is scheduled for November 4 at 11:00 am ET [1]. - Dial-in numbers for the conference call include a toll-free number (1-888-510-2154) and an international number (437-900-0527) [1]. Group 2 - Participants can join the conference call via a URL that allows for automated call back after entering their name and phone number [1]. - A replay of the conference call will be available until November 11, with a toll-free number (1-888-660-6345) and an international number (289-819-1450) [1]. - The passcode for the replay is 52085 [1].

Core Insights - The article provides a market analysis focusing on gold spot prices and major gold mining companies, including Kinross Gold Corp, Newmont Goldcorp Corp, and Barrick Mining Corp [1] Group 1: Gold Market Overview - The analysis highlights the current trends in gold spot prices in US dollars, indicating fluctuations that may impact investment strategies [1] - The performance of gold mining companies is closely tied to gold prices, with potential implications for their profitability and stock valuations [1] Group 2: Company-Specific Insights - Kinross Gold Corp's operational efficiency and production levels are discussed, emphasizing its position in the market relative to competitors [1] - Newmont Goldcorp Corp's recent financial results are analyzed, showcasing revenue growth and cost management strategies that may influence investor sentiment [1] - Barrick Mining Corp's strategic initiatives and exploration activities are highlighted, indicating potential for future growth and value creation [1]

Core Insights - The precious metals market has experienced significant gains in 2025, with gold, silver, and platinum prices rising substantially, indicating a strong trend in hard assets [4][22]. Precious Metals Performance - Gold started the year at $2,645 per ounce and has risen to over $3,850, marking a gain of over 47% [4]. - Silver began at $29.60 per ounce and is now over $47, reflecting a gain of about 58% [4]. - Platinum started at $995 per ounce and is currently in the $1,600 range, achieving a gain of 60% [4]. Investment Considerations - The increase in precious metal prices is attributed to the declining value of the dollar, a trend that has been ongoing since the U.S. left the gold standard in 1971 [7][22]. - Investors are advised to hold physical metals rather than selling them, as they represent real money and are not subject to the liabilities associated with financial instruments [10][12]. Mining and Royalty Companies - The rise in precious metal prices has positively impacted mining and royalty companies, leading to significant stock price increases for several key players: - Franco Nevada Corp. (FNV) rose from $125 to $225 [15]. - Royal Gold, Inc. (RGLD) increased from $134 to $198 [15]. - Osisko Royalties (OR) went from $18 to over $39 [15]. - Wheaton Precious Metals (WPM) climbed from $56 to $110 [15]. - Major mining companies also saw substantial gains: - Barrick Mining (B) increased from $14 to $33 [18]. - Newmont Mining (NEM) rose from $38 to $84 [18]. - Agnico Eagle Mines (AEM) moved from $83 to $166 [19]. - Kinross Gold (KGC) increased from $9.50 to over $24 [19]. Market Outlook - The ongoing trend suggests that as long as precious metal prices continue to rise, royalty plays and mining companies will benefit from increased cash flow and profitability [16][24]. - The potential for a global recovery in faith in the dollar could impact precious metal prices, but such a scenario seems unlikely given current government spending trends [17][22].

Core Insights - Warren Buffett is recognized as one of the most famous investors, but he is not infallible [1] Group 1 - The article highlights the importance of in-depth research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - The platform offers a free 2-week trial, which has received 438 testimonials, most of which are 5 stars [1] - The author has disclosed a beneficial long position in shares of LB, TPL, and FIX through stock ownership or derivatives [1]

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Core Insights - Franco-Nevada Corporation (NYSE:FNV) has garnered significant hedge fund interest, positioning it among the top 11 gold royalty and small-cap gold stocks to invest in currently [1] Financial Performance - On September 8, 2025, Franco-Nevada's shares reached a record high of $196.20, leading to a market capitalization of $37.43 billion, reflecting a 66.18% gain over the past year and a 65.61% year-to-date return [2] - The company maintains strong financial health with gross profit margins of 89.73%, a current ratio of 4.25, and a 17-year streak of dividend increases [3] Business Model and Portfolio - Franco-Nevada operates as a royalty and streaming company specializing in precious metals, with a diverse global portfolio that includes gold, silver, platinum, and energy assets [4]

Core Thesis - Franco-Nevada Corporation (FNV) is positioned as a premier royalty and streaming company, providing unique exposure to gold while minimizing risks associated with mining operations [2][3] Financial Metrics - As of September 8th, FNV's share price was $197.27, with trailing and forward P/E ratios of 47.61 and 34.97 respectively [1] - The company boasts exceptional EBITDA margins of 70–80%, an expense ratio of just 0.1%, and negligible debt [2] Strategic Advantages - FNV offers perpetual call options on gold prices, with 62% of its assets in the exploration phase, indicating potential for significant upside as new discoveries occur [3] - The company benefits from miners' increased reliance on alternative financing in a higher interest rate environment [3] Cobre Panama Mine Catalyst - The Cobre Panama mine, historically accounting for 25–30% of FNV's production, was shut down in late 2023, leading to impairments and stock decline [4] - With the new support from Panama's President Mulino for reopening the mine, and both FNV and First Quantum halting arbitration, the prospects for resolution are improving [4] Economic Incentives - The economic importance of the Cobre Panama mine to Panama's GDP, exports, and employment creates clear incentives for a restart, potentially leading to a 30% re-rating in FNV's stock if operations resume [5] - Even without this upside, FNV is fairly valued at approximately 22x NTM EV/EBITDA, providing uncorrelated exposure to gold as a hedge against inflation and geopolitical instability [5] Long-term Investment Perspective - For long-term investors bullish on gold, FNV presents both resilience and significant optionality, making it a compelling core portfolio holding [5][6]

Industry Overview - The Zacks Mining - Gold industry has experienced a 38.5% growth in gold prices this year, driven by geopolitical tensions and central bank buying [1][4] - The industry involves complex processes of gold extraction from both underground and open-pit mines, requiring significant financial resources and time [3] Major Trends - Gold prices are expected to continue rising due to a demand-supply imbalance, with central banks accumulating gold reserves [2][6] - The industry faces challenges such as high production costs and a shortage of skilled labor, prompting companies to focus on cost-reduction strategies and digital innovation [5] Demand & Supply Dynamics - Depleting resources and declining supply from old mines are significant threats, while demand from sectors like energy and technology is increasing [6] - India and China account for approximately 50% of global consumer gold demand, with strong demand expected to persist in India [6] Industry Performance - The Mining-Gold Industry has outperformed the S&P 500 Index and the Basic Material sector, with a collective gain of 67.3% compared to the sector's 6.6% and the S&P 500's 19.1% [9] - The industry currently trades at an EV/EBITDA of 9.04X, significantly lower than the S&P 500's 18.23X and the Basic Material sector's 14.11X [11] Company Highlights - **Agnico Eagle Mines (AEM)**: Focused on extending mine life and optimizing costs, with a projected 64% year-over-year earnings growth for 2025 [18][17] - **Barrick Mining (B)**: Positioned to benefit from key growth projects, with a projected 56.4% year-over-year earnings growth for 2025 [23][22] - **Newmont (NEM)**: Created an industry-leading portfolio through the acquisition of Newcrest Mining, with a projected 52% year-over-year earnings growth for 2025 [26][25] - **Franco-Nevada (FNV)**: Expected to see a 51.4% year-over-year earnings growth for 2025, focusing on cost management and a healthy portfolio of agreements [30][29] - **Kinross Gold (KGC)**: Anticipates a remarkable 103% year-over-year earnings growth for 2025, supported by strong liquidity and development projects [32][34]