FRANCO-NEVADA---a low risk exposure to gold through this royalty/streaming leader.
FNV FY24 A very active year for FNV. Perhaps due to the bullion price getting companies to expand and start gold operations and allowing FNV to back them. Interestingly, some positive news on CP, although it looks to be a medium-term rather than short-term term opportunity. An interesting new slide, being the comparison of streaming and royalty. Streaming is bigger revenues, circa $170m vs. $150m, but are lower margin given the cogs moves with the commodity price to some extent, eg pay 10% of the gold price. Mixed results around the operations, which is usual. Some declines are forecast as a couple of mines end stated life around 2028, but could revise plans. As usual. The company remains net cash even after acquisitions, appears more likely to chase PM revenues and is seeing opportunities. Guidance 2025 +7% on reasonable assumptions and 2029 +12% on reasonable assumptions. Valuation The streamers and royalty companies are the closest instruments to bullion. Havin...