Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Franco-Nevada Corporation reported record financial results in the third quarter of 2025, driven primarily by high gold prices, strong operational performance, strategic acquisitions, and the sale of Cobre Panama stockpiles.</li><li>The financial metrics were robust, with total Gold Equivalent Ounces (GEOs) sold increasing by 26% year-overyear, and adjusted EBITDA rising by 81% to reach $427.3 million.</li><li>Revenue rose by 77% to $487.7 million, with 85% being derived from precious metals.</li></ul>

Franco-Nevada Corporation reported record financial results in the third quarter of 2025, driven primarily by high gold prices, strong operational performance, strategic acquisitions, and the sale of Cobre Panama stockpiles.The financial metrics were robust, with total Gold Equivalent Ounces (GEOs) sold increasing by 26% year-overyear, and adjusted EBITDA rising by 81% to reach $427.3 million.Revenue rose by 77% to $487.7 million, with 85% being derived from precious metals.

Franco-Nevada's Expansion Efforts: Is Its Australian Gold Push the Company’s Next Big Jackpot?

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/franco-nevada-corp">Franco-Nevada </a>stands as the premier gold-focused royalty and streaming company, offering investors leveraged exposure to precious metals prices with a diversified, low-risk business model that insulates it from direct operational and inflationary pressures faced by traditional miners.</li>
 <li>The company's financial strength is characterized by high margins (EBITDA margins often exceeding 80%), a robust balance sheet with minimal debt, and a consistent track record of dividend growth, having increased its dividend for 18 consecutive years.</li>
 <li>A significant overhang and potential catalyst is the Cobre Panama mine situation; its shutdown in late 2023 led to a substantial impairment charge, but a potential restart, which is economically incentivized for Panama, could lead to a significant positive re-rating of the stock.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Franco-Nevada stands as the premier gold-focused royalty and streaming company, offering investors leveraged exposure to precious metals prices with a diversified, low-risk business model that insulates it from direct operational and inflationary pressures faced by traditional miners.
  The company's financial strength is characterized by high margins (EBITDA margins often exceeding 80%), a robust balance sheet with minimal debt, and a consistent track record of dividend growth, having increased its dividend for 18 consecutive years.
  A significant overhang and potential catalyst is the Cobre Panama mine situation; its shutdown in late 2023 led to a substantial impairment charge, but a potential restart, which is economically incentivized for Panama, could lead to a significant positive re-rating of the stock.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Franco-Nevada  (FNV CN) - Sep 2025

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Late 2024 <a href="https://www.smartkarma.com/entities/entree-resources-ltd-3aeeb68c-80d0-4ada-822e-898883fbb28e" target="_blank" data-smartkarma-citation="entities:26727:1" rel="noopener">Entree Resources (ETG CN)</a> announced it won its arbitration against <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a>. The vote by the three judges was unanimously in favor of Entree. </li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> held its investor day in early December 2024 where almost its entire growth plan for 2025-2030 is predicated on Oyu Tolgoi's (OT) performance.</li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> is now backed into a corner to find a solution for OT's minority shareholder Entree Resources. The most logical outcome? RIO buys ETG in 2025.</li>
</ul>


Late 2024 Entree Resources (ETG CN) announced it won its arbitration against Rio Tinto Ltd (RIO AU). The vote by the three judges was unanimously in favor of Entree. 

Rio Tinto Ltd (RIO AU) held its investor day in early December 2024 where almost its entire growth plan for 2025-2030 is predicated on Oyu Tolgoi's (OT) performance.

Rio Tinto Ltd (RIO AU) is now backed into a corner to find a solution for OT's minority shareholder Entree Resources. The most logical outcome? RIO buys ETG in 2025.


Rio Tinto Loses Arbitration Against Entree Resources; Now What?

<ul>
<li>The acquisition of <a href="https://www.smartkarma.com/entities/filo-corp" target="_blank" data-smartkarma-citation="entities:42545:1" rel="noopener">Filo (FIL CN)</a> by <a href="https://www.smartkarma.com/entities/lundin-mining-corp-92352503-3781-4fcb-a4db-62e6f6343783" target="_blank" data-smartkarma-citation="entities:25356:1" rel="noopener">Lundin Mining (LUN CN)</a> and <a href="https://www.smartkarma.com/entities/bhp-group-ltd-832e22a7-7a1d-49cf-b992-c6347084cbf8" target="_blank" data-smartkarma-citation="entities:21840:1" rel="noopener">BHP Group Ltd (BHP LN) could be the start of a much larger M&amp;A wave.</a>
</li>
<li>Many juniors trade at 0.1x to 0.2x NAV while transactions typically happen at 0.8x-1x NAV. Filo was acquired at 0.81x NAV so right within this range.</li>
<li>We continue to like a basket of junior copper mines to get exposure to M&amp;A copper dynamics</li>
</ul>


The acquisition of Filo (FIL CN) by Lundin Mining (LUN CN) and BHP Group Ltd (BHP LN) could be the start of a much larger M&amp;A wave.

Many juniors trade at 0.1x to 0.2x NAV while transactions typically happen at 0.8x-1x NAV. Filo was acquired at 0.81x NAV so right within this range.
We continue to like a basket of junior copper mines to get exposure to M&amp;A copper dynamics


Rio Tinto: Open to Major Copper M&A; Entree Resources Logical Target

Thematic (Sector/Industry)

<ul>
<li>Copper is trading above 5.05 USD/lbs and has rallied over 29% YTD. Jeff Currie was quoted as saying "Copper is the New Oil"
</li>
<li>Sprott launches physical Copper Trust, copying the uranium playbook. Removing physical copper from the market.</li>
<li>Uranium in 2023 and Cacao in 1H24 show what commodity prices can do if investors panic. Is copper making a parabolic move next?</li>
</ul>


Copper is trading above 5.05 USD/lbs and has rallied over 29% YTD. Jeff Currie was quoted as saying "Copper is the New Oil"

Sprott launches physical Copper Trust, copying the uranium playbook. Removing physical copper from the market.
Uranium in 2023 and Cacao in 1H24 show what commodity prices can do if investors panic. Is copper making a parabolic move next?


Canada

Franco-Nevada Corporation is a resource royalty and investment company. The Company owns a diversified portfolio of precious and base metal royalties, oil and natural gas royalties and other interests, including assets in production, under development or in the exploration phase mostly located in geopolitically secure countries.

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Franco-Nevada (FNV US)

Franco-Nevada's Expansion Efforts: Is Its Australian Gold Push the Company’s Next Big Jackpot?

Franco-Nevada Corporation reported record financial results in the third quarter of 2025, driven primarily by high gold prices, strong operational...

Baptista Research

Primer: Franco-Nevada (FNV CN) - Sep 2025

Franco-Nevada stands as the premier gold-focused royalty and streaming company, offering investors leveraged exposure to precious metals prices...

αSK

Rio Tinto Loses Arbitration Against Entree Resources; Now What?

Entree Resources wins arbitration against Rio Tinto, leading to speculation that Rio may acquire Entree in 2025 due to reliance on Oyu Tolgoi's...

Nicolas Van Broekhoven

Rio Tinto: Open to Major Copper M&A; Entree Resources Logical Target

The acquisition of Filo by Lundin Mining and BHP Group could signal the beginning of a significant M&A wave in the mining industry, with potential...

Nicolas Van Broekhoven

Junior Copper Miners: Time for Lift-Off?

Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Franco-Nevada's Expansion Efforts: Is Its Australian Gold Push the Company’s Next Big Jackpot?

Franco-Nevada Corporation reported record financial results in the third quarter of 2025, driven primarily by high gold prices, strong operational...

Baptista Research

Primer: Franco-Nevada (FNV CN) - Sep 2025

Franco-Nevada stands as the premier gold-focused royalty and streaming company, offering investors leveraged exposure to precious metals prices...

αSK

Rio Tinto Loses Arbitration Against Entree Resources; Now What?

​Entree Resources wins arbitration against Rio Tinto, leading to speculation that Rio may acquire Entree in 2025 due to reliance on Oyu Tolgoi's...

Nicolas Van Broekhoven

Rio Tinto: Open to Major Copper M&A; Entree Resources Logical Target

​The acquisition of Filo by Lundin Mining and BHP Group could signal the beginning of a significant M&A wave in the mining industry, with potential...

Nicolas Van Broekhoven

Junior Copper Miners: Time for Lift-Off?

​Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Nicolas Van Broekhoven

Entree Resources wins arbitration against Rio Tinto, leading to speculation that Rio may acquire Entree in 2025 due to reliance on Oyu Tolgoi's...

The acquisition of Filo by Lundin Mining and BHP Group could signal the beginning of a significant M&A wave in the mining industry, with potential...

Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...