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 a strong second quarter for 2026, benefiting from a diversified portfolio of royalty and streaming assets.</li><li>The company’s gold equivalent ounces (GEOs) sold increased by 18% year-over-year to 132,405, supported by higher production at mines including Antapaccay, Antamina, South Arturo, as well as new contributions from recently acquired interests in Côté Gold and Casa Berardi, along with the start of production at Valentine Gold.</li><li>Precious metal prices climbed notably, with gold averaging 38% higher and silver 118% higher compared to the prior year, though prices moderated after first-quarter peaks.</li></ul>

Franco-Nevada Corporation reported a strong second quarter for 2026, benefiting from a diversified portfolio of royalty and streaming assets.The company’s gold equivalent ounces (GEOs) sold increased by 18% year-over-year to 132,405, supported by higher production at mines including Antapaccay, Antamina, South Arturo, as well as new contributions from recently acquired interests in Côté Gold and Casa Berardi, along with the start of production at Valentine Gold.Precious metal prices climbed notably, with gold averaging 38% higher and silver 118% higher compared to the prior year, though prices moderated after first-quarter peaks.

Franco-Nevada’s $4.3 Billion War Chest: What Could It Unlock Next?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world. </li>
<li>Currently, we still don't see any index changes for September 2026. The official results will be announced at the close of 11th September 2026.</li>
<li>We see around US$230mm of one-way flow. But this could drastically change if any 'Large-Small- weight' name changes occur.</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world. 
Currently, we still don't see any index changes for September 2026. The official results will be announced at the close of 11th September 2026.
We see around US$230mm of one-way flow. But this could drastically change if any 'Large-Small- weight' name changes occur.


[Quiddity Index] MV Global Gold Miners Sep26 Rebal: Base Date Soon; Vault-Genesis Deal Consequences

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

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-1c5035f0-566d-47f3-b679-b3d911c08e96">Franco-Nevada </a>operates under a superior royalty and streaming business model, providing exposure to commodity prices and exploration upside without the associated operating risks and capital costs of traditional mining companies.</li>
 <li>The company possesses a uniquely large and diversified portfolio of over 400 assets, primarily in geopolitically stable regions, which provides unparalleled revenue stability and mitigates single-asset risk.</li>
 <li>A disciplined capital allocation strategy and a strong, debt-free balance sheet have enabled a consistent track record of growth in revenue, earnings, and dividends, positioning the company for future opportunistic acquisitions.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Franco-Nevada operates under a superior royalty and streaming business model, providing exposure to commodity prices and exploration upside without the associated operating risks and capital costs of traditional mining companies.
  The company possesses a uniquely large and diversified portfolio of over 400 assets, primarily in geopolitically stable regions, which provides unparalleled revenue stability and mitigates single-asset risk.
  A disciplined capital allocation strategy and a strong, debt-free balance sheet have enabled a consistent track record of growth in revenue, earnings, and dividends, positioning the company for future opportunistic acquisitions.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Franco-Nevada  (FNV US) - Aug 2026

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

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?


<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?

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 $4.3 Billion War Chest: What Could It Unlock Next?

Franco-Nevada Corporation reported a strong second quarter for 2026, benefiting from a diversified portfolio of royalty and streaming assets. The...

Baptista Research

[Quiddity Index] MV Global Gold Miners Sep26 Rebal: Base Date Soon; Vault-Genesis Deal Consequences

The MV Global Gold Miners Index often has ADDs but we see no changes for Sep 2026. We just see some capping flows which are relatively minor.

Travis Lundy

Primer: Franco-Nevada (FNV US) - Aug 2026

Franco-Nevada operates under a superior royalty and streaming business model, providing exposure to commodity prices and exploration upside...

αSK Primers

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Franco-Nevada’s $4.3 Billion War Chest: What Could It Unlock Next?

Franco-Nevada Corporation reported a strong second quarter for 2026, benefiting from a diversified portfolio of royalty and streaming assets. The...

Baptista Research

[Quiddity Index] MV Global Gold Miners Sep26 Rebal: Base Date Soon; Vault-Genesis Deal Consequences

The MV Global Gold Miners Index often has ADDs but we see no changes for Sep 2026. We just see some capping flows which are relatively minor.

Travis Lundy

Primer: Franco-Nevada (FNV US) - Aug 2026

Franco-Nevada operates under a superior royalty and streaming business model, providing exposure to commodity prices and exploration upside...

αSK Primers

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

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

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

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