External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

Key points (machine generated)<ul><li>Franco-Nevada Corporation is a gold-focused royalty and streaming company operating in the mining and energy sectors.</li><li>Despite not having any imminent corporate catalysts, it is considered a top-tier investment choice for exposure to precious metals.</li><li>Managed by a world-class operator, the company is expected to outperform other large-cap precious metals stocks and physical gold. Its involvement in the sale of crude oil, natural gas, and natural gas liquids adds to its attractiveness for investors in the current economic climate.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Franco-Nevada Corporation is a gold-focused royalty and streaming company operating in the mining and energy sectors.Despite not having any imminent corporate catalysts, it is considered a top-tier investment choice for exposure to precious metals.Managed by a world-class operator, the company is expected to outperform other large-cap precious metals stocks and physical gold. Its involvement in the sale of crude oil, natural gas, and natural gas liquids adds to its attractiveness for investors in the current economic climate.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Franco-Nevada Corp (FNV) - Friday, Oct 20, 2023

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>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?


<ul>
<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> has one of its most prized assets in Mongolia. The Oyu Tolgoi mine has an 80-year mine-life and will ramp up significantly in coming years.</li>
<li>
<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> is the last remaining hurdle to acquire after the successful integration of Turquoise Hill in late 2022.</li>
<li>Entree just released a batch of 2022 (!) drilling results, one month before an arbitration deadline. Why was it released now? Will Rio finally move on Entree before the deadline?</li>
</ul>



Rio Tinto Ltd (RIO AU) has one of its most prized assets in Mongolia. The Oyu Tolgoi mine has an 80-year mine-life and will ramp up significantly in coming years.

Entree Resources (ETG CN) is the last remaining hurdle to acquire after the successful integration of Turquoise Hill in late 2022.
Entree just released a batch of 2022 (!) drilling results, one month before an arbitration deadline. Why was it released now? Will Rio finally move on Entree before the deadline?


Rio: JV Partner in Mongolia Releases Incredible Copper Grades One Month Before Arbitration Deadline

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

VanEck Gold Miners ETF/USA / Technical Analysis

<ul>
<li>Since late-January/early-February we've recommended shifting to defensives considering our belief that 4165-4200 will cap upside on the $SPX in 2023, while also conceding that a reach to 4300-4325 is possible.</li>
<li>Considering limited upside in both scenarios, we continue to recommend shifting to defensives and believe that now is the time to be tactically overweight defensives</li>
<li>Defensive Sectors including Health Care (XLV), Utilities (XLU), and Staples (XLP) are hitting 2+ month RS highs, and are staging bullish price and RS reversals, as are gold miners (GDX). </li>
</ul>


Since late-January/early-February we've recommended shifting to defensives considering our belief that 4165-4200 will cap upside on the $SPX in 2023, while also conceding that a reach to 4300-4325 is possible.
Considering limited upside in both scenarios, we continue to recommend shifting to defensives and believe that now is the time to be tactically overweight defensives
Defensive Sectors including Health Care (XLV), Utilities (XLU), and Staples (XLP) are hitting 2+ month RS highs, and are staging bullish price and RS reversals, as are gold miners (GDX). 


Defensive Areas Starting to Lead; 10-Yr Treasury Yield Testing Support at 3.35-3.4%

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 Corp (FNV) - Friday, Oct 20, 2023

Key points (machine generated) Franco-Nevada Corporation is a gold-focused royalty and streaming company operating in the mining and energy...

Value Investors Club

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

Rio: JV Partner in Mongolia Releases Incredible Copper Grades One Month Before Arbitration Deadline

Rio Tinto still has an "annoying" third partner in its world-class Oyu Tolgoi mining project in Mongolia. Entree Resources is a prime takeover target.

Nicolas Van Broekhoven

Defensive Areas Starting to Lead; 10-Yr Treasury Yield Testing Support at 3.35-3.4%

Defensive Sectors including Health Care $XLV, Utilities $RYU $XLU, and Staples $XLP are hitting 2+ month RS highs, and are staging bullish price...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Franco-Nevada Corp (FNV) - Friday, Oct 20, 2023

Key points (machine generated) Franco-Nevada Corporation is a gold-focused royalty and streaming company operating in the mining and energy...

Value Investors Club

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

Rio: JV Partner in Mongolia Releases Incredible Copper Grades One Month Before Arbitration Deadline

Rio Tinto still has an "annoying" third partner in its world-class Oyu Tolgoi mining project in Mongolia. Entree Resources is a prime takeover target.

Nicolas Van Broekhoven

Defensive Areas Starting to Lead; 10-Yr Treasury Yield Testing Support at 3.35-3.4%

Defensive Sectors including Health Care $XLV, Utilities $RYU $XLU, and Staples $XLP are hitting 2+ month RS highs, and are staging bullish price...

Vermilion Research

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...