GSA's Top 10 Stocks

Gold Stock Analyst (04/01/2009)
"Franco Nevada reported results for 2008, its first full year since buying itself from Newmont late 2007. It was quite a year! Royalty revenues were $151 mil, which yielded a free cash flow of US$1.34/shr. This should allow for dividend increases from the current C$0.24 (US$0.20) as the current payout is only 15%. 2009 is expected to see revenues lower as lower Oil & Gas prices reduces their royalty revenues to FNV. But this but this is partially offset (and maybe fully) by higher Gold price, the new Gold Quarry royalty bought as 2008 ended, and the new royalty on Coeur's Palmarejo mine, which just had its first gold pour several days ago. FNV sees the impact of all this as driving the Gold royalty portfolio to 75% of the total, vs. only 32% in 2007 (GSA estimate)."

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