The Gold Report
Notable Quotes
"ICG has closed a CA$2.5M flow-through placement." (12/24/15) Integra Gold Corp. - Thibaut Lepouttre, Caesars Report More >
"The exploration upside at MAG's Juanicipio project is substantial." (12/23/15) MAG Silver Corp. - Gwen Preston, Resource Maven More >
"AKG's management continues to deliver on its development milestones." (12/22/15) Asanko Gold Inc. - Nana Sangmuah, Clarus Securities More >
"We are initiating coverage on KDX with a Buy rating." (12/21/15) Klondex Mines Ltd. - Don Blyth, Paradigm Capital More >
"VIT's Eagle is a shovel-ready, fully permitted, prefinanced gold project." (12/17/15) Victoria Gold Corp. - Tom Hayes, Edison Investment Research More >
Credit Suisse Raises Target on FNV
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ANITA SONI, Credit Suisse
(01/07/2011)
"The Credit Suisse Global Metals and Mining Team has revised its base metals, precious metals and uranium price forecasts. . .[for Franco-Nevada,] we are maintaining our Neutral rating but are increasing our target price to $38/share (from $37). Our target price is based on a blended Target P/NAV multiple of 1.28 (from 1.4) applied on a weighted average to our DCF of $27.58/share with net cash of $1.73/share added at par. The decline in our FNV target multiple is due to a reduction in the multiples attributed to FNV's gold and PGM royalty streams from 1.5–1.35 based on the average of our stocks in the sector at 1.25, plus a 0.1x premium to account for the reduced operational risk. We expect gold price, exploration updates and project advancement to drive FNV. We believe that we are in a bullish gold price environment and expect that gold will remain at elevated levels in 2011, which will draw increasing interest to the sector. FNV will likely benefit as a leveraged, reduced risk alternative to the ETF." |
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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.
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