Financials Franco-Nevada Corporation

Equities

FNV

CA3518581051

Gold

Market Closed - Toronto S.E. 04:00:00 2024-05-06 pm EDT 5-day change 1st Jan Change
172.5 CAD +2.33% Intraday chart for Franco-Nevada Corporation +2.32% +17.52%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,453 23,912 26,453 26,089 21,269 24,284 - -
Enterprise Value (EV) 1 19,401 23,377 25,914 24,893 21,269 22,522 22,207 20,980
P/E ratio 56.4 x 73.3 x 36.1 x 37.3 x -45.6 x 42.6 x 36.5 x 32 x
Yield 0.96% 0.82% 0.84% 0.94% - 1.12% 1.11% 1.14%
Capitalization / Revenue 23 x 23.4 x 20.3 x 19.8 x 17.4 x 22.2 x 19.5 x 18.4 x
EV / Revenue 23 x 22.9 x 19.9 x 18.9 x 17.4 x 20.6 x 17.8 x 15.9 x
EV / EBITDA 28.8 x 27.8 x 23.7 x 22.5 x 21 x 23.7 x 19.9 x 18 x
EV / FCF 112 x 47.4 x 133 x 29 x - 30.2 x 23.2 x 22.4 x
FCF Yield 0.89% 2.11% 0.75% 3.45% - 3.32% 4.31% 4.46%
Price to Book 3.86 x 4.4 x 4.39 x 4.07 x - - - -
Nbr of stocks (in thousands) 188,581 190,832 191,192 191,665 192,119 192,307 - -
Reference price 2 103.2 125.3 138.4 136.1 110.7 126.3 126.3 126.3
Announcement Date 3/9/20 3/10/21 3/9/22 3/15/23 3/5/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 844.1 1,020 1,300 1,316 1,219 1,094 1,247 1,321
EBITDA 1 673.4 839.6 1,092 1,107 1,015 950.2 1,115 1,167
EBIT 1 410.2 336.5 860.7 820.7 -428 762.2 781.7 801
Operating Margin 48.6% 32.98% 66.21% 62.38% -35.11% 69.66% 62.67% 60.62%
Earnings before Tax (EBT) 1 405.9 339.5 857.8 833.7 -364.2 746.6 823.1 890.7
Net income 1 344.1 326.2 733.7 700.6 -466.4 621.8 663.5 727.6
Net margin 40.77% 31.97% 56.44% 53.25% -38.26% 56.82% 53.19% 55.06%
EPS 2 1.830 1.710 3.830 3.650 -2.430 2.962 3.463 3.950
Free Cash Flow 1 172.5 492.8 194.9 858 - 746.7 958 935.5
FCF margin 20.44% 48.3% 14.99% 65.21% - 68.24% 76.81% 70.8%
FCF Conversion (EBITDA) 25.62% 58.69% 17.84% 77.51% - 78.58% 85.89% 80.15%
FCF Conversion (Net income) 50.13% 151.07% 26.56% 122.47% - 120.09% 144.4% 128.58%
Dividend per Share 2 0.9900 1.030 1.160 1.280 - 1.413 1.400 1.440
Announcement Date 3/9/20 3/10/21 3/9/22 3/15/23 3/5/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 327.7 338.8 352.3 304.2 320.4 276.3 329.9 309.5 303.3 256.8 266.9 286.3 291.8 - -
EBITDA 1 269.8 286.6 301.2 256.7 262.4 229.4 275.6 255.1 254.6 216.1 232.5 249 250.2 252.4 252.6
EBIT 1 267.1 212 231.6 188.2 188.9 172.1 200.5 187 -987.6 158.2 181.1 201.6 202.7 - -
Operating Margin 81.51% 62.57% 65.74% 61.87% 58.96% 62.29% 60.78% 60.42% -325.62% 61.6% 67.82% 70.43% 69.45% - -
Earnings before Tax (EBT) 1 264.9 - - - - 184.1 211.5 185.2 -959.8 172 169 180 183 - -
Net income 1 220.9 182 - - - 156.5 184.5 175.1 -982.5 144.5 146.2 153.4 155.4 - -
Net margin 67.41% 53.72% - - - 56.64% 55.93% 56.58% -323.94% 56.27% 54.78% 53.6% 53.24% - -
EPS 2 1.150 0.9500 1.020 0.8200 0.8600 0.8100 0.9600 0.9100 -5.110 0.7500 0.7600 0.8000 0.8050 0.8950 1.020
Dividend per Share 0.3000 - - - - - - - - - - - - - -
Announcement Date 3/9/22 5/4/22 8/10/22 11/7/22 3/15/23 5/2/23 8/8/23 11/8/23 3/5/24 5/1/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 52.1 534 539 1,197 - 1,763 2,078 3,305
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 173 493 195 858 - 747 958 936
ROE (net income / shareholders' equity) 7.05% 9.83% 11.7% 11.3% - 10.8% 10.3% 10.1%
ROA (Net income/ Total Assets) 6.69% 9.5% 11.4% - - 10.8% 7.6% 7.6%
Assets 1 5,145 3,435 6,428 - - 5,757 8,730 9,573
Book Value Per Share 26.70 28.50 31.50 33.40 - - - -
Cash Flow per Share 2 3.360 4.210 10.40 5.270 - 4.460 5.350 5.290
Capex 1 445 311 761 142 - 500 383 -
Capex / Sales 52.74% 30.49% 58.5% 10.75% - 45.69% 30.73% -
Announcement Date 3/9/20 3/10/21 3/9/22 3/15/23 3/5/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
123.2 USD
Average target price
144.4 USD
Spread / Average Target
+17.24%
Consensus
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