Franco-Nevada Maintained at Buy at Stifel Canada Following Q4 Results; Price Target Kept at C$380.00

MT Newswires Live03-12

Stifel Canada on Thursday maintained its buy rating on the shares of Franco-Nevada (FNV.TO, FNV) and its C$380.00 price target after the royalty company reported fourth-quarter results.

"Slight Positive on Q4 financial results as FNV reports top-line, EBITDA and EPS ahead of expectations from strong precious metals revenue in the quarter with some notable strong contributions from the newer assets (including the royalty interests in Cote Gold, acquired in June 2025). 2025 GEOs of 519koz achieved guidance at nearly top-end of the range. 2026 guidance is projecting a 4% YoY growth on total GEOs (broadly in-line with expectations), and driven by the Precious Metals portfolio. The Precious Metals portfolio alone is showing a YoY growth outlook of approx. 9% (at midpoint), which on first look, we can see some moderate (~5%) upside to our estimates. We see share price upside from incremental updates to bring back Cobre Panama into production beyond the near-term processing of stockpiled ore (which is still pending formal regulatory approval). We estimate that currently FNV shares are pricing 30-40% of the Cobre Panama stream," analyst Ingrid Rico wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 357.79, Change: -2.69, Percent Change: -0.75

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