·贵金属(黄金特许权、流式) ·内部研究
OR Royalties: A Mid-Tier Royalty Franchise Re-Rating With Visible Growth, Priced Around Fair Value
OR Royalties is a mid-tier precious-metals royalty and streaming company anchored by a 3-5% NSR on the Tier-1 Canadian Malartic mine, with 196 interests and 23 producing assets. 2025 revenue jumped 45% to US$277.4 million on a soaring realized gold price and the company finished the year debt-free, while the 2030 outlook of 120,000-135,000 GEOs is backed by named projects rather than blue-sky exploration; yet much of the earnings step-up is gold-price torque and Canadian Malartic still dominates the story. Rating Hold: a genuinely improving franchise re-rating with visible growth, but priced around fair value, with a defensible entry only in the low-to-mid US$20s, below the conservative fair value of US$28.
Hold
