Franco-Nevada Corporation
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Earnings Call Q2 2026
August 12, 2026 - AI Summary
Q2 2026 results were very strong, driven by higher precious metals and oil; GEO volume +18% YoY
- GEOs sold: 132,405 in Q2 2026 (+18% YoY) vs ~112,000 in Q2 2025.
- Precious metals GEOs: 114,111 (+23% YoY); 56% of total GEOs from mines where precious metals are the primary commodity.
- Financial growth (Q2 YoY): Revenue +57%, Adjusted EBITDA +45%, Adjusted net income +46%.
- Adjusted net income: $349.2M or $1.81/share (up 46% YoY).
- Key contributors mentioned: Antamina (silver price + higher deliveries), Antapaccay (higher-grade ore), South Arturo (open-pit Phase 1), new contributions from Côté Gold and Casa Berardi, and start of production at Valentine Gold.
Full-year 2026 guidance: tracking toward the upper half; not assuming upside, but could exceed
- Company guidance: 510,000–570,000 total GEOs for FY2026.
- Through first 6 months: ~269,000 GEOs, with expected stronger 2H performance.
- Management expects to be “tracking towards the upper half” of the range.
- Specific 2H expectations:
- Stronger from Candelaria, Côté, Valentine and others.
- Cobre Panamá: expect ~9,000–10,000 GEOs in 2H 2026 as processing of stockpiles begins (benefiting also from stronger energy economics).
- Energy revenue expected to stay strong in 2H due to oil prices.
- Upside caveat: they said surpassing the range is possible but requires multiple things to go right.
Operational / regulatory developments are mostly positive (but with a timing risk at Candelaria)
- Cobre Panamá environmental audit completed: no major findings, overall compliance rate 87.7%.
- Government response: commission of senior ministers assessing both environmental and economic contribution for a potential restart; management said they haven’t seen formal negotiations yet tied to stream economics.
- Mine/expansion & development “green shoots” across many assets (e.g., Côté, Detour, Magino, Valentine, Condestable, Caserones, Séguéla).
- Negative/timing item: Candelaria stream economics—possible pit pushback / step-down—management estimate is first half of 2027 (could be later in 2026 depending on how production goes).
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$59.23
75.5% downside
Current Fair Value
75.5% downsideOvervalued by 75.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $46.82 Billion |
|---|---|
| Enterprise Value | $45.81 Billion |
| Annual dividend | $1.70 |
| Dividend yield | 0.76% |
| Earnings per Share | $5.87 |
| Beta | 0.94 |
| Outstanding Shares | 193,300,000 |
Return
| Return on Equity | 17.92% |
|---|---|
| Return on Assets | 16.55% |
| Return on Invested Capital | 20.32% |
Valuation & Multiples
| P/E Ratio | 29.37 |
|---|---|
| PEG | 67.88 |
| Price to Sales | 22.02 |
| Price to Book Ratio | 5.77 |
| Enterprise Value to Revenue | 19.79 |
| Enterprise Value to EBIT | 25.69 |
| Enterprise Value to Net Income | 31 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 2, 2026
EPS Estimate
$1.95
Consensus analyst estimateRevenue Estimate
$621.10 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 89.47% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.49%▼ 69.39% |
|---|---|
| Total Invested | $1.16B▼ 96.01% |
| Investors Holding | 201▼ 492.00% |
About Franco-Nevada Corporation
44 employees
CEO: Paul J. Brink
Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. The Company has the largest and most diversified portfolio of royalties an...