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  • André Dubuc

Hausse du dividende chez Franco-Nevada

Le dividende trimestriel passera de 0,26 $ US à 0,30 $ US au deuxième trimestre 2021, a indiqué FNV cette semaine. Une hausse de 15,4 %. L'opinion de l'analyste de Scotia Capital : « OUR TAKE: Positive. FNV reported strong Q4 adj. EPS of $0.85, well ahead of our

estimate of $0.77 and consensus of $0.69 while adj. EBITDA of ~$254M was 14%

higher than our estimate of $224M. FNV has started to deploy capital, announcing two

new transactions totalling $300M. The first is a $135M royalty package on a natural gas

play in Texas and the second is a $165M precious metals stream on the Condestable

mine in Peru (privately owned). FNV also increased its quarterly dividend by ~15%

to $0.30/sh (from $0.26) – higher than its historical growth rate (~4%) and slightly

earlier than we anticipated. FNV released 2021 guidance that was slightly weaker

than expected for both the metals (4%) and energy (6%), though historically FNV has

reached or exceeded the high end of its guidance range more often than not. FNV’s

overall 2025 guidance is generally in line. Overall, we view this release as positive

for the shares as FNV has a strong Q4 EPS beat, is back to deploying capital and

the dividend increase is better (and earlier) than our expectation.»



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