Franco-Nevada Corporation

“Franco-Nevada remains one of the best businesses in the mining ecosystem: diversified, asset-light, highly cash-generative, conservatively financed, and protected by a durable royalty model. That makes the underlying business attractive for long-term ownership. However, the stock does not currently offer an equally attractive setup because the valuation already embeds much of the quality, while future growth is likely to be steady rather than dramatically accelerating. The result is a strong business with a merely average-to-good forward return profile at today's price.”