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OR Royalties Maintained at Outperform by National Bank of Canada

BY MT Newswires | ECONOMIC | 07/07/25 10:47 AM EDT

10:47 AM EDT, 07/07/2025 (MT Newswires) -- OR Royalties (OR) , previously known as Osisko Gold Royalties, maintained its Outperform rating and $40 price target, National Bank of Canada said in a Monday note.

The bank said the rating is based on the company's near-term growth pipeline driven by expansion initiatives at producing operations located in politically stable jurisdictions.

As the royalty sector is expected to continue generating strong free cash flow at current gold prices, National Bank believes a competitive deal environment will likely contribute to further consolidation within the industry.

"There's scope for a further re-rating given the company's depressed valuation relative to larger-cap royalty peers and premium valuations ascribed to recent acquisitions within the sector," the bank said.

The company recently provided preliminary second-quarter results, including gold deliveries of 19,700 gold equivalent ounces that exceeded National Bank's estimate of 18,860 gold equivalent ounces. OR's preliminary revenues of US$60.4 million also aligned with the bank's forecast of US$60.8 million.

OR traded at $35.65 per share at last look on the TSX.

Price: 35.75, Change: +0.37, Percent Change: +1.05

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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