Franco-Nevada Corporation (FNV, Financial) (FNV - $125.33 – NYSE) is a leading gold-focused royalty company. The stock struggled this quarter despite posting record quarterly results as sentiment waned. Franco-Nevada trades in sympathy with gold prices and those prices stalled in the quarter as the stock market overall was strong. The underlying economics of Franco-Nevada remain attractive with solid organic growth projects now operational and the addition of high-quality oil and gas royalties. Additionally, the company is well positioned with a debt-free balance sheet and plenty of liquidity for potential accretive M&A activity.
From Keeley Asset Management Corp (Trades, Portfolio)'s Mid Cap Dividend Value Fund fourth-quarter 2020 shareholder commentary.
