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JustAnotherGuyon Jun 04, 2021 9:16am
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Globe says Nomad "well-positioned for future growth"
Globe says Nomad "well-positioned for future growth" Globe says Nomad "well-positioned for future growth"
2021-06-04 08:29 ET - In the News
The Globe and Mail reports in its Friday, June 4, edition that Canaccord Genuity analyst Carey MacRury believes Nomad Royalty Company is "well-positioned for future growth." The Globe's David Leeder writes in the Eye On Equities column that Mr. MacRury rates Nomad Royalty "buy" in new coverage. He set a unit target of $15.50. Analysts on average target the units at $18.33. Nomad Royalty owns 15 royalty and stream assets globally. Mr. MacRury says in a note: "We forecast Nomad earnings 24,000 gold equivalent ounces 'GEOs' in 2021, up 44 per cent relative to 2020. We see GEOs increasing 72 per cent to approximately 41,000 ounces by 2025 without accounting for any new royalty acquisitions. Key to this growth is the ramp-up of the Blyvoor mine (33 per cent of 2022E GEOs). Blyvoor is Nomad's largest asset, and as it's operated by a private company, Blyvoor Gold, has limited disclosure. We believe production ramping up to planned levels should improve investor confidence in Nomad's growth profile. Likewise, we believe a conclusion to the Woodlawn strategic process (currently on care and maintenance) and plans for a restart should be a key catalyst for Nomad (15 per cent of 2022E GEOs)."
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