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JustAnotherGuyon Jul 02, 2021 9:11am
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Globe says Nomad seen widening its shareholder base
Globe says Nomad seen widening its shareholder base Globe says Nomad seen widening its shareholder base
2021-06-30 08:37 ET - In the News
The Globe and Mail reports in its Wednesday, June 30, edition that Canaccord Genuity analyst Carey MacRury, following the release of an NI43-101 technical report on the Blyvoor gold mine in South Africa, raised his share target for Nomad Royalty to $16 from $15.50. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacRury continues to rate Nomad Royalty "buy." Analysts on average target the shares at $18.47. Mr. MacRury says in a note: "Our target multiples are at the lower end of the 1.8 to 2.75 times NAV and 16 to 27 times EBITDA range we use for the royalty/streaming companies given Nomad's high concentration of private assets with limited visibility, unproven key assets in ramp-up mode, and concentrated share ownership. We see the potential for Nomad's valuation to rerate higher toward its peers as Blyvoor ramps up, Woodlawn restarts, and as the company continues to grow and widen its shareholder base." The Globe reported on June 4 that Mr. MacRury said he believed Nomad was "well-positioned for future growth." Mr. MacRury rated the shares "buy" in new coverage. The shares could then be had for $10.42.