Intrinsic value of Franco-Nevada Corporation - FNV

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$90.54

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$90.54

 
Intrinsic value

$7.71

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of FNV stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 16.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  37.56
  28.00
  25.70
  23.63
  21.77
  20.09
  18.58
  17.22
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
Revenue, $m
  824
  1,055
  1,326
  1,639
  1,996
  2,397
  2,842
  3,332
  3,865
  4,441
  5,058
  5,717
  6,415
  7,153
  7,929
  8,742
  9,594
  10,482
  11,408
  12,372
  13,376
  14,418
  15,502
  16,628
  17,799
  19,015
  20,280
  21,595
  22,964
  24,388
  25,872
Variable operating expenses, $m
 
  394
  496
  613
  746
  896
  1,063
  1,246
  1,445
  1,661
  1,892
  2,138
  2,399
  2,675
  2,965
  3,270
  3,588
  3,920
  4,267
  4,627
  5,002
  5,392
  5,798
  6,219
  6,657
  7,112
  7,585
  8,077
  8,588
  9,121
  9,676
Fixed operating expenses, $m
 
  322
  330
  338
  347
  355
  364
  373
  383
  392
  402
  412
  422
  433
  444
  455
  466
  478
  490
  502
  515
  527
  541
  554
  568
  582
  597
  612
  627
  643
  659
Total operating expenses, $m
  614
  716
  826
  951
  1,093
  1,251
  1,427
  1,619
  1,828
  2,053
  2,294
  2,550
  2,821
  3,108
  3,409
  3,725
  4,054
  4,398
  4,757
  5,129
  5,517
  5,919
  6,339
  6,773
  7,225
  7,694
  8,182
  8,689
  9,215
  9,764
  10,335
Operating income, $m
  210
  338
  500
  688
  903
  1,145
  1,415
  1,712
  2,037
  2,388
  2,765
  3,167
  3,594
  4,045
  4,520
  5,018
  5,539
  6,084
  6,652
  7,243
  7,859
  8,498
  9,164
  9,855
  10,574
  11,321
  12,099
  12,907
  13,748
  14,625
  15,537
EBITDA, $m
  580
  814
  1,097
  1,427
  1,802
  2,225
  2,696
  3,214
  3,778
  4,389
  5,044
  5,743
  6,485
  7,268
  8,093
  8,958
  9,863
  10,808
  11,793
  12,819
  13,886
  14,996
  16,150
  17,349
  18,595
  19,890
  21,237
  22,639
  24,097
  25,615
  27,196
Interest expense (income), $m
  4
  0
  1
  2
  4
  5
  7
  9
  11
  13
  16
  18
  21
  24
  27
  31
  34
  38
  42
  46
  50
  54
  59
  63
  68
  73
  79
  84
  90
  96
  102
Earnings before tax, $m
  227
  338
  499
  686
  899
  1,140
  1,408
  1,704
  2,026
  2,375
  2,749
  3,149
  3,573
  4,021
  4,492
  4,987
  5,505
  6,046
  6,610
  7,198
  7,809
  8,444
  9,105
  9,792
  10,506
  11,248
  12,020
  12,823
  13,659
  14,529
  15,436
Tax expense, $m
  62
  91
  135
  185
  243
  308
  380
  460
  547
  641
  742
  850
  965
  1,086
  1,213
  1,347
  1,486
  1,632
  1,785
  1,943
  2,108
  2,280
  2,458
  2,644
  2,837
  3,037
  3,245
  3,462
  3,688
  3,923
  4,168
Net income, $m
  165
  247
  364
  501
  656
  832
  1,028
  1,244
  1,479
  1,733
  2,007
  2,298
  2,608
  2,935
  3,279
  3,641
  4,019
  4,414
  4,825
  5,254
  5,700
  6,164
  6,647
  7,148
  7,669
  8,211
  8,775
  9,361
  9,971
  10,606
  11,268

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  342
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,704
  6,849
  8,609
  10,643
  12,960
  15,564
  18,456
  21,634
  25,096
  28,835
  32,847
  37,123
  41,659
  46,448
  51,486
  56,769
  62,296
  68,065
  74,080
  80,341
  86,854
  93,625
  100,663
  107,976
  115,576
  123,475
  131,688
  140,229
  149,116
  158,367
  168,000
Adjusted assets (=assets-cash), $m
  5,362
  6,849
  8,609
  10,643
  12,960
  15,564
  18,456
  21,634
  25,096
  28,835
  32,847
  37,123
  41,659
  46,448
  51,486
  56,769
  62,296
  68,065
  74,080
  80,341
  86,854
  93,625
  100,663
  107,976
  115,576
  123,475
  131,688
  140,229
  149,116
  158,367
  168,000
Revenue / Adjusted assets
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
Average production assets, $m
  4,679
  5,989
  7,528
  9,307
  11,332
  13,609
  16,138
  18,917
  21,944
  25,214
  28,721
  32,461
  36,427
  40,614
  45,020
  49,639
  54,472
  59,517
  64,776
  70,251
  75,946
  81,867
  88,021
  94,416
  101,061
  107,968
  115,149
  122,618
  130,389
  138,478
  146,902
Working capital, $m
  437
  121
  152
  188
  230
  276
  327
  383
  444
  511
  582
  657
  738
  823
  912
  1,005
  1,103
  1,205
  1,312
  1,423
  1,538
  1,658
  1,783
  1,912
  2,047
  2,187
  2,332
  2,483
  2,641
  2,805
  2,975
Total debt, $m
  0
  28
  62
  100
  144
  194
  249
  309
  375
  446
  522
  603
  690
  781
  876
  977
  1,082
  1,191
  1,306
  1,424
  1,548
  1,677
  1,811
  1,950
  2,094
  2,244
  2,400
  2,562
  2,731
  2,907
  3,090
Total liabilities, $m
  101
  130
  164
  202
  246
  296
  351
  411
  477
  548
  624
  705
  792
  883
  978
  1,079
  1,184
  1,293
  1,408
  1,526
  1,650
  1,779
  1,913
  2,052
  2,196
  2,346
  2,502
  2,664
  2,833
  3,009
  3,192
Total equity, $m
  5,602
  6,719
  8,445
  10,441
  12,714
  15,268
  18,105
  21,223
  24,619
  28,288
  32,223
  36,418
  40,867
  45,565
  50,507
  55,690
  61,112
  66,772
  72,672
  78,814
  85,204
  91,847
  98,750
  105,924
  113,380
  121,129
  129,186
  137,565
  146,283
  155,358
  164,808
Total liabilities and equity, $m
  5,703
  6,849
  8,609
  10,643
  12,960
  15,564
  18,456
  21,634
  25,096
  28,836
  32,847
  37,123
  41,659
  46,448
  51,485
  56,769
  62,296
  68,065
  74,080
  80,340
  86,854
  93,626
  100,663
  107,976
  115,576
  123,475
  131,688
  140,229
  149,116
  158,367
  168,000
Debt-to-equity ratio
  0.000
  0.000
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
Adjusted equity ratio
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  165
  247
  364
  501
  656
  832
  1,028
  1,244
  1,479
  1,733
  2,007
  2,298
  2,608
  2,935
  3,279
  3,641
  4,019
  4,414
  4,825
  5,254
  5,700
  6,164
  6,647
  7,148
  7,669
  8,211
  8,775
  9,361
  9,971
  10,606
  11,268
Depreciation, amort., depletion, $m
  370
  475
  597
  739
  899
  1,080
  1,281
  1,501
  1,742
  2,001
  2,279
  2,576
  2,891
  3,223
  3,573
  3,940
  4,323
  4,724
  5,141
  5,575
  6,027
  6,497
  6,986
  7,493
  8,021
  8,569
  9,139
  9,732
  10,348
  10,990
  11,659
Funds from operations, $m
  645
  722
  962
  1,239
  1,556
  1,912
  2,309
  2,745
  3,221
  3,735
  4,286
  4,875
  5,499
  6,159
  6,852
  7,580
  8,342
  9,137
  9,966
  10,830
  11,728
  12,662
  13,632
  14,641
  15,690
  16,780
  17,913
  19,092
  20,319
  21,596
  22,927
Change in working capital, $m
  9
  27
  31
  36
  41
  46
  51
  56
  61
  66
  71
  76
  80
  85
  89
  94
  98
  102
  107
  111
  115
  120
  125
  130
  135
  140
  145
  151
  157
  164
  171
Cash from operations, $m
  636
  973
  931
  1,203
  1,515
  1,866
  2,258
  2,689
  3,159
  3,668
  4,215
  4,799
  5,419
  6,074
  6,763
  7,487
  8,244
  9,035
  9,860
  10,719
  11,612
  12,542
  13,508
  14,512
  15,555
  16,640
  17,768
  18,941
  20,162
  21,433
  22,756
Maintenance CAPEX, $m
  0
  -371
  -475
  -597
  -739
  -899
  -1,080
  -1,281
  -1,501
  -1,742
  -2,001
  -2,279
  -2,576
  -2,891
  -3,223
  -3,573
  -3,940
  -4,323
  -4,724
  -5,141
  -5,575
  -6,027
  -6,497
  -6,986
  -7,493
  -8,021
  -8,569
  -9,139
  -9,732
  -10,348
  -10,990
New CAPEX, $m
  -1,009
  -1,310
  -1,539
  -1,779
  -2,026
  -2,277
  -2,529
  -2,779
  -3,027
  -3,270
  -3,507
  -3,739
  -3,966
  -4,188
  -4,405
  -4,620
  -4,833
  -5,045
  -5,259
  -5,475
  -5,695
  -5,921
  -6,154
  -6,395
  -6,645
  -6,907
  -7,181
  -7,469
  -7,771
  -8,089
  -8,424
Cash from investing activities, $m
  -932
  -1,681
  -2,014
  -2,376
  -2,765
  -3,176
  -3,609
  -4,060
  -4,528
  -5,012
  -5,508
  -6,018
  -6,542
  -7,079
  -7,628
  -8,193
  -8,773
  -9,368
  -9,983
  -10,616
  -11,270
  -11,948
  -12,651
  -13,381
  -14,138
  -14,928
  -15,750
  -16,608
  -17,503
  -18,437
  -19,414
Free cash flow, $m
  -296
  -708
  -1,084
  -1,173
  -1,250
  -1,310
  -1,351
  -1,371
  -1,369
  -1,343
  -1,293
  -1,220
  -1,123
  -1,005
  -865
  -706
  -528
  -333
  -123
  103
  342
  593
  857
  1,131
  1,417
  1,712
  2,018
  2,334
  2,659
  2,995
  3,342
Issuance/(repayment) of debt, $m
  -621
  28
  33
  39
  44
  49
  55
  60
  66
  71
  76
  81
  86
  91
  96
  100
  105
  110
  114
  119
  124
  129
  134
  139
  144
  150
  156
  162
  169
  176
  183
Issuance/(repurchase) of shares, $m
  1,216
  1,797
  2,777
  3,130
  3,478
  3,815
  4,133
  4,429
  4,699
  4,940
  5,152
  5,334
  5,487
  5,612
  5,712
  5,788
  5,845
  5,884
  5,908
  5,921
  5,924
  5,921
  5,913
  5,904
  5,894
  5,887
  5,883
  5,883
  5,890
  5,904
  5,926
Cash from financing (excl. dividends), $m  
  595
  1,825
  2,810
  3,169
  3,522
  3,864
  4,188
  4,489
  4,765
  5,011
  5,228
  5,415
  5,573
  5,703
  5,808
  5,888
  5,950
  5,994
  6,022
  6,040
  6,048
  6,050
  6,047
  6,043
  6,038
  6,037
  6,039
  6,045
  6,059
  6,080
  6,109
Total cash flow (excl. dividends), $m
  300
  -680
  -1,050
  -1,134
  -1,206
  -1,260
  -1,296
  -1,311
  -1,303
  -1,272
  -1,217
  -1,139
  -1,037
  -914
  -770
  -606
  -423
  -224
  -8
  222
  466
  722
  990
  1,270
  1,561
  1,862
  2,174
  2,496
  2,828
  3,171
  3,525
Retained Cash Flow (-), $m
  -1,329
  -1,459
  -1,727
  -1,996
  -2,273
  -2,554
  -2,837
  -3,118
  -3,396
  -3,668
  -3,935
  -4,195
  -4,449
  -4,698
  -4,942
  -5,183
  -5,422
  -5,660
  -5,900
  -6,142
  -6,389
  -6,643
  -6,904
  -7,174
  -7,455
  -7,749
  -8,056
  -8,379
  -8,718
  -9,075
  -9,451
Prev. year cash balance distribution, $m
 
  342
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  89.6
  78.5
  69.7
  62.6
  56.8
  52.0
  48.0
  44.6
  41.8
  39.3
  37.2
  35.4
  33.8
  32.5
  31.2
  30.2
  29.2
  28.3
  27.6
  26.9
  26.3
  25.7
  25.2
  24.7
  24.3
  23.9
  23.5
  23.2
  22.9
  22.6

Franco-Nevada Corporation operates as a gold-focused royalty and stream company in the United States, Canada, Mexico, Peru, Chile, and Africa. It also has interests in silver ores; platinum group metals, including palladium; other minerals comprising base metals, iron ore, coal, and industrial and miscellaneous minerals; and oil and gas properties. As of March 10, 2016, the company had 262 mineral assets and 78 oil and gas assets. Franco-Nevada Corporation was incorporated in 2007 and is headquartered in Toronto, Canada.

FINANCIAL RATIOS  of  Franco-Nevada Corporation (FNV)

Valuation Ratios
P/E Ratio 97.9
Price to Sales 19.6
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 25.4
Price to Free Cash Flow -43.3
Growth Rates
Sales Growth Rate 37.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.8%
Cap. Spend. - 3 Yr. Gr. Rate 39.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 58
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 2.4%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 3.3%
Return On Equity - 3 Yr. Avg. 2.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 37.9%
Gross Margin - 3 Yr. Avg. 66.8%
EBITDA Margin 72.9%
EBITDA Margin - 3 Yr. Avg. 68.6%
Operating Margin 25.5%
Oper. Margin - 3 Yr. Avg. 24.1%
Pre-Tax Margin 27.5%
Pre-Tax Margin - 3 Yr. Avg. 24.7%
Net Profit Margin 20%
Net Profit Margin - 3 Yr. Avg. 16.5%
Effective Tax Rate 27.3%
Eff/ Tax Rate - 3 Yr. Avg. 36.5%
Payout Ratio 97%

FNV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FNV stock intrinsic value calculation we used $824 million for the last fiscal year's total revenue generated by Franco-Nevada Corporation. The default revenue input number comes from 2016 income statement of Franco-Nevada Corporation. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FNV stock valuation model: a) initial revenue growth rate of 28% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for FNV is calculated based on our internal credit rating of Franco-Nevada Corporation, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Franco-Nevada Corporation.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FNV stock the variable cost ratio is equal to 37.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $314 million in the base year in the intrinsic value calculation for FNV stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Franco-Nevada Corporation.

Corporate tax rate of 27% is the nominal tax rate for Franco-Nevada Corporation. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FNV stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FNV are equal to 567.8%.

Life of production assets of 12.6 years is the average useful life of capital assets used in Franco-Nevada Corporation operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FNV is equal to 11.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5602 million for Franco-Nevada Corporation - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 181.644 million for Franco-Nevada Corporation is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Franco-Nevada Corporation at the current share price and the inputted number of shares is $16.4 billion.


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