Osisko Gold Royalties Ltd

TSX:OR Stock Report

Market Cap: CA$5.2b

Osisko Gold Royalties Valuation

Is OR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of OR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: OR (CA$28.11) is trading above our estimate of fair value (CA$26.91)

Significantly Below Fair Value: OR is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for OR?

Key metric: As OR is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for OR. This is calculated by dividing OR's market cap by their current revenue.
What is OR's PS Ratio?
PS Ratio21.2x
SalesCA$248.02m
Market CapCA$5.25b

Price to Sales Ratio vs Peers

How does OR's PS Ratio compare to its peers?

The above table shows the PS ratio for OR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.2x
BTO B2Gold
2x16.3%CA$5.3b
ELD Eldorado Gold
2.8x19.8%CA$4.7b
IMG IAMGOLD
2.2x23.1%CA$4.6b
TFPM Triple Flag Precious Metals
13.6x12.8%CA$4.7b
OR Osisko Gold Royalties
21.2x21.7%CA$5.2b

Price-To-Sales vs Peers: OR is expensive based on its Price-To-Sales Ratio (21.2x) compared to the peer average (5.2x).

Price to Sales Ratio vs Industry

How does OR's PS Ratio compare vs other companies in the CA Metals and Mining Industry?

84 CompaniesPrice / SalesEstimated GrowthMarket Cap
LUN Lundin Mining
1.9x4.4%US$7.85b
BTO B2Gold
2x16.3%US$3.81b
HBM Hudbay Minerals
1.8x4.9%US$3.59b
STLC Stelco Holdings
1.3x-0.1%US$2.66b
OR 21.2xIndustry Avg. 3.0xNo. of Companies84PS0816243240+
84 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: OR is expensive based on its Price-To-Sales Ratio (21.2x) compared to the Canadian Metals and Mining industry average (3x).

Price to Sales Ratio vs Fair Ratio

What is OR's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

OR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio21.2x
Fair PS Ratio19.3x

Price-To-Sales vs Fair Ratio: OR is expensive based on its Price-To-Sales Ratio (21.2x) compared to the estimated Fair Price-To-Sales Ratio (19.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst OR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$28.11
CA$32.09
+14.2%
6.2%CA$36.00CA$28.00n/a11
Nov ’25CA$28.46
CA$31.64
+11.2%
8.3%CA$36.00CA$27.00n/a11
Oct ’25CA$25.24
CA$29.18
+15.6%
8.0%CA$34.00CA$27.00n/a11
Sep ’25CA$23.28
CA$28.91
+24.2%
8.7%CA$34.00CA$26.00n/a11
Aug ’25CA$23.93
CA$28.95
+21.0%
9.0%CA$34.00CA$25.00n/a11
Jul ’25CA$21.32
CA$27.65
+29.7%
9.1%CA$33.00CA$24.00n/a12
Jun ’25CA$22.88
CA$27.57
+20.5%
9.3%CA$33.00CA$24.00n/a12
May ’25CA$21.31
CA$27.46
+28.9%
10.0%CA$33.00CA$23.00n/a12
Apr ’25CA$22.48
CA$25.88
+15.1%
8.2%CA$31.00CA$23.00n/a12
Mar ’25CA$20.55
CA$25.63
+24.7%
9.0%CA$31.00CA$23.00n/a12
Feb ’25CA$20.09
CA$25.75
+28.2%
7.7%CA$31.00CA$23.00n/a12
Jan ’25CA$18.91
CA$25.04
+32.4%
9.6%CA$30.00CA$21.00n/a12
Dec ’24CA$19.96
CA$24.88
+24.6%
10.2%CA$30.00CA$21.00n/a12
Nov ’24CA$16.98
CA$25.50
+50.2%
8.4%CA$30.00CA$22.00CA$28.4612
Oct ’24CA$15.95
CA$26.08
+63.5%
8.5%CA$30.00CA$22.00CA$25.2413
Sep ’24CA$17.92
CA$26.08
+45.5%
8.5%CA$30.00CA$22.00CA$23.2813
Aug ’24CA$19.22
CA$26.50
+37.9%
7.3%CA$30.00CA$22.00CA$23.9312
Jul ’24CA$20.36
CA$26.79
+31.6%
7.8%CA$30.00CA$22.00CA$21.3212
Jun ’24CA$21.83
CA$26.46
+21.2%
9.2%CA$30.00CA$22.00CA$22.8812
May ’24CA$22.26
CA$26.08
+17.2%
10.0%CA$30.00CA$22.00CA$21.3112
Apr ’24CA$21.36
CA$23.00
+7.7%
5.7%CA$25.50CA$21.00CA$22.4812
Mar ’24CA$18.40
CA$22.71
+23.4%
5.1%CA$25.00CA$21.00CA$20.5512
Feb ’24CA$17.97
CA$22.36
+24.4%
8.2%CA$25.00CA$18.00CA$20.0911
Jan ’24CA$16.32
CA$22.21
+36.1%
7.1%CA$25.00CA$19.50CA$18.9112
Dec ’23CA$17.17
CA$22.08
+28.6%
7.7%CA$25.00CA$19.50CA$19.9612
Nov ’23CA$14.78
CA$21.68
+46.7%
9.3%CA$25.00CA$18.50CA$16.9811

Analyst Forecast: Target price is less than 20% higher than the current share price.

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