Osisko Gold Royalties Ltd

TSX:OR Stock Report

Market Cap: CA$4.9b

Osisko Gold Royalties Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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$26.4) is trading below our estimate of fair value (CA$34.05)

Significantly Below Fair Value: OR is trading below fair value by more than 20%.

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 Ratio19.9x
SalesCA$248.02m
Market CapCA$4.93b

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 Average4.7x
BTO B2Gold
1.7x12.4%CA$4.7b
ELD Eldorado Gold
2.6x19.4%CA$4.4b
IMG IAMGOLD
2x25.3%CA$4.2b
TFPM Triple Flag Precious Metals
12.4x6.4%CA$4.4b
OR Osisko Gold Royalties
19.9x16.9%CA$4.9b

Price-To-Sales vs Peers: OR is expensive based on its Price-To-Sales Ratio (19.9x) compared to the peer average (4.7x).

Price to Sales Ratio vs Industry

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

92 CompaniesPrice / SalesEstimated GrowthMarket Cap
TECK.B Teck Resources
1.8x-10.1%US$21.14b
LUN Lundin Mining
1.6x5.7%US$6.71b
EDV Endeavour Mining
1.9x12.8%US$4.43b
BTO B2Gold
1.7x12.4%US$3.27b
OR 19.9xIndustry Avg. 2.6xNo. of Companies92PS0816243240+
92 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: OR is expensive based on its Price-To-Sales Ratio (19.9x) compared to the Canadian Metals and Mining industry average (2.6x).

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 Ratio19.9x
Fair PS Ratio16.1x

Price-To-Sales vs Fair Ratio: OR is expensive based on its Price-To-Sales Ratio (19.9x) compared to the estimated Fair Price-To-Sales Ratio (16.1x).

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$26.40
CA$32.45
+22.9%
7.6%CA$39.00CA$29.00n/a11
Dec ’25CA$27.18
CA$32.36
+19.1%
8.1%CA$39.00CA$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$21.00CA$27.1812
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

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/26 12:29
End of Day Share Price 2024/12/24 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Osisko Gold Royalties Ltd is covered by 25 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Brian QuastBMO Capital Markets Equity Research
Michael JalonenBofA Global Research
Carey MacRuryCanaccord Genuity