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TRR Trident Royalties Plc

0.00 (0.00%)
12 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Trident Royalties Plc LSE:TRR London Ordinary Share GB00BF7J2535 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 47.75 4,055,927 08:40:32
Bid Price Offer Price High Price Low Price Open Price
47.70 47.80 47.75 47.70 47.70
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services USD 9.52M USD 2.39M USD 0.0082 58.23 139.95M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:46:03 O 1,000,000 47.77 GBX

Trident Royalties (TRR) Latest News (2)

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Date Time Title Posts
13/7/202409:03Trident Royalties-Exposure to Commodities using royalties849
30/12/202212:24Trident Royalties with charts529
07/10/202013:03Trident Royalties35

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Posted at 14/7/2024 09:20 by Trident Royalties Daily Update
Trident Royalties Plc is listed in the Finance Services sector of the London Stock Exchange with ticker TRR. The last closing price for Trident Royalties was 47.75p.
Trident Royalties currently has 293,079,382 shares in issue. The market capitalisation of Trident Royalties is £139,945,405.
Trident Royalties has a price to earnings ratio (PE ratio) of 58.23.
This morning TRR shares opened at 47.70p
Posted at 13/6/2024 21:21 by this_is_me
I managed to get all of mine sold at just above 48p I don't think that it is worth waiting for less than another 1p with the risk that the deal does not go through and the share price tanks.
Posted at 13/6/2024 08:33 by 888icb
49p is definitely too low. When Simon Thompson gave TRR a further Buy recommendation just over 1 month ago the share price was 36p and he said “ Rated on a 50 per cent discount to unrisked NAV estimates, Trident shares are worth buying.”
This of course takes no account of how the value of the royalties will increase as the commodity super cycle kicks in. This was intended to be a long term hold in my wife’s SIPP. This is a very disappointing offer and I agree with Donald that 60p feels about right.
Posted at 14/5/2024 21:08 by lurker5
An NAV based on a NPV is a nonsense price to pay for a share. It amounts to paying up front for all discounted future income. What mug wanting a profit on his investment would do that ? It's a lazy (elastic) way to 'value' (and gives a greatly inflated price for a company to trumpet, and for brokers to flog) and is never remotely approached in practice except, perhaps, in early days (as for TRR) when a share is not easy to value and is run up on speculation. TRR will eventually (when in regular, foreseeable, profit) be valued on a PER or yield basis, like WPM and the like.
Posted at 08/5/2024 08:08 by 888icb
Buy recommendation from Simon Thompson:
“ A discounted smart way to play precious metals

This commodity royalty group is trading on a near-50 per cent discount to un-risked net asset value

May 7, 2024
by Simon Thompson
Royalty and offtake revenue up 21 per cent to $9.5mn
Pre-tax profit of $3.8mn reverses prior year loss of $4.6mn
Buoyed by profits on disposals, gains on asset revaluations and a higher royalty and offtake income, commodity royalty group Trident Royalties (TRR:36p) moved back into profit last year.

The sale of pre-production gold royalties to mining giant Franco-Nevada Corporation (CA:FNV) realised $15.8mn of cash proceeds, representing a 143 per cent return on capital, and highlights the value Trident is creating for shareholders.

Moreover, management continues to develop its gold offtake portfolio, holding offtake contracts over 10 mines, which accounted for almost three-quarters of group revenue in 2023. Since the year-end, Trident has announced positive news on two projects in the top-tier gold mining jurisdiction of Ontario, Canada.”
There is a lot more and this is the concluding part:
“ Well-funded
In February 2024, Trident entered a new $40mn revolving credit facility with an option to increase it to $60mn. The interest rate is SOFR (the replacement for Libor) plus a margin of 2.5-4.5 per cent (depending on leverage ratios), resulting in annual interest savings of $1.3mn once fully drawn.

Trident has net debt of $22mn, a sum equating to 20 per cent of shareholders’ funds, so it has ample headroom to fund new investments. Furthermore, the increasing royalty income is generating bumper operating cash flow, so much so that Tamesis estimates net debt will fall to $10.5mn by the year-end.

True, the 80 per cent decline in the LCE price in the past 18 months has dented investor sentiment. This is the key reason why the share price has pulled back to my entry point (Alpha Research: 'A lowly rated commodity and green energy inflation hedge’, 1 November 2021) even though 12 of the group’s 21 assets are now producing cash flow including a valuable gold offtake portfolio valued by Tamesis at $78.9mn (21.2p). Rated on a 50 per cent discount to unrisked NAV estimates, Trident shares are worth buying.”
Posted at 06/4/2024 20:31 by 888icb
The lithium price in 2024 is of no consequence to TRR as Lithium America will not be producing lithium until 2026. TRR has never expected income from Li this year or next so not sure why you think your comments are relevant. The Gold royalties and takeoffs are producing income and the current high gold price is likely to be sustained according to many analysts and commentators.
The initial production from Thacker Pass is going to General Motors who are their largest shareholder. It will be the case that a minimum lithium price has been agreed to make the project profitable so personally I am comfortable that the Thacker Pass royalty will be a very profitable investment for TRR.
Posted at 02/1/2024 16:52 by 888icb
I think the Directors are being judged on the NAV rather than the share price over which they have less control. This extract from the last Simon Thompson article in September explains it:
“ Unwarranted share price discount to NAV
Trident’s share price is 10 per cent above my 37p entry point (Alpha Research: 'A lowly rated commodity and green energy inflation hedge’, 1 November 2021), but has drifted since my last buy call, at 49p (‘Trident is s smart call on battery metals’, 19 May 2023).

From my lens, the 41 per cent share price discount to NAV estimates is completely unwarranted given the diversification of the portfolio, potential to deploy $20mn of Trident’s free cash on further smart acquisitions to further boost future earnings, and the conservative-looking valuations of the group’s existing royalties. The group’s interim results will be released later this month and should bring these dynamics into sharp focus, too. Buy.”
Posted at 02/1/2024 14:16 by 888icb
If I remember correctly the Directors have some big share options but at much higher share prices starting above 50p and rising each year. They have to hit the share price to trigger the options. The Directors are very highly incentivised to to get the share price to £1+. They must be very frustrated at how the market has sent the share price in completely the wrong direction presumably due to lithium prices falling. Lithium is in the future and has no effect on current income so it’s perverse for the market to down value the company based on assets that won’t produce income for another two years. The gold royalties should produce even better this year than last year. Let’s hope todays 9% rise is the start of the rerate.
Posted at 31/12/2023 09:44 by pogue
Write up by Oakbloke on substack

Part of the article....

The share price has dropped a third this year on negative sentiment to Lithium. But 59% isn’t Lithium - and given that all the 41% Lithium are NON PRODUCING (yet) then the 1/3 reduction in the share price is even more insane! In fact, almost the same proportion (37%) as lithium is gold which is currently near record highs!!

Most of the gold holdings aren’t royalties but instead are offtakes. It’s worth understanding what an “offtake” is too. An offtake contract according to TRR is a contract pursuant to which the operator agrees to sell, and the purchaser agrees to buy, refined gold produced from the mine or mines over which the offtake is granted. Gold offtakes provide “royalty-like” exposure, where returns are driven by the volatility, production profile, gold price and exploration success but is insulated from capex or operating costs. The key commercial terms include those relating to the amount of gold to be purchased, the duration of the contract, and the payment terms. The purchaser has the right to purchase gold at the lowest reference price in a defined quotation period, which is typically 6-8 days. A positive margin can normally be made on the resale of the gold. The average margin is typically larger during periods of increased volatility and higher/rising gold prices.

The offtake portfolio generated US$6.1m of revenue for Trident during 2022 and is expected to grow significantly over the coming years.

For example, if you are a Gold Miner who has an offtake agreement with me. Let’s say Gold increases from $2000 to $2100 next week. The offtake gives me the right to buy 35%-100% of your gold at $2000 and sell it at today’s market rate = $2100. If you’re producing 1,000 ounces every week, and it’s a 100% offtake, I’ve just skimmed ($100x1000) so $0.1m from you….. in the space of a week. If gold drops the following week back to $2,000 I simply don’t buy any.

Trident is an excellent opportunity to buy and have less risky exposure to minerals markets.

It is low risk and a great way to take advantage of net zero trends without mining risk. A great complement to the likes of Power Metal.
Posted at 07/11/2023 11:07 by carcosa
GM is the largest shareholder in Lithium Americas. It has already been stated they will obtain lithium at below market prices (both from GM themselves and a reply to my question during an online presentation with TRR).

Substantial lithium production is years away and 100% of the processed lithium initial production is going to GM.

Since TRR are not providing a good dividend yet then the most logical way to value TRR is on a NPV basis. If I use a discount rate of 9% then I get a share price pretty much where it is now; and that is before adding a risk rate but assuming the $22m buyback is utilised. Should interest rates decline next year then a good increase in the share price can be expected (as with many other shares). So around the 25-30p could provide a useful entry point.
Posted at 02/8/2023 03:12 by 1knocker
The steam has gone out of the TRR share price of late. We just have to be patient (I hope).
Trident Royalties share price data is direct from the London Stock Exchange

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