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 0.0% 38.00 40,277 08:00:17
Bid Price Offer Price High Price Low Price Open Price
37.00 39.00 38.00 38.00 38.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Metals -0.69 -3.13 40
Last Trade Time Trade Type Trade Size Trade Price Currency
16:36:42 O 20,000 38.00 GBX

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Trident Royalties (TRR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-03-05 17:36:4238.0020,0007,600.00O
2021-03-05 15:52:5238.50277106.65O
2021-03-05 14:30:4337.0020,0007,400.00O
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Trident Royalties Daily Update: Trident Royalties Plc is listed in the Industrial Metals sector of the London Stock Exchange with ticker TRR. The last closing price for Trident Royalties was 38p.
Trident Royalties Plc has a 4 week average price of 34.60p and a 12 week average price of 31p.
The 1 year high share price is 41.50p while the 1 year low share price is currently 19p.
There are currently 105,362,556 shares in issue and the average daily traded volume is 39,666 shares. The market capitalisation of Trident Royalties Plc is £40,037,771.28.
the skipper: Further to my post yesterday I have now obtained a copy of Shard’s research note. It runs to 34 pages so I can’t post it all on here but here’s their summary: “Spearing value in the diversified royalty space Trident Royalties plc is a relatively new royalty and streaming company focused on building a diversified portfolio of royalty assets to broadly mirror the mining sector. Unlike the majority of other royalty companies which are focused on gold/silver in the Americas, Trident’s aim is to unearth value with low-cost acquisitions across multiple commodities in tier 1 and lower risk mining jurisdictions. Acquisition of the Pukaqaqa royalty marks the 6th transaction since listing on AIM in June 2020 reflecting the company’s fast-paced growth strategy. * Reflect the sector. Trident's aim is to construct a portfolio that broadly mirrors the commodity exposure of the mining sector. This is in stark contrast to the majority of North American-listed royalty peers that are focused on Au/Ag in North and Latin America. Trident has a substantial pipeline of transaction opportunities with numerous NDAs covering base, precious, bulks, battery and industrial metals spread throughout Australia, Europe, Africa, North and Latin America. Opportunities are primarily focused on Tier 1 mining jurisdictions and lower-risk emerging markets. We calculate that c.83% of all revenue generated by royalty companies in our database last year was attributable solely to precious metals and so Trident has an unrivalled opportunity to become the go-to diversified royalty platform. * Unearthing value. With a broader investment mandate, Trident can target attractive small to mid-sized transactions in the royalty space which are often overlooked in a sector dominated by large players, who struggle to source new deals of sufficient scale to move the needle. Trident can be fleet of foot and we see compelling opportunities for the company in Australia, Africa and Europe over a wide range of commodities. *Disciplined growth. The royalty/streaming model has the entire mining sector to play within and as we have discovered, it’s a bit of wormhole. The upfront payment model of royalties means that how much to pay or what not to invest in, are equally important considerations. It’s about casting a wide search net, relentless DD, disciplined capital allocation and being cognizant of equity dilution. Trident’s approach is reassuringly restrained. The company’s acquisitions to date have all had low valuation entry points and careful allocation of cash or equity. This is in contrast to some of the punchy recent transactions in the royalty space. * Positioned for the big build. Trident has secured two immediately cash generative royalty assets. With cash already flowing and low overhead costs, the company is well funded to deploy its cash and mandated debt facility to build the portfolio towards critical mass. We expect steady news flow with each new royalty acquisition providing an opportunity for a value re-rating. Already, TRR’s share price is up 100% since IPO in June 2020. *Leveraging the “A” team or more aptly the “PE” team considering the strong mining private equity credentials and track record of Trident’s board and management. Deep industry knowledge and connections along with the ability to view deals from a PE perspective are fundamental prerequisites that give Trident the edge to source and execute on high quality and low-entry valuation transactions. * Valuation. We initiate on Trident with a 47p/sh short-term target price backed by an all-in NAV of $54.6m. Our TP is based on a weighted blend of NAV and a forward EV/EBITDA multiple. Our valuation implies that Trident is currently trading at 1.12x NAV, whereas we see more established mid-tier royalty peers trading at 1.5x-2.0x NAV. Our NAV represents a snapshot based on Trident’s current portfolio and we see considerable potential for value accretion as the company presses ahead with building multiple layers of long-life diversified royalties. Any increase in commodity prices would also produce a material boost. If we plug in flat-forward spot metal prices in lieu of our LT forecast, our TP would be 67p/sh. * Trident is superbly positioned to exploit the gap in the royalty/streaming space. With producing cash-generative royalties already under its belt and an active pipeline of new opportunities, Trident is firmly pursuing an aggressive yet disciplined growth trajectory. Scale will bring higher royalty income, increased diversity and lower risk, the convergence of which should help unlock premium valuation multiples. In the current volatile markets, picking individual mining equities is challenging but Trident offers ground-floor entry into what looks likely to become a major royalty player in London. We have analysed the evolution of royalty peers and investing early appears to be the key. We see TRR’s current share price and value as unchallenging versus peers given the company is already a significant revenue generator.“
the skipper: FWIW I am advised that Shard Capital took out the overhang here in two large trades yesterday at 34p. Some of this is being divvied up amongst clients like myself, so the brakes are off now. I am also advised that their analyst has three top picks for this sector, this being one of them, together with JLP and CAML. I am further advised that the 47p price target is based on very conservative forward pricing and could well be exceeded with the right market dynamics.
kaos3: share talk hxxps://
the deacon: with TRR
thomscm2: I thought it was noticeable that prior to Adam Davidson giving his presentation talk that the share price went up without any great number of shares being bought. Thereafter the share price reduced. Likewise. Thoughts please.
bogotatrader: Another TRR presentation in a few days time - UK Investors
the deacon: I see that Calidus has secured debt financing for the Warrawoona gold project. That's another that'll be in production within a couple of years for TRR
bogotatrader: Deacon - thanks for the link - will listen to....guess AD has time before the end of the year to squeeze another deal through......when at critical level of recurring revenues of 10 million the share price should explode as per a previous presentation
the deacon: Great interview
wapper: Should get the share price moving upwards.
Trident Royalties share price data is direct from the London Stock Exchange
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