Company Overview - L'Oréal is the world's leading beauty player with a history of 115 years, focusing on fulfilling global beauty aspirations and committed to social and environmental sustainability [2] - The company has a diverse portfolio of 37 international brands and aims to provide quality, efficacy, safety, sincerity, and responsibility in its products [2] Financial Performance - In 2024, L'Oréal generated sales of 43.48 billion euros, showcasing a strong financial performance across various distribution networks including ecommerce, mass market, and retail [3] Innovation and Recognition - L'Oréal was named the most innovative company in Europe by Fortune magazine in 2025, ranking among 300 companies across 21 countries and 16 industries [4]

Group 1 - L'Oréal has successfully priced a bond offering totaling €1.750 billion, consisting of three tranches [1][2] - The proceeds from the bond will be utilized for general corporate purposes, including financing an additional 10% stake in Galderma [1] - The bonds are expected to receive ratings of AA (Stable) from S&P and Aa1 (Stable) from Moody's, and will be traded on Euronext Paris starting January 12, 2026 [2] Group 2 - The bond offering includes a €650 million 2-year floating rate bond with a coupon of Euribor 3M + 20bps p.a., a €500 million 3-year fixed rate bond with a coupon of 2.5% p.a., and a €600 million 6-year fixed rate bond with a coupon of 2.875% p.a. [6] - L'Oréal generated sales of €43.48 billion in 2024, supported by a workforce of over 90,000 employees and a diverse geographical presence [4] - The company has been recognized as the most innovative company in Europe by Fortune magazine in 2025, highlighting its commitment to innovation across various industries [5]

Core Insights - OR Royalties Inc. reported strong preliminary results for Q4 and full year 2025, achieving record revenues and cash margins [1][3][4]. Financial Performance - In Q4 2025, OR Royalties earned 21,735 gold equivalent ounces (GEOs), contributing to a total of 80,775 GEOs for the year, meeting the guidance range of 80,000-88,000 GEOs [2]. - The company recorded preliminary revenues from royalties and streams of $90.5 million in Q4 2025, with a cost of sales (excluding depletion) of $2.6 million, resulting in a cash margin of approximately $87.9 million, or 97.2% [3]. - For the full year 2025, preliminary revenues reached $277.4 million, with estimated costs of sales at $9.1 million, leading to an annual cash margin of $268.3 million, or 96.7% [4]. Cash and Debt Position - As of December 31, 2025, OR Royalties had a cash position of approximately $142.1 million, following a net repayment of $94.9 million on its revolving credit facility and share repurchases totaling $36.7 million [5]. - The company’s revolving credit facility was completely undrawn at year-end, with $650.0 million available to be drawn and an additional uncommitted accordion of up to $200.0 million [5]. Metal Prices - Average metal prices for Q4 2025 included gold at $4,135 per ounce, silver at $54.73 per ounce, and copper at $11,092 per tonne, reflecting significant increases compared to the previous year [10].

Core Insights - Gold Spot U.S. Dollar reached a new record high of $4,497.82 per ounce, testing the psychological barrier of $4,500, which has led to a significant quantitative breakout for three gold-linked stocks [1] Gold Price Movement - Gold prices have increased by 33.08% over the last six months and 71.58% over the past year, with the latest price hovering around $4,482.96 per ounce [9] - The recent surge in gold prices is attributed to the U.S. administration's intensified oil blockade of Venezuela and the prospect of continued Federal Reserve rate cuts, with probabilities for three rate cuts in 2026 nearing 40% [9] Stock Performance - Alamos Gold Inc. (NYSE:AGI) has seen its momentum percentile rise from 89.61 to 94.06, with shares advancing by 110.23% year-to-date and 120.65% over the last year [8] - Wheaton Precious Metals Corp. (NYSE:WPM) increased its momentum percentile from 88.00 to 92.89, with stock performance showing a 110.45% increase year-to-date and 113.24% over the last year [8] - Osisko Gold Royalties Inc. (NYSE:OR) moved from 88.99 to 92.62 in momentum percentile, with shares rising by 98.07% year-to-date and 102.41% over the last year [8] Market Ranking - All three companies—Alamos Gold, Wheaton Precious Metals, and Osisko Gold Royalties—have surged into the top 10th percentile of Benzinga Edge's Stock Ranking, indicating a powerful upward trend relative to peers [2][3]

Core Insights - OR Royalties has reported positive advancements in its asset portfolio, particularly at Dalgaranga, which is expected to become the company's 23rd producing asset [1] - The company expressed increased confidence in the development timelines of several projects, including Cascabel, Marimaca MOD, and Spring Valley [1] - Recent updates from Gold Fields regarding Windfall's development timeline have provided additional clarity and confidence [1] - Encouraging exploration results from TDG Gold's AuWEST Project and Benz Mining's Glenburgh Gold Project highlight the value in OR Royalties' advanced exploration assets [1] - The company believes that the current share price does not reflect the value outlined in the year-end update, leading to active share repurchases [1] Asset Updates - Dalgaranga is on track to become the 23rd producing asset for OR Royalties [1] - Positive developments noted in Cascabel, Marimaca MOD, and Spring Valley projects [1] - Windfall's development timeline has been clarified through Gold Fields' recent Capital Markets Day [1] Exploration Highlights - TDG Gold's AuWEST Project in British Columbia has shown encouraging exploration results [1] - Benz Mining's high-grade Glenburgh Gold Project in Western Australia also demonstrates significant value [1] Share Repurchase Activity - OR Royalties has repurchased 920,632 common shares year-to-date at an average price of C$47.63, totaling C$43.9 million [1]

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, with OR Royalties identified as a strong candidate due to its favorable growth metrics and Zacks Rank [1][2]. Group 1: Earnings Growth - OR Royalties has a historical EPS growth rate of 30%, with projected EPS growth of 59.1% for the current year, significantly outperforming the industry average of 19.1% [5]. Group 2: Cash Flow Growth - The company exhibits a year-over-year cash flow growth of 12%, surpassing the industry average of 0%. Its annualized cash flow growth rate over the past 3-5 years stands at 14%, compared to the industry average of 5.8% [6][7]. Group 3: Earnings Estimate Revisions - There has been a positive trend in earnings estimate revisions for OR Royalties, with the Zacks Consensus Estimate for the current year increasing by 1.2% over the past month [8]. Group 4: Overall Assessment - OR Royalties has achieved a Growth Score of B and holds a Zacks Rank 2, indicating its potential as an outperformer and a solid choice for growth investors [9][10].

Core Viewpoint - OR Royalties (OR) has shown an 8.8% increase in stock price over the past four weeks, with a mean price target of $43.4 indicating a potential upside of 25% from the current price of $34.71 [1] Price Targets and Analyst Estimates - The mean estimate consists of 11 short-term price targets with a standard deviation of $6.7, where the lowest estimate is $37.06 (6.8% increase) and the highest is $61.92 (78.4% increase) [2] - A low standard deviation among price targets suggests a high degree of agreement among analysts regarding the stock's price movement [9] Earnings Estimates and Market Sentiment - Analysts have shown increasing optimism about OR's earnings prospects, with a positive trend in earnings estimate revisions indicating potential upside [11] - Over the last 30 days, one estimate has increased, leading to a 1.2% rise in the Zacks Consensus Estimate for the current year [12] - OR holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] Caution on Price Targets - While price targets are often sought after, they can mislead investors, as empirical research shows they rarely indicate actual stock price movements [7] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8] - Investors should treat price targets with skepticism and not rely solely on them for investment decisions [10]

Core Insights - OR Royalties Inc. has reported positive developments across its portfolio, highlighting the upcoming production from Dalgaranga and advancements in other projects like Cascabel, Marimaca MOD, and Spring Valley [2][4] - The company believes that the current share price does not reflect the underlying value of its assets, prompting active share repurchases [4] - Significant exploration results from TDG Gold's AuWEST Project and Benz Mining's Glenburgh Gold Project indicate strong potential in advanced exploration assets [3] Dalgaranga (Operated by Ramelius Resources Ltd.) - Ramelius announced a Pre-Feasibility Study (PFS) for the Never Never deposit, which includes a processing plant upgrade to 5 million tonnes per annum, enhancing production and reducing costs [5] - The Maiden Probable Ore Reserve at Never Never is 7.0 million tonnes at 7.3 g/t Au, equating to 1.6 million ounces of gold [9] - OR Royalties holds a 1.44% gross revenue royalty on Dalgaranga [7] Cascabel (Operated by SolGold plc) - Jiangxi Copper Company Limited made a revised cash offer for SolGold at 28 pence per share, valuing the company at approximately £842 million ($1.1 billion) [8][10] - OR Royalties owns a 0.6% net smelter return (NSR) royalty on the Cascabel property and a 6% gold stream until 225,000 ounces of gold are delivered [11][12] Marimaca MOD (Operated by Marimaca Copper Corp.) - Marimaca received formal environmental approval (RCA) for its Marimaca Oxide Project, moving closer to construction readiness [15][16] - OR Royalties holds a 1% NSR royalty on Marimaca's MOD covering all known resources [17] Spring Valley (Operated by Solidus Resources, LLC) - Solidus announced a definitive Precious Metals Purchase Agreement with Wheaton Precious Metals, fully funding the Spring Valley project [18][19] - The feasibility study projects over 300,000 ounces of gold production per year for a mine life exceeding 10 years [20] - OR Royalties owns a 2.5% to 3.0% NSR royalty on the core of the Spring Valley deposit [21] Windfall (Operated by Gold Fields Ltd.) - Gold Fields updated the project timeline, with plant commissioning expected in the second half of 2028 and first gold production anticipated in the first half of 2029 [22][23] - OR Royalties holds a 2.0-3.0% NSR royalty on the Windfall project [25] Altar (Operated by Aldebaran Resources Inc.) - Aldebaran released a Preliminary Economic Assessment (PEA) for the Altar project, indicating a mine life of 48 years with significant copper and gold production [26][27] - OR Royalties owns a 1.0% NSR royalty on the majority of the Altar project [29] Shaakichiuwaanaan (Operated by PMET Resources Inc.) - PMET announced a lithium-only feasibility study for the Shaakichiuwaanaan property, confirming its potential as a top spodumene concentrate producer [30][32] - OR Royalties holds a sliding scale NSR royalty of 1.5-3.5% on precious metals and 2.0% on lithium at Shaakichiuwaanaan [35] AuWEST (Operated by TDG Gold Corp.) - TDG reported positive assay results from its exploratory drilling program at the Aurora West target, indicating strong mineralization [36][37] - OR Royalties owns a 1.0% NSR royalty on AuWEST and the broader GSN project [38] Glenburgh (Operated by Benz Mining Corp.) - Benz reported significant discoveries at the Glenburgh Gold Project, with high-grade mineralization confirmed in multiple lenses [39][40] - OR Royalties owns a 1.08% gross revenue royalty on Glenburgh [41]

Core Viewpoint - OR Royalties Inc. has announced a normal course issuer bid (NCIB Program) to repurchase up to 9,399,294 common shares, representing approximately 5% of the issued shares, with a total budget of C$28.0 million for 2025 [1][6][7]. Summary by Sections NCIB Program Details - The NCIB Program is approved by the Toronto Stock Exchange (TSX) and allows the company to acquire shares through open market transactions or other permitted means [1][2]. - Repurchases may start on December 12, 2025, and will end on December 11, 2026, with daily purchases limited to 107,496 shares [3]. - The purchase price for shares will be the market price at the time of acquisition, plus any applicable brokerage fees [4]. Rationale for Share Repurchase - The Board of Directors believes that the market price does not reflect the underlying value of the company, and repurchasing shares will benefit remaining shareholders by increasing their proportional interest [5]. Historical Context - Under the previous NCIB Program, which ran from December 12, 2024, to December 11, 2025, the company repurchased 228,183 shares at an average price of approximately C$45.83, totaling C$28.0 million in 2025 [7].

Core Insights - L'Oréal has announced the acquisition of an additional 10% stake in Galderma, increasing its total ownership to 20% [1][2] - The transaction is part of L'Oréal's strategy to strengthen its position in the fast-growing aesthetics market [3][4] - Galderma's board will consider nominating two non-independent board candidates from L'Oréal following the 2026 Annual General Meeting [2] Company Strategy - L'Oréal's increased investment in Galderma reflects its commitment to the aesthetics sector, which is seen as a key adjacency to its core beauty business [3][4] - The partnership aims to enhance scientific collaboration between L'Oréal and Galderma, leveraging their complementary expertise [4] Transaction Details - The acquisition will be executed through an off-market block trade with a consortium led by EQT [5] - The transaction will be funded using L'Oréal's available cash and credit lines, with closing expected by Q1-2026, pending regulatory approvals [6] Company Background - L'Oréal is a leading player in the beauty industry, generating sales of €43.48 billion in 2024 and employing over 90,000 people globally [8] - Galderma is a leader in dermatology, operating in approximately 90 countries and focusing on innovative, science-based products [10]