AEM:CC - Triple Flag: Another Record Year (Rating Upgrade)
2024-02-01 17:58:54 ET
Summary
- Triple Flag Precious Metals Corp. reported Q4 and FY2023 results, with sales marginally below guidance but well within the annual guidance range.
- Notably, Triple Flag also made some small additions to the portfolio on top of closing its MMX deal & is set up for another year of record cash flow in 2024.
- In this update, we’ll see if this pullback in Triple Flag stock is a buying opportunity and how its valuation stacks up after its sharp correction.
While 2023 was a year to forget for several producers with continued margin compression due to inflationary pressures, the royalty/streamers had another record year on balance and evaded the dip in free cash flow ("FCF") generation. However, this hasn't stopped several royalty/streaming companies from coming under similar selling pressure despite superior business models (insulated from inflation), with Triple Flag Precious Metals Corp. ( TFPM ) finding itself ~30% off its highs and back to Q3 2022 levels when gold prices were significantly lower.
In this update, we'll see if this pullback in the stock is a buying opportunity and how its valuation stacks up after its sharp correction....
Triple Flag: Another Record Year (Rating Upgrade)