Verdict
Overvalued
What is OR Royalties Inc. (OR) worth?
Currently $29.22 — 16% premium to Dolphy’s fair value · ● live
● live · as of 2026-07-21 21:13 · Market cap $5.4B
As of 2026-07-14, OR Royalties Inc. (OR) looks overvalued. Dolphy estimates a fair value of $25.21 versus a current price of $29.22 — a 16% premium to fair value.
Executive summary
OR Royalties (OR) trades at $28.87, above our blended fair value of $25.21 (DCF 56% / Comps 43%), supporting an Overvalued rating with roughly 13% downside to target. The company's royalty/streaming model drives exceptional profitability—83.8% gross margin, 74.3% net margin—alongside a net cash position (net debt of –$137.1M) and low leverage (debt/equity 0.32). However, valuation appears full: our DCF ($28.40) already embeds aggressive 20% stage-1 growth, while proxy comps imply just $21.17.
Catalysts: (1) Q2 earnings on 2026-08-05, a key read on trajectory versus our estimates (2026E revenue $332.8M, EPS $1.91); (2) sell-side estimate revisions as results print.
Risk/Reward: Skewed unfavorably. Bull case ($40.65) requires 24% growth and a 9.28% WACC; Bear case sits at $20.61. Notably, consensus is more bullish (mean target $44.50), a gap we attribute to differing growth and multiple assumptions.
Investment thesis
About OR Royalties Inc.
OR Royalties Inc. acquires and manages precious metal and other royalties, streams, and other interests in Canada and internationally. It also owns options on offtake; royalty/stream financings; and exclusive rights to participate in future royalty/stream financings on various projects. The company's primary asset is a 3-5% net smelter return royalty on the Canadian Malartic complex located in Canada. In addition, it is involved in the exploration, evaluation, and development of mining properties. It primarily explores precious metals, including gold, silver, copper, diamond, and others. The company was formerly known as Osisko Gold Royalties Ltd and changed its name to OR Royalties Inc. in May 2025. OR Royalties Inc. was founded in 2014 and is headquartered in Montreal, Canada.
Frequently asked questions
Is OR a buy?
As of 2026-07-14, OR Royalties Inc. (OR) looks overvalued. Dolphy estimates a fair value of $25.21 versus a current price of $29.22 — a 16% premium to fair value.
What is OR's fair value?
Dolphy's estimated fair value for OR Royalties Inc. (OR) is $25.21, versus a current market price of $29.22.
Is OR overvalued or undervalued?
OR Royalties Inc. (OR) currently looks overvalued — trading at a 16% premium to Dolphy's estimated fair value of $25.21.
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AI-generated research by Dolphy for educational and informational purposes only — not investment advice. Figures are computed from public sources and may contain errors.