Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price36.74 USD
Fair value27.60
Ethical score70.0/100
Our investment reviews on this name
2026-09-08Read Markup38.92-5.6% to today
2026-07-02Read Distribution33.83+8.6% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
OR Royalties Inc. holds its Markup at $36.74. Consolidating, no directional conviction, held for 81 days.
As held on the ledger · 2026-09-18
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 81 days
Price at the screen
$36.74
Valuation
24.02 trailing · 26.01 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.37
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
0.32%
Below 33%
Interest-bearing debt is just 0.3% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
10.40%
Below 33%
Cash held in interest-bearing accounts and securities is 10.4% of assets, under the one-third limit.
Pass
Receivables
9.22%
Below 49%
Money owed to the company is 9.2% of assets, under the 49% limit.
Pass
Revenue purity
1.45%
Below 5%
Only 1.4% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-18 screen. The gold marker is the market price at the same screen. The price runs 24.9% above the base estimate.
Third-party analyst targets: 4 covering, consensus Hold. The average target sits +18% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-18 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Gold royalties look tempting but hide cycle traps
Picture a landlord who never swings a pickaxe yet takes a cut every time ore leaves the ground. OR Royalties has built exactly that model, posting 87 percent revenue growth and a 78 percent profit margin while delivering 19 percent return on equity. The business clears our ethical screen without issue, yet the shares sit slightly above our fair value with almost no margin of safety.
Forward earnings trade at 19.4 times, not the bargain multiple some expect in resources. Analyst targets sit far higher, yet those forecasts often assume gold prices stay elevated. In a cyclical sector, peak margins and growth rates can flatten quickly once metal prices turn.
The real risk is the classic value trap: earnings look robust today because commodity prices are strong, but multiples compress and volumes fall when the cycle rolls over. Currency moves and project delays add further volatility. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day; its business and earnings are exposed to Canada and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
OR trades on the NYSE (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-08Markup · changed$38.92+21.1%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 21.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 24%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (4 analysts) rates it buy, with a mean price target of $56.
2026-08-07Distribution$32.15-5.0%Entry 4
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 5.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 24%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (4 analysts) rates it buy, with a mean price target of $56.
2026-07-18Distribution$33.83+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 24%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (4 analysts) rates it buy, with a mean price target of $56.
2026-07-03Distribution$33.83+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Distribution$33.83Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
