Positioning no disclosures inside 60 days, left as found
Options put/call open interest 2.60, read 2026-11-03
Ethical passes the values gate
Price14.12 USD
Fair value17.02
Ethical score70.0/100
Value readUndervaluedas of 3 Nov 2026
Our investment reviews on this name
2026-10-02Read Distribution21.72-35.0% to today ✓Markup gives way to Distribution after a 42% rise in 13 weeks
2026-07-02Read Markup15.33-7.9% to today First review on file: Markup
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.
Elemental Royalty Corporation holds its Distribution at $14.12. The statistical read favours the sellers, held for 2 days.
As held on the ledger · 2026-11-03
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 2 days
Price at the screen
$14.12
Valuation
N/A trailing · 33.45 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.60
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
0.05%
Below 33%
Interest-bearing debt is just 0.1% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
1.78%
Below 33%
Cash held in interest-bearing accounts and securities is 1.8% of assets, under the one-third limit.
Pass
Receivables
8.63%
Below 49%
Money owed to the company is 8.6% of assets, under the 49% limit.
Pass
Revenue purity
1.67%
Below 5%
Only 1.7% 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.
The Ethical Read
Why It Clears, in Plain English
Elemental Royalty clears all five screens. Its business is in a permissible area, its debt is near-nil, and interest is about 2% of its income, under the ~5% line, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 3 Nov 2026: it trades at roughly a 17% discount to our $17.02 fair value, 161.60% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. A 17.0% discount to the base estimate.
Where our models see it going: fair-value estimate $17.02, with a range of $17.02 to $19.57, dated to the 2026-11-03 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
Why it stands out
A 162%-growth business trading at just 33.5x forward earnings. That is a 17% discount to our $17.02 fair value: the market is pricing it cautiously while the fundamentals argue otherwise. 3 analysts rate it Strong Buy with a $30.00 average target, about 112% above the screened price.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; 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
ELE trades on Nasdaq (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
2026-11-04Distribution$14.12-11.7%Entry 10
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 11.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (2 analysts) rates it strong buy, with a mean price target of $30.
2026-10-28Distribution$15.99-4.6%Entry 9
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 4.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (2 analysts) rates it strong buy, with a mean price target of $30.
2026-10-21Distribution$16.76-6.2%Entry 8
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 6.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 11% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (2 analysts) rates it strong buy, with a mean price target of $30.
2026-10-14Distribution$17.86-17.8%Entry 7
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 17.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 0% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (2 analysts) rates it strong buy, with a mean price target of $30. Since the last review it entered the Titan Ethical 500; its composite score rose.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 6.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 0% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (2 analysts) rates it strong buy, with a mean price target of $30.
2026-08-27Markup$20.48+41.8%Entry 5
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 41.8% 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. Technically it is holding around 0% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (2 analysts) rates it strong buy, with a mean price target of $30.
2026-07-27Markup$14.44-5.8%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 5.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 0% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (2 analysts) rates it strong buy, with a mean price target of $30.
2026-07-18Markup$15.33+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 0% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (2 analysts) rates it strong buy, with a mean price target of $30.
2026-07-03Markup$15.33+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$15.33Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.