Barlow’s Research Roundup: Gold stocks are attractive, says Scotiabank analyst
Scotiabank analyst Tanya Jakusconek said gold equities look attractively valued versus historical levels on metrics including FCF yield, EV/EBITDA, P/CF and P/NAV, naming operators such as BTO, SSRM, EDV, EGO, CGAU, HMMC and OGC (2027-28) and streamers RGLD and TFPM. Wells Fargo warned of potential severe oil shocks if the Strait of Hormuz stays closed, rating VLO, MPC, DK and PSX Overweight and COP and OXY top picks. RBC’s Maurice Choy reported selective investor interest at its power conferenc
How this was made
The 30-second read
Why it matters
It provides directional analyst positioning across multiple commodity-linked and infrastructure names, but does not include new company filings, guidance, or deal/contract specifics.
Market read
Useful for positioning/relative-value watchlists (gold equities, refiners, and Alberta power/data-center plays), but not a standalone catalyst for immediate trading decisions.
What to watch
Gold-operator/streamer attractiveness depends on spot gold and discount-rate assumptions; refining outperformance hinges on crack spreads and product demand destruction timing, which the article frames as uncertain.
Background
The piece is a daily research roundup summarizing analyst notes from Scotiabank (gold valuations), Wells Fargo (oil-shock/refining scenario), and RBC (Canadian power/utilities conference takeaways).
Ticker impact
Scotiabank’s valuation screen flags BTO as an attractive gold operator on multiple metrics for 2027-2028.
Modest relative upside vs other gold equities; not a fundamental event.
The article is an analyst valuation roundup with no new company-specific operational disclosure, so impact is likely limited to sentiment/relative positioning.
Scotiabank highlights SSRM as attractive on four valuation metrics and also rated SO (sector outperform) for 2027-2028.
Mild positive bias; likely more about relative performance than absolute repricing.
The thesis is valuation/sector-outperform framing rather than new guidance, trials, or contracts.
EGO is named by Scotiabank as screening attractive on multiple valuation metrics for 2027-2028.
Small-to-moderate relative tailwind; unlikely to drive large moves alone.
This is a research roundup; the article does not introduce new operational or financial results.
CGAU appears in Scotiabank’s list of gold operators with attractive valuation metrics for 2027-2028.
Gradual/relative improvement potential rather than immediate repricing.
The article provides no additional company-specific catalyst; smaller names may react more to sentiment but with higher uncertainty.
OGC is flagged by Scotiabank as attractive on multiple valuation metrics and rated SO for 2027-2028.
Mild positive bias vs peers; not a standalone fundamental catalyst.
The article is opinion/analysis without new OGC operational or financial information.
Scotiabank says BVN is attractive on selective valuations (not all four metrics) for 2027-2028.
Small positive tilt; less conviction than the “all four metrics” names.
The article doesn’t specify which metrics drive the selective attractiveness, limiting actionable precision.
GFI is listed as attractive on selective valuations by Scotiabank for 2027-2028.
Limited impact without new company-specific catalysts.
Only a valuation-screen mention; no new guidance or events.
Scotiabank highlights RGLD as standing out among streamers on the valuation metrics for 2027-2028.
Small positive bias; likely sentiment-driven.
No new RGLD operational/financial disclosure; impact is constrained to positioning.
Market effects
Reinforces a “gold equities valuation re-rating” narrative and a “refining crack-spread duration” thesis under potential Strait of Hormuz disruption.
Highlights Alberta power/data-center demand as a focal regional growth theme.
Ties oil-shock risk to a major chokepoint (Strait of Hormuz), which can influence global energy pricing and refining margins.
Counterpoint
Valuation screens and conference recaps may not translate into near-term price action without fresh company catalysts; oil-shock scenarios may already be partially priced.
Key entities
- analystScotiabank analyst Tanya Jakusconek
Identifies gold-equity valuation attractiveness using historical valuation metrics and lists specific operators/streamers.
- analystWells Fargo analyst Sam Margolin
Warns of potential severe oil shocks if the Strait of Hormuz remains closed and links it to refining strength.
- analystRBC Capital Markets analyst Maurice Choy
Recaps investor discussions from RBC’s Canadian power/utilities/infrastructure conference, focusing on Alberta and data centers.
