TO be honest, its pretty interesting.
For starters, I like the fact it is backed by CN Rail and it is IPO'ing at the perfect time giving how strong energy companies are doing. As a royalty company, it also has a far less capital-intensive business model. It is a small cap however, so will be very volatile.
Looks like it'll pay a nice dividend too and that dividend appears to be well covered is a payout ratio of 45% of Funds from operations.
They haven't priced the IPO yet so can't tell what the value would be but according to BNN its about 26-45M. It posted a net loss last year and there are limited details on the Fiscal 2021 financial statements right now so can't put any good valuation metrics together. THat being said, it is on pace for about $4M in royalty revenue which would give ti a P/S ratio of 6.5 to 11.25. The best comparison is Freehold Royalties which is trading at ~9 times sales. So it looks to be pricing right inline with where Freehold is at.
All in all, i think it is pretty interesting and one to watch. Would have to watch and see what the pricing comes in at. If it comes in at the low to mid range, I'd consider it a decent price.
Mat