COMP <GO>

FNV vs RIO // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

Franco-Nevada Corporation (NYSE) VS. Rio Tinto Plc (NYSE) • 15-METRIC TALLY: FNV 2 — RIO 2

▲ OPTIONS IMPLIED MOVE & PUT/CALL SKEW LEADER: RIO

LAST: $224.95 (-2.87%) • MKT CAP: $44.67B

options-implied-move

7.20%

LAST: $81.89 (-1.63%) • MKT CAP: $104.57B

options-implied-move

7.00%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (FNV VS. RIO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	FNV	RIO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	41.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	9.90%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	21.0x	0.00	TIE	/valuation <GO>
Free Cash Flow Yield	2.21%	2.21%	0.00	TIE	/fcf-yield <GO>
Operating Margin	13.90%	13.90%	0.00	TIE	/operating-margins <GO>
Net Profit Margin	10.90%	10.90%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	1.10%	1.10%	0.00	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	3.74	0.00	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	7/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	7.20%	7.00%	+0.20	RIO	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	36.8	25.2	+11.61	FNV	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	1.10	1.02	+0.08	FNV	/macro-sensitivity <GO>
Forward P/E Multiple	30.5x	30.5x	0.00	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$44.67B	$104.57B	-$59.90B	RIO	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	FNV REV	RIO REV	FNV GROSS %	RIO GROSS %	FNV FCF	RIO FCF
INSPECT INDIVIDUAL XBRL MODELS AT FNV FA <GO> AND RIO FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

FNV // BETA 1.10

RIO // BETA 1.02