The earnings have been declared and for Q1'13, on a YoY basis, the revenues have grown marginally by 3.6% to $108.8 million ($105 million in Q1'12). The net income has fallen by nearly 25% from $46.8 million in Q1'12 to $35.4 million in Q1'13. On a sequential basis, the revenue has fallen by 4.6% from $114.1 million. In Q4'12, the company had reported a net loss of $33.1 million mainly due to an unusual expense of $82.70 million. Thus, there has been significant contraction in margins. Franco-Nevada earned 58,289 Gold equivalent ounces in Q1'13 compared with 55,466 GEOs Q1'12. (5.1% rise). The oil & gas assets contributed $13.9 million compared to $10.5 million in the quarter a year ago. Thus, 85% of the revenue was from gold and platinum (71% and 14% respectively). Geographically, North America and Australia remained the main areas with 82% contribution - 33% Canada, 24% U.S., 21% Mexico and 4% Australia. Cash and short-term investments totaled $825.8 million ($780 million as on December 31, 2012). However, other comprehensive loss (which may be transferred to profit and loss account later) was around $29.7 million compared with a gain of $24.1 million in Q1'12. The $29.7 million loss was mainly on account of currency translation adjustments. The stock price, meanwhile, has been on a moderate uptrend with the stock being up by more than 25% from its recent low of ~$34.50. This is the pattern of all gold stocks which have bounced by 15-25% from their lows. Despite this bounce, those stocks are trading at a discount to book value. Development stage companies like Pershing Gold Corporation (PGLC) (likely to start production in 2014) are trading at significant discount to their potential. For FNV, however, the P/E is nearly 62 and price to book is 2. The price to sales is also high at 14.73. The bounce may be getting stretched.