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National Bank Financial Initiates Coverage on Grenville Strategic Royalty Corp., (TSXV:GRC) with an Outperform Rating - Video Research Alert on

May 23, 2014

Vancouver, BC, May 23, 2014 - National Bank Financial has initiated coverage on Grenville Strategic Royalty Corp. (TSXV:GRC). Analyst Trevor Johnson gives the company an outperform rating and a 12-month price target of $0.85, a premium of 67% to the $0.51 price on May 19th, the day his report was issued. has produced a "video research alert" about Grenville Strategic based on this report. If this link is not enabled, please visit and enter "Grenville" in the search box. Grenville provides alternative financing to non-resource, private and public North American companies, in return receiving a royalty, typically 1% to 4%, of the borrower's top-line revenue each month. The company has deployed approximately $6 million, into 7 portfolio companies, with options to invest another $2 million, and expects to reach 15 or more by year end. Current portfolio companies are in the technology, materials, retail services, training and construction sectors. The company intends to grow its royalty portfolio to 20 investments at an aggressive pace, with no one partner representing more than approximately 10%. Once this base is reached management intends to add royalties to the portfolio at an average pace of approximately two to three deals per month, and management anticipates requiring only one to two more staff on top of the current five to achieve this, highlighting the attractive scalability of Grenville's model. While existing royalty deals range in value from $150,000 - $1 million, average deal size should grow to the $2 million - $5 million range, with the average number of deals per year expected to slow to approximately 10. Its pipeline of opportunities is deep and expected to continue growing as its brand awareness spreads. Grenville is led and was founded by Bill Tharp, CEO and Steve Parry, Chairman. Mr. Tharp brings close to two decades of experience building and investing in companies, management teams and entrepreneurs often in the tech/energy sector, while Mr. Parry has extensive experience structuring and financing royalties. Together, they have successfully invested over $1.1 billion. Analyst Trevor Johnson stated, "Our analysis suggests Grenville could fund a $0.04 per year dividend (8% yield & 80% payout) without any new capital." The company currently trades at $0.55, well below the $0.85 target price, and with 59.3 million shares outstanding, the company is capitalized at $32.6 million. For more information, please visit the company's website at, or contact Bill Tharp at 416-777-0383 or email For more information about National Bank Financial or to obtain a copy of their research report, contact your nearest National Bank Financial office. Their branches are listed on their website at About InvestmentPitch, a multimedia company that provides a combined solution for creating and hosting financial video content, and distributing it across multiple platforms to investors and financial professionals, specializes in producing corporate interviews and three minute videos based on news releases and research reports. Please visit and browse our extensive library of investment videos. CONTACT: InvestmentPitch.comBarry Morgan, CFO 604-684-5524 This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: InvestmentPitch via GlobeNewswire [HUG#1788293]

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Source: Thomson Reuters ONE

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