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Sandstorm Gold 향후 성장
Future 기준 점검 3/6
Sandstorm Gold (는) 각각 연간 20.6% 및 7% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 24.8% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 6.2% 로 예상됩니다.
핵심 정보
20.6%
이익 성장률
24.75%
EPS 성장률
| Metals and Mining 이익 성장 | 13.6% |
| 매출 성장률 | 7.0% |
| 향후 자기자본이익률 | 6.20% |
| 애널리스트 커버리지 | Low |
| 마지막 업데이트 | 14 Oct 2025 |
최근 향후 성장 업데이트
Recent updates
Seeking Alpha • Jul 28
Highway Robbery? Royal Gold Secures Sandstorm Gold On The Cheap
Summary Royal Gold's acquisition of Sandstorm Gold is a bargain, securing future growth assets at a low price and strengthening its production profile for the next decade. Sandstorm shareholders receive a premium and maintain exposure to growth assets but lose out on full upside potential as their stake is diluted in the larger entity. The combined company will benefit from significant cost synergies, greater project diversification, and enhanced ability to compete with larger royalty peers. I downgrade SAND from 'Strong Buy' to 'Buy' and assign RGLD a 'Buy' rating, as both offer solid long-term value post-merger. Read the full article on Seeking AlphaSeeking Alpha • Apr 18
Sandstorm Gold: Step Into The Sandstorm Before It Sweeps Away The Upside
Summary Sandstorm Gold Ltd. offers a compelling long-term growth opportunity, with a diversified portfolio and a robust deal pipeline. Management's strategy focuses on deleveraging, share buybacks, and increasing per share growth. Sandstorm trades at a cheaper valuation relative to peers, making it an attractive long-term Buy, given its high growth potential. Read the full article on Seeking AlphaSeeking Alpha • Mar 16
Sandstorm Gold: A Top Royalty Play Poised For Major Upside
Summary Sandstorm Gold's royalty and streaming model provides limited exposure to cost overruns and operational costs, benefiting significantly from rising gold prices. Despite a 24% decline in GEOs, Sandstorm's revenue rose to $47.4 million in Q4 2024, due to higher gold prices, with strong margins of $2,396 per ounce. Sandstorm's growth outlook is robust, targeting 150,000 GEOs by 2030, driven by key projects like Greenstone, Platreef, Hod Maden, and MARA. With debt reduction and share buybacks prioritized, Sandstorm Gold is positioned to reward shareholders, making it a strong buy at $6.53 per share. Read the full article on Seeking AlphaSeeking Alpha • Jan 05
Sandstorm Gold: Healthier Conditions Add Momentum To Gold's Rally; Volatility Is An Ally
Summary Sandstorm Gold Ltd. (SAND) maintains a "Hold" rating. This stock has a strong correlation with volatile gold prices. Buying on dips combined with strategic profit-taking can produce positive returns compared to the S&P 500. The rising gold price has strengthened SAND's financial position: the company has reduced its debt and expanded its credit facilities at lower interest rates, thereby enhancing its future growth prospects. While gold price will remain at a very high level – as predicted by major US banks – the company expects a significant increase in production in the coming years. Read the full article on Seeking AlphaSeeking Alpha • Oct 16
Sandstorm Gold Offers Unique Growth Potential Amid Record Gold Prices
Summary Sandstorm Gold offers a unique investment opportunity with a diversified portfolio of over 200 streams and royalties, benefiting from rising gold and silver prices. Despite shares falling over the past 5 years, Sandstorm's shares are up 15.51% this year, supported by high gold prices and a strong future development pipeline. Sandstorm's Q2 results show a record cash operating margin of $2,042 per ounce, with significant future growth expected from projects like Greenstone, Antamina, Hod Maden, and MARA. With an attractive valuation compared to peers, reducing debt, and ongoing share buybacks, Sandstorm Gold is well-positioned for future gains, making it a strong buy. Read the full article on Seeking AlphaSeeking Alpha • Aug 22
Sandstorm Gold: Our Favorite Gold Play For The Next Rate Cycle
Summary We generally don't like investing in gold due to its long history of underperforming equity indices. That said, if you simply must have some in your portfolio, we think SAND is the stock to buy. The company has multiple avenues of potential capital appreciation in front of it, as debt gets paid down and new mines come online. With exposure to gold prices, organic growth, and multiple expansion, SAND is very well positioned to benefit from the current monetary situation. We rate the stock a 'Buy'. Read the full article on Seeking AlphaSeeking Alpha • May 23
Sandstorm Gold: Potential Additional Upside But First, A Lower Price
Summary Sandstorm Gold Ltd. receives a 'Hold' rating for its shares on the NYSE market. The stock is expected to continue its upward trend due to its positive correlation with the bullish gold spot price. SAND revenue either improved or topped consensus expectations due to rising gold and continues to reflect upside potential as risk and uncertainty drive safe-haven gold higher. Read the full article on Seeking AlphaSeeking Alpha • Mar 07
Sandstorm Gold: A Deep Dive Into The Company And Undervaluation
Summary Sandstorm Gold has a diverse portfolio of streams and royalties, with Hod Maden accounting for only 12% of its net asset value (NAV). The company's long-term production outlook is strong, with the potential for record GEOs in the coming years, even without Hod Maden. Sandstorm is undervalued compared to its peers, trading at a much lower multiple of NAV, presenting a compelling investment opportunity. Read the full article on Seeking AlphaSeeking Alpha • Feb 21
Sandstorm Gold: Irrational Recent Price Decline
Summary Gold is an attractive investment due to economic weakness, overvaluation in the stock market, currency debasement, and potential interest rate cuts. Investing in gold royalty and streaming companies provides exposure to gold with less risk compared to miners. Sandstorm Gold offers a compelling investment opportunity with high cash flow, manageable debt, and potential for future growth. Read the full article on Seeking AlphaSeeking Alpha • Jan 25
Sandstorm Gold: Potential Strong Upside But Not Soon
Summary Sandstorm Gold Ltd. receives a "Hold" rating for its shares traded on the NYSE market. The company operates as a gold royalty company, acquiring the right to receive/purchase a percentage of gold production from other miners. Sandstorm Gold's portfolio includes 40 producing mines, with popular names such as Black Fox, Cerro Moro, and Fruta del Norte. Read the full article on Seeking AlphaSeeking Alpha • Nov 09
Sandstorm Gold: Higher Prices Likely Ahead
Summary Sandstorm Gold Ltd. released Q3 results, reporting a satisfactory quarter with revenue up on the back of stronger metals prices. However, the real story was the positive developments across the portfolio which many on the sidelines appear to be missing due to focusing too much on the short term. In this update, we'll dig into the recent results, and progress on key assets, and see whether Sandstorm is a turnaround story worth betting on after its violent correction. Read the full article on Seeking AlphaSeeking Alpha • Oct 09
Sandstorm Gold: Even A Broken Clock Is Right Twice A Day
Summary Sandstorm Gold released preliminary 3Q23 production results, selling approximately 21,100 attributable GEOs and realizing $41.2 million in revenue. The company has a debt of $467 million and expects to pay it off between 2027 and 2028. Sandstorm Gold's stock performance has been poor, but there may be an opportunity to accumulate shares now. Read the full article on Seeking AlphaSeeking Alpha • Aug 14
Sandstorm Gold: A Solid Quarter But Not Solid Enough
Summary Sandstorm Gold's Q2 2023 results showed solid performance, with gold equivalent production of 24,504 ounces and high revenues of $49.84 million. The company's expansion strategy has not been well-received by investors, leading to a decline in stock performance compared to its peers. Sandstorm Gold's cash position was $24.95 million with a debt of $467 million, and it expects 90K to 100K gold equivalent ounces in 2023. I recommend buying SAND between $5.29 and $5.00, with potential lower support at $4.85. Read the full article on Seeking AlphaSeeking Alpha • Jul 10
Sandstorm Gold: GEO Production Weakening Sequentially
Summary Sandstorm Gold sold approximately 24,500 attributable GEOs and realized preliminary revenue of $49.8 million in 2Q23. During the three months ended June 30, 2023, the Company purchased approximately 2.6 million common shares. I recommend buying SAND between $4.90 and $4.80, with possible lower support at $4.60. Read the full article on Seeking AlphaSeeking Alpha • Jun 16
Sandstorm Gold: The Stock Outperformance Is An Issue
Summary It was another solid quarter for Sandstorm Gold Ltd., with a significant gold equivalent production of 28,368 Au Eq. Oz (22,606 Au Eq. Oz last year) and high revenues of $43.978 million. Net income was $15.67 million in Q1 2023 compared to an income of $9.14 million in the comparable quarter a year ago. I recommend buying Sandstorm Gold, between $5.00 and $4.85 is reasonable, with potential lower support at $4.60. Read the full article on Seeking AlphaSeeking Alpha • May 30
Sandstorm Gold: I'm Pounding The Table
Summary 2022 was the year of aggressive transformation and confusion. While the share price has suffered, the price action and current valuation don't reflect the tremendously bullish fundamentals of the company. Everything is coming together for SAND. Sandstorm could be doing better on several fronts. Read the full article on Seeking AlphaSeeking Alpha • Feb 21
Sandstorm Gold reports Q4 results
Sandstorm Gold press release (NYSE:SAND): Q4 net loss of $2.1M Revenue of $38.4M (+28.9% Y/Y) beats by $0.46M. Based on the Company's existing royalties, attributable gold equivalent ounces for 2023 are forecasted to be between 85,000 and 100,000 ounces. The Company is forecasting attributable gold equivalent production to be approximately 140,000 ounces in 2025.Seeking Alpha • Jan 13
Sandstorm Gold: Time To Accumulate On Weakness Is Here
Summary Sandstorm Gold Royalties sold approximately 21,800 attributable GEOs and realized preliminary revenue of $38.4 million in 4Q22. Sandstorm Gold indicated preliminary total royalties and income from other interests of $38.4 million for the three months ended December 31, 2022. I recommend buying SAND at or between $5.10 and $5.30 with possible lower support at $4.85. Introduction Vancouver-based Sandstorm Gold (SAND) released its preliminary 4Q22 and full-year production results on January 11, 2023. Note: This article updates my previous article on Sandstorm Gold published on November 9, 2022. I have been following SAND's quarterly results since 2015. 1 - 4Q22 and full-year 2022 Production and preliminary revenues Sandstorm Gold Royalties sold approximately 21,800 attributable GEOs and realized preliminary revenue of $38.4 million in 4Q22 (16,586 attributable GEOs and $29.8 million in revenue for the comparable period in 2021). The Company sold approximately 82,400 attributable GEOs and realized preliminary revenue of $148.7 million for the full 2022 year (67,548 attributable gold equivalent ounces and $114.9 million in revenue for the comparable period in 2021). The preliminary cost of sales, excluding depletion for the full 2022 year, was $23.4 million resulting in cash operating margins of approximately $1,511 per attributable gold equivalent ounce ($16.8 million and $1,539 per attributable GEOs for the comparable period in 2021). 2022 production has been achieved with 82,400 GEOS at the mid-point of the 2022 Guidance of 80K-85K GEOs. The Company's Gold price for the 4Q22 was $1,746 per ounce or $1,798 per ounce for the full-year 2022. 2 - Stock Performance Sandstorm Gold is still one of the worst performers in this segment and is down 7% on a one-year basis. Data by YCharts 3 - Investment Thesis SAND continues to be an excellent trading tool, but I am less confident about the stock's long-term outlook unless the gold price trades above $1,925 per ounce. My three streamers of choice are Franco-Nevada (FNV), Royal Gold (RGLD), and Wheaton Precious Metals (WPM). However, I believe it is reasonable to keep a part of your SAND position long-term because SAND will potentially increase in value if the gold price continues to rally in H2 2023. SAND Gold and Silver 1-Year chart (Fun Trading StockCharts) On the other hand, one negative issue attached to Sandstorm Gold is the continuing need to grow bigger by using common shares as an easy currency creating stock dilution and, subsequently long period of stagnation. The merger with Nomad and the acquisition of nine royalties plus one stream from BaseCore Metals LP announced last year has significantly increased the outstanding shares to potentially 300 million, including the September bought deal. Consequently, one appealing strategy I often suggest, especially for SAND, is trading LIFO about 50% of your total position and keeping a core long-term position for a much higher payday. It allows you to take advantage of the short-term volatility that will continue unabated until the Fed signals a pause or, eventually, a rate cut that some analysts expect in 4Q23. Gold Production And Balance Sheet Details 1 - Quarterly Revenues and Trends - Preliminary Revenues were $38.4 million in 4Q22 SAND Quarterly Revenues history (Fun Trading) Sandstorm Gold Royalties sold approximately 21,800 attributable GEOs and realized preliminary revenue of $38.4 million in 4Q22, compared with $29.82 million for the comparable period in 2021. Revenues for 2022 are $148.689 million at an average gold price per GEO of $1,795. SAND Yearly Production in GEO and Revenues history (Fun Trading) The estimated cash costs per attributable ounce have decreased this quarter to about $253 after applying a cash operating margin of $1,511 per ounce indicated by SAND. The gold price realized by Sandstorm Gold is $1,746 per ounce. SAND Quarterly Gold price history (Fun Trading) 2 - Gold production details SAND Quarterly Gold equivalent production history (Fun Trading) Attributable gold equivalent ounces sold for the quarter that ended December 31, 2022, were ~21,800 ounces, compared with 16,586 ounces for the comparable period in 2021. A large increase The quarterly cash costs decreased to $253 per GEO, a significant progress sequentially.Seeking Alpha • Dec 20
Sandstorm Gold declares CAD 0.02 dividend
Sandstorm Gold (NYSE:SAND) declares CAD 0.02/share quarterly dividend, in line with previous. Forward yield 1.11% Payable Jan. 27; for shareholders of record Jan. 17; ex-div Jan. 13. See SAND Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Dec 06
Sandstorm Gold: Too Cheap To Ignore
Summary Sandstorm Gold is one of the worst-performing royalty/streaming names year-to-date, down ~16% vs. a year-to-date gain for Franco-Nevada, Maverix, and Osisko Gold Royalties. While this lag vs. peers is partially justified due to the underperformance we often see for suitors following major deals (exacerbated by dilution), the stock's current valuation makes little sense. In fact, SAND now trades at a P/NAV multiple that would be equivalent to FNV trading near $65.00 per share despite industry-leading diversification from a NAV standpoint and an enviable portfolio. I would be shocked if this valuation disconnect persisted much longer, and I have nearly tripled my position at US$4.80 given this rare mix of growth and value with Sandstorm hovering near fire-sale prices. It's been a rough year for Sandstorm Gold (SAND) despite coming off a record quarter, with the stock underperforming its peer group. While this lagging performance vs. peers is partially justified due to the period of underperformance we often see for suitors following major deals (exacerbated by additional share dilution), Sandstorm's current valuation makes little sense and is among the most attractive it's been in years. So much so that its CEO Nolan Watson has been aggressively buying shares, purchasing ~$275,000 worth of shares in the open market at higher prices than current levels, in addition to the exercise of options and ~$688,000 spent acquiring shares in the recent financing. The aggressive insider buying by the CEO is not surprising when Sandstorm is trading at a nearly 40% discount to its historical cash flow multiple vs. FY2023 cash flow estimates and a significant discount to its net asset value. In fact, Sandstorm is now trading at a producer-like valuation despite having a lower-risk business model, superior margins, and a growth profile that is among the best in the sector currently among all companies and the best growth among its royalty/streaming peers. So, while it's easy to be negative about the recent share dilution, I think it makes sense to take advantage of this negativity since it is one of the best ways to make money in this sector as long as one is buying cash-flowing businesses with a relatively low-risk business model. Recent Financing Given that the financing is the subject of significant criticism, and some authors have noted that the company "lacks long-term goals" and has diluted significantly to which I would argue that I don't know how else a company of its size completes ~$1.0+ billion in transactions outside of having a printing press like the Federal Reserve or drowning in debt, we will tackle this first and move on to look at the New Sandstorm later in the article. Sandstorm announced an $80 million financing in September (which was increased to $92 million), and the deal caught many investors (including myself) by surprise. Not surprisingly, many investors were frustrated with the news, given that dilution is never ideal. Some investors noted that the whole point of owning royalty/streaming companies is to avoid significant share dilution. Others pointed out that Franco-Nevada (FNV) would never do something so ludicrous, and some pointed out that it makes zero sense to buy back shares above $6.00 only to sell them at $5.10. These are undoubtedly fair points, and there's no question that Sandstorm bit off a little more than it could chew by making two major acquisitions in a rising-rate environment, which suddenly turned into a rising-rate and falling commodity-price environment, further impacting its short-term cash flow. However, this was not a case where Sandstorm massively overpaid in the upper portion of a cycle. Instead, this was a case of Sandstorm acquiring at favorable prices in a period of extreme pessimism and getting an excellent price for Nomad/Basecore. I think this was a brilliant move for the company that transformed its portfolio, providing potential for a significant re-rating once new world-class assets start to come online (Greenstone, Platreef, Robertson, Hod Maden). Key Assets Added to Sandstorm Portfolio In Past Year (Company Presentation ) I also think it's important to make the following points: Sandstorm's surprising bought deal financing has been criticized severely, but it's actually relatively insignificant compared to the level of criticism the deal has received. I would argue that the deal has received more attention than companies in the development/construction phase who diluted in the lower portion of their multi-year range but with 70% plus share dilution, such as deals completed to finance Magino and Valentine were much worse and have led to irreparable share dilution. Hence, while no dilution is welcome, I don't see the incremental ~6% share dilution as being that meaningful to the investment thesis or a deal-breaker by any means. Although Sandstorm previously repurchased shares at much higher prices than it diluted, the company shouldn't be judged for not having a crystal ball. Given the inflationary environment, repurchasing shares below $6.50 made sense previously, with most believing that precious metals would respond more favorably to the macro backdrop, which they briefly did in 2020. Sandstorm also didn't likely anticipate it would have the opportunity to acquire an established royalty/streaming company with a path to ~50,000 GEOs per annum for less than 1.0x P/NAV when it was buying back shares over a year ago. Hence, it didn't have a more accretive use for its cash. Given the ability to look into the future with the hindsight knowledge that gold would head to $1,625/oz briefly with 8.0% inflation, the company might have been more patient with buybacks. Finally, while it's true that Franco Nevada would likely never do a bought deal today for 5% plus share dilution, comparing Franco Nevada today to Sandstorm today is an apples-to-oranges comparison. The reason is that Franco Nevada's scale, considerable cash flow generation, and available liquidity allow it to grow without dilution outside of its occasional ATM use. However, when Franco Nevada was a much smaller royalty/streaming company, it regularly raised capital and saw share dilution, and many of these deals had warrants attached. In fact, Franco Nevada saw heavy dilution in its high-growth phase, going from 90 million shares in Q1 2008 to 146 million shares by the end of 2012, translating to 60% share dilution. An example of some of these transactions is below: February 22, 2008 - Franco-Nevada Corporation ("Franco-Nevada") announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and UBS Securities Canada Inc., under which the underwriters have agreed to buy 10,000,000 units (the "Units"), from Franco-Nevada, and sell to the public at a price of C$23.25 per Unit, representing an aggregate amount ofC$232,500,000. Each Unit consists of one Common Share and ½ of one Common Share Purchase Warrant (the "Warrant"). Each whole Warrant entitles the holder to purchase one Common Share at a price of C$32.00 on or before the date, which is four years following the closing of the offering. In addition, the underwriters will also have an option exercisable for a period of 30 days after the closing of the offering, to purchase up to an additional 1,500,000 Units. May 27, 2009 - Franco-Nevada Corporation (the "Company") announces that it has entered into an agreement with a syndicate of underwriters, co-led by BMO Capital Markets, GMP Securities L.P., and CIBC World Markets Inc., which have agreed to purchase, on a bought deal basis, 10.0 million Units of the Company at a price of $32.20 per Unit for aggregate gross proceeds of $322 million. Each Unit will be comprised of one Common Share and one-half of one common share purchase warrant ("Warrant") of the Company. The underwriters will also have the option, exercisable in whole or in part at any time up to 30 days after the closing of the offering, to purchase up to an additional 1.5 million Units. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the offering will be $370.3 million. Nov. 22, 2011 - Franco-Nevada Corporation (the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets, which has agreed to purchase, on a bought deal basis, 8,000,000 common shares ("Offered Shares") of the Company at a price of C$42.50 per share, for aggregate gross proceeds of C$340,000,000 (the "Offering"). The underwriters will also have the option, exercisable in whole or in part at any time for a period of 30 days following the closing of the Offering, to purchase up to an additional 1,200,000 common shares to cover over-allotments, if any. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the offering will be C$391,000,000. In summary, I certainly would have preferred not to see the dilution, but I am willing to give Sandstorm a pass here if this is the last of the dilution, and I believe it's opened up an incredible opportunity to accumulate the stock. The Current Setup There's no question that it's been a busy year for Sandstorm and certainly a painful one from a dilution standpoint, with Sandstorm's share count increasing materially to ~299 million shares outstanding. However, this wasn't for naught, with Sandstorm adding royalties/streams on multiple world-class assets to its portfolio, including the monstrous future Platreef Mine which could deliver ~12,000 GEOs per annum by the end of 2028, the Caserones Mine in Chile, which provides exposure to copper from a long-life asset, the Robertson Mine which will be operated by the two largest gold producers (Nevada Gold Mines LLC), Antamina, which is a top-5 copper mine globally with a silver stream, and a sizeable stream on Greenstone, one of Canada's largest future gold mines which will start contributing in 2024 (~400,000 ounces per annum). Platreef PGM Mine (Ivanhoe Presentation) After the recent share dilution left a bad taste in investors' mouths, many are laser-focused on the negative without the ability to look at the positives more calmly, and these positives couldn't be more significant. Sandstorm has truly transformed its royalty/streaming portfolio to one with lowest-quartile mines even when stacked up against its largest peers, industry-leading diversification, and a growth profile (+80,000 GEOs over the next five years) that some junior royalty/streaming companies would kill to have. Most importantly, the bad news is now in the rear-view mirror; the company is up against easier year-over-year comps as it laps a period of weak gold, silver, and copper prices, and it's secured this growth at an attractive price in a competitive market where securing this in the future won't be as easy. The result is that Sandstorm has an industry-leading growth profile with the potential to increase production by 85% over the next three years. Plus, it will see a significant improvement from a diversification standpoint, with the majority of its attributable GEOs coming from six assets (those contributing 1,000+ GEOs per quarter) to eight assets currently and twelve assets by 2025 (Greenstone, Blyvoor, Platreef, Robertson, Hod Maden, and Aurizona) and with much stronger partners, offset by Relief Canyon and Mercedes which will be winding down. So, I see this setup as quite similar to where Royal Gold was over a decade ago, having just completed three major deals and one smaller deal, including a stream on Mt. Milligan, the plan of arrangement with IRC (acquired for cash and shares), a gold royalty on Andacollo, and an added royalty on Pascua Lama.Seeking Alpha • Nov 07
Sandstorm Gold net income of C$31.7M, revenue of C$39M
Sandstorm Gold press release (NYSE:SAND): Q3 net income of C$31.7M. Revenue of C$39M (+41.3% Y/Y). Record attributable gold equivalent ounces1 of 22,606 ounces (Q3 2021—15,514 ounces). Cash flows from operating activities, excluding changes in non-cash working capital1 of $31.3 million (Q3 2021—$20.8 million); Average cash cost per attributable gold equivalent ounce1 of $323 resulting in cash operating margins1 of $1,383 per ounce (Q3 2021—$238 per ounce and $1,541 per ounce respectively). Outlook: Based on the Company's existing streams and royalties, attributable gold equivalent ounces for 2022 are forecast to be between 80,000 and 85,000 ounces. The Company is forecasting attributable gold equivalent production to be over 150,000 ounces in 2025.Seeking Alpha • Oct 08
Sandstorm Gold: Record Gold Equivalent Production In Q3
Summary Sandstorm Gold indicated preliminary revenues of $38.9 million for the three months ended September 30, 2022, compared with $27.6 million for the comparable period in 2021. Sandstorm Gold Royalties reported that it sold approximately 22,600 attributable gold equivalent ounces in 3Q22. I recommend buying SAND at or below $4.85 with possible lower support at $4.35. Introduction Vancouver-based Sandstorm Gold (SAND) released its preliminary 3Q22 production results on October 6, 2022. Note: This article updates my previous article on Sandstorm Gold, published on August 15, 2022. I have been following SAND's quarterly results since 2015. 1 - 3Q22 Production and preliminary revenues. Sandstorm Gold Royalties reported that it sold approximately 22,600 attributable gold equivalent ounces and realized preliminary revenue of $38.9 million for 3Q22, representing a record for the Company. The preliminary cost of sales, excluding depletion for the three months, was $7.3 million, resulting in cash operating margins of approximately $1,383 per attributable gold equivalent ounce. Sandstorm's 2022 production guidance has been raised by approximately 22% from 65K-70K gold equivalent ounces GEO to 80K-85K GEO and increased long-term production guidance by 55% from 100K GEO to 155K GEO in 2025. The Company's Gold price for the 3Q22 was $1,706. 2 - Stock Performance Sandstorm Gold is still one of the worst performers in this segment and is down 15% on a one-year basis. Data by YCharts 3 - Investment Thesis SAND is an excellent trading tool, but I am not confident enough to consider the stock a proper long-term investment like Franco-Nevada (FNV), Royal Gold (RGLD), or Wheaton Precious Metals (WPM). To illustrate my lack of confidence, on September 27, 2022, Sandstorm Gold launched a bought deal financing for 15.7 million common shares at $5.10/share. Furthermore, the Company granted the underwriters an option to buy up to an additional 15% of the offering to cover any over-allotments. Sandstorm said it plans to use the net proceeds for future acquisitions of streams and royalties, the repayment of amounts drawn under its revolving credit facility, and other general working capital purposes. Many shareholders have considered this decision a slap in the face and a blatant waste of cash. Since 2018, the Company has repurchased about 19 million shares over the past several years at an often higher price than negotiated here. The last shares bought in 2021 were at $6.25 per share. Furthermore, the recent merger with Nomad and the acquisition of nine royalties plus one stream from BaseCore Metals LP announced last quarter would increase the outstanding shares from 194.8 million in 1Q22 to probably well over 300 million shares, including the bought deal. SAND shares outstanding (Fun Trading) This obsession with growing bigger faster is hurting the Company's shareholders, despite the recent decision to pay a small quarterly dividend of C$0.02. Thus, one great strategy I often recommend in this sector, especially for SAND, is trading LIFO about 50%-70% of your total position and keeping a core long-term position for a much higher payday down the road. Doing so allows you to take advantage of the short-term volatility while positioning for a possible future uptrend. Gold Production And Balance Sheet Details 1 - Quarterly Revenues and Trends - Preliminary Revenues were $38.9 million in 3Q22 SAND Quarterly Revenues History (Fun Trading) Sandstorm Gold indicated preliminary revenues of $38.9 million for the three months ended September 30, 2022, compared with $27.6 million for the comparable period in 2021. The estimated cash costs per attributable ounce have increased this quarter to about $323 after applying a cash operating margin of $1,383 per ounce indicated by SAND. The gold price realized by Sandstorm Gold is $1,706 per ounce. SAND Quarterly Gold price history (Fun Trading) 2 - Gold production details SAND Quarterly gold equivalent history (Fun Trading) Attributable gold equivalent ounces sold for the quarter that ended September 30, 2022, were a record 22,600 ounces, compared with 15,514 ounces for the comparable period in 2021. It was a new production record, as shown in the chart above.이익 및 매출 성장 예측
| 날짜 | 매출 | 이익 | 자유현금흐름 | 영업현금흐름 | 평균 애널리스트 수 |
|---|---|---|---|---|---|
| 12/31/2027 | 252 | 114 | 114 | 185 | 2 |
| 12/31/2026 | 243 | 101 | 184 | 183 | 3 |
| 12/31/2025 | 214 | 64 | 150 | 150 | 1 |
| 6/30/2025 | 194 | 34 | 143 | 148 | N/A |
| 3/31/2025 | 184 | 29 | 134 | 144 | N/A |
| 12/31/2024 | 176 | 14 | 122 | 135 | N/A |
| 9/30/2024 | 173 | 35 | 122 | 138 | N/A |
| 6/30/2024 | 170 | 30 | 123 | 137 | N/A |
| 3/31/2024 | 178 | 22 | 124 | 145 | N/A |
| 12/31/2023 | 180 | 42 | 132 | 153 | N/A |
| 9/30/2023 | 174 | 15 | 34 | 140 | N/A |
| 6/30/2023 | 171 | 47 | -459 | 133 | N/A |
| 3/31/2023 | 157 | 85 | -497 | 124 | N/A |
| 12/31/2022 | 149 | 78 | -514 | 107 | N/A |
| 9/30/2022 | 140 | 88 | -455 | 100 | N/A |
| 6/30/2022 | 129 | 63 | 18 | 93 | N/A |
| 3/31/2022 | 119 | 32 | -76 | 80 | N/A |
| 12/31/2021 | 115 | 28 | -72 | 81 | N/A |
| 9/30/2021 | 115 | 31 | -52 | 81 | N/A |
| 6/30/2021 | 110 | 31 | -43 | 82 | N/A |
| 3/31/2021 | 103 | 29 | 70 | 74 | N/A |
| 12/31/2020 | 93 | 14 | 62 | 66 | N/A |
| 9/30/2020 | 87 | 9 | 45 | 61 | N/A |
| 6/30/2020 | 90 | 8 | 31 | 58 | N/A |
| 3/31/2020 | 93 | 4 | 31 | 59 | N/A |
| 12/31/2019 | 89 | 16 | -4 | 57 | N/A |
| 9/30/2019 | 83 | 14 | 8 | 53 | N/A |
| 6/30/2019 | 74 | 10 | 15 | 50 | N/A |
| 3/31/2019 | 72 | 8 | N/A | 50 | N/A |
| 12/31/2018 | 73 | 6 | N/A | 48 | N/A |
| 9/30/2018 | 71 | 4 | N/A | 47 | N/A |
| 6/30/2018 | 72 | 7 | N/A | 47 | N/A |
| 3/31/2018 | 69 | 4 | N/A | 44 | N/A |
| 12/31/2017 | 68 | 11 | N/A | 45 | N/A |
| 9/30/2017 | 69 | 10 | N/A | 45 | N/A |
| 6/30/2017 | 68 | 12 | N/A | 43 | N/A |
| 3/31/2017 | 68 | 19 | N/A | 41 | N/A |
| 12/31/2016 | 62 | 25 | N/A | 39 | N/A |
| 9/30/2016 | 56 | 0 | N/A | 34 | N/A |
| 6/30/2016 | 51 | -12 | N/A | 32 | N/A |
| 3/31/2016 | 51 | -31 | N/A | 32 | N/A |
| 12/31/2015 | 53 | -43 | N/A | 31 | N/A |
| 9/30/2015 | 55 | -15 | N/A | 35 | N/A |
| 6/30/2015 | 59 | -8 | N/A | 36 | N/A |
| 3/31/2015 | 56 | 9 | N/A | 36 | N/A |
| 12/31/2014 | 56 | 12 | N/A | 35 | N/A |
애널리스트 향후 성장 전망
수입 대 저축률: SAND 의 연간 예상 수익 증가율(20.6%)이 saving rate(3.1%)보다 높습니다.
수익 vs 시장: SAND 의 연간 수익(20.6%)이 US 시장(16.7%)보다 빠르게 성장할 것으로 예상됩니다.
고성장 수익: SAND 의 수입은 향후 3년 동안 상당히 증가할 것으로 예상됩니다.
수익 대 시장: SAND 의 수익(연간 7%)이 US 시장(연간 11.7%)보다 느리게 성장할 것으로 예상됩니다.
고성장 매출: SAND 의 수익(연간 7%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.
주당순이익 성장 예측
향후 자기자본이익률
미래 ROE: SAND의 자본 수익률은 3년 후 6.2%로 낮을 것으로 예상됩니다.
성장 기업 찾아보기
기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2025/10/20 21:23 |
| 종가 | 2025/10/17 00:00 |
| 수익 | 2025/06/30 |
| 연간 수익 | 2024/12/31 |
데이터 소스
당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
| |
| 분석가 컨센서스 추정치 | +3년 |
|
|
| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
| |
| 경영진 | 10년 |
| |
| 주요 개발 | 10년 |
|
* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.
분석 모델 및 스노우플레이크
이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.
Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.
산업 및 섹터 지표
산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.
분석가 소스
Sandstorm Gold Ltd.는 6명의 분석가가 다루고 있습니다. 이 중 3명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
| 분석가 | 기관 |
|---|---|
| Heiko Ihle | Alliance Global Partners |
| Nicolas Dion | ATB Cormark Historical (Cormark Securities) |
| null null | ATB Cormark Historical (Cormark Securities) |