Sandstorm Gold (NYSEMKT:SAND) is not a typical streaming/royalty company. Apart from running a portfolio of streams and royalties, the company also holds a few equity stakes in mining companies. As a result, it is a little bit hard to value the company's shares. In this article, using a simple valuation model, I would like to show that Sandstorm's shares are undervalued now.
Introduction
As I noted above, Sandstorm holds two main asset classes:
Streaming/royalty portfolio Equity portfolioThe first class may be valued using the discount cash flow model. In its financial reports, the company discloses all relevant conditions at which it had entered each stream and royalty agreement as for example: duration, price at which the metals are to be acquired, the amount of metals under agreement, etc.
Having this data, I can easily find the discounted value of each stream and royalty.
As for equities, I have focused on three main equity stakes held by the company. To find their value, I am using two methods:
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- [By ]
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