Intrinsic value of Sandstorm Gold Ltd. - SSL

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$4.73

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$4.73

 
Intrinsic value

$1.12

 
Up/down potential

-76%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of SSL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  18.31
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  84
  134
  208
  311
  451
  636
  874
  1,173
  1,540
  1,982
  2,503
  3,109
  3,801
  4,581
  5,451
  6,409
  7,455
  8,588
  9,805
  11,105
  12,485
  13,944
  15,480
  17,093
  18,780
  20,543
  22,382
  24,296
  26,288
  28,359
  30,512
Variable operating expenses, $m
 
  221
  341
  510
  740
  1,044
  1,436
  1,927
  2,531
  3,256
  4,113
  5,108
  6,245
  7,527
  8,955
  10,530
  12,249
  14,110
  16,109
  18,245
  20,512
  22,910
  25,434
  28,083
  30,856
  33,753
  36,773
  39,919
  43,191
  46,594
  50,131
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  44
  221
  341
  510
  740
  1,044
  1,436
  1,927
  2,531
  3,256
  4,113
  5,108
  6,245
  7,527
  8,955
  10,530
  12,249
  14,110
  16,109
  18,245
  20,512
  22,910
  25,434
  28,083
  30,856
  33,753
  36,773
  39,919
  43,191
  46,594
  50,131
Operating income, $m
  40
  -86
  -134
  -200
  -290
  -409
  -562
  -754
  -990
  -1,274
  -1,610
  -1,999
  -2,444
  -2,946
  -3,505
  -4,121
  -4,794
  -5,522
  -6,305
  -7,140
  -8,028
  -8,966
  -9,954
  -10,991
  -12,076
  -13,209
  -14,391
  -15,622
  -16,903
  -18,235
  -19,619
EBITDA, $m
  78
  -25
  -39
  -59
  -85
  -120
  -166
  -222
  -292
  -375
  -474
  -589
  -720
  -868
  -1,032
  -1,214
  -1,412
  -1,627
  -1,857
  -2,103
  -2,365
  -2,641
  -2,932
  -3,238
  -3,557
  -3,891
  -4,239
  -4,602
  -4,979
  -5,372
  -5,779
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  4
  5
  7
  9
  11
  14
  17
  21
  25
  29
  34
  39
  45
  51
  57
  64
  71
  79
  87
  95
  103
  112
  121
  131
Earnings before tax, $m
  40
  -86
  -134
  -200
  -291
  -410
  -564
  -758
  -995
  -1,281
  -1,619
  -2,010
  -2,458
  -2,963
  -3,526
  -4,146
  -4,823
  -5,556
  -6,344
  -7,185
  -8,079
  -9,023
  -10,018
  -11,062
  -12,155
  -13,296
  -14,486
  -15,726
  -17,015
  -18,356
  -19,750
Tax expense, $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  34
  -86
  -134
  -200
  -291
  -410
  -564
  -758
  -995
  -1,281
  -1,619
  -2,010
  -2,458
  -2,963
  -3,526
  -4,146
  -4,823
  -5,556
  -6,344
  -7,185
  -8,079
  -9,023
  -10,018
  -11,062
  -12,155
  -13,296
  -14,486
  -15,726
  -17,015
  -18,356
  -19,750

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  29
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  723
  1,111
  1,716
  2,566
  3,724
  5,254
  7,223
  9,695
  12,730
  16,380
  20,690
  25,692
  31,411
  37,861
  45,047
  52,967
  61,613
  70,973
  81,032
  91,773
  103,180
  115,238
  127,935
  141,261
  155,210
  169,780
  184,973
  200,795
  217,256
  234,372
  252,163
Adjusted assets (=assets-cash), $m
  694
  1,111
  1,716
  2,566
  3,724
  5,254
  7,223
  9,695
  12,730
  16,380
  20,690
  25,692
  31,411
  37,861
  45,047
  52,967
  61,613
  70,973
  81,032
  91,773
  103,180
  115,238
  127,935
  141,261
  155,210
  169,780
  184,973
  200,795
  217,256
  234,372
  252,163
Revenue / Adjusted assets
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
Average production assets, $m
  553
  884
  1,366
  2,042
  2,963
  4,181
  5,748
  7,715
  10,131
  13,036
  16,465
  20,446
  24,997
  30,130
  35,849
  42,152
  49,033
  56,482
  64,487
  73,034
  82,112
  91,709
  101,813
  112,418
  123,519
  135,114
  147,204
  159,796
  172,896
  186,518
  200,675
Working capital, $m
  32
  5
  7
  11
  16
  23
  31
  42
  55
  71
  90
  112
  137
  165
  196
  231
  268
  309
  353
  400
  449
  502
  557
  615
  676
  740
  806
  875
  946
  1,021
  1,098
Total debt, $m
  0
  7
  16
  30
  49
  73
  105
  144
  193
  251
  320
  400
  492
  595
  710
  836
  975
  1,125
  1,286
  1,457
  1,640
  1,833
  2,036
  2,249
  2,472
  2,705
  2,949
  3,202
  3,465
  3,739
  4,024
Total liabilities, $m
  10
  18
  27
  41
  60
  84
  116
  155
  204
  262
  331
  411
  503
  606
  721
  847
  986
  1,136
  1,297
  1,468
  1,651
  1,844
  2,047
  2,260
  2,483
  2,716
  2,960
  3,213
  3,476
  3,750
  4,035
Total equity, $m
  712
  1,093
  1,689
  2,525
  3,664
  5,170
  7,107
  9,540
  12,526
  16,118
  20,359
  25,281
  30,908
  37,255
  44,326
  52,119
  60,627
  69,838
  79,735
  90,304
  101,529
  113,394
  125,888
  139,001
  152,727
  167,064
  182,013
  197,582
  213,780
  230,623
  248,128
Total liabilities and equity, $m
  722
  1,111
  1,716
  2,566
  3,724
  5,254
  7,223
  9,695
  12,730
  16,380
  20,690
  25,692
  31,411
  37,861
  45,047
  52,966
  61,613
  70,974
  81,032
  91,772
  103,180
  115,238
  127,935
  141,261
  155,210
  169,780
  184,973
  200,795
  217,256
  234,373
  252,163
Debt-to-equity ratio
  0.000
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
Adjusted equity ratio
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  34
  -86
  -134
  -200
  -291
  -410
  -564
  -758
  -995
  -1,281
  -1,619
  -2,010
  -2,458
  -2,963
  -3,526
  -4,146
  -4,823
  -5,556
  -6,344
  -7,185
  -8,079
  -9,023
  -10,018
  -11,062
  -12,155
  -13,296
  -14,486
  -15,726
  -17,015
  -18,356
  -19,750
Depreciation, amort., depletion, $m
  38
  61
  94
  141
  204
  288
  396
  532
  699
  899
  1,136
  1,410
  1,724
  2,078
  2,472
  2,907
  3,382
  3,895
  4,447
  5,037
  5,663
  6,325
  7,022
  7,753
  8,519
  9,318
  10,152
  11,020
  11,924
  12,863
  13,840
Funds from operations, $m
  51
  -25
  -40
  -59
  -86
  -122
  -168
  -226
  -297
  -382
  -483
  -600
  -734
  -885
  -1,053
  -1,239
  -1,441
  -1,661
  -1,897
  -2,148
  -2,416
  -2,699
  -2,996
  -3,309
  -3,636
  -3,978
  -4,334
  -4,705
  -5,091
  -5,493
  -5,910
Change in working capital, $m
  -2
  2
  3
  4
  5
  7
  9
  11
  13
  16
  19
  22
  25
  28
  31
  35
  38
  41
  44
  47
  50
  53
  55
  58
  61
  63
  66
  69
  72
  75
  77
Cash from operations, $m
  53
  -35
  -42
  -63
  -91
  -129
  -177
  -237
  -310
  -398
  -502
  -622
  -759
  -913
  -1,085
  -1,273
  -1,479
  -1,702
  -1,940
  -2,195
  -2,465
  -2,751
  -3,052
  -3,367
  -3,697
  -4,041
  -4,400
  -4,774
  -5,163
  -5,567
  -5,988
Maintenance CAPEX, $m
  0
  -38
  -61
  -94
  -141
  -204
  -288
  -396
  -532
  -699
  -899
  -1,136
  -1,410
  -1,724
  -2,078
  -2,472
  -2,907
  -3,382
  -3,895
  -4,447
  -5,037
  -5,663
  -6,325
  -7,022
  -7,753
  -8,519
  -9,318
  -10,152
  -11,020
  -11,924
  -12,863
New CAPEX, $m
  -15
  -331
  -482
  -677
  -921
  -1,218
  -1,567
  -1,967
  -2,415
  -2,905
  -3,429
  -3,981
  -4,551
  -5,133
  -5,719
  -6,303
  -6,881
  -7,449
  -8,005
  -8,548
  -9,078
  -9,596
  -10,104
  -10,605
  -11,101
  -11,595
  -12,091
  -12,591
  -13,100
  -13,621
  -14,158
Cash from investing activities, $m
  5
  -369
  -543
  -771
  -1,062
  -1,422
  -1,855
  -2,363
  -2,947
  -3,604
  -4,328
  -5,117
  -5,961
  -6,857
  -7,797
  -8,775
  -9,788
  -10,831
  -11,900
  -12,995
  -14,115
  -15,259
  -16,429
  -17,627
  -18,854
  -20,114
  -21,409
  -22,743
  -24,120
  -25,545
  -27,021
Free cash flow, $m
  58
  -404
  -585
  -834
  -1,153
  -1,551
  -2,032
  -2,600
  -3,257
  -4,002
  -4,830
  -5,738
  -6,720
  -7,770
  -8,881
  -10,049
  -11,267
  -12,532
  -13,840
  -15,190
  -16,580
  -18,010
  -19,481
  -20,994
  -22,551
  -24,155
  -25,809
  -27,517
  -29,284
  -31,113
  -33,009
Issuance/(repayment) of debt, $m
  -113
  7
  10
  14
  19
  24
  32
  40
  49
  58
  69
  80
  92
  103
  115
  127
  138
  150
  161
  172
  183
  193
  203
  213
  223
  233
  243
  253
  263
  274
  285
Issuance/(repurchase) of shares, $m
  77
  779
  1,171
  1,657
  2,274
  3,032
  3,938
  4,994
  6,195
  7,535
  9,002
  10,580
  12,256
  14,013
  15,837
  17,715
  19,637
  21,592
  23,577
  25,588
  27,622
  29,683
  31,772
  33,893
  36,053
  38,258
  40,516
  42,833
  45,219
  47,681
  50,230
Cash from financing (excl. dividends), $m  
  -36
  786
  1,181
  1,671
  2,293
  3,056
  3,970
  5,034
  6,244
  7,593
  9,071
  10,660
  12,348
  14,116
  15,952
  17,842
  19,775
  21,742
  23,738
  25,760
  27,805
  29,876
  31,975
  34,106
  36,276
  38,491
  40,759
  43,086
  45,482
  47,955
  50,515
Total cash flow (excl. dividends), $m
  22
  -398
  -575
  -820
  -1,135
  -1,526
  -2,000
  -2,561
  -3,209
  -3,943
  -4,761
  -5,658
  -6,629
  -7,667
  -8,766
  -9,922
  -11,129
  -12,382
  -13,680
  -15,018
  -16,398
  -17,817
  -19,278
  -20,780
  -22,327
  -23,922
  -25,566
  -27,264
  -29,021
  -30,839
  -32,724
Retained Cash Flow (-), $m
  -168
  -410
  -596
  -837
  -1,139
  -1,505
  -1,937
  -2,433
  -2,987
  -3,592
  -4,240
  -4,922
  -5,627
  -6,347
  -7,071
  -7,793
  -8,508
  -9,210
  -9,898
  -10,569
  -11,225
  -11,865
  -12,494
  -13,113
  -13,726
  -14,337
  -14,950
  -15,569
  -16,198
  -16,842
  -17,506
Prev. year cash balance distribution, $m
 
  29
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  48.0
  23.8
  12.3
  6.7
  3.7
  2.2
  1.3
  0.8
  0.5
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Sandstorm Gold Ltd., a resource-based company, focuses on acquiring gold and other precious metal purchase agreements and royalties from companies that have advanced stage development projects or operating mines. The company offers upfront payments for companies to acquire a gold stream in return, it receives the right to purchase a percentage of a mine's production for the life of the mine at a fixed price per unit. It has 132 gold streams and net smelter returns royalties. The company was formerly known as Sandstorm Resources Ltd. and changed its name to Sandstorm Gold Ltd. in February 2011. Sandstorm Gold Ltd. was incorporated in 2007 and is headquartered in Vancouver, Canada.

FINANCIAL RATIOS  of  Sandstorm Gold Ltd. (SSL)

Valuation Ratios
P/E Ratio 21.1
Price to Sales 8.6
Price to Book 1
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 18.9
Growth Rates
Sales Growth Rate 18.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -94.9%
Cap. Spend. - 3 Yr. Gr. Rate -31%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. -0.5%
Return On Total Capital 5%
Ret/ On T. Cap. - 3 Yr. Avg. -0.5%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. -0.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 35.7%
Gross Margin - 3 Yr. Avg. 22.6%
EBITDA Margin 92.9%
EBITDA Margin - 3 Yr. Avg. 55.2%
Operating Margin 47.6%
Oper. Margin - 3 Yr. Avg. -1.3%
Pre-Tax Margin 47.6%
Pre-Tax Margin - 3 Yr. Avg. -0%
Net Profit Margin 40.5%
Net Profit Margin - 3 Yr. Avg. -6.7%
Effective Tax Rate 15%
Eff/ Tax Rate - 3 Yr. Avg. -11.4%
Payout Ratio 0%

SSL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SSL stock intrinsic value calculation we used $84 million for the last fiscal year's total revenue generated by Sandstorm Gold Ltd.. The default revenue input number comes from 2016 income statement of Sandstorm Gold Ltd.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SSL stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SSL is calculated based on our internal credit rating of Sandstorm Gold Ltd., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Sandstorm Gold Ltd..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SSL stock the variable cost ratio is equal to 164.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SSL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Sandstorm Gold Ltd..

Corporate tax rate of 27% is the nominal tax rate for Sandstorm Gold Ltd.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SSL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SSL are equal to 657.7%.

Life of production assets of 14.5 years is the average useful life of capital assets used in Sandstorm Gold Ltd. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SSL is equal to 3.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $712 million for Sandstorm Gold Ltd. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 158.626 million for Sandstorm Gold Ltd. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Sandstorm Gold Ltd. at the current share price and the inputted number of shares is $0.8 billion.


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Stock chart of SSL Financial statements of SSL
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