On opening the house Excel file on Sandstorm (SAND) (SSL.to) this morning as the company’s 4q22 sales NR dropped, your humble scribe was reminded how long he’d been been following this company. So let’s go with a couple of longview charts today and, when you add in today’s 21,800 AuEq sales to the rest of the top line sales data, it looks like a reasonable evolution at first sight:
But only at first sight. When you start plugging in the valuations data, the lack of incremental gains in the company quickly becomes apparent. The understandable dip from the Covid crisis notwithstanding, there’s been no improvement on a per-share basis and no reason to pay up to own this stock:
Which goes a long way to explaining just why SAND has lagged its peers over the long-term. And with the recent corporate moves from Watson, Awram and their hangers-on all about feathering executive nests over rewarding the people who pay their salaries, there’s nothing here to indicate SAND’s decadent trend is about to revert. There’s no point in capitalism if it doesn’t add value.
SAND: Easily avoided, a stock recommended by people who don’t understand basic math.