Sandstorm Gold / SSL,SAND (TSX,USC)

    Moin moin,


    Sandstorm hat einen Ausblick auf die nächsten Jahre veröffentlicht.

    Hod Maden ist ein Kupfer/Goldprojekt in der Türkei, an dem SSL mit 30% beteiligt ist. Der Bau der Mine belastet ihren Cash Flow nur wenig, steht irgendwo in dem Bericht. Wer die anderen 70% hält weiß ich nicht.


    Mal schauen, wie der Kurs auf die Nachrichten reagiert. Ca. 20% Prozent Wachstum bei unverändertem Goldpreis von 2018 auf 2019 sind erfreulich. :thumbup:



    LG Vatapitta

    Gold Mining Bull


    Top Gold Stocks For 2019


    Auszug


    "
    Sandstorm Gold (SAND) is one gold stock that made my top 10 list this year. It made the list this year for a few main reasons.
    First, Sandstorm Gold's board of directors has approved a massive share buyback program, which I think will provide strong support for its shares and help it outperform peers.
    The company recently announced that its board has approved the purchase of up to 18.3 million of its common shares between now and the end of 2019, which is 10% of its share count. Sandstorm intends to complete the entire buyback, too. The company believes it will cost between C$70 - C$85 million to complete the full buyback, which is money well spent if its stock price continues to trade at depressed levels.
    I'm a big fan of share buybacks, but only when the stock is undervalued, which happens to be the case with Sandstorm. Currently, it trades at an EV/EBITDA just above 10X, and looking out to 2023, the stock carries at EV/EBITDA of 5X, which is well below its peers. The market is not giving the company credit for its future growth, as production is likely to double by 2022.


    Sandstorm Gold will also benefit from growth in 2019, now that Yamana's Cerro Moro mine is up-and-running. Sandstorm will begin to purchase silver ounces from Cerro Moro in January 2019; the company has a stream to buy 20% of the silver at 30% the spot price, up to a max of 1.2 million ounces annually until 7 million ounces have been delivered (then 9% thereafter).
    I also expect positive updates from its 30% owned Hod Maden mine. For 2019, I expect to see positive new exploration results, as well as a completed feasibility study. Sandstorm's attributable annual average production is estimated to be 80,000 gold equivalent ounces when this mine gets to production by 2022.
    Sandstorm also recently increased its revolving credit facility to $225 million. It costs the company a standby fee of .45% - .675% per year for the undrawn portion (costing $1 - $1.5 million), so I'm inclined to believe that it will use some of the facility to complete new streaming and royalty acquisitions in 2019.


    Combined with approximately $10 million cash on hand, $53 million in debt and equity investments, $60+ million in operating cash flow expected for 2019, and the $225 million undrawn revolver, I think Sandstorm is in excellent financial shape entering the new year. The stock is a core holding of mine and I may look to add to my position on dips."

    • Offizieller Beitrag

    Sandstorm nimmt wieder Anlauf:......


    Grüsse
    Edel

    • Offizieller Beitrag

    Der Chart sprach mich an, bin derzeit nicht in SAND investiert. Sandstorm ist m.E.gut aufgestellt. Hier ein aktuelles Update :


    https://seekingalpha.com/artic…anyon-royalty-acquisition


    Grüsse
    Edel


    [Blockierte Grafik: https://static.seekingalpha.com/uploads/2019/4/4/48301605-1554377570654093.png]


    "Die Märkte haben nie unrecht, die Menschen oft." Jesse Livermore, 20.Jh.

    "Die Demokratie ist das Paradies der Schreier und Schwätzer, Phraseure, Schmeichler und Schmarotzer, die jedem sachlichen Talent weit mehr den Weg verlegen, als dies in einer anderen Verfassungsform vorkommt." E.von Hartmann

    Dieser Beitrag ist eine persönliche Meinung gem. Art.5 Abs.1 GG und Urteil des BVG 1 BvR 1384/16

    Gefällt mir 1

    Auszug

    FIRST QUARTER HIGHLIGHTS

    • Attributable gold equivalent ounces sold1 of 14,071 ounces (Q1 2018 – 14,685 ounces);
    • Revenue of $18.2 million (Q1 2018 – $19.5 million);
    • Cash flows from operating activities, excluding changes in non-cash working capital1 of $12.1 million (Q1 2018 – $13.4 million);
    • Average cash cost per attributable gold equivalent ounce1 of $241 resulting in cash operating margins1 of $1,050 per ounce (Q1 2018 – $276 per ounce and $1,050 per ounce respectively);
    • Net income of $2.5 million (Q1 2018 – $0.4 million).

    Der Ausblick erscheint mir wichtiger:



    OUTLOOK
    Based on the Company’s existing royalties, attributable gold equivalent ounces sold for 2019 is forecasted to be between 63,000 and 70,000 ounces. The Company is forecasting attributable gold equivalent production of over 140,000 ounces in 2023.In early April, Sandstorm received its first silver delivery from Cerro Moro under the Yamana silver stream agreement. This delivery, which amounted to 300,000 silver ounces, represented the maximum quarterly amount under the stream agreement. Cerro Moro is expected to produce 6.0 million silver ounces in 2019.

    Moin moin,


    es gibt einen neuen Ausblick auf die Entwicklung der kommenden Jahre bei Sandstorm von Seeking Alpha:


    "The intrinsic value of the company is in the future. I will break down the upcoming producing assets.
    I estimate that Sandstorm will receive cash flow from five new producing assets during 2019, up to six new assets for 2020 and up to seven for 2021 and 2022.
    I think that the market is not correctly pricing the upcoming cash flow from these assets, which I will try to break down whenever is possible.
    The company is targeting to acquire near-term producing assets. Sandstorm could increase its NAV by using its available liquidity of $258 million.
    In this article I will focus on the assets that will provide new sources of cash flows for Sandstorm Gold (NYSEMKT:SAND).
    Most of the sell-side analysts are covering tens of companies and they don't have enough time to analyze asset by asset. They will probably use the company's guidance as a reference, and - maybe - they put some numbers to the immediate cash-flowing assets or just to the more material assets.
    I think that analyzing asset by asset is worth the time and effort. The value of any company is really in the future, not today or in the upcoming two or three quarters.
    That is why I think that we may have an advantage versus the 'consensus' if we dig deep enough into the assets.
    I will justify why I think that the market is mispricing Sandstorm. ....."


    Es folgt eine umfassende Aufzählung der Projekte in der Pipeline.



    LG Vatapitta

    Kauf Sandstorm, die Zahlen für das 3.Quartal waren sehr gut. Ich wollte den Rücksetzer abwarten.


    Auszug vom 30.10.2019


    Sandstorm Gold Royalties Announces Record 2019 Third Quarter Results

    • Record attributable gold equivalent ounces sold1 of 17,289 ounces (Q3 2018: 14,314 ounces);
    • Record revenue of $25.8 million (Q3 2018: $17.3 million);
    • Record cash flows from operating activities, excluding changes in non-cash working capital1 of $18.2 million (Q3 2018: $11.7 million);
    • Average cash cost per attributable gold equivalent ounce1 of $288 resulting in cash operating margins1 of $1,203 per ounce (Q3 2018: $248 per ounce and $960 per ounce respectively);
    • Net income of $6.2 million (Q3 2018: $2.1 million);"


    Tageschart


    Ups, eben im falschen Thread gepostet, daher hier noch mal:
    Sandstorm berichtet vorläufige Ergebnisse für das vierte Quartal.


    (in Klammern die Ergebnisse, die ich mir für Q3 notiert habe);


    Umsatz $24 Mio ($25,8 Mio)
    Verkaufte Unzen: 16.100 (17.289)
    Jahresproduktion: 63.800 oz (Guidance noch im Q3: 63.000-70.000 - buh!)


    Keine Überraschung nach oben aber auch nicht wirklich schlecht; das dürfte so eingepreist sein.
    An der Kommunikation ihrer Guidance müssen sie noch arbeiten; auch die 2018er Guidance wurde letztendlich nur in der unteren Hälfte getroffen.


    Falls sie in den nächsten Tagen zurück kommen, wäre ich an einem Zukauf interessiert.

    Der Cash Flow ist deutlich gestiegen.


    Vom 13.2.
    Sandstorm Gold Royalties Announces Record 2019 Annual Results and Uplisting to the New York Stock Exchange


    Auszug

    FOURTH QUARTER HIGHLIGHTS

    • Attributable gold equivalent ounces sold1 of 16,113 ounces (Q4 2018 — 14,182 ounces);
    • Revenue of $24.0 million (Q4 2018 — $17.5 million);
    • Cash flows from operating activities, excluding changes in non-cash working capital1 of $15.2 million (Q4 2018 — $11.2 million);
    • Net income of $5.3 million (Q4 2018 — $2.7 million);
    • Credit Facility Amendment: The Company’s revolving credit facility was amended allowing the Company to borrow up to $225 million with an additional uncommitted accordion of up to $75 million, for a total facility of up to $300 million for acquisitions and general corporate purposes. The tenure of the facility is four years and is extendable by mutual consent of Sandstorm and the banking syndicate.

    FULL YEAR HIGHLIGHTS

    • Record attributable gold equivalent ounces sold1 of 63,829 ounces (FY 2018 — 57,646 ounces);
    • Record revenue of $89.4 million (FY 2018 — $73.2 million);
    • Average cash cost per attributable gold equivalent ounce of $286 resulting in cash operating margins1 of $1,115 per ounce (FY 2018 — $278 per ounce and $991 per ounce respectively);
    • Record cash flows from operating activities, excluding changes in non-cash working capital1 of $60.7 million (FY 2018 — $49.1 million);
    • Net income of $16.4 million (FY 2018 — $5.9 million);
    • Significant acquisitions with near term cash flow, strong counterparties, and significant exploration upside:.....

    ...
    OUTLOOK
    Based on the Company’s existing royalties, attributable gold equivalent ounces sold for 2020 is forecast to be between 60,000 and 70,000 ounces. The Company is forecasting attributable gold equivalent production of 125,000 ounces in 2024.



    ****
    EV/EBITDA Vergleich aus der Präsentation Januar 2020 S.15


    SAND mit Quartalszahlen.


    Einige Zahlen daraus mit dem Vorquartal in Klammern:


    Umsatz: $21,3 Mio ($24 Mio)
    Nettoverlust: -$10,3 Mio ($5,3 Mio)
    Op. cash flow: $14,4 Mio ($15,2 Mio)
    Produktion: 13.393 oz (16.100 oz)


    Der Verlust kommt durch Abschreibungen (non-cash) zustande:
    - 8.9 Mio für Diamanten-Stream abgeschrieben
    - 5.9 Mio Wertminderung für USAS Wandel-Anleihen abgeschrieben


    Desweiteren hat man sich genehmigen lassen, bis $140 Mio an neuen Aktien auszugeben, falls man Geld für Zukäufe benötigt. Konkrete Pläne dazu gibt es nicht. Sollte man neue Aktien ausgeben, wird der Aktienrückkauf für diese Zeit gestoppt.


    Sieht für mich danach aus, als ob sie momentan in einer Wachstumsdelle stecken und ein wenig hilflos darüber sind. Ich bleibe mit einer kleinen langfristigen Position dabei und konzentriere mich ansonsten auf andere Sachen.

    Zitat von Buche

    Der Verlust kommt durch Abschreibungen (non-cash) zustande:
    - 8.9 Mio für Diamanten-Stream abgeschrieben
    - 5.9 Mio Wertminderung für USAS Wandel-Anleihen abgeschrieben

    Was sind das für Manager, die so viel Geld vernichten. Das Vertrauen ist nicht mehr vorhanden.
    Die Aktie streiche ich auch von der Beobachtungsliste.

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