DDM Analysis: SAND

Valuation Snapshot

Stable Growth	$1.85 - $3.53	$2.53
Multi-Stage	$1.47 - $1.60	$1.54
Blended Fair Value	$2.03
Current Price	$9.40
Upside	-78.38%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.06	0.06	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-1.28%	35.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.77%	1.13%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34.42
(-) Cash Dividends Paid (M)	16.99
(=) Cash Retained (M)	17.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.88	4.30	2.58
Cash Retained (M)	17.43	17.43	17.43
(-) Cash Required (M)	-6.88	-4.30	-2.58
(=) Excess Retained (M)	10.55	13.13	14.85
(/) Shares Outstanding (M)	300.00	300.00	300.00
(=) Excess Retained per Share	0.04	0.04	0.05
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.04	0.04	0.05
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	10.73%	10.73%	10.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1.85	$2.53	$3.53
Upside / Downside	-80.31%	-73.12%	-62.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34.42	36.66	39.04	41.58	44.29	47.16	48.58
Payout Ratio	49.36%	57.49%	65.61%	73.74%	81.87%	90.00%	92.50%
Projected Dividends (M)	16.99	21.08	25.62	30.66	36.26	42.45	44.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.73%	10.73%	10.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	18.85	19.03	19.21
Year 2 PV (M)	20.50	20.89	21.29
Year 3 PV (M)	21.95	22.58	23.23
Year 4 PV (M)	23.22	24.12	25.03
Year 5 PV (M)	24.32	25.50	26.72
PV of Terminal Value (M)	333.02	349.11	365.81
Equity Value (M)	441.88	461.23	481.28
Shares Outstanding (M)	300.00	300.00	300.00
Fair Value	$1.47	$1.54	$1.60
Upside / Downside	-84.33%	-83.64%	-82.93%

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Sandstorm Gold Ltd. (SAND)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener