 Sandstorm Gold is one of the worst-performing royaltystreaming names year-to-date, down 16 vs. a year-to-date gain for Franco-Nevada, Maverix, and Osisko Gold Royalties. While this lag vs. peers is partially justified due to the underperformance we often see for suitors following major deals exacerbated by dilution, the stocks current valuation makes little sense. 