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    Kelvin Lee

    Vice President and Equity Research Analyst at Scotiabank

    Kelvin Lee is a Vice President and Equity Research Analyst at Scotiabank, providing in-depth coverage of key companies within the Canadian financials and insurance sectors. Known for his analytical expertise, he has covered major firms such as Manulife, Sun Life, and Great-West Lifeco, consistently offering actionable research for institutional investors with a track record recognized by industry clients. Beginning his finance career in the early 2010s, Kelvin advanced through equity research roles at national banks before joining Scotiabank, where he continues to deliver performance-driven insights. He holds relevant securities certifications and is registered with regulatory bodies, underscoring his commitment to professional excellence and ethical standards.

    Kelvin Lee's questions to SANDSTORM GOLD (SAND) leadership

    Kelvin Lee's questions to SANDSTORM GOLD (SAND) leadership • Q2 2024

    Question

    Inquired about long-term debt targets beyond 2024, the typical M&A deal size, the strategic focus for acquisitions (cash-flowing vs. optionality), and the expected continuation of the share buyback program.

    Answer

    The company plans to pay down debt as low as possible to prepare for future growth. Current M&A targets are under $100 million, with a focus on cash-flowing or near-term production assets, while also seeking small, early-stage royalty deals. The share buyback plan of ~10,000 shares per day is expected to continue, though they reserve the right to adjust based on market conditions, with the primary focus remaining on debt reduction.

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    Kelvin Lee's questions to SANDSTORM GOLD (SAND) leadership • Q2 2024

    Question

    Kelvin Lee of Scotiabank asked about long-term debt reduction targets beyond 2024, the typical deal size for M&A, the strategic focus between cash-flowing and development assets, and whether the current pace of share buybacks would continue.

    Answer

    Executive Nolan Watson stated the goal is to lower debt as much as possible to fund future growth from a position of strength. CFO Erfan Kazemi-Esfahani confirmed the current M&A focus is on deals under $100 million. Nolan Watson added that material deals must be cash-flowing or near-term, while the company also seeks small, early-stage royalty opportunities. He confirmed the plan is to continue the current buyback pace but reserves the right to be opportunistic.

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