NSR - Nomad Royalty: Where Growth Meets Value

• Nomad Royalty released its Q4 and FY2021 results last month, reporting a 10% increase in annual gold-equivalent ounce sales, and a 2% increase in revenue year-over-year.
• This growth was despite the fact that Blyvoor saw a slower ramp-up than planned and had to lap no production from Woodlawn, helped by the addition of its Caserones royalty.
• While FY2021 sales growth came in below that of other royalty/streaming peers, the company's future growth is unrivaled, and Nomad trades at a dirt-cheap valuation when factoring in this growth.
• I see Nomad Royalty as a Strong Buy at current levels, and if we see further weakness, I would continue to build my position in the stock.

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