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Avesoro Resources

TSX:ASO
Snowflake Description

Reasonable growth potential and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ASO
TSX
CA$211M
Market Cap
  1. Home
  2. CA
  3. Materials
Company description

Avesoro Resources Inc. explores for, develops, and operates gold assets in West Africa. The last earnings update was 5 days ago. More info.


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ASO Share Price and Events
7 Day Returns
-1.9%
TSX:ASO
0.1%
CA Metals and Mining
0.7%
CA Market
1 Year Returns
-35.3%
TSX:ASO
-7.9%
CA Metals and Mining
-0.1%
CA Market
ASO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Avesoro Resources (ASO) -1.9% -0.4% 7.5% -35.3% -80.1% -95.5%
CA Metals and Mining 0.1% 1.5% 10.1% -7.9% 5.7% -23.5%
CA Market 0.7% 1.6% 11.5% -0.1% 15.4% 5%
1 Year Return vs Industry and Market
  • ASO underperformed the Metals and Mining industry which returned -7.9% over the past year.
  • ASO underperformed the Market in Canada which returned -0.1% over the past year.
Price Volatility
ASO
Industry
5yr Volatility vs Market

ASO Value

 Is Avesoro Resources undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Avesoro Resources to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Avesoro Resources.

TSX:ASO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.3%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:ASO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.17
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.17 (1 + (1- 26.5%) (80.24%))
1.576
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.58
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.576 * 5.96%)
11.34%

Discounted Cash Flow Calculation for TSX:ASO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Avesoro Resources is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:ASO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 11.34%)
2019 25.35 Analyst x2 22.77
2020 70.00 Analyst x3 56.47
2021 72.00 Analyst x1 52.16
2022 70.00 Analyst x1 45.55
2023 69.03 Est @ -1.39% 40.34
2024 68.76 Est @ -0.39% 36.09
2025 68.97 Est @ 0.31% 32.52
2026 69.53 Est @ 0.8% 29.44
2027 70.32 Est @ 1.15% 26.74
2028 71.30 Est @ 1.39% 24.35
Present value of next 10 years cash flows $366.42
TSX:ASO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $71.30 × (1 + 1.95%) ÷ (11.34% – 1.95%)
$773.72
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $773.72 ÷ (1 + 11.34%)10
$264.24
TSX:ASO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $366.42 + $264.24
$630.66
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $630.66 / 81.58
$7.73
TSX:ASO Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:ASO)
1.334
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $7.73 x 1.334
CA$10.32
Value per share (CAD) From above. CA$10.32
Current discount Discount to share price of CA$2.59
= -1 x (CA$2.59 - CA$10.32) / CA$10.32
74.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Avesoro Resources is available for.
Intrinsic value
>50%
Share price is CA$2.59 vs Future cash flow value of CA$10.32
Current Discount Checks
For Avesoro Resources to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Avesoro Resources's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Avesoro Resources's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Avesoro Resources's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Avesoro Resources's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:ASO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $-0.37
TSX:ASO Share Price ** TSX (2019-03-18) in CAD CA$2.59
TSX:ASO Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.749 $1.94
Canada Metals and Mining Industry PE Ratio Median Figure of 115 Publicly-Listed Metals and Mining Companies 13.41x
Canada Market PE Ratio Median Figure of 542 Publicly-Listed Companies 14.84x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Avesoro Resources.

TSX:ASO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:ASO Share Price ÷ EPS (both in USD)

= 1.94 ÷ -0.37

-5.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Avesoro Resources is loss making, we can't compare its value to the CA Metals and Mining industry average.
  • Avesoro Resources is loss making, we can't compare the value of its earnings to the Canada market.
Price based on expected Growth
Does Avesoro Resources's expected growth come at a high price?
Raw Data
TSX:ASO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -5.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
56.6%per year
Canada Metals and Mining Industry PEG Ratio Median Figure of 35 Publicly-Listed Metals and Mining Companies 0.69x
Canada Market PEG Ratio Median Figure of 251 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Avesoro Resources, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Avesoro Resources's assets?
Raw Data
TSX:ASO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $1.16
TSX:ASO Share Price * TSX (2019-03-18) in CAD CA$2.59
TSX:ASO Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.749 $1.94
Canada Metals and Mining Industry PB Ratio Median Figure of 1,081 Publicly-Listed Metals and Mining Companies 1.45x
Canada Market PB Ratio Median Figure of 2,348 Publicly-Listed Companies 1.57x
TSX:ASO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:ASO Share Price ÷ Book Value per Share (both in USD)

= 1.94 ÷ 1.16

1.67x

* Primary Listing of Avesoro Resources.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Avesoro Resources is overvalued based on assets compared to the CA Metals and Mining industry average.
X
Value checks
We assess Avesoro Resources's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)
  5. Avesoro Resources has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

ASO Future Performance

 How is Avesoro Resources expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
56.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Avesoro Resources expected to grow at an attractive rate?
  • Avesoro Resources's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Avesoro Resources's earnings growth is expected to exceed the Canada market average.
  • Avesoro Resources's revenues are expected to decrease over the next 1-3 years, this is below the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:ASO Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:ASO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 56.6%
TSX:ASO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts -1.4%
Canada Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 33.7%
Canada Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 6.9%
Canada Market Earnings Growth Rate Market Cap Weighted Average 17.9%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:ASO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:ASO Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 235 85 -12 1
2021-12-31 292 119 5 2
2020-12-31 287 96 13 4
2019-12-31 286 67 -11 1
TSX:ASO Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 283 73 -30
2018-09-30 258 77 -16
2018-06-30 225 66 -5
2018-03-31 169 49 -10
2017-12-31 98 11 -27
2017-09-30 86 -37 -97
2017-06-30 80 -52 -116
2017-03-31 75 -42 -116
2016-12-31 64 -40 -113
2016-09-30 42 1 -77
2016-06-30 23 8 -54
2016-03-31 8 -1 -46

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Avesoro Resources's earnings are expected to grow significantly at over 20% yearly.
  • Avesoro Resources's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:ASO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Avesoro Resources Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:ASO Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 -0.15 -0.15 -0.15 1.00
2021-12-31 0.06 0.06 0.06 1.00
2020-12-31 0.11 0.46 -0.13 3.00
2019-12-31 -0.13 -0.11 -0.16 2.00
TSX:ASO Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 -0.37
2018-09-30 -0.21
2018-06-30 -0.07
2018-03-31 -0.16
2017-12-31 -0.51
2017-09-30 -2.12
2017-06-30 -3.28
2017-03-31 -4.98
2016-12-31 -9.97
2016-09-30 -12.01
2016-06-30 -11.54
2016-03-31 -10.91

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Avesoro Resources is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Avesoro Resources's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Avesoro Resources has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

ASO Past Performance

  How has Avesoro Resources performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Avesoro Resources's growth in the last year to its industry (Metals and Mining).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Avesoro Resources does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Avesoro Resources's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Avesoro Resources's 1-year growth to the CA Metals and Mining industry average as it is not currently profitable.
Earnings and Revenue History
Avesoro Resources's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Avesoro Resources Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:ASO Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 282.80 -29.86 21.83
2018-09-30 258.47 -15.75 16.09
2018-06-30 224.67 -4.60 14.90
2018-03-31 169.46 -9.90 9.76
2017-12-31 97.79 -27.47 7.85
2017-09-30 86.29 -97.32 9.80
2017-06-30 79.68 -115.55 13.19
2017-03-31 75.06 -115.81 14.14
2016-12-31 63.61 -112.99 14.76
2016-09-30 41.79 -77.46 19.67
2016-06-30 22.95 -54.06 14.98
2016-03-31 8.25 -46.49 13.18
2015-12-31 -42.45 11.84
2015-09-30 -5.18 4.17
2015-06-30 -5.99 3.80
2015-03-31 -4.77 3.85
2014-12-31 -3.44 3.87
2014-09-30 -7.68 4.45
2014-06-30 -8.22 4.53
2014-03-31 -7.87 4.37
2013-12-31 -7.42 4.31
2013-09-30 -1.89 3.65
2013-06-30 -1.58 3.61
2013-03-31 -5.89 3.62
2012-12-31 -5.87 3.62
2012-09-30 -7.74 3.77
2012-06-30 -11.00 3.95
2012-03-31 -7.58 4.35

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Avesoro Resources has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Avesoro Resources has efficiently used its assets last year compared to the CA Metals and Mining industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Avesoro Resources improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Avesoro Resources's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Avesoro Resources has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

ASO Health

 How is Avesoro Resources's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Avesoro Resources's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Avesoro Resources's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Avesoro Resources's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Avesoro Resources's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Avesoro Resources Company Filings, last reported 2 months ago.

TSX:ASO Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 98.60 127.03 3.52
2018-09-30 112.38 128.79 8.60
2018-06-30 130.70 134.46 12.69
2018-03-31 134.38 137.28 23.01
2017-12-31 125.06 147.09 17.79
2017-09-30 86.60 119.95 2.00
2017-06-30 86.34 119.63 2.81
2017-03-31 95.73 104.62 6.74
2016-12-31 104.98 105.63 13.43
2016-09-30 140.70 116.78 5.89
2016-06-30 135.66 126.37 4.24
2016-03-31 142.31 114.03 2.94
2015-12-31 111.49 111.67 7.13
2015-09-30 191.95 99.97 5.85
2015-06-30 190.63 92.84 21.12
2015-03-31 192.46 85.85 32.93
2014-12-31 180.31 75.76 32.96
2014-09-30 181.23 64.55 50.38
2014-06-30 171.39 48.90 48.57
2014-03-31 158.42 0.00 18.51
2013-12-31 159.14 0.00 39.37
2013-09-30 145.61 0.00 40.17
2013-06-30 146.67 0.00 53.85
2013-03-31 147.66 0.00 68.92
2012-12-31 148.13 0.00 79.41
2012-09-30 76.15 0.00 12.54
2012-06-30 75.42 0.00 19.35
2012-03-31 81.27 0.00 25.85
  • Avesoro Resources's level of debt (128.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 128.8% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Avesoro Resources has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Avesoro Resources has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -79.5% per year.
X
Financial health checks
We assess Avesoro Resources's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Avesoro Resources has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

ASO Dividends

 What is Avesoro Resources's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Avesoro Resources dividends. Estimated to be 0% next year.
If you bought CA$2,000 of Avesoro Resources shares you are expected to receive CA$0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Avesoro Resources's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Avesoro Resources's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:ASO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Canada Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 28 Stocks 1.2%
Canada Market Average Dividend Yield Market Cap Weighted Average of 331 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:ASO Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 0.00 1.00
2020-12-31 0.00 1.00
2019-12-31 0.00 1.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Avesoro Resources has not reported any payouts.
  • Unable to verify if Avesoro Resources's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Avesoro Resources's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Avesoro Resources has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Avesoro Resources's dividends in 3 years as they are not expected to pay a notable one for Canada.
X
Income/ dividend checks
We assess Avesoro Resources's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Avesoro Resources afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Avesoro Resources has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

ASO Management

 What is the CEO of Avesoro Resources's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Serhan Umurhan
COMPENSATION $687,032
AGE 45
TENURE AS CEO 2.7 years
CEO Bio

Mr. Serhan Umurhan has been Chief Executive Officer of Avesoro Resources Inc. (also known as Aureus Mining Inc) since July 15, 2016 and serves as its Director. Mr. Umurhan is a Co-Owner of Avesoro Jersey Limited. He served as an Assistant General Manager of Technical at Koza Altin Isletmeleri A.S. From 2001 to 2005, he served as General Manager of MNG ORKO MADENCILIK ANONIM SIRKETI. He served in various positions with Normandy and Newmont during their respective ownership of Ovacik, including as Project and Infrastructure Manager. He has been a Director of Aureus Mining Inc. since July 2016, Avesoro Jersey Limited since April 2014 and MNG Orko Madencilik AS, since January 2014. Mr. Umurhan graduated in 1997 with a B.Sc. degree in Electrical and Electronical Engineering.

CEO Compensation
  • Serhan's compensation has been consistent with company performance over the past year.
  • Serhan's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Avesoro Resources management team in years:

2.7
Average Tenure
  • The tenure for the Avesoro Resources management team is about average.
Management Team

Serhan Umurhan

TITLE
CEO & Director
COMPENSATION
$687K
AGE
45
TENURE
2.7 yrs

Geoff Eyre

TITLE
CFO & Director
COMPENSATION
$513K
AGE
44
TENURE
2.7 yrs

Gokhan Kellecioglu

TITLE
VP of Exploration
TENURE
2.2 yrs
Board of Directors Tenure

Average tenure and age of the Avesoro Resources board of directors in years:

2.7
Average Tenure
62
Average Age
  • The average tenure for the Avesoro Resources board of directors is less than 3 years, this suggests a new board.
Board of Directors

Mehmet Gunal

TITLE
Non-Executive Chairman
AGE
70
TENURE
2.7 yrs

Serhan Umurhan

TITLE
CEO & Director
COMPENSATION
$687K
AGE
45
TENURE
2.7 yrs

Geoff Eyre

TITLE
CFO & Director
COMPENSATION
$513K
AGE
44
TENURE
2.7 yrs

David Netherway

TITLE
Non-Executive Director
COMPENSATION
$122K
AGE
65
TENURE
8.1 yrs

Jean-Guy Martin

TITLE
Non-Executive Director
COMPENSATION
$122K
AGE
63
TENURE
7.8 yrs

Louden Frank Owen

TITLE
Non-Executive Lead Director
COMPENSATION
$122K
AGE
61
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
X
Management checks
We assess Avesoro Resources's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Avesoro Resources has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

ASO News

Simply Wall St News

Is Avesoro Resources Inc.'s (TSE:ASO) CEO Pay Fair?

In 2016 Serhan Umurhan was appointed CEO of Avesoro Resources Inc. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Serhan Umurhan's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Market Sentiment Around Loss-Making Avesoro Resources Inc. (TSE:ASO)

With the latest financial year loss of -US$27.5m and a trailing-twelve month of -US$15.7m, the CA$218m market-cap alleviates its loss by moving closer towards its target of breakeven. … I’ve put together a brief outline of industry analyst expectations for ASO, its year of breakeven and its implied growth rate! … Check out our latest analysis for Avesoro Resources

Simply Wall St -

Is Avesoro Resources Inc (TSE:ASO) A Financially Sound Company?

While small-cap stocks, such as Avesoro Resources Inc (TSE:ASO) with its market cap of CA$251m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … the current state of its operations and pathway to profitability.

Simply Wall St -

Why You Need To Look At This Factor Before Buying Avesoro Resources Inc (TSE:ASO)

If you're interested in Avesoro Resources Inc (TSE:ASO), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility).

Simply Wall St -

What does Avesoro Resources Inc's (TSE:ASO) Balance Sheet Tell Us About Its Future?

Investors are always looking for growth in small-cap stocks like Avesoro Resources Inc (TSE:ASO), with a market cap of CA$375.25m. … However, an important fact which most ignore is: how financially healthy is the business?

Simply Wall St -

Should You Buy Avesoro Resources Inc (TSE:ASO) Now?

This is because Avesoro Resources’s beta (a measure of share price volatility) is high, meaning its price movements will be exaggerated relative to the rest of the market. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price. … If you are no longer interested in Avesoro Resources, you can use our free platform to see my list of over 50 other stocks with a high growth potential.

Simply Wall St -

Is Avesoro Resources Inc's (TSX:ASO) Balance Sheet Strong Enough To Weather A Storm?

We can test the impact of these adverse events by looking at whether cash from its current operations can pay back its current debt obligations. … Last year, ASO’s operating cash flow was -0.44x its current debt. … In times of adverse events, ASO may need to liquidate its short-term assets to pay these immediate obligations.

Simply Wall St -

ASO Company Info

Description

Avesoro Resources Inc. explores for, develops, and operates gold assets in West Africa. The company primarily owns interests in the New Liberty gold mine located in Liberia; and Youga and Balogo gold mine in Burkina Faso. It also has an exploration stage gold project in Cameroon. The company was incorporated in 2011 and is based in Toronto, Canada. Avesoro Resources Inc. is a subsidiary of Avesoro Jersey Limited.

Details
Name: Avesoro Resources Inc.
ASO
Exchange: TSX
Founded: 2011
CA$211,279,923
81,575,260
Website: http://www.avesoro.com
Address: Avesoro Resources Inc.
199 Bay Street,
Suite 5300,
Toronto,
Ontario, M5L 1B9,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX ASO New Common Stock The Toronto Stock Exchange CA CAD 13. Apr 2011
OTCPK ARSM.F New Common Stock Pink Sheets LLC US USD 13. Apr 2011
DB AR31 New Common Stock Deutsche Boerse AG DE EUR 13. Apr 2011
AIM ASO New Common Stock London Stock Exchange AIM Market GB GBP 13. Apr 2011
Number of employees
Current staff
Staff numbers
1,201
Avesoro Resources employees.
Industry
Gold
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/19 00:20
End of day share price update: 2019/03/18 00:00
Last estimates confirmation: 2019/03/14
Last earnings filing: 2019/03/14
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.