TSX:BTO

Stock Analysis Report

Executive Summary

B2Gold Corp. operates as a gold producer with three operating mines in Mali, the Philippines, and Namibia.


Snowflake Analysis

Flawless balance sheet with reasonable growth potential.


Similar Companies

Share Price & News

How has B2Gold's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BTO has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

12.8%

BTO

4.7%

CA Metals and Mining

0.1%

CA Market


1 Year Return

42.0%

BTO

5.2%

CA Metals and Mining

4.7%

CA Market

Return vs Industry: BTO exceeded the Canadian Metals and Mining industry which returned 5.2% over the past year.

Return vs Market: BTO exceeded the Canadian Market which returned 4.7% over the past year.


Shareholder returns

BTOIndustryMarket
7 Day12.8%4.7%0.1%
30 Day9.0%4.2%0.8%
90 Day32.3%15.2%3.7%
1 Year42.4%42.0%5.8%5.2%7.9%4.7%
3 Year41.4%41.0%-2.4%-4.0%17.9%7.3%
5 Year194.2%193.4%25.6%22.0%33.8%14.4%

Price Volatility Vs. Market

How volatile is B2Gold's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is B2Gold undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BTO (CA$6.19) is trading below our estimate of fair value (CA$14.91)

Significantly Below Fair Value: BTO is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: BTO is poor value based on its PE Ratio (304.5x) compared to the Metals and Mining industry average (17.4x).

PE vs Market: BTO is poor value based on its PE Ratio (304.5x) compared to the Canadian market (16.2x).


Price to Earnings Growth Ratio

PEG Ratio: BTO is poor value based on its PEG Ratio (13.5x)


Price to Book Ratio

PB vs Industry: BTO is overvalued based on its PB Ratio (2.7x) compared to the CA Metals and Mining industry average (1.6x).


Next Steps

Future Growth

How is B2Gold forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

22.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BTO's forecast earnings growth (22.5% per year) is above the savings rate (1.4%).

Earnings vs Market: BTO's earnings (22.5% per year) are forecast to grow faster than the Canadian market (10.9% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BTO's revenue (7.9% per year) is forecast to grow faster than the Canadian market (4.7% per year).

High Growth Revenue: BTO's revenue (7.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BTO's Return on Equity is forecast to be low in 3 years time (14.3%).


Next Steps

Past Performance

How has B2Gold performed over the past 5 years?

72.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BTO has high quality earnings.

Growing Profit Margin: BTO's current net profit margins (1.2%) are lower than last year (15.7%).


Past Earnings Growth Analysis

Earnings Trend: BTO has become profitable over the past 5 years, growing earnings by 72.6% per year.

Accelerating Growth: BTO's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BTO had negative earnings growth (-90.1%) over the past year, making it difficult to compare to the Metals and Mining industry average (11.9%).


Return on Equity

High ROE: BTO's Return on Equity (2.3%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is B2Gold's financial position?


Financial Position Analysis

Short Term Liabilities: BTO's short term assets ($560.6M) exceed its short term liabilities ($234.0M).

Long Term Liabilities: BTO's short term assets ($560.6M) exceed its long term liabilities ($541.9M).


Debt to Equity History and Analysis

Debt Level: BTO's debt to equity ratio (19.1%) is considered satisfactory.

Reducing Debt: BTO's debt to equity ratio has reduced from 20.2% to 19.1% over the past 5 years.


Balance Sheet

Inventory Level: BTO has a high level of physical assets or inventory.

Debt Coverage by Assets: BTO's debt is covered by short term assets (assets are 1.6x debt).


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.

Stable Cash Runway: BTO is profitable, therefore cash runway is not a concern.

Forecast Cash Runway: BTO is profitable, therefore cash runway is not a concern.


Next Steps

Dividend

What is B2Gold's current dividend yield, its reliability and sustainability?

0.64%

Current Dividend Yield


Dividend Yield vs Market

company0.6%marketbottom25%2.0%markettop25%5.4%industryaverage1.2%forecastin3Years0.8%

Current dividend yield vs market & industry

Notable Dividend: BTO's dividend (0.64%) isn’t notable compared to the bottom 25% of dividend payers in the Canadian market (2.01%).

High Dividend: BTO's dividend (0.64%) is low compared to the top 25% of dividend payers in the Canadian market (5.38%).


Stability and Growth of Payments

Stable Dividend: BTO is not paying a notable dividend for the Canadian market, therefore no need to check if payments are stable.

Growing Dividend: BTO is not paying a notable dividend for the Canadian market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of BTO's dividend in 3 years as they are not forecast to pay a notable one for the Canadian market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

12.9yrs

Average management tenure


CEO

Clive Johnson (61yo)

12.9yrs

Tenure

US$7,505,450

Compensation

Mr. Clive Thomas Johnson has been the Chief Executive Officer and President of B2Gold Corp. since March 2007 and December 17, 2006 respectively. Mr. Johnson served as President & Chief Executive Officer of ...


CEO Compensation Analysis

Compensation vs Market: Clive's total compensation ($USD5.68M) is above average for companies of similar size in the Canadian market ($USD3.73M).

Compensation vs Earnings: Clive's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Clive Johnson
President12.9yrsUS$7.51m0.46% $29.4m
Michael Cinnamond
Senior VP of Finance & CFO5.8yrsUS$2.38m0.013% $817.0k
William Lytle
Senior Vice President of Operations9.2yrsUS$2.38m0.0094% $599.5k
Roger Richer
Executive VP12.9yrsUS$2.38m0.17% $11.0m
Dennis Stansbury
Senior Vice President of Engineering & Project Evaluations12.9yrsUS$2.25m0.31% $20.1m
Thomas Garagan
Senior Vice President of Exploration12.9yrsUS$2.38m0.32% $20.5m
Brian Scott
Vice President of Geology & Technical Services0yrsno data0.018% $1.1m
Ian MacLean
Vice President of Investor Relations0yrsno data0.069% $4.4m
Kevin Pemberton
Chief Mine Planning Engineer0yrsno datano data
Mark Dawe
Managing Director and Country Manager of Namibia0yrsno datano data

12.9yrs

Average Tenure

61yo

Average Age

Experienced Management: BTO's management team is seasoned and experienced (12.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Clive Johnson
President12.9yrsUS$7.51m0.46% $29.4m
George Johnson
Independent Director3.9yrsUS$290.00k0.049% $3.1m
Robert Gayton
Independent Director12.3yrsUS$300.00k0.023% $1.5m
Jerry Korpan
Independent Director12.3yrsUS$290.00k0.25% $16.1m
Robert Cross
Non-Executive Chairman12.3yrsUS$450.00kno data
Kevin Bullock
Independent Director6.2yrsUS$270.00k0.0059% $377.6k
Bongani Mtshisi
Independent Director8.2yrsUS$280.00k0.0022% $141.0k
Robin Weisman
Independent Director2.3yrsUS$280.00k0.00019% $12.1k
Liane Kelly
Corporate Social Responsibility Advisor & Director0.08yrsno datano data

8.2yrs

Average Tenure

61yo

Average Age

Experienced Board: BTO's board of directors are considered experienced (8.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: BTO insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.2%.


Top Shareholders

Company Information

B2Gold Corp.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: B2Gold Corp.
  • Ticker: BTO
  • Exchange: TSX
  • Founded: 2006
  • Industry: Gold
  • Sector: Materials
  • Market Cap: CA$6.378b
  • Shares outstanding: 1.03b
  • Website: https://www.b2gold.com

Number of Employees


Location

  • B2Gold Corp.
  • Three Bentall Centre
  • Suite 3100
  • Vancouver
  • British Columbia
  • V7X 1J1
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BTOTSX (The Toronto Stock Exchange)YesCommon SharesCACADDec 2007
5BGDB (Deutsche Boerse AG)YesCommon SharesDEEURDec 2007
BTGAMEX (NYSE MKT LLC)YesCommon SharesUSUSDDec 2007
B2GNMSE (Namibian Stock Exchange)YesCommon SharesNAZARDec 2007
0QYNLSE (London Stock Exchange)YesCommon SharesGBCADDec 2007
BTOSWX (SIX Swiss Exchange)YesCommon SharesCHCHFDec 2007

Biography

B2Gold Corp. operates as a gold producer with three operating mines in Mali, the Philippines, and Namibia. It operates the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia. The company also has an 81% interest in the Kiaka Project in Burkina Faso. In addition, it has a portfolio of other evaluation and exploration assets in Mali, Burkina Faso, Colombia, Namibia, and Finland. B2Gold Corp. was incorporated in 2006 and is headquartered in Vancouver, Canada. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/23 02:10
End of Day Share Price2020/02/21 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.