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B2Gold

TSX:BTO
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BTO
TSX
CA$4B
Market Cap
  1. Home
  2. CA
  3. Materials
Company description

B2Gold Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Nicaragua, the Philippines, Mali, Colombia, Burkina Faso, Finland, and Namibia. The last earnings update was 7 days ago. More info.


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BTO Share Price and Events
7 Day Returns
-4.1%
TSX:BTO
-1.5%
CA Metals and Mining
0.9%
CA Market
1 Year Returns
5.3%
TSX:BTO
-7%
CA Metals and Mining
1.2%
CA Market
BTO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
B2Gold (BTO) -4.1% -5.3% 2.7% 5.3% 84.8% 30%
CA Metals and Mining -1.5% 1.3% 9.8% -7% 6.9% -22.5%
CA Market 0.9% 2.3% 12.4% 1.2% 16.1% 5.9%
1 Year Return vs Industry and Market
  • BTO outperformed the Metals and Mining industry which returned -7% over the past year.
  • BTO outperformed the Market in Canada which returned 1.2% over the past year.
Price Volatility
BTO
Industry
5yr Volatility vs Market

Value

 Is B2Gold 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 B2Gold 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 B2Gold.

TSX:BTO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.2%
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:BTO
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 1.18
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.177 (1 + (1- 26.5%) (16.85%))
1.216
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.22
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.216 * 5.96%)
9.19%

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

The calculations below outline how an intrinsic value for B2Gold 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:BTO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.19%)
2019 235.45 Analyst x4 215.63
2020 350.64 Analyst x7 294.08
2021 335.53 Analyst x3 257.72
2022 327.14 Est @ -2.5% 230.12
2023 323.33 Est @ -1.17% 208.28
2024 322.58 Est @ -0.23% 190.30
2025 323.93 Est @ 0.42% 175.02
2026 326.78 Est @ 0.88% 161.69
2027 330.70 Est @ 1.2% 149.85
2028 335.41 Est @ 1.42% 139.19
Present value of next 10 years cash flows $2,021.87
TSX:BTO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $335.41 × (1 + 1.95%) ÷ (9.19% – 1.95%)
$4,718.60
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,718.60 ÷ (1 + 9.19%)10
$1,958.12
TSX:BTO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,021.87 + $1,958.12
$3,979.99
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $3,979.99 / 1,004.56
$3.96
TSX:BTO Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:BTO)
1.331
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $3.96 x 1.331
CA$5.27
Value per share (CAD) From above. CA$5.27
Current discount Discount to share price of CA$3.77
= -1 x (CA$3.77 - CA$5.27) / CA$5.27
28.5%

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

Current Discount
Amount off the current price B2Gold is available for.
Intrinsic value
28%
Share price is CA$3.77 vs Future cash flow value of CA$5.27
Current Discount Checks
For B2Gold to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • B2Gold's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • B2Gold's share price is below the future cash flow value, but not 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 B2Gold's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are B2Gold's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:BTO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.03
TSX:BTO Share Price ** TSX (2019-03-19) in CAD CA$3.77
TSX:BTO Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.752 $2.83
Canada Metals and Mining Industry PE Ratio Median Figure of 115 Publicly-Listed Metals and Mining Companies 13.44x
Canada Market PE Ratio Median Figure of 542 Publicly-Listed Companies 14.83x

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

** Primary Listing of B2Gold.

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

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

= 2.83 ÷ 0.03

96.62x

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

  • B2Gold is overvalued based on earnings compared to the CA Metals and Mining industry average.
  • B2Gold is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does B2Gold's expected growth come at a high price?
Raw Data
TSX:BTO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 96.62x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
38.6%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 252 Publicly-Listed Companies 1.21x

*Line of best fit is calculated by linear regression .

TSX:BTO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 96.62x ÷ 38.6%

2.51x

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

  • B2Gold is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on B2Gold's assets?
Raw Data
TSX:BTO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $1.62
TSX:BTO Share Price * TSX (2019-03-19) in CAD CA$3.77
TSX:BTO Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.752 $2.83
Canada Metals and Mining Industry PB Ratio Median Figure of 1,079 Publicly-Listed Metals and Mining Companies 1.42x
Canada Market PB Ratio Median Figure of 2,347 Publicly-Listed Companies 1.56x
TSX:BTO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 2.83 ÷ 1.62

1.75x

* Primary Listing of B2Gold.

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

  • B2Gold is overvalued based on assets compared to the CA Metals and Mining industry average.
X
Value checks
We assess B2Gold'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. B2Gold has a total score of 1/6, 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.

Future Performance

 How is B2Gold expected to perform in the next 1 to 3 years based on estimates from 8 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
38.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is B2Gold expected to grow at an attractive rate?
  • B2Gold's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • B2Gold's earnings growth is expected to exceed the Canada market average.
  • B2Gold's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:BTO Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:BTO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 38.6%
TSX:BTO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 1.5%
Canada Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 33.3%
Canada Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 7%
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:BTO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:BTO Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 392
2021-12-31 1,237 436 133 3
2020-12-31 1,299 490 158 8
2019-12-31 1,256 432 138 8
TSX:BTO Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 1,225 451 29
2018-09-30 1,127 402 118
2018-06-30 957 301 119
2018-03-31 837 263 119
2017-12-31 639 155 57
2017-09-30 646 212 33
2017-06-30 685 260 57
2017-03-31 685 280 25
2016-12-31 683 412 39
2016-09-30 641 378 -87
2016-06-30 587 322 -137
2016-03-31 559 288 -148

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • B2Gold's earnings are expected to grow significantly at over 20% yearly.
  • B2Gold's revenue is expected to grow by 1.5% yearly, however this is not considered high growth (20% yearly).
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:BTO 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 8 Analyst Estimates (S&P Global) See Below

All data from B2Gold Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:BTO Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.19 0.19 0.19 1.00
2020-12-31 0.17 0.20 0.13 3.00
2019-12-31 0.13 0.18 0.10 4.00
TSX:BTO Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.03
2018-09-30 0.12
2018-06-30 0.12
2018-03-31 0.12
2017-12-31 0.06
2017-09-30 0.03
2017-06-30 0.06
2017-03-31 0.03
2016-12-31 0.04
2016-09-30 -0.09
2016-06-30 -0.15
2016-03-31 -0.16

*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.
  • B2Gold is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess B2Gold'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.
B2Gold has a total score of 3/6, 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.

Past Performance

  How has B2Gold 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 B2Gold'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.
  • B2Gold has delivered over 20% year on year earnings growth in the past 5 years.
  • B2Gold's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • B2Gold's 1-year earnings growth is negative, it can't be compared to the CA Metals and Mining industry average.
Earnings and Revenue History
B2Gold'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 B2Gold Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:BTO 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 1,225.06 28.94 77.83
2018-09-30 1,126.94 117.77 74.82
2018-06-30 957.19 118.61 65.40
2018-03-31 836.71 118.83 68.77
2017-12-31 638.68 56.85 61.74
2017-09-30 645.88 33.19 57.82
2017-06-30 684.82 56.67 57.49
2017-03-31 685.30 25.32 50.68
2016-12-31 683.29 39.13 54.57
2016-09-30 641.11 -87.03 45.80
2016-06-30 587.31 -137.04 45.55
2016-03-31 559.02 -147.89 49.28
2015-12-31 553.66 -149.95 51.61
2015-09-30 537.07 -385.63 53.67
2015-06-30 512.74 -644.64 52.13
2015-03-31 496.50 -635.01 58.57
2014-12-31 486.62 -665.27 54.08
2014-09-30 502.26 -283.43 54.07
2014-06-30 516.06 -1.38 55.07
2014-03-31 518.44 43.24 51.22
2013-12-31 544.27 67.30 50.20
2013-09-30 477.00 52.03 44.99
2013-06-30 415.34 58.56 40.64
2013-03-31 350.03 37.42 35.72
2012-12-31 259.05 51.91 34.25
2012-09-30 255.16 61.80 31.81
2012-06-30 238.56 56.36 32.22
2012-03-31 235.72 59.44 24.87

*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.
  • B2Gold has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • B2Gold used its assets less efficiently than the CA Metals and Mining industry average last year based on Return on Assets.
  • B2Gold has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess B2Gold'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.
B2Gold has a total score of 2/6, 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.

Health

 How is B2Gold'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 B2Gold's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • B2Gold is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • B2Gold's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of B2Gold'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 0.8x 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 B2Gold Company Filings, last reported 2 months ago.

TSX:BTO Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,652.85 479.54 102.75
2018-09-30 1,689.48 746.93 354.84
2018-06-30 1,656.02 577.84 106.95
2018-03-31 1,629.92 642.53 167.92
2017-12-31 1,566.39 702.18 147.47
2017-09-30 1,522.48 661.71 89.71
2017-06-30 1,503.30 582.36 88.19
2017-03-31 1,473.17 526.89 103.23
2016-12-31 1,454.56 486.78 144.67
2016-09-30 1,422.50 448.70 123.76
2016-06-30 1,326.00 462.26 99.80
2016-03-31 1,329.29 419.83 109.07
2015-12-31 1,312.54 463.19 85.14
2015-09-30 1,423.93 419.21 86.79
2015-06-30 1,442.11 408.00 109.72
2015-03-31 1,458.71 383.81 128.18
2014-12-31 1,525.34 379.29 132.56
2014-09-30 1,888.05 398.40 179.05
2014-06-30 1,651.98 383.55 134.81
2014-03-31 1,656.66 362.15 183.54
2013-12-31 1,671.37 313.41 252.74
2013-09-30 1,603.75 319.12 283.75
2013-06-30 1,585.80 70.91 95.66
2013-03-31 1,545.51 65.78 120.68
2012-12-31 566.32 0.00 67.95
2012-09-30 552.00 0.07 73.16
2012-06-30 518.80 0.07 77.34
2012-03-31 502.95 0.08 97.75
  • B2Gold's level of debt (29%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (18.8% vs 29% today).
  • Debt is well covered by operating cash flow (94%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.6x coverage).
X
Financial health checks
We assess B2Gold'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. B2Gold has a total score of 4/6, 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.

Dividends

 What is B2Gold'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 B2Gold dividends. Estimated to be 0% next year.
If you bought CA$2,000 of B2Gold 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 B2Gold's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate B2Gold'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:BTO 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 8 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 330 Stocks 3.5%
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 5.7%

Industry and Market average data is calculated daily.

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

TSX:BTO 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 2.00
2019-12-31 0.00 2.00

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

  • Unable to perform a dividend volatility check as B2Gold has not reported any payouts.
  • Unable to verify if B2Gold's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of B2Gold's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as B2Gold has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of B2Gold's dividends in 3 years as they are not expected to pay a notable one for Canada.
X
Income/ dividend checks
We assess B2Gold'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 B2Gold afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. B2Gold 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.

Management

 What is the CEO of B2Gold'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
Clive Johnson
COMPENSATION $5,505,100
AGE 60
TENURE AS CEO 12 years
CEO Bio

Mr. Clive Thomas Johnson has been the Chief Executive Officer & President of B2Gold Corp. since March 2007 and December 17, 2006 respectively. Mr. Johnson served as President & Chief Executive Officer of EastWest Gold Corporation since July 1993 and June 1989 respectively and also serves as its Chief Operating Officer. He served as the Chairman of EastWest Gold Corporation. He has been the Chairman of Vanadian Energy Corporation (formerly, Uracan Resources Ltd) since November 2013. Mr. Johnson served as the Non-Executive Chairman of BeMetals Corp. until May 11, 2018 (formerly Miza Enterprises Inc.) and has been its a Director since December 9, 2016. He served as a Director of CGA Mining Limited until January 31, 2013. He has been a Director of B2Gold Corp. since December 17, 2006. He has been a Director of Uracan Resources, Ltd. since January 9, 2007. He has been a Director of EastWest Gold Corporation since December 5, 1988. He served as a Director of Victoria Gold Corp. since April 30, 1987. He served as a Director of Consolidated Westview Resource Corp. since April 30, 1987. He served as a Director of Consolidated Puma Minerals Corp. since March 3, 1988. He served as a Director of Arizona Star Resource Corp. from April 10, 1987 to December 2004.

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

Average tenure and age of the B2Gold management team in years:

12
Average Tenure
60
Average Age
  • The average tenure for the B2Gold management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Clive Johnson

TITLE
President
COMPENSATION
$6M
AGE
60
TENURE
12 yrs

Mike Cinnamond

TITLE
Senior VP of Finance & CFO
COMPENSATION
$2M
AGE
51
TENURE
4.9 yrs

Bill Lytle

TITLE
Senior Vice President of Operations
COMPENSATION
$2M
TENURE
8.3 yrs

Roger Richer

TITLE
Executive VP
COMPENSATION
$2M
AGE
65
TENURE
12 yrs

Dennis Stansbury

TITLE
Senior Vice President of Engineering & Project Evaluations
COMPENSATION
$2M
AGE
65
TENURE
12 yrs

Tom Garagan

TITLE
Senior Vice President of Exploration
COMPENSATION
$2M
AGE
59
TENURE
12 yrs

Brian Scott

TITLE
Vice President of Geology & Technical Services

Ian MacLean

TITLE
Vice President of Investor Relations

Kevin Pemberton

TITLE
Chief Mine Planning Engineer

Mark Dawe

TITLE
Managing Director and Country Manager of Namibia
Board of Directors Tenure

Average tenure and age of the B2Gold board of directors in years:

9.3
Average Tenure
60
Average Age
  • The tenure for the B2Gold board of directors is about average.
Board of Directors

Bob Cross

TITLE
Non-Executive Chairman
COMPENSATION
$408K
AGE
59
TENURE
11.4 yrs

Clive Johnson

TITLE
President
COMPENSATION
$6M
AGE
60
TENURE
12.3 yrs

Bob Gayton

TITLE
Director
COMPENSATION
$262K
AGE
78
TENURE
11.4 yrs

George Johnson

TITLE
Director
COMPENSATION
$252K
AGE
69
TENURE
3 yrs

Jerry Korpan

TITLE
Director
COMPENSATION
$252K
AGE
72
TENURE
11.3 yrs

Bongani Mtshisi

TITLE
Director
COMPENSATION
$242K
AGE
39
TENURE
7.3 yrs

Kevin Bullock

TITLE
Director
COMPENSATION
$232K
AGE
53
TENURE
5.3 yrs

Robin Weisman

TITLE
Director
COMPENSATION
$137K
TENURE
1.4 yrs
Who owns this company?
Recent Insider Trading
  • B2Gold insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
17. Jan 19 Sell Robert Cross Individual 09. Jan 19 09. Jan 19 -150,000 CA$3.84 CA$-576,000
01. Jan 19 Sell Eduard Bartz Individual 28. Dec 18 28. Dec 18 -8,162 CA$3.98 CA$-32,485
18. Dec 18 Buy Dale Craig Individual 18. Dec 18 18. Dec 18 2,000 CA$3.75 CA$7,500
22. Nov 18 Sell Kevin Bullock Individual 22. Nov 18 22. Nov 18 -10,000 CA$3.64 CA$-36,400
14. Sep 18 Buy Kevin Bullock Individual 14. Sep 18 14. Sep 18 2,500 CA$2.89 CA$7,225
11. Sep 18 Buy Kevin Bullock Individual 11. Sep 18 11. Sep 18 2,000 CA$2.87 CA$5,740
16. Aug 18 Buy Bongani Mtshisi Individual 15. Aug 18 15. Aug 18 34,000 CA$2.80 CA$95,200
16. Jul 18 Sell Clive Johnson Individual 13. Jul 18 13. Jul 18 -150,000 CA$3.27 CA$-490,500
14. Jul 18 Sell Thomas Garagan Individual 12. Jul 18 12. Jul 18 -60,000 CA$3.27 CA$-195,821
09. Jul 18 Buy Kevin Bullock Individual 09. Jul 18 09. Jul 18 1,200 CA$3.29 CA$3,948
04. Jul 18 Sell William Lytle Individual 03. Jul 18 03. Jul 18 -125,937 CA$3.39 CA$-426,926
X
Management checks
We assess B2Gold'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. B2Gold 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.

News

Simply Wall St News

Have Insiders Been Selling B2Gold Corp. (TSE:BTO) Shares?

In the last twelve months, the biggest single sale by an insider was when Eduard Bartz sold CA$1.0m worth of shares at a price of CA$3.83 per share. … Over the last year we saw more insider selling of B2Gold shares, than buying … It's not too encouraging to see that insiders have sold at below the current price

Simply Wall St -

How Should Investors React To B2Gold Corp.'s (TSE:BTO) CEO Pay?

Clive Johnson has been the CEO of B2Gold Corp. … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Clive Johnson's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Should We Worry About B2Gold Corp.'s (TSE:BTO) P/E Ratio?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … Price to Earnings Ratio = Price per Share (in the reporting currency) ÷ Earnings per Share (EPS) … P/E of 25.85 = $3.09 (Note: this is the share price in the reporting currency, namely, USD ) ÷ $0.12

Simply Wall St -

Why You Should Like B2Gold Corp.’s (TSE:BTO) ROCE

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Calculating The Intrinsic Value Of B2Gold Corp. (TSE:BTO)

(TSE:BTO) from its intrinsic value? … by taking the expected future cash flows and discounting them to their present value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

Do Institutions Own Shares In B2Gold Corp. (TSE:BTO)?

(TSE:BTO), then you'll have to look at the makeup of its share registry. … It has a market capitalization of CA$3.9b, which means it would generally expect to see some institutions on the share registry. … Taking a look at the our data on the ownership groups (below), it's seems that.

Simply Wall St -

Does B2Gold Corp.'s (TSE:BTO) Debt Level Pose A Problem?

Surprisingly though, when accounted for risk, mid-caps have delivered better returns compared to the two other categories of stocks. … Let’s take a look at BTO’s debt concentration and assess their financial liquidity to get an idea of their ability to fund strategic acquisitions and grow through cyclical pressures. … Note that this commentary is very high-level and solely focused on financial health, so I suggest you dig deeper yourself.

Simply Wall St -

Have Investors Priced In B2Gold Corp's (TSE:BTO) Growth?

B2Gold Corp (TSE:BTO) is a stock well-positioned for future growth, but many investors are wondering whether its last closing price of CA$3.37 is based on unrealistic expectations. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … According to the analysts covering the company, the following few years should bring about good growth prospects for B2Gold

Simply Wall St -

Should We Be Cautious About B2Gold Corp's (TSE:BTO) ROE Of 7.7%?

This article is for those who would like to learn about Return On Equity (ROE). … One way to conceptualize this, is that for each CA$1 of shareholders' equity it has, the company made CA$0.077 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is B2Gold Corp's (TSE:BTO) High P/E Ratio A Problem For Investors?

B2Gold has a price to earnings ratio of 21.11, based on the last twelve months. … Price to Earnings Ratio = Price per Share (in the reporting currency) ÷ Earnings per Share (EPS) … P/E of 21.11 = $2.55 (Note: this is the share price in the reporting currency, namely, USD ) ÷ $0.12

Simply Wall St -

Company Info

Description

B2Gold Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Nicaragua, the Philippines, Mali, Colombia, Burkina Faso, Finland, and Namibia. It primarily explores for gold and silver deposits. The company primarily holds 80% interest in Fekola mine, an open pit gold mine located in Mali; 90% interest in Otjikoto gold mine located north of Windhoek, Namibia; Masbate gold project located in the south-east of Manila, the Philippines; and 95% interest in El Limon mine, an underground gold mine located in northwestern Nicaragua. It also holds 100% interest in La Libertad mine located northeast of Juigalpa, Nicaragua; 81% interest in the Kiaka and Toega projects located in Burkina Faso; and 49% interest in the Gramalote property located in Colombia. The company was incorporated in 2006 and is headquartered in Vancouver, Canada.

Details
Name: B2Gold Corp.
BTO
Exchange: TSX
Founded: 2006
CA$3,787,194,970
1,004,561,000
Website: http://www.b2gold.com
Address: B2Gold Corp.
Three Bentall Centre,
Suite 3100,
Vancouver,
British Columbia, V7X 1J1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX BTO Common Shares The Toronto Stock Exchange CA CAD 06. Dec 2007
AMEX BTG Common Shares NYSE MKT LLC US USD 06. Dec 2007
DB 5BG Common Shares Deutsche Boerse AG DE EUR 06. Dec 2007
LSE 0QYN Common Shares London Stock Exchange GB CAD 06. Dec 2007
NMSE B2G Common Shares Namibian Stock Exchange NA ZAR 06. Dec 2007
Number of employees
Current staff
Staff numbers
3,109
B2Gold employees.
Industry
Gold
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 00:06
End of day share price update: 2019/03/19 00:00
Last estimates confirmation: 2019/03/19
Last earnings filing: 2019/03/13
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.