We’ve recently updated our valuation analysis.

B2Gold Valuation

Is BTO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

[object Object] Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BTO?

Other financial metrics that can be useful for relative valuation.

BTO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.1x
Enterprise Value/EBITDA3.8x
PEG Ratio11.5x

Price to Earnings Ratio vs Peers

How does BTO's PE Ratio compare to its peers?

The above table shows the PE ratio for BTO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average50.7x
AGI Alamos Gold
150.3x50.5%CA$5.2b
YRI Yamana Gold
21.1x-3.4%CA$7.3b
K Kinross Gold
17.2x23.2%CA$7.4b
SSRM SSR Mining
14.4x9.0%CA$4.4b
BTO B2Gold
16.5x1.4%CA$5.1b

Price-To-Earnings vs Peers: BTO is good value based on its Price-To-Earnings Ratio (16.5x) compared to the peer average (50.7x).


Price to Earnings Ratio vs Industry

How does BTO's PE Ratio compare vs other companies in the CA Metals and Mining Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a16.9%
n/an/an/a

Price-To-Earnings vs Industry: BTO is expensive based on its Price-To-Earnings Ratio (16.5x) compared to the Canadian Metals and Mining industry average (9.7x)


Price to Earnings Ratio vs Fair Ratio

What is BTO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BTO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.5x
Fair PE Ratio8.3x

Price-To-Earnings vs Fair Ratio: BTO is expensive based on its Price-To-Earnings Ratio (16.5x) compared to the estimated Fair Price-To-Earnings Ratio (8.3x).


Share Price vs Fair Value

What is the Fair Price of BTO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BTO (CA$4.79) is trading below our estimate of fair value (CA$7.51)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BTO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$4.79
CA$7.17
+49.7%
17.6%CA$10.42CA$5.36n/a12
Nov ’23CA$4.30
CA$7.17
+66.8%
17.4%CA$10.37CA$5.33n/a12
Oct ’23CA$4.44
CA$7.68
+73.1%
18.8%CA$11.10CA$5.54n/a12
Sep ’23CA$3.87
CA$7.44
+92.2%
18.5%CA$10.54CA$5.26n/a12
Aug ’23CA$4.48
CA$7.43
+65.9%
18.8%CA$10.75CA$5.43n/a12
Jul ’23CA$4.36
CA$8.29
+90.2%
15.4%CA$11.08CA$6.65n/a12
Jun ’23CA$5.09
CA$8.16
+60.4%
15.4%CA$10.89CA$6.41n/a12
May ’23CA$5.45
CA$8.21
+50.7%
17.1%CA$11.17CA$6.04n/a13
Apr ’23CA$5.90
CA$7.88
+33.5%
17.0%CA$10.93CA$5.88n/a13
Mar ’23CA$5.35
CA$7.81
+46.0%
16.9%CA$10.95CA$5.97n/a13
Feb ’23CA$4.66
CA$7.99
+71.5%
16.4%CA$11.20CA$5.99n/a13
Jan ’23CA$4.98
CA$8.84
+77.6%
17.7%CA$11.84CA$6.03n/a13
Dec ’22CA$4.83
CA$9.01
+86.6%
17.0%CA$11.85CA$6.16CA$4.7913
Nov ’22CA$5.19
CA$8.66
+66.9%
19.3%CA$11.54CA$5.55CA$4.3013
Oct ’22CA$4.29
CA$8.87
+106.8%
18.4%CA$11.68CA$5.55CA$4.4413
Sep ’22CA$4.87
CA$9.01
+85.0%
15.9%CA$11.63CA$6.77CA$3.8713
Aug ’22CA$5.23
CA$8.97
+71.5%
15.1%CA$11.40CA$6.66CA$4.4813
Jul ’22CA$5.20
CA$9.53
+83.2%
14.5%CA$11.65CA$6.99CA$4.3613
Jun ’22CA$6.18
CA$9.36
+51.5%
14.5%CA$11.45CA$6.80CA$5.0913
May ’22CA$5.92
CA$9.42
+59.1%
13.6%CA$11.50CA$6.94CA$5.4513
Apr ’22CA$5.63
CA$10.27
+82.4%
13.3%CA$12.52CA$6.86CA$5.9013
Mar ’22CA$5.53
CA$10.92
+97.5%
11.5%CA$13.66CA$9.13CA$5.3513
Feb ’22CA$6.44
CA$11.50
+78.5%
11.4%CA$13.72CA$9.09CA$4.6612
Jan ’22CA$7.13
CA$11.93
+67.3%
9.8%CA$13.25CA$9.74CA$4.9812
Dec ’21CA$7.42
CA$12.04
+62.3%
10.0%CA$13.44CA$9.88CA$4.8312

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


Discover undervalued companies