B2Gold Corp.

TSX:BTO Stock Report

Market Cap: CA$7.5b

B2Gold Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

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.

CA$50.93
Fair Value
89.5% undervalued intrinsic discount
9
Number of Analysts

Below Fair Value: BTO (CA$5.36) is trading below our estimate of fair value (CA$50.93)

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

Key Valuation Metric

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

Key metric: As BTO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BTO. This is calculated by dividing BTO's market cap by their current earnings.
What is BTO's PE Ratio?
PE Ratio22.9x
EarningsUS$219.44m
Market CapUS$5.34b

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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.2x
DPM DPM Metals
18.7x36.62%CA$6.6b
OR OR Royalties
39.5x12.58%CA$8.3b
OGC OceanaGold
12.7xn/aCA$7.1b
NGD New Gold
21.9x33.44%CA$7.6b
BTO B2Gold
22.9x117.64%CA$7.5b

Price-To-Earnings vs Peers: BTO is good value based on its Price-To-Earnings Ratio (22.9x) compared to the peer average (23.2x).

Price to Earnings Ratio vs Industry

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

25 CompaniesPrice / EarningsEstimated GrowthMarket Cap
THX Thor Explorations
3.5x-12.56%US$475.98m
LUC Lucara Diamond
1.1x-95.87%US$58.12m
MGZ.H Mangazeya Mining
0.9xn/aUS$32.84m
VGCX Victoria Gold
2.1xn/aUS$24.21m
BTO 22.9xIndustry Avg. 20.1xNo. of Companies25PE01632486480+
25 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BTO is expensive based on its Price-To-Earnings Ratio (22.9x) compared to the Canadian Metals and Mining industry average (20.1x).

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 Ratio22.9x
Fair PE Ratio119.6x

Price-To-Earnings vs Fair Ratio: BTO is good value based on its Price-To-Earnings Ratio (22.9x) compared to the estimated Fair Price-To-Earnings Ratio (119.6x).

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$5.36
CA$9.23
+72.26%
17.91%CA$11.57CA$6.31n/a9
Oct ’26CA$6.96
CA$7.39
+6.16%
17.98%CA$9.24CA$5.43n/a9
Sep ’26CA$5.67
CA$6.94
+22.44%
14.00%CA$7.96CA$5.35n/a9
Aug ’26CA$4.74
CA$6.94
+46.50%
16.57%CA$7.98CA$4.70n/a9
Jul ’26CA$4.92
CA$6.57
+33.61%
19.20%CA$8.05CA$4.62n/a8
Jun ’26CA$4.61
CA$6.41
+39.03%
19.57%CA$8.15CA$4.29n/a8
May ’26CA$4.14
CA$6.38
+53.99%
19.83%CA$8.27CA$4.29n/a8
Apr ’26CA$4.16
CA$5.64
+35.66%
25.58%CA$7.75CA$3.31n/a8
Mar ’26CA$3.87
CA$5.86
+51.52%
21.88%CA$7.84CA$4.07n/a8
Feb ’26CA$3.51
CA$5.60
+59.62%
18.72%CA$6.99CA$3.92n/a7
Jan ’26CA$3.52
CA$6.76
+91.99%
16.72%CA$8.58CA$5.00n/a9
Dec ’25CA$4.08
CA$6.51
+59.59%
14.58%CA$8.10CA$5.00n/a9
Nov ’25CA$4.60
CA$6.46
+40.50%
16.40%CA$8.04CA$5.02CA$6.149
Oct ’25CA$4.23
CA$6.17
+45.97%
13.70%CA$7.52CA$4.99CA$6.969
Sep ’25CA$3.79
CA$5.94
+56.79%
14.83%CA$7.00CA$4.20CA$5.679
Aug ’25CA$4.08
CA$6.35
+55.64%
13.25%CA$7.57CA$5.00CA$4.749
Jul ’25CA$3.67
CA$6.22
+69.36%
12.51%CA$7.48CA$5.01CA$4.929
Jun ’25CA$3.84
CA$6.05
+57.45%
14.46%CA$7.45CA$4.97CA$4.619
May ’25CA$3.51
CA$6.45
+83.78%
16.60%CA$8.02CA$5.01CA$4.149
Apr ’25CA$3.58
CA$6.13
+71.15%
13.99%CA$7.31CA$5.01CA$4.169
Mar ’25CA$3.48
CA$6.33
+81.85%
12.66%CA$7.28CA$5.01CA$3.879
Feb ’25CA$3.79
CA$6.43
+69.78%
14.05%CA$8.00CA$4.99CA$3.519
Jan ’25CA$4.19
CA$7.08
+68.94%
8.83%CA$7.81CA$5.50CA$3.529
Dec ’24CA$4.63
CA$7.21
+55.65%
9.03%CA$7.87CA$5.55CA$4.089
Nov ’24CA$4.41
CA$7.37
+67.17%
10.88%CA$9.08CA$6.00CA$4.6010
CA$9.23
Fair Value
41.9% undervalued intrinsic discount
9
Number of Analysts

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.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/06 12:07
End of Day Share Price 2025/11/06 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

B2Gold Corp. is covered by 26 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Brian QuastBMO Capital Markets Equity Research
Lawson WinderBofA Global Research
Carey MacRuryCanaccord Genuity