TSX:BTO

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Flawless balance sheet with solid track record.


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

-2.6%

BTO

-0.3%

CA Metals and Mining

0.07%

CA Market


1 Year Return

103.7%

BTO

51.7%

CA Metals and Mining

-3.6%

CA Market

Return vs Industry: BTO exceeded the Canadian Metals and Mining industry which returned 49.1% over the past year.

Return vs Market: BTO exceeded the Canadian Market which returned -4% over the past year.


Shareholder returns

BTOIndustryMarket
7 Day-2.6%-0.3%0.07%
30 Day4.0%-0.2%2.1%
90 Day-3.3%-7.1%1.8%
1 Year106.7%103.7%52.8%51.7%-0.09%-3.6%
3 Year178.6%174.5%23.4%21.5%3.7%-6.1%
5 Year536.3%526.9%65.1%61.9%31.1%11.6%

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?

16.88x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BTO (CA$8.84) is trading above our estimate of fair value (CA$8.28)

Significantly Below Fair Value: BTO is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BTO is good value based on its PE Ratio (16.9x) compared to the CA Metals and Mining industry average (21.4x).

PE vs Market: BTO is poor value based on its PE Ratio (16.9x) compared to the Canadian market (16.2x).


Price to Earnings Growth Ratio

PEG Ratio: BTO's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: BTO is overvalued based on its PB Ratio (3.2x) compared to the CA Metals and Mining industry average (2.9x).


Next Steps

Future Growth

How is B2Gold forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

-0.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BTO's earnings are forecast to decline over the next 3 years (-0.1% per year).

Earnings vs Market: BTO's earnings are forecast to decline over the next 3 years (-0.1% per year).

High Growth Earnings: BTO's earnings are forecast to decline over the next 3 years.

Revenue vs Market: BTO's revenue is expected to decline over the next 3 years (-2.4% per year).

High Growth Revenue: BTO's revenue is forecast to decline over the next 3 years (-2.4% 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 (17%).


Next Steps

Past Performance

How has B2Gold performed over the past 5 years?

76.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BTO has high quality earnings.

Growing Profit Margin: BTO's current net profit margins (28.4%) are higher than last year (9.5%).


Past Earnings Growth Analysis

Earnings Trend: BTO has become profitable over the past 5 years, growing earnings by 76.9% per year.

Accelerating Growth: BTO's earnings growth over the past year (314.9%) exceeds its 5-year average (76.9% per year).

Earnings vs Industry: BTO earnings growth over the past year (314.9%) exceeded the Metals and Mining industry 56.4%.


Return on Equity

High ROE: BTO's Return on Equity (19.7%) is considered low.


Next Steps

Financial Health

How is B2Gold's financial position?


Financial Position Analysis

Short Term Liabilities: BTO's short term assets ($933.8M) exceed its short term liabilities ($266.2M).

Long Term Liabilities: BTO's short term assets ($933.8M) exceed its long term liabilities ($702.9M).


Debt to Equity History and Analysis

Debt Level: BTO's debt to equity ratio (20.3%) is considered satisfactory.

Reducing Debt: BTO's debt to equity ratio has reduced from 28.3% to 20.3% over the past 5 years.

Debt Coverage: BTO's debt is well covered by operating cash flow (168%).

Interest Coverage: BTO's interest payments on its debt are well covered by EBIT (36.2x coverage).


Balance Sheet


Next Steps

Dividend

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

2.38%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BTO's dividend (2.38%) is higher than the bottom 25% of dividend payers in the Canadian market (1.68%).

High Dividend: BTO's dividend (2.38%) is low compared to the top 25% of dividend payers in the Canadian market (5.83%).


Stability and Growth of Payments

Stable Dividend: Too early to tell whether BTO's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if BTO's dividend payments are increasing as they only just started paying a dividend.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (10%), BTO's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BTO's dividends in 3 years are forecast to be well covered by earnings (37.9% payout ratio).


Next Steps

Management

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

13.6yrs

Average management tenure


CEO

Clive Johnson (62 yo)

13.58yrs

Tenure

US$7,419,701

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 ($USD4.35M) is about average for companies of similar size in the Canadian market ($USD3.99M).

Compensation vs Earnings: Clive's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Clive Johnson
President13.58yrsUS$7.42m0.36%
$ 33.6m
Michael Cinnamond
Senior VP of Finance & CFO6.5yrsUS$6.19m0%
$ 0
William Lytle
Senior Vice President of Operations9.83yrsUS$6.19m0.0077%
$ 710.6k
Roger Richer
Executive VP13.58yrsUS$2.61m0.074%
$ 6.9m
Dennis Stansbury
Senior Vice President of Engineering & Project Evaluations13.58yrsUS$2.55m0.29%
$ 26.5m
Thomas Garagan
Senior Vice President of Exploration13.58yrsUS$2.61m0.19%
$ 17.8m
Brian Scott
Vice President of Geology & Technical Servicesno datano data0.014%
$ 1.3m
Ninette Krohnert
Director of Human Resources & Administrationno datano datano data
Ian MacLean
Vice President of Investor Relationsno datano data0.049%
$ 4.6m
Kevin Pemberton
Chief Mine Planning Engineerno datano datano data
Mark Dawe
Managing Director and Country Manager of Namibiano datano datano data
Timothy Searcy
Chief Executive Officer of Auryxno datano datano data

13.6yrs

Average Tenure

61.5yo

Average Age

Experienced Management: BTO's management team is seasoned and experienced (13.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Clive Johnson
President13.58yrsUS$7.42m0.36%
$ 33.6m
George Johnson
Independent Director4.58yrsUS$322.09k0.048%
$ 4.4m
Robert Gayton
Independent Director13yrsUS$351.62k0.019%
$ 1.7m
Jerry Korpan
Independent Director12.92yrsUS$326.33k0.26%
$ 23.9m
Robert Cross
Independent Non-Executive Chairman13yrsUS$486.90kno data
Kevin Bullock
Independent Director6.83yrsUS$306.33k0.0058%
$ 539.6k
Bongani Mtshisi
Independent Director8.83yrsUS$311.78k0.0022%
$ 201.4k
Robin Weisman
Independent Director3yrsUS$311.33k0.00019%
$ 17.6k
Liane Kelly
Director0.75yrno datano data

8.8yrs

Average Tenure

62yo

Average Age

Experienced Board: BTO's board of directors are considered experienced (8.8 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: BTO insiders have sold more shares than they have bought 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 3.1%.


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$9.240b
  • Shares outstanding: 1.05b
  • 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

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 ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/25 23:31
End of Day Share Price2020/10/23 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.