TSX:BTO

Stock Analysis Report

Executive Summary

B2Gold Corp., together with its subsidiaries, engages in the exploration and development of mineral properties for gold deposits in Nicaragua, the Philippines, Mali, Colombia, Burkina Faso, and Namibia.

Snowflake

Fundamentals

Reasonable growth potential with adequate balance sheet.

Risks

  • B2Gold has significant price volatility in the past 3 months.

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


Market Performance


7 Day Return

-2.7%

TSX:BTO

-2.8%

CA Metals and Mining

-1.4%

CA Market


1 Year Return

66.0%

TSX:BTO

19.6%

CA Metals and Mining

-4.4%

CA Market

BTO outperformed the Metals and Mining industry which returned 19.6% over the past year.

BTO outperformed the Market in Canada which returned -4.4% over the past year.


Share holder returns

BTOIndustryMarket
7 Day-2.7%-2.8%-1.4%
30 Day9.5%-1.3%-2.8%
90 Day33.6%19.5%-3.1%
1 Year66.0%66.0%20.6%19.6%-1.0%-4.4%
3 Year11.3%11.3%-16.1%-17.7%13.4%3.4%
5 Year73.3%73.3%-10.1%-13.4%12.4%-3.4%

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 based on future cash flows and its price relative to the stock market?

44%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

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, and at a substantial discount (> 40%).


Price Based on Earnings

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

B2Gold is poor value based on expected growth next year.


Price Based on Value of Assets

B2Gold is overvalued based on assets compared to the CA Metals and Mining industry average.


Next Steps

Future Growth

How is B2Gold expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

34.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

B2Gold's revenue is expected to grow by 8.7% yearly, however this is not considered high growth (20% yearly).

B2Gold's earnings are expected to grow significantly at over 20% yearly.

B2Gold's revenue growth is expected to exceed the Canada market average.

B2Gold's earnings growth is expected to exceed the Canada market average.

B2Gold's earnings growth is expected to exceed the low risk savings rate of 1.9%.


Earnings per Share Growth Estimates


Future Return on Equity

B2Gold is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has B2Gold performed over the past 5 years?

65.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

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.


Return on Equity

B2Gold has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

B2Gold used its assets less efficiently than the CA Metals and Mining industry average last year based on Return on Assets.


Return on Capital Employed

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).


Next Steps

Financial Health

How is B2Gold's financial position?


Financial Position Analysis

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.


Debt to Equity History and Analysis

B2Gold's level of debt (24.9%) compared to net worth is satisfactory (less than 40%).

The level of debt compared to net worth has increased over the past 5 years (22.1% vs 24.9% today).

Debt is well covered by operating cash flow (90.6%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 6.4x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 1.2x debt.


Next Steps

Dividend

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


Dividend Yield and Payments Analysis

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.

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

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.


Next Steps

Management

What is the CEO of B2Gold's salary, the management and board of directors tenure and is there insider trading?

12.4yrs

Average management tenure


CEO

Clive Johnson (61yo)

12.4yrs

Tenure

US$7,505,450

Compensation

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 E ...


CEO Compensation Analysis

Clive's remuneration is higher than average for companies of similar size in Canada.

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


Management Age and Tenure

12.4yrs

Average Tenure

61yo

Average Age

The average tenure for the B2Gold management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

9.7yrs

Average Tenure

61yo

Average Age

The tenure for the B2Gold board of directors is about average.


Insider Trading

B2Gold individual insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellCA$2,425,00016 Aug 19
Roger Richer
EntityIndividual
Role
Executive VP
Shares500,000
Max PriceCA$4.85
SellCA$2,425,00016 Aug 19
Clive Johnson
EntityIndividual
Role
President
Member of the Board of Directors
Shares500,000
Max PriceCA$4.85
SellCA$64,27214 Aug 19
Eduard Bartz
EntityIndividual
Shares13,252
Max PriceCA$4.85
SellCA$123,93714 Aug 19
Michael Cinnamond
EntityIndividual
Role
Senior VP of Finance & CFO
Shares25,554
Max PriceCA$4.85
SellCA$64,27213 Aug 19
Brian Scott
EntityIndividual
Role
Vice President of Geology & Technical Services
Shares13,252
Max PriceCA$4.85
SellCA$756,50013 Aug 19
Hugh MacKinnon
EntityIndividual
Shares150,000
Max PriceCA$5.05
SellCA$40,98513 Aug 19
Eduard Bartz
EntityIndividual
Shares8,197
Max PriceCA$5.00
SellCA$504,00013 Aug 19
Ian MacLean
EntityIndividual
Role
Vice President of Investor Relations
Shares100,000
Max PriceCA$5.04
SellCA$1,161,94113 May 19
Canaccord Genuity Wealth (International) Limited
EntityCompany
Shares318,340
Max PriceCA$3.65
SellCA$43,68013 May 19
Kevin Bullock
EntityIndividual
Role
Member of the Board of Directors
Shares12,000
Max PriceCA$3.64
BuyCA$14,40013 May 19
Kevin Bullock
EntityIndividual
Role
Member of the Board of Directors
Shares4,000
Max PriceCA$3.60
SellCA$5,250,00012 Apr 19
Clive Johnson
EntityIndividual
Role
President
Member of the Board of Directors
Shares1,400,000
Max PriceCA$3.75
BuyCA$24,80911 Apr 19
Kevin Bullock
EntityIndividual
Role
Member of the Board of Directors
Shares6,810
Max PriceCA$3.65
SellCA$2,190,00008 Apr 19
Thomas Garagan
EntityIndividual
Role
Senior Vice President of Exploration
Shares600,000
Max PriceCA$3.65
SellCA$2,555,00008 Apr 19
Dennis Stansbury
EntityIndividual
Role
Senior Vice President of Engineering & Project Evaluations
Shares700,000
Max PriceCA$3.65
SellCA$3,650,00008 Apr 19
Roger Richer
EntityIndividual
Role
Executive VP
Shares1,000,000
Max PriceCA$3.65
SellCA$365,00008 Apr 19
Ian MacLean
EntityIndividual
Role
Vice President of Investor Relations
Shares100,000
Max PriceCA$3.65
SellCA$663,05908 Apr 19
Robert Cross
EntityIndividual
Role
Chairman of the Board
Shares181,660
Max PriceCA$3.65
BuyCA$37,49529 Mar 19
Kevin Bullock
EntityIndividual
Role
Member of the Board of Directors
Shares10,000
Max PriceCA$3.75
SellCA$576,00017 Jan 19
Robert Cross
EntityIndividual
Role
Chairman of the Board
Shares150,000
Max PriceCA$3.84
SellCA$32,48501 Jan 19
Eduard Bartz
EntityIndividual
Shares8,162
Max PriceCA$3.98
BuyCA$7,50018 Dec 18
Dale Craig
EntityIndividual
Shares2,000
Max PriceCA$3.75
SellCA$36,40022 Nov 18
Kevin Bullock
EntityIndividual
Role
Member of the Board of Directors
Shares10,000
Max PriceCA$3.64
BuyCA$7,22514 Sep 18
Kevin Bullock
EntityIndividual
Role
Member of the Board of Directors
Shares2,500
Max PriceCA$2.89
BuyCA$5,74011 Sep 18
Kevin Bullock
EntityIndividual
Role
Member of the Board of Directors
Shares2,000
Max PriceCA$2.87

Ownership Breakdown


Management Team

  • Roger Richer (66yo)

    Executive VP

    • Tenure: 12.4yrs
    • Compensation: $2.38m
  • Dennis Stansbury (66yo)

    Senior Vice President of Engineering & Project Evaluations

    • Tenure: 12.4yrs
    • Compensation: $2.25m
  • Mark Dawe

    Managing Director and Country Manager of Namibia

  • Clive Johnson (61yo)

    President

    • Tenure: 12.4yrs
    • Compensation: $7.51m
  • Bill Lytle

    Senior Vice President of Operations

    • Tenure: 8.7yrs
    • Compensation: $2.38m
  • Kevin Pemberton

    Chief Mine Planning Engineer

  • Mike Cinnamond (52yo)

    Senior VP of Finance & CFO

    • Tenure: 5.3yrs
    • Compensation: $2.38m
  • Brian Scott

    Vice President of Geology & Technical Services

  • Ian MacLean

    Vice President of Investor Relations

  • Tom Garagan (60yo)

    Senior Vice President of Exploration

    • Tenure: 12.4yrs
    • Compensation: $2.38m

Board Members

  • Clive Johnson (61yo)

    President

    • Tenure: 12.7yrs
    • Compensation: $7.51m
  • George Johnson (70yo)

    Independent Director

    • Tenure: 3.4yrs
    • Compensation: $290.00k
  • Bob Gayton (79yo)

    Independent Director

    • Tenure: 11.8yrs
    • Compensation: $300.00k
  • Jerry Korpan (73yo)

    Independent Director

    • Tenure: 11.8yrs
    • Compensation: $290.00k
  • Bob Cross (60yo)

    Non-Executive Chairman

    • Tenure: 11.8yrs
    • Compensation: $450.00k
  • Kevin Bullock (54yo)

    Independent Director

    • Tenure: 5.7yrs
    • Compensation: $270.00k
  • Bongani Mtshisi (40yo)

    Independent Director

    • Tenure: 7.7yrs
    • Compensation: $280.00k
  • Robin Weisman

    Independent Director

    • Tenure: 1.8yrs
    • Compensation: $280.00k

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$4.794b
  • Shares outstanding: 1.01b
  • Website: Click here

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., together with its subsidiaries, engages in the exploration and development of mineral properties for gold deposits in Nicaragua, the Philippines, Mali, Colombia, Burkina Faso, and Namibia. Th ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/18 00:06
End of Day Share Price2019/08/16 00:00
Earnings2019/06/30
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.