TSX:BTO

Stock Analysis Report

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Market Cap

CA$5.2b

Last Updated

2021/07/25 22:29 UTC

Data Sources

Company Financials +

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 and undervalued.


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 is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: BTO's weekly volatility (5%) has been stable over the past year.


Market Performance


7 Day Return

-1.0%

BTO

-1.4%

CA Metals and Mining

0.07%

CA Market


1 Year Return

-43.5%

BTO

-8.7%

CA Metals and Mining

28.2%

CA Market

Return vs Industry: BTO underperformed the Canadian Metals and Mining industry which returned -8.7% over the past year.

Return vs Market: BTO underperformed the Canadian Market which returned 28.2% over the past year.


Shareholder returns

BTOIndustryMarket
7 Day-1.0%-1.4%0.07%
30 Day-4.4%-3.5%-1.7%
90 Day-21.1%-5.8%2.5%
1 Year-41.7%-43.5%-7.6%-8.7%32.1%28.2%
3 Year55.7%49.5%52.6%48.9%29.4%16.9%
5 Year26.0%21.0%15.7%11.9%50.2%28.0%

Long-Term 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?

49.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BTO (CA$4.95) is trading below our estimate of fair value (CA$9.72)

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


Price To Earnings Ratio

PE vs Industry: BTO is good value based on its PE Ratio (6.4x) compared to the Canadian Metals and Mining industry average (12.2x).

PE vs Market: BTO is good value based on its PE Ratio (6.4x) compared to the Canadian market (13.8x).


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 good value based on its PB Ratio (1.6x) compared to the CA Metals and Mining industry average (2.5x).


Future Growth

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

-5.0%

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 (-5% per year).

Earnings vs Market: BTO's earnings are forecast to decline over the next 3 years (-5% 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 (-1.2% per year).

High Growth Revenue: BTO's revenue is forecast to decline over the next 3 years (-1.2% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BTO's Return on Equity is forecast to be high in 3 years time (20.8%)


Past Performance

How has B2Gold performed over the past 5 years?

66.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BTO has high quality earnings.

Growing Profit Margin: BTO's current net profit margins (36.6%) are higher than last year (25.8%).


Past Earnings Growth Analysis

Earnings Trend: BTO has become profitable over the past 5 years, growing earnings by 66.6% per year.

Accelerating Growth: BTO's earnings growth over the past year (97.6%) exceeds its 5-year average (66.6% per year).

Earnings vs Industry: BTO earnings growth over the past year (97.6%) underperformed the Metals and Mining industry 214.7%.


Return on Equity

High ROE: BTO's Return on Equity (25.3%) is considered high.


Financial Health

How is B2Gold's financial position?


Financial Position Analysis

Short Term Liabilities: BTO's short term assets ($842.6M) exceed its short term liabilities ($289.6M).

Long Term Liabilities: BTO's short term assets ($842.6M) exceed its long term liabilities ($394.7M).


Debt to Equity History and Analysis

Debt Level: BTO's debt to equity ratio (2.5%) is considered satisfactory.

Reducing Debt: BTO's debt to equity ratio has reduced from 31.6% to 2.5% over the past 5 years.

Debt Coverage: BTO's debt is well covered by operating cash flow (1281.8%).

Interest Coverage: BTO's interest payments on its debt are well covered by EBIT (60.7x coverage).


Balance Sheet


Dividend

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

4.07%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BTO's dividend (4.07%) is higher than the bottom 25% of dividend payers in the Canadian market (1.61%).

High Dividend: BTO's dividend (4.07%) is low compared to the top 25% of dividend payers in the Canadian market (4.58%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, BTO has been paying a dividend for less than 10 years.

Growing Dividend: BTO's dividend payments have increased, but the company has only paid a dividend for 2 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (22.7%), BTO's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BTO's dividends in 3 years are forecast to be well covered by earnings (40.2% payout ratio).


Next Steps

Management

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

14.3yrs

Average management tenure


CEO

Clive Johnson (63 yo)

14.33yrs

Tenure

US$6,304,776

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 and Chief Executive Officer ...


CEO Compensation Analysis

Compensation vs Market: Clive's total compensation ($USD6.30M) is above average for companies of similar size in the Canadian market ($USD3.01M).

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


Leadership Team

Experienced Management: BTO's management team is seasoned and experienced (14.3 years average tenure).


Board Members

Experienced Board: BTO's board of directors are considered experienced (9.6 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: BTO insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


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$5.217b
  • Shares outstanding: 1.05b
  • Website: https://www.b2gold.com

Number of Employees


Location

  • B2Gold Corp.
  • Park Place
  • Suite 3400
  • Vancouver
  • British Columbia
  • V6C 2X8
  • Canada

Listings


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 Analysis2021/07/25 22:29
End of Day Share Price2021/07/23 00:00
Earnings2021/03/31
Annual Earnings2020/12/31


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.