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Golden Star Resources

TSX:GSC
Snowflake Description

Moderate growth potential with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GSC
TSX
CA$563M
Market Cap
  1. Home
  2. CA
  3. Materials
Company description

Golden Star Resources Ltd. operates as a gold mining and exploration company. The last earnings update was 105 days ago. More info.


Add to Portfolio Compare Print
  • Golden Star Resources has significant price volatility in the past 3 months.
GSC Share Price and Events
7 Day Returns
0.8%
TSX:GSC
-1.5%
CA Metals and Mining
-0.4%
CA Market
1 Year Returns
10%
TSX:GSC
-10.2%
CA Metals and Mining
-0.5%
CA Market
GSC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Golden Star Resources (GSC) 0.8% 18% 30.9% 10% 165.1% 29.3%
CA Metals and Mining -1.5% 6.3% 12.4% -10.2% 25.2% -27.2%
CA Market -0.4% 4.1% 2.5% -0.5% 22.7% 4.7%
1 Year Return vs Industry and Market
  • GSC outperformed the Metals and Mining industry which returned -10.2% over the past year.
  • GSC outperformed the Market in Canada which returned -0.5% over the past year.
Price Volatility
GSC
Industry
5yr Volatility vs Market

GSC Value

 Is Golden Star Resources undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Golden Star Resources to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Golden Star Resources.

TSX:GSC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 13.5%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:GSC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 8.1%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.21
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.214 (1 + (1- 26.5%) (24.65%))
1.434
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.43
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.434 * 8.05%)
13.5%

Discounted Cash Flow Calculation for TSX:GSC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Golden Star Resources is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:GSC DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (USD, Millions) 27.50 60.37 81.00 72.50 64.88
Source Analyst x2 Analyst x3 Analyst x1 Est @ -10.5% Est @ -10.5%
Present Value
Discounted (@ 13.5%)
24.23 46.86 55.40 43.69 34.45
Present value of next 5 years cash flows $204.64
TSX:GSC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= $64.88 × (1 + 1.95%) ÷ (13.5% – 1.95%)
$572.72
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= $572.72 ÷ (1 + 13.5%)5
$304.10
TSX:GSC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= $204.64 + $304.10
$508.74
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $508.74 / 108.81
$4.68
TSX:GSC Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:GSC)
1.323
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $4.68 x 1.323
CA$6.19
Value per share (CAD) From above. CA$6.19
Current discount Discount to share price of CA$5.17
= -1 x (CA$5.17 - CA$6.19) / CA$6.19
16.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Golden Star Resources is available for.
Intrinsic value
16%
Share price is CA$5.17 vs Future cash flow value of CA$6.19
Current Discount Checks
For Golden Star Resources to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Golden Star Resources's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Golden Star Resources's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Golden Star Resources's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Golden Star Resources's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:GSC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in USD $0.05
TSX:GSC Share Price ** TSX (2019-02-13) in CAD CA$5.17
TSX:GSC Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.756 $3.91
Canada Metals and Mining Industry PE Ratio Median Figure of 125 Publicly-Listed Metals and Mining Companies 10.43x
Canada Market PE Ratio Median Figure of 559 Publicly-Listed Companies 14.43x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Golden Star Resources.

TSX:GSC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:GSC Share Price ÷ EPS (both in USD)

= 3.91 ÷ 0.05

78.4x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Golden Star Resources is overvalued based on earnings compared to the CA Metals and Mining industry average.
  • Golden Star Resources is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Golden Star Resources's expected growth come at a high price?
Raw Data
TSX:GSC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 78.4x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
96.9%per year
Canada Metals and Mining Industry PEG Ratio Median Figure of 44 Publicly-Listed Metals and Mining Companies 0.42x
Canada Market PEG Ratio Median Figure of 262 Publicly-Listed Companies 0.96x

*Line of best fit is calculated by linear regression .

TSX:GSC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 78.4x ÷ 96.9%

0.81x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Golden Star Resources is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Golden Star Resources's assets?
Raw Data
TSX:GSC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in USD $-0.03
TSX:GSC Share Price * TSX (2019-02-13) in CAD CA$5.17
TSX:GSC Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.756 $3.91
Canada Metals and Mining Industry PB Ratio Median Figure of 1,077 Publicly-Listed Metals and Mining Companies 1.42x
Canada Market PB Ratio Median Figure of 2,328 Publicly-Listed Companies 1.52x
TSX:GSC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:GSC Share Price ÷ Book Value per Share (both in USD)

= 3.91 ÷ -0.03

-155.67x

* Primary Listing of Golden Star Resources.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Golden Star Resources has negative assets, we can't compare the value of its assets to the CA Metals and Mining industry average.
X
Value checks
We assess Golden Star Resources's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)
  5. Golden Star Resources has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

GSC Future Performance

 How is Golden Star Resources expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
96.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Golden Star Resources expected to grow at an attractive rate?
  • Golden Star Resources's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Golden Star Resources's earnings growth is expected to exceed the Canada market average.
  • Golden Star Resources's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:GSC Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:GSC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 96.9%
TSX:GSC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 5.8%
Canada Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 36%
Canada Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 7.6%
Canada Market Earnings Growth Rate Market Cap Weighted Average 16.8%
Canada Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:GSC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:GSC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 70
2020-12-31 324 94 35 2
2019-12-31 281 71 57 5
2018-12-31 274 24 -17 4
TSX:GSC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-09-30 298 28 4
2018-06-30 318 41 19
2018-03-31 318 42 40
2017-12-31 315 55 39
2017-09-30 287 69 30
2017-06-30 255 67 -6
2017-03-31 229 62 -42
2016-12-31 221 53 -40
2016-09-30 224 41 -29
2016-06-30 225 65 -13
2016-03-31 240 56 -53
2015-12-31 255 60 -68

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Golden Star Resources's earnings are expected to grow significantly at over 20% yearly.
  • Golden Star Resources's revenue is expected to grow by 5.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:GSC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Golden Star Resources Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:GSC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 0.25 0.25 0.25 1.00
2019-12-31 0.67 0.85 0.49 2.00
2018-12-31 -0.11 -0.05 -0.16 3.00
TSX:GSC Past Financials Data
Date (Data in USD Millions) EPS *
2018-09-30 0.05
2018-06-30 0.25
2018-03-31 0.52
2017-12-31 0.52
2017-09-30 0.40
2017-06-30 -0.08
2017-03-31 -0.65
2016-12-31 -0.67
2016-09-30 -0.55
2016-06-30 -0.25
2016-03-31 -1.01
2015-12-31 -1.30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Golden Star Resources will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Golden Star Resources's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Golden Star Resources has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

GSC Past Performance

  How has Golden Star Resources performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Golden Star Resources's growth in the last year to its industry (Metals and Mining).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Golden Star Resources has delivered over 20% year on year earnings growth in the past 5 years.
  • Golden Star Resources's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Golden Star Resources's 1-year earnings growth is negative, it can't be compared to the CA Metals and Mining industry average.
Earnings and Revenue History
Golden Star Resources's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Golden Star Resources Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:GSC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 297.52 3.80 24.52
2018-06-30 317.56 19.09 25.52
2018-03-31 317.77 39.62 20.11
2017-12-31 315.50 38.77 26.96
2017-09-30 286.91 29.62 19.54
2017-06-30 254.65 -5.61 21.65
2017-03-31 228.77 -41.53 28.57
2016-12-31 221.29 -39.65 27.57
2016-09-30 224.46 -29.31 29.44
2016-06-30 225.40 -13.03 23.34
2016-03-31 239.74 -52.50 19.31
2015-12-31 255.19 -67.68 15.59
2015-09-30 285.35 -129.62 15.83
2015-06-30 306.66 -120.19 15.93
2015-03-31 320.43 -63.84 15.08
2014-12-31 328.92 -73.08 16.92
2014-09-30 338.36 -173.50 20.82
2014-06-30 378.76 -172.59 21.84
2014-03-31 419.89 -296.26 22.30
2013-12-31 467.80 -265.89 23.18
2013-09-30 521.47 -102.98 24.63
2013-06-30 536.81 -126.55 24.81
2013-03-31 552.43 2.32 25.24
2012-12-31 550.54 7.19 26.89
2012-09-30 519.64 0.09 20.49
2012-06-30 512.03 9.96 23.33
2012-03-31 485.52 4.87 26.96

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Golden Star Resources has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) due to its liabilities exceeding its assets.
  • Golden Star Resources used its assets less efficiently than the CA Metals and Mining industry average last year based on Return on Assets.
  • Golden Star Resources 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).
X
Past performance checks
We assess Golden Star Resources's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Golden Star Resources has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

GSC Health

 How is Golden Star Resources's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Golden Star Resources's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Golden Star Resources's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Golden Star Resources's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Golden Star Resources's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Golden Star Resources has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Golden Star Resources Company Filings, last reported 4 months ago.

TSX:GSC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 -71.31 104.80 18.36
2018-06-30 -67.54 108.15 21.87
2018-03-31 -60.36 110.44 26.22
2017-12-31 -41.75 95.61 27.79
2017-09-30 -56.04 95.31 29.95
2017-06-30 -72.56 96.32 25.90
2017-03-31 -86.61 101.09 36.46
2016-12-31 -120.76 107.55 21.76
2016-09-30 -128.99 111.74 17.49
2016-06-30 -137.34 127.02 7.58
2016-03-31 -128.49 114.72 14.56
2015-12-31 -131.23 114.34 35.11
2015-09-30 -145.70 99.51 27.67
2015-06-30 -137.41 127.14 21.45
2015-03-31 -68.86 118.97 24.18
2014-12-31 -54.19 102.98 39.35
2014-09-30 -1.04 104.04 36.03
2014-06-30 -2.75 115.77 43.41
2014-03-31 3.54 112.83 57.82
2013-12-31 26.70 94.24 65.55
2013-09-30 191.46 76.35 66.64
2013-06-30 186.39 62.32 58.53
2013-03-31 419.21 107.95 78.35
2012-12-31 328.18 117.48 93.92
2012-09-30 424.57 167.91 132.64
2012-06-30 445.47 144.80 113.25
2012-03-31 445.78 145.00 112.93
  • Golden Star Resources has negative shareholder equity (liabilities exceed assets), this is a more serious situation compared with a high debt level.
  • Irrelevant to check if Golden Star Resources's debt level has increased considering it has negative shareholder equity.
  • Debt is well covered by operating cash flow (26.8%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Golden Star Resources's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Golden Star Resources has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

GSC Dividends

 What is Golden Star Resources's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Golden Star Resources dividends.
If you bought CA$2,000 of Golden Star Resources shares you are expected to receive CA$0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Golden Star Resources's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Golden Star Resources's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:GSC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Canada Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 27 Stocks 1.2%
Canada Market Average Dividend Yield Market Cap Weighted Average of 329 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:GSC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
2018-12-31

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Golden Star Resources has not reported any payouts.
  • Unable to verify if Golden Star Resources's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Golden Star Resources's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Golden Star Resources has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Golden Star Resources's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Golden Star Resources afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Golden Star Resources has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

GSC Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Sam Coetzer
COMPENSATION $1,783,283
AGE 57
TENURE AS CEO 6.1 years
CEO Bio

Mr. Samuel T. Coetzer, also known as Sam, has served as President and Chief Executive Officer of Golden Star Resources Limited since January 2013 and has been its Director since December 13, 2012. Prior to this appointment, he served the Company as Executive Vice President and Chief Operating Officer from March 2011 to December 2012. Mr. Coetzer is a mining engineer graduate from the University of Pretoria, a Member of the World Gold Council and has over 25 years of international mining experience, having held increasing levels of responsibility in various mining companies including Xstrata Nickel Australasia Pty Ltd, Xstrata Coal South Africa, and Placer Dome Inc. Mr. Coetzer consulted to Kinross Gold Corporation (“Kinross”) from February 2009 and was appointed in May 2009 as Senior Vice President, South American Operations for Kinross, serving in this role until September 2010. From June 2007 to October 2008, Mr. Coetzer was the Chief Operating Officer of Xstrata Nickel Australasia Pty Ltd, and from March 2006 to June 2007, he was the Chief Operating Officer of Xstrata Coal South Africa. Mr. Coetzer also has significant experience in Africa, having been with Placer Dome Inc.’s South African and Tanzanian operations, where he was Managing Director - South Africa and the Executive General Manager – Tanzania, from 2003 to February 2006.

CEO Compensation
  • Sam's compensation has been consistent with company performance over the past year.
  • Sam's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Golden Star Resources management team in years:

6.1
Average Tenure
55
Average Age
  • The average tenure for the Golden Star Resources management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Sam Coetzer

TITLE
President
COMPENSATION
$2M
AGE
57
TENURE
6.1 yrs

Pieter van Niekerk

TITLE
Executive VP & CFO
COMPENSATION
$743K
AGE
41
TENURE
4.8 yrs

Daniel Monney Owiredu

TITLE
Executive VP
COMPENSATION
$1M
AGE
60
TENURE
6.1 yrs

Martin Raffield

TITLE
Executive VP & Chief Technical Officer
COMPENSATION
$1M
AGE
49
TENURE
2.6 yrs

Mitch Wasel

TITLE
Vice President of Exploration
COMPENSATION
$768K
AGE
53
TENURE
11.4 yrs

Tania Shaw

TITLE
Vice President of Investor Relations & Corporate Affairs
TENURE
0.1 yrs

Karen Walsh

TITLE
Vice President of People & Organizational Development
TENURE
6.6 yrs

Bruce Higson-Smith

TITLE
Senior Vice President of Corporate Strategy
COMPENSATION
$853K
AGE
57
TENURE
6.1 yrs

Jason Brooks

TITLE
VP & Controller
TENURE
4.8 yrs
Board of Directors Tenure

Average tenure and age of the Golden Star Resources board of directors in years:

4.6
Average Tenure
60
Average Age
  • The tenure for the Golden Star Resources board of directors is about average.
Board of Directors

Tim Baker

TITLE
Chair of the Board
COMPENSATION
$186K
AGE
66
TENURE
6.1 yrs

Sam Coetzer

TITLE
President
COMPENSATION
$2M
AGE
57
TENURE
6.2 yrs

Daniel Monney Owiredu

TITLE
Executive VP
COMPENSATION
$1M
AGE
60
TENURE
4.3 yrs

Rob Doyle

TITLE
Director
COMPENSATION
$134K
AGE
63
TENURE
7 yrs

Craig Nelsen

TITLE
Director
COMPENSATION
$122K
AGE
66
TENURE
7.8 yrs

Anu Dhir

TITLE
Director
COMPENSATION
$123K
AGE
46
TENURE
5 yrs

Gil Clausen

TITLE
Director
COMPENSATION
$112K
AGE
61
TENURE
2.6 yrs

Mona Quartey

TITLE
Director
COMPENSATION
$133K
AGE
54
TENURE
1.8 yrs

Andrew Wray

TITLE
Director
AGE
54
TENURE
0.3 yrs

Graham Crew

TITLE
Director
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
05. Nov 18 Buy Karen Walsh Individual 05. Nov 18 05. Nov 18 15,000 CA$4.14 CA$62,091
05. Nov 18 Buy Samuel Coetzer Individual 05. Nov 18 05. Nov 18 17,000 CA$4.27 CA$72,495
09. Aug 18 Buy Martin Raffield Individual 06. Aug 18 09. Aug 18 13,631 CA$4.89 CA$65,541
03. Aug 18 Buy Karen Walsh Individual 03. Aug 18 03. Aug 18 6,000 CA$4.73 CA$28,380
03. Aug 18 Buy Samuel Coetzer Individual 03. Aug 18 03. Aug 18 8,700 CA$4.66 CA$40,555
17. Apr 18 Buy Karen Walsh Individual 16. Apr 18 16. Apr 18 10,000 CA$3.42 CA$34,185
17. Apr 18 Buy Timothy Baker Individual 16. Apr 18 16. Apr 18 11,200 CA$4.45 CA$49,840
X
Management checks
We assess Golden Star Resources's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Golden Star Resources has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

GSC News

Simply Wall St News

Have Insiders Been Buying Golden Star Resources Ltd. (TSE:GSC) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Golden Star Resources Ltd. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … Golden Star Resources Insider Transactions Over The Last Year.

Simply Wall St -

What Kind Of Share Price Volatility Should You Expect For Golden Star Resources Ltd. (TSE:GSC)?

Volatility is considered to be a measure of risk in modern finance theory. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St -

Who Really Owns Golden Star Resources Ltd (TSE:GSC)?

In this article, I will take a quick look at Golden Star Resources Ltd’s (TSE:GSC) recent ownership structure – an unconventional investing subject, but an important one. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders. … See our latest analysis for Golden Star Resources

Simply Wall St -

Golden Star Resources Ltd (TSE:GSC): Can Growth Justify Its July Share Price?

Golden Star Resources Ltd (TSE:GSC) closed yesterday at CA$0.9, which left some investors asking whether the high earnings potential can still be justified at this price. … See our latest analysis for Golden Star Resources? … The excitement around Golden Star Resources's growth potential is not unfounded

Simply Wall St -

An Intrinsic Calculation For Golden Star Resources Ltd (TSE:GSC) Shows It's 20.06% Undervalued

In this article I am going to calculate the intrinsic value of Golden Star Resources Ltd (TSE:GSC). … by taking the foreast future cash flows of the company and discounting them back to today's value. … If you are reading this and its not June 2018 then I highly recommend you check out the latest calculation for Golden Star Resources by following the link below.

Simply Wall St -

Does Golden Star Resources Ltd's (TSX:GSC) November Stock Price Reflect Its Future Growth?

Golden Star Resources is available at a price-to-earnings ratio of 11x, showing us it is undervalued relative to the current CA market average of 17.29x , and undervalued based on its latest annual earnings update compared to the metals and mining average of 11.06x. … However, since Golden Star Resources is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … Based on Golden Star Resources's predicted 71.56% growth in earnings next year and PE ratio of 11x we see that Golden Star Resources has a low PEG ratio of 0.99x.

Simply Wall St -

Should You Be Tempted To Buy Golden Star Resources Ltd (TSX:GSC) At Its Current Price?

It compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for GSC Price per share = 0.98 Earnings per share = 0.08 ∴ Price-Earnings Ratio = 0.98 ÷ 0.08 = 9.7x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … GSC’s P/E of 9.7x is lower than its industry peers (11.1x), which implies that each dollar of GSC’s earnings is being undervalued by investors.

Simply Wall St -

Why Golden Star Resources Ltd's (TSX:GSC) Investor Composition Impacts Your Returns

Check out our latest analysis for Golden Star Resources TSX:GSC Ownership Summary Oct 26th 17 Institutional Ownership Institutions account for 38.80% of GSC's outstanding shares, a significant enough holding to move stock prices if they start buying and selling in large quantities, especially when there are relatively small amounts of shares available on the market to trade. … Although GSC has a high institutional ownership, such stock moves, in the short-term, are more commonly linked to a particular type of active institutional investors – hedge funds. … Insider Ownership Insiders form another group of important ownership types as they manage the company's operations and decide the best use of capital.

Simply Wall St -

GSC Company Info

Map
Description

Golden Star Resources Ltd. operates as a gold mining and exploration company. The company owns and operates the Wassa open-pit gold mine, the Wassa underground mine, and a carbon-in-leach processing plant located to the northeast of the town of Tarkwa, Ghana; and Bogoso gold mining and processing operation, Prestea open-pit mining operations, and the Prestea underground development project located near the town of Prestea, Ghana. It also holds and manages interests in various gold exploration properties in Ghana and Brazil. The company was incorporated in 1992 and is headquartered in Toronto, Canada.

Details
Name: Golden Star Resources Ltd.
GSC
Exchange: TSX
Founded: 1992
CA$562,532,190
108,807,000
Website: http://www.gsr.com
Address: Golden Star Resources Ltd.
Sun Life Financial Tower,
Suite 1200,
Toronto,
Ontario, M5H 1J9,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX GSC Common Shares The Toronto Stock Exchange CA CAD 27. Jul 1987
AMEX GSS Common Shares NYSE MKT LLC US USD 27. Jul 1987
DB GS51 Common Shares Deutsche Boerse AG DE EUR 27. Jul 1987
GHSE GSR Common Shares Ghana Stock Exchange GH GHS 27. Jul 1987
Number of employees
Current staff
Staff numbers
901
Golden Star Resources employees.
Industry
Gold
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/13 23:41
End of day share price update: 2019/02/13 00:00
Last estimates confirmation: 2019/02/07
Last earnings filing: 2018/10/31
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.