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SEMAFO

TSX:SMF
Snowflake Description

Excellent balance sheet with reasonable growth potential.

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

SEMAFO Inc., a mining company, engages in the exploration, development, and operation of gold properties in West Africa. The last earnings update was 74 days ago. More info.


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  • SEMAFO has significant price volatility in the past 3 months.
SMF Share Price and Events
7 Day Returns
6%
TSX:SMF
5.9%
CA Metals and Mining
-0.1%
CA Market
1 Year Returns
44.1%
TSX:SMF
7.8%
CA Metals and Mining
-2.3%
CA Market
SMF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
SEMAFO (SMF) 6% 6.8% 46% 44.1% -11.4% 13.3%
CA Metals and Mining 5.9% 10.3% 14.6% 7.8% -13.3% -14.9%
CA Market -0.1% -0.5% -2.3% -2.3% 7.4% -0.2%
1 Year Return vs Industry and Market
  • SMF outperformed the Metals and Mining industry which returned 7.8% over the past year.
  • SMF outperformed the Market in Canada which returned -2.3% over the past year.
Price Volatility
SMF
Industry
5yr Volatility vs Market

Value

 Is SEMAFO 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 SEMAFO 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 SEMAFO.

TSX:SMF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
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:SMF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.06
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.062 (1 + (1- 26.5%) (9.93%))
1.094
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.09
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.094 * 5.96%)
8.47%

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

The calculations below outline how an intrinsic value for SEMAFO is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:SMF DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.47%)
2020 172.43 Analyst x4 158.97
2021 198.27 Analyst x3 168.53
2022 194.00 Analyst x1 152.03
2023 192.18 Est @ -0.94% 138.85
2024 192.04 Est @ -0.07% 127.92
2025 193.06 Est @ 0.53% 118.56
2026 194.91 Est @ 0.96% 110.35
2027 197.35 Est @ 1.25% 103.02
2028 200.23 Est @ 1.46% 96.37
2029 203.45 Est @ 1.61% 90.27
Present value of next 10 years cash flows $1,264.87
TSX:SMF DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $203.45 × (1 + 1.95%) ÷ (8.47% – 1.95%)
$3,182.09
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $3,182.09 ÷ (1 + 8.47%)10
$1,411.92
TSX:SMF Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,264.87 + $1,411.92
$2,676.79
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,676.79 / 333.98
$8.01
TSX:SMF Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:SMF)
1.308
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $8.01 x 1.308
CA$10.48
Value per share (CAD) From above. CA$10.48
Current discount Discount to share price of CA$5.46
= -1 x (CA$5.46 - CA$10.48) / CA$10.48
47.9%

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

Current Discount
Amount off the current price SEMAFO is available for.
Intrinsic value
48%
Share price is CA$5.46 vs Future cash flow value of CA$10.48
Current Discount Checks
For SEMAFO to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • SEMAFO's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • SEMAFO's share price is below the future cash flow value, and 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 SEMAFO's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are SEMAFO's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:SMF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.04
TSX:SMF Share Price ** TSX (2019-07-19) in CAD CA$5.46
TSX:SMF Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.765 $4.18
Canada Metals and Mining Industry PE Ratio Median Figure of 107 Publicly-Listed Metals and Mining Companies 16.41x
Canada Market PE Ratio Median Figure of 538 Publicly-Listed Companies 15.38x

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

** Primary Listing of SEMAFO.

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

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

= 4.18 ÷ 0.04

95.86x

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

  • SEMAFO is overvalued based on earnings compared to the CA Metals and Mining industry average.
  • SEMAFO is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does SEMAFO's expected growth come at a high price?
Raw Data
TSX:SMF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 95.86x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
39.7%per year
Canada Metals and Mining Industry PEG Ratio Median Figure of 35 Publicly-Listed Metals and Mining Companies 0.9x
Canada Market PEG Ratio Median Figure of 249 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 95.86x ÷ 39.7%

2.41x

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

  • SEMAFO is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on SEMAFO's assets?
Raw Data
TSX:SMF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $2.27
TSX:SMF Share Price * TSX (2019-07-19) in CAD CA$5.46
TSX:SMF Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.765 $4.18
Canada Metals and Mining Industry PB Ratio Median Figure of 1,102 Publicly-Listed Metals and Mining Companies 1.42x
Canada Market PB Ratio Median Figure of 2,442 Publicly-Listed Companies 1.46x
TSX:SMF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 4.18 ÷ 2.27

1.84x

* Primary Listing of SEMAFO.

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

  • SEMAFO is overvalued based on assets compared to the CA Metals and Mining industry average.
X
Value checks
We assess SEMAFO'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. SEMAFO has a total score of 2/6, 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.

Future Performance

 How is SEMAFO expected to perform in the next 1 to 3 years based on estimates from 3 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
39.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is SEMAFO expected to grow at an attractive rate?
  • SEMAFO's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • SEMAFO's earnings growth is expected to exceed the Canada market average.
  • SEMAFO's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:SMF Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:SMF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 39.7%
TSX:SMF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 6.1%
Canada Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 29.3%
Canada Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.8%

*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:SMF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:SMF Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 551 1
2021-12-31 562 253 119 2
2020-12-31 578 282 138 3
2019-12-31 533 287 98 3
TSX:SMF Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 373 168 14
2018-12-31 297 108 -8
2018-09-30 245 61 -13
2018-06-30 254 62 -1
2018-03-31 255 62 18
2017-12-31 259 77 20
2017-09-30 265 96 13
2017-06-30 276 111 19
2017-03-31 293 124 15
2016-12-31 300 149 34
2016-09-30 304 178 40
2016-06-30 296 163 35

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • SEMAFO's earnings are expected to grow significantly at over 20% yearly.
  • SEMAFO's revenue is expected to grow by 6.1% 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:SMF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from SEMAFO Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:SMF Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.40 0.40 0.40 1.00
2020-12-31 0.44 0.45 0.42 2.00
2019-12-31 0.30 0.30 0.30 2.00
TSX:SMF Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.04
2018-12-31 -0.03
2018-09-30 -0.04
2018-06-30 0.00
2018-03-31 0.06
2017-12-31 0.06
2017-09-30 0.04
2017-06-30 0.06
2017-03-31 0.05
2016-12-31 0.11
2016-09-30 0.13
2016-06-30 0.12

*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 SEMAFO will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess SEMAFO'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.
SEMAFO has a total score of 4/6, 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.

Past Performance

  How has SEMAFO 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 SEMAFO'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.
  • SEMAFO's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • SEMAFO's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • SEMAFO's 1-year earnings growth is negative, it can't be compared to the CA Metals and Mining industry average.
Earnings and Revenue History
SEMAFO'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 SEMAFO Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:SMF Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 372.52 14.18 19.98
2018-12-31 296.68 -8.19 18.39
2018-09-30 244.95 -13.03 19.47
2018-06-30 254.01 -1.27 21.30
2018-03-31 254.81 18.02 18.80
2017-12-31 258.99 20.04 18.39
2017-09-30 265.17 13.44 15.13
2017-06-30 275.54 18.89 12.24
2017-03-31 292.81 15.34 18.71
2016-12-31 300.48 34.22 21.21
2016-09-30 303.82 39.64 24.91
2016-06-30 296.14 34.79 24.38
2016-03-31 300.67 49.21 19.69
2015-12-31 300.13 24.91 18.76
2015-09-30 306.25 29.04 15.65
2015-06-30 318.25 27.39 16.85
2015-03-31 324.89 19.60 20.14
2014-12-31 289.35 15.81 21.49
2014-09-30 261.53 4.11 27.10
2014-06-30 226.49 -7.88 30.02
2014-03-31 192.51 -40.73 25.95
2013-12-31 226.62 -9.23 24.17
2013-09-30 260.37 18.89 23.93
2013-06-30 265.28 22.81 26.03
2013-03-31 259.39 17.57 28.04
2012-12-31 287.21 26.07 29.56
2012-09-30 316.54 38.32 29.91

*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.
  • SEMAFO has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • SEMAFO used its assets less efficiently than the CA Metals and Mining industry average last year based on Return on Assets.
  • SEMAFO's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess SEMAFO'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.
SEMAFO has a total score of 1/6, 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.

Health

 How is SEMAFO'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 SEMAFO's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • SEMAFO is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • SEMAFO's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of SEMAFO'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.
  • Debt is covered by short term assets, assets are 2.3x debt.
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 SEMAFO Company Filings, last reported 3 months ago.

TSX:SMF Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 777.00 103.07 98.99
2018-12-31 753.10 117.57 96.52
2018-09-30 745.38 117.07 86.24
2018-06-30 744.38 116.56 108.87
2018-03-31 755.85 116.06 139.42
2017-12-31 760.56 115.56 198.95
2017-09-30 756.86 115.06 256.76
2017-06-30 742.95 114.55 283.30
2017-03-31 734.07 57.26 255.16
2016-12-31 735.58 57.04 273.77
2016-09-30 739.60 56.81 282.24
2016-06-30 715.62 59.75 254.07
2016-03-31 631.66 58.73 166.67
2015-12-31 605.86 88.43 167.17
2015-09-30 603.99 88.14 137.79
2015-06-30 590.90 87.84 130.87
2015-03-31 568.78 87.55 114.85
2014-12-31 530.61 0.00 127.93
2014-09-30 524.49 0.00 112.23
2014-06-30 510.11 0.00 93.23
2014-03-31 493.32 0.00 61.78
2013-12-31 505.83 0.00 82.16
2013-09-30 526.88 0.00 83.58
2013-06-30 529.65 0.00 116.41
2013-03-31 588.10 0.00 137.27
2012-12-31 592.58 0.00 139.45
2012-09-30 647.73 0.00 154.47
  • SEMAFO's level of debt (13.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 13.3% today).
  • Debt is well covered by operating cash flow (163.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 12.2x coverage).
X
Financial health checks
We assess SEMAFO'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. SEMAFO has a total score of 5/6, 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.

Dividends

 What is SEMAFO'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 SEMAFO dividends. Estimated to be 0% next year.
If you bought CA$2,000 of SEMAFO 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 SEMAFO's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate SEMAFO'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:SMF 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 3 Analyst Estimates (S&P Global) See Below
Canada Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 29 Stocks 1.1%
Canada Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.5%
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 5.7%

Industry and Market average data is calculated daily.

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

TSX:SMF Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31
2020-12-31 0.00 1.00
2019-12-31 0.00 1.00
TSX:SMF Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2015-05-13 0.000 0.000
2015-03-12 0.000 0.000
2014-11-11 0.000 0.000
2014-08-07 0.000 0.000
2014-05-06 0.000 0.000
2014-03-12 0.000 0.000
2013-11-13 0.036 1.223
2013-05-13 0.038 1.979
2012-11-06 0.039 1.491
2012-10-15 0.040 1.007
2012-05-14 0.038 0.965
2011-11-08 0.038 0.652

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

  • Unable to perform a dividend volatility check as SEMAFO has not reported any payouts.
  • Unable to verify if SEMAFO's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of SEMAFO's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as SEMAFO has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of SEMAFO's dividends in 3 years as they are not expected to pay a notable one for Canada.
X
Income/ dividend checks
We assess SEMAFO'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 SEMAFO afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. SEMAFO 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.

Management

 What is the CEO of SEMAFO'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
Benoit Desormeaux
COMPENSATION $2,129,938
AGE 49
TENURE AS CEO 6.9 years
CEO Bio

Mr. Benoit Desormeaux, CPA, CA, has been President and Chief Executive Officer at SEMAFO Inc. since August 8, 2012 and serves as it’s Director. He has 20 years’ experience in international mining and exploration. Mr. Desormeaux joined SEMAFO Inc. (the “Company”) in 1997 as Corporate Controller. From 2004 to 2012, he served as Executive Vice President and Chief Operating Officer at SEMAFO Inc. Prior to joining SEMAFO Inc. in 1997, he was in the employ of Deloitte LLP involved principally in corporate audits in the manufacturing sector. He serves as Chairman of the Board of Directors of SEMAFO Foundation. He sits on the Board of Directors of Groupe Technosub Inc. Mr. Desormeaux is a Chartered Professional Accountant, a member of Ordre des Comptables Professionnels Agréés du Québec and holds a Bachelor's Degree in Business Administration (BBA) from HEC Montréal.

CEO Compensation
  • Benoit's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Benoit's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the SEMAFO management team in years:

8.4
Average Tenure
  • The average tenure for the SEMAFO management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Benoit Desormeaux

TITLE
President
COMPENSATION
$2M
AGE
49
TENURE
6.9 yrs

Martin Milette

TITLE
Chief Financial Officer
COMPENSATION
$928K
TENURE
13.2 yrs

John Jentz

TITLE
Vice President of Corporate Development & Investor Relations
COMPENSATION
$671K
AGE
48
TENURE
1.6 yrs

Eric Paul-Hus

TITLE
VP of Law
TENURE
9.8 yrs

Alain Mélanson

TITLE
Vice President of Human Resources
TENURE
9.8 yrs

Mamoudou Diallo

TITLE
Managing Director of Semafo Guinea

Richard Roy

TITLE
Vice President of Exploration
TENURE
1 yrs
Board of Directors Tenure

Average tenure and age of the SEMAFO board of directors in years:

7.2
Average Tenure
61
Average Age
  • The tenure for the SEMAFO board of directors is about average.
Board of Directors

John LeBoutillier

TITLE
Chairman of the Board
COMPENSATION
$238K
AGE
75
TENURE
1.5 yrs

Benoit Desormeaux

TITLE
President
COMPENSATION
$2M
AGE
49
TENURE
7.5 yrs

Gilles E. Masson

TITLE
Independent Director
COMPENSATION
$161K
AGE
72
TENURE
13.5 yrs

Terence Bowles

TITLE
Independent Director
COMPENSATION
$149K
AGE
70
TENURE
8.2 yrs

Tertius Zongo

TITLE
Independent Director
COMPENSATION
$150K
AGE
61
TENURE
7.2 yrs

Flore Konan

TITLE
Independent Director
COMPENSATION
$138K
AGE
56
TENURE
4.2 yrs

Hélène Cartier

TITLE
Director
AGE
56
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • SEMAFO individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
25. Jun 19 Sell François Thibert Individual 21. Jun 19 21. Jun 19 -617 CA$4.96 CA$-3,060
14. Jun 19 Sell Alain Mélanson Individual 12. Jun 19 13. Jun 19 -22,000 CA$4.81 CA$-104,243
14. Jun 19 Sell Martin Milette Individual 12. Jun 19 13. Jun 19 -59,900 CA$4.82 CA$-287,704
14. Jun 19 Sell Eric Paul-Hus Individual 12. Jun 19 12. Jun 19 -22,200 CA$4.76 CA$-105,579
X
Management checks
We assess SEMAFO'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. SEMAFO 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.

News

Simply Wall St News

The SEMAFO (TSE:SMF) Share Price Has Gained 38% And Shareholders Are Hoping For More

(TSE:SMF) share price is 38% higher than it was a year ago, much better than the market return of around -2.9% (not including dividends) in the same period. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … When a company has just transitioned to profitability, earnings per share growth is not always the best way to look at the share price action.

Simply Wall St -

SEMAFO Inc. (TSE:SMF) Earns Among The Best Returns In Its Industry

Author Edwin Whiting says to be careful when comparing the ROCE of different businesses, since 'No two businesses are exactly alike.' How Do You Calculate Return On Capital Employed? … Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for SEMAFO: 0.062 = US$58m ÷ (US$1.1b - US$140m) (Based on the trailing twelve months to March 2019.) So, SEMAFO has an ROCE of 6.2%. … Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual.

Simply Wall St -

How Many SEMAFO Inc. (TSE:SMF) Shares Do Institutions Own?

View our latest analysis for SEMAFO TSX:SMF Ownership Summary, May 13th 2019 What Does The Institutional Ownership Tell Us About SEMAFO? … We can see that SEMAFO does have institutional investors; and they hold 71% of the stock. … Insider Ownership Of SEMAFO The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

How SEMAFO Inc. (TSE:SMF) Can Impact Your Portfolio Volatility

(TSE:SMF), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Does SEMAFO Inc.'s (TSE:SMF) CEO Pay Compare Well With Peers?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Benoit Desormeaux's Compensation Compare With Similar Sized Companies. … has a market cap of CA$1.2b, and is paying total annual CEO compensation of US$1.8m.

Simply Wall St -

An Intrinsic Calculation For SEMAFO Inc. (TSE:SMF) Shows It's 46.64% Undervalued

In this article I am going to calculate the intrinsic value of SEMAFO Inc. … by projecting its future cash flows and then discounting them to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model.

Simply Wall St -

How Does Investing In SEMAFO Inc. (TSE:SMF) Impact The Volatility Of Your Portfolio?

Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … While we should keep in mind that Warren Buffett has cautioned that 'Volatility is far from synonymous with risk', beta is still a useful factor to consider.

Simply Wall St -

How Financially Strong Is SEMAFO Inc. (TSE:SMF)?

Investors are always looking for growth in small-cap stocks like SEMAFO Inc. … However, an important fact which most ignore is: how financially healthy is the business? … the current state of its operations and pathway to profitability.

Simply Wall St -

What Kind Of Investor Owns Most Of SEMAFO Inc (TSE:SMF)?

A look at the shareholders of SEMAFO Inc (TSE:SMF) can tell us which group is most powerful. … Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … With a market capitalization of CA$886m, SEMAFO is a small cap stock, so it might not be well known by many institutional investors.

Simply Wall St -

Is SEMAFO Inc's (TSE:SMF) CEO Pay Fair?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Benoit Desormeaux's Compensation Compare With Similar Sized Companies. … It would therefore appear that SEMAFO Inc pays Benoit Desormeaux more than the median CEO remuneration at companies of a similar size, in the same market

Simply Wall St -

Company Info

Description

SEMAFO Inc., a mining company, engages in the exploration, development, and operation of gold properties in West Africa. The company operates the Mana Mine in Burkina Faso, which includes the Siou deposit. It also holds a 90% interest in the Boungou project. The company was formerly known as West Africa Mining Exploration Corporation Inc. and changed its name to SEMAFO Inc. in May 1997. SEMAFO Inc. was founded in 1994 and is headquartered in Saint-Laurent, Canada.

Details
Name: SEMAFO Inc.
SMF
Exchange: TSX
Founded: 1994
CA$1,823,530,778
333,979,996
Website: http://www.semafo.com
Address: SEMAFO Inc.
100 Alexis-Nihon Boulevard,
7th Floor,
Saint-Laurent,
Quebec, H4M 2P3,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX SMF Common Shares The Toronto Stock Exchange CA CAD 02. Jan 1992
OTCPK SEMF.F Common Shares Pink Sheets LLC US USD 02. Jan 1992
DB S7U Common Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0Q4J Common Shares London Stock Exchange GB SEK 02. Jan 1992
OM SMF Common Shares OMX Nordic Exchange Stockholm SE SEK 02. Jan 1992
BATS-CHIXE SMFS Common Shares BATS 'Chi-X Europe' GB SEK 02. Jan 1992
Number of employees
Current staff
Staff numbers
1,228
SEMAFO employees.
Industry
Gold
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 23:47
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


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.