B2Gold Corp.

DB:5BG Stock Report

Market Cap: €3.6b

B2Gold Valuation

Is 5BG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 5BG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 5BG (€2.72) is trading above our estimate of fair value (€2.59)

Significantly Below Fair Value: 5BG is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 5BG?

Key metric: As 5BG is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 5BG. This is calculated by dividing 5BG's market cap by their current revenue.
What is 5BG's PS Ratio?
PS Ratio2x
SalesUS$1.91b
Market CapUS$3.79b

Price to Sales Ratio vs Peers

How does 5BG's PS Ratio compare to its peers?

The above table shows the PS ratio for 5BG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.6x
NDA Aurubis
0.2x4.2%€3.3b
TKA thyssenkrupp
0.07x1.1%€2.4b
WCH Wacker Chemie
0.6x5.2%€3.5b
FPE3 Fuchs
1.6x3.7%€4.9b
5BG B2Gold
2x13.4%€5.3b

Price-To-Sales vs Peers: 5BG is expensive based on its Price-To-Sales Ratio (2x) compared to the peer average (0.6x).

Price to Sales Ratio vs Industry

How does 5BG's PS Ratio compare vs other companies in the European Metals and Mining Industry?

35 CompaniesPrice / SalesEstimated GrowthMarket Cap
5BG 2.0xIndustry Avg. 0.7xNo. of Companies35PS00.81.62.43.24+
35 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 5BG is expensive based on its Price-To-Sales Ratio (2x) compared to the European Metals and Mining industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is 5BG's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

5BG PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2x
Fair PS Ratio1.9x

Price-To-Sales vs Fair Ratio: 5BG is expensive based on its Price-To-Sales Ratio (2x) compared to the estimated Fair Price-To-Sales Ratio (1.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 5BG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€2.72
€4.44
+63.3%
14.5%€5.52€3.41n/a9
Nov ’25€3.02
€4.30
+42.4%
16.4%€5.35€3.34n/a9
Oct ’25€2.80
€4.13
+47.7%
13.7%€5.03€3.34n/a9
Sep ’25€2.52
€3.95
+56.4%
14.8%€4.65€2.79n/a9
Aug ’25€2.81
€4.24
+50.7%
13.2%€5.05€3.34n/a9
Jul ’25€2.51
€4.24
+68.8%
12.5%€5.11€3.42n/a9
Jun ’25€2.60
€4.09
+57.4%
14.5%€5.04€3.36n/a9
May ’25€2.38
€4.39
+84.6%
16.6%€5.45€3.41n/a9
Apr ’25€2.41
€4.20
+74.4%
14.0%€5.01€3.44n/a9
Mar ’25€2.33
€4.31
+84.8%
12.7%€4.96€3.41n/a9
Feb ’25€2.58
€4.42
+71.6%
14.0%€5.50€3.43n/a9
Jan ’25€2.94
€4.82
+63.7%
8.8%€5.32€3.75n/a9
Dec ’24€3.03
€4.83
+59.3%
9.0%€5.28€3.72n/a9
Nov ’24€3.00
€5.02
+67.4%
10.8%€6.19€4.09€3.0210
Oct ’24€2.69
€5.42
+101.5%
11.5%€6.66€4.52€2.8011
Sep ’24€2.87
€5.35
+86.7%
11.3%€6.62€4.48€2.5212
Aug ’24€3.07
€5.36
+74.4%
11.0%€6.52€4.41€2.8112
Jul ’24€3.28
€5.45
+66.2%
11.4%€6.62€4.42€2.5112
Jun ’24€3.45
€5.50
+59.5%
10.8%€6.55€4.51€2.6012
May ’24€3.56
€5.30
+49.0%
11.3%€6.39€4.40€2.3812
Apr ’24€3.65
€4.93
+34.9%
12.9%€5.78€3.98€2.4111
Mar ’24€3.29
€5.04
+53.1%
12.8%€5.88€4.05€2.3311
Feb ’24€3.68
€4.98
+35.4%
15.3%€6.81€3.93€2.5812
Jan ’24€3.37
€4.99
+48.2%
17.9%€7.26€3.66€2.9412
Dec ’23€3.41
€5.08
+48.8%
17.7%€7.39€3.77€3.0312
Nov ’23€3.25
€5.29
+62.8%
17.4%€7.64€3.93€3.0012

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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