B2Gold Corp.

NMSE:B2G Stock Report

Market Cap: R105.5b

B2Gold Valuation

Is B2G undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of B2G when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: B2G (ZAR78.87) is trading below our estimate of fair value (ZAR319.75)

Significantly Below Fair Value: B2G is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for B2G?

Key metric: As B2G is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for B2G. This is calculated by dividing B2G's market cap by their current earnings.
What is B2G's PE Ratio?
PE Ratio28.8x
EarningsUS$219.44m
Market CapUS$6.32b

Price to Earnings Ratio vs Peers

How does B2G's PE Ratio compare to its peers?

The above table shows the PE ratio for B2G vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24.8x
OR OR Royalties
45.2x19.68%CA$9.5b
DPM DPM Metals
22.9x43.47%CA$9.4b
OGC OceanaGold
15.6x30.95%CA$8.6b
TXG Torex Gold Resources
15.5x44.56%CA$6.6b
B2G B2Gold
28.8x70.67%R8.6b

Price-To-Earnings vs Peers: B2G is expensive based on its Price-To-Earnings Ratio (28.8x) compared to the peer average (25.8x).

Price to Earnings Ratio vs Industry

How does B2G's PE Ratio compare vs other companies in the African Metals and Mining Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
B2G 28.8xIndustry Avg. 21.1xNo. of Companies5PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: B2G is expensive based on its Price-To-Earnings Ratio (28.8x) compared to the African Metals and Mining industry average (22x).

Price to Earnings Ratio vs Fair Ratio

What is B2G's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

B2G PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio28.8x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate B2G's Price-To-Earnings Fair Ratio for valuation analysis.

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 B2G forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR78.87
R102.01
+29.34%
18.06%R125.35R74.73n/a9
Dec ’26R79.55
R102.81
+29.24%
17.30%R128.11R76.37n/a9
Nov ’26R84.32
R113.60
+34.72%
17.81%R142.10R77.49n/a9
Oct ’26R85.31
R91.30
+7.02%
17.98%R114.22R67.08n/a9
Sep ’26R72.67
R89.17
+22.71%
14.00%R102.26R68.69n/a9
Aug ’26R61.20
R90.87
+48.47%
16.57%R104.37R61.51n/a9
Jul ’26R63.91
R84.80
+32.69%
19.20%R103.83R59.61n/a8
Jun ’26R60.57
R83.25
+37.44%
19.57%R105.89R55.69n/a8
May ’26R57.30
R85.50
+49.21%
19.83%R110.84R57.56n/a8
Apr ’26R52.13
R72.91
+39.87%
25.58%R100.18R42.70n/a8
Mar ’26R49.24
R75.86
+54.06%
21.88%R101.37R52.71n/a8
Feb ’26R45.29
R72.07
+59.12%
18.72%R89.95R50.40n/a7
Jan ’26R45.44
R86.17
+89.63%
16.72%R109.43R63.75n/a9
Dec ’25R52.18
R83.86
+60.71%
14.58%R104.34R64.42R79.559
Nov ’25R58.18
R82.36
+41.57%
16.40%R102.42R63.92R84.329
Oct ’25R53.32
R79.57
+49.24%
13.70%R96.86R64.35R85.319
Sep ’25R50.15
R78.05
+55.63%
14.83%R91.94R55.22R72.679
Aug ’25R54.65
R83.89
+53.50%
13.25%R99.96R66.05R61.209
Jul ’25R48.30
R82.66
+71.13%
12.51%R99.51R66.63R63.919
Jun ’25R53.19
R83.35
+56.70%
14.46%R102.66R68.56R60.579
May ’25R49.10
R88.18
+79.59%
16.60%R109.58R68.46R57.309
Apr ’25R47.99
R85.54
+78.24%
13.99%R101.99R69.94R52.139
Mar ’25R46.20
R89.28
+93.25%
12.66%R102.74R70.61R49.249
Feb ’25R52.23
R89.45
+71.27%
14.05%R111.19R69.43R45.299
Jan ’25R58.78
R97.93
+66.61%
8.83%R108.00R76.14R45.449
Dec ’24R63.66
R98.75
+55.12%
9.03%R107.90R76.07R52.189
R102.29
Fair Value
22.9% undervalued intrinsic discount
9
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/12/29 11:49
End of Day Share Price 2025/12/29 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

B2Gold Corp. is covered by 27 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Brian QuastBMO Capital Markets Equity Research
Lawson WinderBofA Global Research
Carey MacRuryCanaccord Genuity