B2Gold Corp.

NYSEAM:BTG Stock Report

Market Cap: US$3.8b

B2Gold Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • 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 BTG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BTG ($2.92) is trading below our estimate of fair value ($5.1)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for BTG. This is calculated by dividing BTG's market cap by their current revenue.
What is BTG's PS Ratio?
PS Ratio2x
SalesUS$1.91b
Market CapUS$3.81b

Price to Sales Ratio vs Peers

How does BTG's PS Ratio compare to its peers?

The above table shows the PS ratio for BTG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.6x
BVN Compañía de Minas BuenaventuraA
2.8x2.0%US$3.1b
CDE Coeur Mining
2.6x17.0%US$2.6b
AU AngloGold Ashanti
2.1x11.4%US$10.9b
RGLD Royal Gold
14.8x18.5%US$9.8b
BTG B2Gold
2x16.3%US$5.3b

Price-To-Sales vs Peers: BTG is good value based on its Price-To-Sales Ratio (2x) compared to the peer average (5.6x).

Price to Sales Ratio vs Industry

How does BTG's PS Ratio compare vs other companies in the US Metals and Mining Industry?

25 CompaniesPrice / SalesEstimated GrowthMarket Cap
TX Ternium
0.4x2.7%US$6.56b
CLF Cleveland-Cliffs
0.3x4.1%US$6.15b
ARNC Arconic
0.4x5.8%US$3.01b
CSTM Constellium
0.3x9.3%US$1.80b
BTG 2.0xIndustry Avg. 1.3xNo. of Companies25PS0246810+
25 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BTG is expensive based on its Price-To-Sales Ratio (2x) compared to the US Metals and Mining industry average (1.3x).

Price to Sales Ratio vs Fair Ratio

What is BTG'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.

BTG PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2x
Fair PS Ratio5.4x

Price-To-Sales vs Fair Ratio: BTG is good value based on its Price-To-Sales Ratio (2x) compared to the estimated Fair Price-To-Sales Ratio (5.4x).

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 BTG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$2.92
US$4.60
+57.5%
15.7%US$5.79US$3.57n/a9
Nov ’25US$3.29
US$4.65
+41.4%
16.4%US$5.79US$3.61n/a9
Oct ’25US$3.14
US$4.58
+45.8%
13.7%US$5.57US$3.70n/a9
Sep ’25US$2.80
US$4.41
+57.4%
14.8%US$5.19US$3.12n/a9
Aug ’25US$2.95
US$4.58
+55.4%
13.2%US$5.46US$3.61n/a9
Jul ’25US$2.69
US$4.54
+68.9%
12.5%US$5.47US$3.66n/a9
Jun ’25US$2.80
US$4.44
+58.4%
14.5%US$5.47US$3.65n/a9
May ’25US$2.54
US$4.69
+84.5%
16.6%US$5.82US$3.64n/a9
Apr ’25US$2.64
US$4.51
+71.0%
14.0%US$5.38US$3.70n/a9
Mar ’25US$2.56
US$4.68
+82.7%
12.7%US$5.38US$3.70n/a9
Feb ’25US$2.84
US$4.81
+69.2%
14.0%US$5.97US$3.73n/a9
Jan ’25US$3.16
US$5.24
+65.9%
8.8%US$5.78US$4.08n/a9
Dec ’24US$3.41
US$5.29
+55.2%
9.0%US$5.78US$4.08n/a9
Nov ’24US$3.20
US$5.33
+66.7%
10.8%US$6.57US$4.34US$3.2910
Oct ’24US$2.89
US$5.73
+98.4%
11.5%US$7.04US$4.78US$3.1411
Sep ’24US$3.10
US$5.80
+87.2%
11.3%US$7.19US$4.86US$2.8012
Aug ’24US$3.39
US$5.91
+74.3%
11.0%US$7.19US$4.86US$2.9512
Jul ’24US$3.57
US$5.95
+66.6%
11.4%US$7.23US$4.83US$2.6912
Jun ’24US$3.77
US$5.89
+56.2%
10.8%US$7.02US$4.83US$2.8012
May ’24US$3.93
US$5.81
+47.9%
11.3%US$7.01US$4.83US$2.5412
Apr ’24US$3.94
US$5.34
+35.6%
12.9%US$6.27US$4.32US$2.6411
Mar ’24US$3.60
US$5.37
+49.1%
12.8%US$6.27US$4.32US$2.5611
Feb ’24US$4.07
US$5.47
+34.3%
15.3%US$7.49US$4.32US$2.8412
Jan ’24US$3.57
US$5.29
+48.2%
17.9%US$7.70US$3.88US$3.1612
Dec ’23US$3.56
US$5.29
+48.7%
17.7%US$7.70US$3.93US$3.4112
Nov ’23US$3.15
US$5.27
+67.2%
17.4%US$7.61US$3.91US$3.2012

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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