B2GOLD CORP (BTG) Stock Fundamental Analysis
NYSEARCA:BTG - NYSE Arca - CA11777Q2099 - Common Stock - Currency: USD
Overall BTG gets a fundamental rating of 5 out of 10. We evaluated BTG against 151 industry peers in the Metals & Mining industry. BTG has only an average score on both its financial health and profitability. BTG has a valuation in line with the averages, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
BTG had positive earnings in the past year.
BTG had a positive operating cash flow in the past year.
BTG had positive earnings in 4 of the past 5 years.
Of the past 5 years BTG 4 years had a positive operating cash flow.
1.2 Ratios
BTG has a Return On Assets of -15.27%. This is in the lower half of the industry: BTG underperforms 74.83% of its industry peers.
With a Return On Equity value of -24.08%, BTG is not doing good in the industry: 73.43% of the companies in the same industry are doing better.
BTG has a better Return On Invested Capital (11.11%) than 88.11% of its industry peers.
BTG had an Average Return On Invested Capital over the past 3 years of 13.29%. This is above the industry average of 8.84%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -15.27% | ||
| ROE | -24.08% | ||
| ROIC | 11.11% |
ROA(3y)6.29%
ROA(5y)9.7%
ROE(3y)7.79%
ROE(5y)12.5%
ROIC(3y)13.29%
ROIC(5y)14.86%
1.3 Margins
In the last couple of years the Profit Margin of BTG has declined.
BTG's Operating Margin of 31.50% is amongst the best of the industry. BTG outperforms 88.81% of its industry peers.
BTG's Operating Margin has improved in the last couple of years.
BTG has a better Gross Margin (38.54%) than 79.72% of its industry peers.
In the last couple of years the Gross Margin of BTG has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 31.5% | ||
| PM (TTM) | N/A | ||
| GM | 38.54% |
OM growth 3Y-10.9%
OM growth 5Y3.86%
PM growth 3Y-75.41%
PM growth 5Y-28.27%
GM growth 3Y-9.03%
GM growth 5Y2.18%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), BTG is creating some value.
There is no outstanding debt for BTG. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
2.2 Solvency
BTG has an Altman-Z score of 2.06. This is not the best score and indicates that BTG is in the grey zone with still only limited risk for bankruptcy at the moment.
BTG's Altman-Z score of 2.06 is in line compared to the rest of the industry. BTG outperforms 43.36% of its industry peers.
BTG has a debt to FCF ratio of 18.49. This is a negative value and a sign of low solvency as BTG would need 18.49 years to pay back of all of its debts.
The Debt to FCF ratio of BTG (18.49) is better than 60.14% of its industry peers.
BTG has a Debt/Equity ratio of 0.07. This is a healthy value indicating a solid balance between debt and equity.
BTG has a Debt to Equity ratio of 0.07. This is in the better half of the industry: BTG outperforms 65.03% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.07 | ||
| Debt/FCF | 18.49 | ||
| Altman-Z | 2.06 |
ROIC/WACC1.19
WACC9.35%
2.3 Liquidity
BTG has a Current Ratio of 1.83. This is a normal value and indicates that BTG is financially healthy and should not expect problems in meeting its short term obligations.
BTG has a Current ratio of 1.83. This is in the lower half of the industry: BTG underperforms 60.14% of its industry peers.
A Quick Ratio of 1.08 indicates that BTG should not have too much problems paying its short term obligations.
The Quick ratio of BTG (1.08) is worse than 62.94% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.83 | ||
| Quick Ratio | 1.08 |
3. Growth
3.1 Past
The earnings per share for BTG have decreased strongly by -48.28% in the last year.
BTG shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -9.71% yearly.
EPS 1Y (TTM)-48.28%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%-85.71%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-2.38%
3.2 Future
Based on estimates for the next years, BTG will show a very strong growth in Earnings Per Share. The EPS will grow by 30.44% on average per year.
The Revenue is expected to grow by 9.54% on average over the next years. This is quite good.
EPS Next Y176.19%
EPS Next 2Y79.57%
EPS Next 3Y22.54%
EPS Next 5Y30.44%
Revenue Next Year43.26%
Revenue Next 2Y20.77%
Revenue Next 3Y9.54%
Revenue Next 5YN/A
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 18.80, the valuation of BTG can be described as rather expensive.
Based on the Price/Earnings ratio, BTG is valued a bit cheaper than 73.43% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 29.63, BTG is valued a bit cheaper.
Based on the Price/Forward Earnings ratio of 6.81, the valuation of BTG can be described as very cheap.
Based on the Price/Forward Earnings ratio, BTG is valued cheaper than 93.01% of the companies in the same industry.
BTG is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.68, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.8 | ||
| Fwd PE | 6.81 |
4.2 Price Multiples
95.10% of the companies in the same industry are more expensive than BTG, based on the Enterprise Value to EBITDA ratio.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of BTG is on the same level as its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 182.16 | ||
| EV/EBITDA | 3.72 |
4.3 Compensation for Growth
The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
BTG's earnings are expected to grow with 22.54% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.11
PEG (5Y)N/A
EPS Next 2Y79.57%
EPS Next 3Y22.54%
5. Dividend
5.1 Amount
BTG has a Yearly Dividend Yield of 5.49%, which is a nice return.
Compared to an average industry Dividend Yield of 3.16, BTG pays a better dividend. On top of this BTG pays more dividend than 92.31% of the companies listed in the same industry.
BTG's Dividend Yield is rather good when compared to the S&P500 average which is at 2.27.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.49% |
5.2 History
On average, the dividend of BTG grows each year by 151.98%, which is quite nice.
BTG has been paying a dividend for over 5 years, so it has already some track record.
BTG has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
Dividend Growth(5Y)151.98%
Div Incr Years0
Div Non Decr Years5
5.3 Sustainability
BTG has negative earnings and hence a negative payout ratio. The dividend may be in danger.
The dividend of BTG is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP-25.25%
EPS Next 2Y79.57%
EPS Next 3Y22.54%
2.82
+0.01 (+0.36%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)
Earnings (Next)
Inst Owners58.28%
Inst Owner Change-85.62%
Ins Owners0.57%
Ins Owner ChangeN/A
Market Cap3.72B
Analysts71.43
Price Target3.77 (33.69%)
Short Float %3.4%
Short Ratio1.97
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.49% |
Yearly Dividend0.16
Dividend Growth(5Y)151.98%
DP-25.25%
Div Incr Years0
Div Non Decr Years5
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-39.37%
Min EPS beat(2)-61.26%
Max EPS beat(2)-17.49%
EPS beat(4)1
Avg EPS beat(4)-19.73%
Min EPS beat(4)-61.26%
Max EPS beat(4)12.09%
EPS beat(8)3
Avg EPS beat(8)-9%
EPS beat(12)4
Avg EPS beat(12)-10.69%
EPS beat(16)6
Avg EPS beat(16)-8.52%
Revenue beat(2)1
Avg Revenue beat(2)1.62%
Min Revenue beat(2)-0.23%
Max Revenue beat(2)3.47%
Revenue beat(4)3
Avg Revenue beat(4)2.51%
Min Revenue beat(4)-0.23%
Max Revenue beat(4)5.69%
Revenue beat(8)5
Avg Revenue beat(8)1.71%
Revenue beat(12)7
Avg Revenue beat(12)0.6%
Revenue beat(16)9
Avg Revenue beat(16)6.44%
PT rev (1m)-12.76%
PT rev (3m)-13.33%
EPS NQ rev (1m)-11.32%
EPS NQ rev (3m)-6.32%
EPS NY rev (1m)-3.55%
EPS NY rev (3m)-14.94%
Revenue NQ rev (1m)-11.61%
Revenue NQ rev (3m)-12.13%
Revenue NY rev (1m)-1.18%
Revenue NY rev (3m)-0.31%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.8 | ||
| Fwd PE | 6.81 | ||
| P/S | 1.94 | ||
| P/FCF | 182.16 | ||
| P/OCF | 3.86 | ||
| P/B | 1.22 | ||
| P/tB | 1.22 | ||
| EV/EBITDA | 3.72 |
EPS(TTM)0.15
EY5.32%
EPS(NY)0.41
Fwd EY14.69%
FCF(TTM)0.02
FCFY0.55%
OCF(TTM)0.73
OCFY25.9%
SpS1.45
BVpS2.3
TBVpS2.3
PEG (NY)0.11
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -15.27% | ||
| ROE | -24.08% | ||
| ROCE | 14.07% | ||
| ROIC | 11.11% | ||
| ROICexc | 12.36% | ||
| ROICexgc | 12.36% | ||
| OM | 31.5% | ||
| PM (TTM) | N/A | ||
| GM | 38.54% | ||
| FCFM | 1.07% |
ROA(3y)6.29%
ROA(5y)9.7%
ROE(3y)7.79%
ROE(5y)12.5%
ROIC(3y)13.29%
ROIC(5y)14.86%
ROICexc(3y)15.86%
ROICexc(5y)17.38%
ROICexgc(3y)15.86%
ROICexgc(5y)17.38%
ROCE(3y)16.82%
ROCE(5y)18.81%
ROICexcg growth 3Y-22.42%
ROICexcg growth 5Y3.18%
ROICexc growth 3Y-22.42%
ROICexc growth 5Y3.18%
OM growth 3Y-10.9%
OM growth 5Y3.86%
PM growth 3Y-75.41%
PM growth 5Y-28.27%
GM growth 3Y-9.03%
GM growth 5Y2.18%
F-Score2
Asset Turnover0.4
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.07 | ||
| Debt/FCF | 18.49 | ||
| Debt/EBITDA | 0.23 | ||
| Cap/Depr | 246.31% | ||
| Cap/Sales | 49.22% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 97.66% | ||
| Profit Quality | N/A | ||
| Current Ratio | 1.83 | ||
| Quick Ratio | 1.08 | ||
| Altman-Z | 2.06 |
F-Score2
WACC9.35%
ROIC/WACC1.19
Cap/Depr(3y)128.34%
Cap/Depr(5y)121.18%
Cap/Sales(3y)27.35%
Cap/Sales(5y)24.87%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-48.28%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%-85.71%
EPS Next Y176.19%
EPS Next 2Y79.57%
EPS Next 3Y22.54%
EPS Next 5Y30.44%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-2.38%
Revenue Next Year43.26%
Revenue Next 2Y20.77%
Revenue Next 3Y9.54%
Revenue Next 5YN/A
EBIT growth 1Y-17.14%
EBIT growth 3Y-8.54%
EBIT growth 5Y17.33%
EBIT Next Year59.62%
EBIT Next 3Y22.69%
EBIT Next 5Y18.83%
FCF growth 1Y-89.51%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y62.7%
OCF growth 3Y-9.08%
OCF growth 5Y9.64%