B2GOLD CORP (BTG) Stock Fundamental Analysis
NYSEARCA:BTG - American Stock Exchange - CA11777Q2099 - Common Stock - Currency: USD
We assign a fundamental rating of 5 out of 10 to BTG. BTG was compared to 154 industry peers in the Metals & Mining industry. While BTG is still in line with the averages on profitability rating, there are concerns on its financial health. A decent growth rate in combination with a cheap valuation! Better keep an eye on BTG.
1. Profitability
1.1 Basic Checks
In the past year BTG was profitable.
In the past year BTG had a positive cash flow from operations.
BTG had positive earnings in each of the past 5 years.
Each year in the past 5 years BTG 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.
Looking at the Return On Equity, with a value of -24.08%, BTG is doing worse than 74.15% of the companies in the same industry.
BTG has a Return On Invested Capital of 11.11%. This is amongst the best in the industry. BTG outperforms 86.39% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for BTG is above the industry average of 8.76%.
| 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
BTG's Profit Margin has declined in the last couple of years.
BTG has a Operating Margin of 31.50%. This is amongst the best in the industry. BTG outperforms 89.80% of its industry peers.
In the last couple of years the Operating Margin of BTG has grown nicely.
BTG has a better Gross Margin (38.54%) than 80.27% of its industry peers.
BTG's Gross Margin has improved in the last couple of years.
| 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
The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so BTG is still creating some value.
Compared to 1 year ago, BTG has more shares outstanding
Compared to 5 years ago, BTG has more shares outstanding
The debt/assets ratio for BTG is higher compared to a year ago.
2.2 Solvency
An Altman-Z score of 1.87 indicates that BTG is not a great score, but indicates only limited risk for bankruptcy at the moment.
The Altman-Z score of BTG (1.87) is worse than 60.54% 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.
BTG has a Debt to FCF ratio (18.49) which is in line with its industry peers.
A Debt/Equity ratio of 0.07 indicates that BTG is not too dependend on debt financing.
The Debt to Equity ratio of BTG (0.07) is better than 63.95% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.07 | ||
| Debt/FCF | 18.49 | ||
| Altman-Z | 1.87 |
ROIC/WACC1.14
WACC9.71%
2.3 Liquidity
A Current Ratio of 1.83 indicates that BTG should not have too much problems paying its short term obligations.
The Current ratio of BTG (1.83) is comparable to the rest of the industry.
A Quick Ratio of 1.08 indicates that BTG should not have too much problems paying its short term obligations.
BTG has a worse Quick ratio (1.08) than 63.95% 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 -36.36% in the last year.
BTG shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 11.27% yearly.
The Revenue has decreased by -4.99% in the past year.
The Revenue has been growing by 12.97% on average over the past years. This is quite good.
EPS 1Y (TTM)-36.36%
EPS 3Y-16.6%
EPS 5Y11.27%
EPS Q2Q%-60%
Revenue 1Y (TTM)-4.99%
Revenue growth 3Y2.64%
Revenue growth 5Y12.97%
Sales Q2Q%-6.21%
3.2 Future
BTG is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 8.41% yearly.
Based on estimates for the next years, BTG will show a small growth in Revenue. The Revenue will grow by 6.84% on average per year.
EPS Next Y-22.16%
EPS Next 2Y13.08%
EPS Next 3Y12.79%
EPS Next 5Y8.41%
Revenue Next Year2.11%
Revenue Next 2Y20.41%
Revenue Next 3Y10.73%
Revenue Next 5Y6.84%
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 11.19, which indicates a very decent valuation of BTG.
Compared to the rest of the industry, the Price/Earnings ratio of BTG indicates a rather cheap valuation: BTG is cheaper than 85.71% of the companies listed in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 28.64, BTG is valued rather cheaply.
With a Price/Forward Earnings ratio of 6.34, the valuation of BTG can be described as very cheap.
89.80% of the companies in the same industry are more expensive than BTG, based on the Price/Forward Earnings ratio.
BTG is valuated cheaply when we compare the Price/Forward Earnings ratio to 24.51, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.19 | ||
| Fwd PE | 6.34 |
4.2 Price Multiples
BTG's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. BTG is cheaper than 97.28% of the companies in the same industry.
BTG's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 151.24 | ||
| EV/EBITDA | 3.16 |
4.3 Compensation for Growth
BTG has a very decent profitability rating, which may justify a higher PE ratio.
BTG's earnings are expected to grow with 12.79% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)0.99
EPS Next 2Y13.08%
EPS Next 3Y12.79%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 6.34%, BTG is a good candidate for dividend investing.
In the last 3 months the price of BTG has falen by -30.06%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.
Compared to an average industry Dividend Yield of 3.22, BTG pays a better dividend. On top of this BTG pays more dividend than 95.92% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.28, BTG pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.34% |
5.2 History
The dividend of BTG is nicely growing with an annual growth rate of 151.98%!
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 2Y13.08%
EPS Next 3Y12.79%
B2GOLD CORP
NYSEARCA:BTG (1/23/2025, 8:46:54 PM)
After market: 2.32 -0.03 (-1.28%)2.35
-0.06 (-2.49%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)
Earnings (Next)
Inst Owners61.35%
Inst Owner Change-0.02%
Ins Owners0.58%
Ins Owner ChangeN/A
Market Cap3.09B
Analysts77.5
Price Target4.32 (83.83%)
Short Float %2.2%
Short Ratio2.03
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.34% |
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)-0.45%
PT rev (3m)0.96%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-6.66%
EPS NY rev (1m)0%
EPS NY rev (3m)-4.67%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-5.65%
Revenue NY rev (1m)-0.65%
Revenue NY rev (3m)3.49%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.19 | ||
| Fwd PE | 6.34 | ||
| P/S | 1.61 | ||
| P/FCF | 151.24 | ||
| P/OCF | 3.21 | ||
| P/B | 1.02 | ||
| P/tB | 1.02 | ||
| EV/EBITDA | 3.16 |
EPS(TTM)0.21
EY8.94%
EPS(NY)0.37
Fwd EY15.78%
FCF(TTM)0.02
FCFY0.66%
OCF(TTM)0.73
OCFY31.19%
SpS1.46
BVpS2.31
TBVpS2.31
PEG (NY)N/A
PEG (5Y)0.99
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 | 1.87 |
F-Score2
WACC9.71%
ROIC/WACC1.14
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)-36.36%
EPS 3Y-16.6%
EPS 5Y11.27%
EPS Q2Q%-60%
EPS Next Y-22.16%
EPS Next 2Y13.08%
EPS Next 3Y12.79%
EPS Next 5Y8.41%
Revenue 1Y (TTM)-4.99%
Revenue growth 3Y2.64%
Revenue growth 5Y12.97%
Sales Q2Q%-6.21%
Revenue Next Year2.11%
Revenue Next 2Y20.41%
Revenue Next 3Y10.73%
Revenue Next 5Y6.84%
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%