B2GOLD CORP (BTO.CA) Stock Fundamental Analysis
TSX:BTO - Toronto Stock Exchange - CA11777Q2099 - Common Stock
Taking everything into account, BTO scores 5 out of 10 in our fundamental rating. BTO was compared to 825 industry peers in the Metals & Mining industry. Both the profitability and the financial health of BTO get a neutral evaluation. Nothing too spectacular is happening here. BTO scores decently on growth, while it is valued quite cheap. This could make an interesting combination.
1. Profitability
1.1 Basic Checks
In the past year BTO was profitable.
In the past year BTO had a positive cash flow from operations.
BTO had positive earnings in each of the past 5 years.
Each year in the past 5 years BTO had a positive operating cash flow.
1.2 Ratios
BTO has a Return On Assets (-15.27%) which is in line with its industry peers.
Looking at the Return On Equity, with a value of -24.08%, BTO is in line with its industry, outperforming 48.05% of the companies in the same industry.
With an excellent Return On Invested Capital value of 10.13%, BTO belongs to the best of the industry, outperforming 95.83% of the companies in the same industry.
BTO had an Average Return On Invested Capital over the past 3 years of 12.11%. This is in line with the industry average of 11.88%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -15.27% | ||
| ROE | -24.08% | ||
| ROIC | 10.13% |
ROA(3y)6.29%
ROA(5y)9.7%
ROE(3y)7.79%
ROE(5y)12.5%
ROIC(3y)12.11%
ROIC(5y)13.54%
1.3 Margins
BTO's Profit Margin has declined in the last couple of years.
BTO has a Operating Margin of 31.50%. This is amongst the best in the industry. BTO outperforms 96.50% of its industry peers.
BTO's Operating Margin has improved in the last couple of years.
BTO has a better Gross Margin (38.54%) than 94.21% of its industry peers.
In the last couple of years the Gross Margin of BTO 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), BTO is creating some value.
BTO has more shares outstanding than it did 1 year ago.
BTO has more shares outstanding than it did 5 years ago.
BTO has a worse debt/assets ratio than last year.
2.2 Solvency
BTO has an Altman-Z score of 1.87. This is not the best score and indicates that BTO is in the grey zone with still only limited risk for bankruptcy at the moment.
The Altman-Z score of BTO (1.87) is comparable to the rest of the industry.
The Debt to FCF ratio of BTO is 18.49, which is on the high side as it means it would take BTO, 18.49 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of BTO (18.49) is better than 89.37% of its industry peers.
A Debt/Equity ratio of 0.07 indicates that BTO is not too dependend on debt financing.
BTO has a Debt to Equity ratio of 0.07. This is in the lower half of the industry: BTO underperforms 66.08% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.07 | ||
| Debt/FCF | 18.49 | ||
| Altman-Z | 1.87 |
ROIC/WACC1.01
WACC10.04%
2.3 Liquidity
BTO has a Current Ratio of 1.83. This is a normal value and indicates that BTO is financially healthy and should not expect problems in meeting its short term obligations.
BTO's Current ratio of 1.83 is in line compared to the rest of the industry. BTO outperforms 50.74% of its industry peers.
A Quick Ratio of 1.08 indicates that BTO should not have too much problems paying its short term obligations.
BTO has a Quick ratio of 1.08. This is comparable to the rest of the industry: BTO outperforms 42.53% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.83 | ||
| Quick Ratio | 1.08 |
3. Growth
3.1 Past
BTO shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -36.36%.
Measured over the past years, BTO shows a quite strong growth in Earnings Per Share. The EPS has been growing by 11.27% on average per year.
Looking at the last year, BTO shows a decrease in Revenue. The Revenue has decreased by -4.99% in the last year.
Measured over the past years, BTO shows a quite strong growth in Revenue. The Revenue has been growing by 12.97% on average per year.
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
Based on estimates for the next years, BTO will show a quite strong growth in Earnings Per Share. The EPS will grow by 8.41% on average per year.
Based on estimates for the next years, BTO 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.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
With a Price/Earnings ratio of 11.57, the valuation of BTO can be described as very reasonable.
Compared to the rest of the industry, the Price/Earnings ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 92.33% of the companies listed in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.96, BTO is valued rather cheaply.
A Price/Forward Earnings ratio of 6.48 indicates a rather cheap valuation of BTO.
BTO's Price/Forward Earnings ratio is rather cheap when compared to the industry. BTO is cheaper than 94.35% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 24.11. BTO is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.57 | ||
| Fwd PE | 6.48 |
4.2 Price Multiples
96.90% of the companies in the same industry are more expensive than BTO, based on the Enterprise Value to EBITDA ratio.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of BTO indicates a rather cheap valuation: BTO is cheaper than 89.77% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 154.72 | ||
| EV/EBITDA | 3.15 |
4.3 Compensation for Growth
The decent profitability rating of BTO may justify a higher PE ratio.
A more expensive valuation may be justified as BTO's earnings are expected to grow with 12.79% in the coming years.
PEG (NY)N/A
PEG (5Y)1.03
EPS Next 2Y13.08%
EPS Next 3Y12.79%
5. Dividend
5.1 Amount
BTO has a Yearly Dividend Yield of 6.34%, which is a nice return.
The stock price of BTO dropped by -26.95% in the last 3 months. With lower prices the dividend yield is higher, but it may be a sign investors do not trust the long term dividend.
BTO's Dividend Yield is rather good when compared to the industry average which is at 3.30. BTO pays more dividend than 99.06% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.29, BTO pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.34% |
5.2 History
The dividend of BTO is nicely growing with an annual growth rate of 151.98%!
BTO has been paying a dividend for over 5 years, so it has already some track record.
As BTO did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)151.98%
Div Incr Years0
Div Non Decr Years5
5.3 Sustainability
The earnings of BTO are negative and hence is the payout ratio. BTO will probably not be able to sustain this dividend level.
The dividend of BTO 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
TSX:BTO (1/17/2025, 7:00:00 PM)
3.47
+0.04 (+1.17%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)
Earnings (Next)
Inst Owners61.35%
Inst Owner ChangeN/A
Ins Owners0.58%
Ins Owner ChangeN/A
Market Cap4.56B
Analysts77.5
Price Target6.22 (79.25%)
Short Float %N/A
Short RatioN/A
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)1.15%
PT rev (3m)7.02%
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 | 11.57 | ||
| Fwd PE | 6.48 | ||
| P/S | 1.65 | ||
| P/FCF | 154.72 | ||
| P/OCF | 3.28 | ||
| P/B | 1.04 | ||
| P/tB | 1.04 | ||
| EV/EBITDA | 3.15 |
EPS(TTM)0.3
EY8.65%
EPS(NY)0.54
Fwd EY15.42%
FCF(TTM)0.02
FCFY0.65%
OCF(TTM)1.06
OCFY30.49%
SpS2.1
BVpS3.34
TBVpS3.34
PEG (NY)N/A
PEG (5Y)1.03
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -15.27% | ||
| ROE | -24.08% | ||
| ROCE | 14.07% | ||
| ROIC | 10.13% | ||
| ROICexc | 11.26% | ||
| ROICexgc | 11.26% | ||
| 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)12.11%
ROIC(5y)13.54%
ROICexc(3y)14.46%
ROICexc(5y)15.84%
ROICexgc(3y)14.46%
ROICexgc(5y)15.84%
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
WACC10.04%
ROIC/WACC1.01
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%