B2GOLD CORP (BTG) Stock Fundamental Analysis
NYSEARCA:BTG - NYSE Arca - CA11777Q2099 - Common Stock - Currency: USD
We assign a fundamental rating of 4 out of 10 to BTG. BTG was compared to 153 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. BTG is not valued too expensively and it also shows a decent growth rate.
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 4 of the past 5 years.
BTG had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
Looking at the Return On Assets, with a value of -13.08%, BTG is doing worse than 70.59% of the companies in the same industry.
BTG's Return On Equity of -21.12% is on the low side compared to the rest of the industry. BTG is outperformed by 70.59% of its industry peers.
BTG has a better Return On Invested Capital (11.08%) than 91.50% of its industry peers.
The Average Return On Invested Capital over the past 3 years for BTG is above the industry average of 8.53%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -13.08% | ||
| ROE | -21.12% | ||
| ROIC | 11.08% |
ROA(3y)-2%
ROA(5y)4.89%
ROE(3y)-4.15%
ROE(5y)5.33%
ROIC(3y)11.55%
ROIC(5y)14.74%
1.3 Margins
With an excellent Operating Margin value of 31.21%, BTG belongs to the best of the industry, outperforming 87.58% of the companies in the same industry.
In the last couple of years the Operating Margin of BTG has remained more or less at the same level.
BTG has a Gross Margin of 37.13%. This is in the better half of the industry: BTG outperforms 78.43% of its industry peers.
BTG's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 31.21% | ||
| PM (TTM) | N/A | ||
| GM | 37.13% |
OM growth 3Y-7.12%
OM growth 5Y-0.62%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-5.22%
GM growth 5Y-0.97%
2. Health
2.1 Basic Checks
BTG has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
BTG has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, BTG has more shares outstanding
Compared to 1 year ago, BTG has a worse debt to assets ratio.
2.2 Solvency
BTG has an Altman-Z score of 2.03. 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.
Looking at the Altman-Z score, with a value of 2.03, BTG is in line with its industry, outperforming 47.06% of the companies in the same industry.
BTG has a Debt/Equity ratio of 0.14. This is a healthy value indicating a solid balance between debt and equity.
BTG has a Debt to Equity ratio of 0.14. This is comparable to the rest of the industry: BTG outperforms 57.52% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.14 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 2.03 |
ROIC/WACC1.26
WACC8.81%
2.3 Liquidity
BTG has a Current Ratio of 1.55. 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 worse Current ratio (1.55) than 67.97% of its industry peers.
BTG has a Quick Ratio of 1.55. This is a bad value and indicates that BTG is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Quick ratio, with a value of 0.73, BTG is doing worse than 78.43% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.55 | ||
| Quick Ratio | 0.73 |
3. Growth
3.1 Past
BTG shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -48.28%.
BTG shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -9.71% yearly.
The Revenue has decreased by -1.67% in the past year.
BTG shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 10.48% yearly.
EPS 1Y (TTM)-48.28%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%-85.71%
Revenue 1Y (TTM)-1.67%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%-2.38%
3.2 Future
The Earnings Per Share is expected to grow by 20.35% on average over the next years. This is a very strong growth
The Revenue is expected to grow by 15.15% on average over the next years. This is quite good.
EPS Next Y190.15%
EPS Next 2Y72.71%
EPS Next 3Y41.04%
EPS Next 5Y20.35%
Revenue Next Year51.66%
Revenue Next 2Y22.69%
Revenue Next 3Y15.15%
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.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 19.60, the valuation of BTG can be described as rather expensive.
Based on the Price/Earnings ratio, BTG is valued a bit cheaper than the industry average as 77.12% of the companies are valued more expensively.
BTG is valuated rather cheaply when we compare the Price/Earnings ratio to 28.22, which is the current average of the S&P500 Index.
The Price/Forward Earnings ratio is 6.76, which indicates a rather cheap valuation of BTG.
Compared to the rest of the industry, the Price/Forward Earnings ratio of BTG indicates a rather cheap valuation: BTG is cheaper than 93.46% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 20.86, BTG is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 19.6 | ||
| Fwd PE | 6.76 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of BTG indicates a rather cheap valuation: BTG is cheaper than 91.50% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 4.19 |
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.
A more expensive valuation may be justified as BTG's earnings are expected to grow with 41.04% in the coming years.
PEG (NY)0.1
PEG (5Y)N/A
EPS Next 2Y72.71%
EPS Next 3Y41.04%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 4.99%, BTG is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 2.91, BTG pays a better dividend. On top of this BTG pays more dividend than 92.16% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.44, BTG pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.99% |
5.2 History
The dividend of BTG is nicely growing with an annual growth rate of 69.07%!
BTG has been paying a dividend for over 5 years, so it has already some track record.
As BTG did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)69.07%
Div Incr Years0
Div Non Decr Years5
5.3 Sustainability
The earnings of BTG are negative and hence is the payout ratio. BTG will probably not be able to sustain this dividend level.
The dividend of BTG is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP-29.31%
EPS Next 2Y72.71%
EPS Next 3Y41.04%
2.94
-0.05 (-1.67%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)
Earnings (Next)
Inst Owners58.28%
Inst Owner Change-0.49%
Ins Owners0.57%
Ins Owner ChangeN/A
Market Cap3.88B
Analysts72
Price Target4.23 (43.88%)
Short Float %4.69%
Short Ratio1.21
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.99% |
Yearly Dividend0.14
Dividend Growth(5Y)69.07%
DP-29.31%
Div Incr Years0
Div Non Decr Years5
Ex-Date
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-73.88%
Min EPS beat(2)-86.5%
Max EPS beat(2)-61.26%
EPS beat(4)1
Avg EPS beat(4)-38.29%
Min EPS beat(4)-86.5%
Max EPS beat(4)12.09%
EPS beat(8)3
Avg EPS beat(8)-18.06%
EPS beat(12)4
Avg EPS beat(12)-17.48%
EPS beat(16)5
Avg EPS beat(16)-14.01%
Revenue beat(2)0
Avg Revenue beat(2)-0.63%
Min Revenue beat(2)-1.03%
Max Revenue beat(2)-0.23%
Revenue beat(4)2
Avg Revenue beat(4)1.97%
Min Revenue beat(4)-1.03%
Max Revenue beat(4)5.69%
Revenue beat(8)5
Avg Revenue beat(8)1.8%
Revenue beat(12)6
Avg Revenue beat(12)0.45%
Revenue beat(16)9
Avg Revenue beat(16)6.45%
PT rev (1m)11.47%
PT rev (3m)-2.16%
EPS NQ rev (1m)10.41%
EPS NQ rev (3m)17.77%
EPS NY rev (1m)6.52%
EPS NY rev (3m)17.37%
Revenue NQ rev (1m)7.8%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)6.44%
Revenue NY rev (3m)7.94%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 19.6 | ||
| Fwd PE | 6.76 | ||
| P/S | 2.04 | ||
| P/FCF | N/A | ||
| P/OCF | 4.42 | ||
| P/B | 1.3 | ||
| P/tB | 1.3 | ||
| EV/EBITDA | 4.19 |
EPS(TTM)0.15
EY5.1%
EPS(NY)0.44
Fwd EY14.8%
FCF(TTM)-0.03
FCFYN/A
OCF(TTM)0.66
OCFY22.61%
SpS1.44
BVpS2.26
TBVpS2.26
PEG (NY)0.1
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -13.08% | ||
| ROE | -21.12% | ||
| ROCE | 14.02% | ||
| ROIC | 11.08% | ||
| ROICexc | 12.07% | ||
| ROICexgc | 12.07% | ||
| OM | 31.21% | ||
| PM (TTM) | N/A | ||
| GM | 37.13% | ||
| FCFM | N/A |
ROA(3y)-2%
ROA(5y)4.89%
ROE(3y)-4.15%
ROE(5y)5.33%
ROIC(3y)11.55%
ROIC(5y)14.74%
ROICexc(3y)13.08%
ROICexc(5y)17.32%
ROICexgc(3y)13.08%
ROICexgc(5y)17.32%
ROCE(3y)14.62%
ROCE(5y)18.66%
ROICexcg growth 3Y-16.06%
ROICexcg growth 5Y-0.47%
ROICexc growth 3Y-16.06%
ROICexc growth 5Y-0.47%
OM growth 3Y-7.12%
OM growth 5Y-0.62%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-5.22%
GM growth 5Y-0.97%
F-Score2
Asset Turnover0.4
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.14 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 0.44 | ||
| Cap/Depr | 249.97% | ||
| Cap/Sales | 48.28% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 91.32% | ||
| Profit Quality | N/A | ||
| Current Ratio | 1.55 | ||
| Quick Ratio | 0.73 | ||
| Altman-Z | 2.03 |
F-Score2
WACC8.81%
ROIC/WACC1.26
Cap/Depr(3y)185.06%
Cap/Depr(5y)150.39%
Cap/Sales(3y)37.73%
Cap/Sales(5y)30.01%
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 Y190.15%
EPS Next 2Y72.71%
EPS Next 3Y41.04%
EPS Next 5Y20.35%
Revenue 1Y (TTM)-1.67%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%-2.38%
Revenue Next Year51.66%
Revenue Next 2Y22.69%
Revenue Next 3Y15.15%
Revenue Next 5YN/A
EBIT growth 1Y-11.49%
EBIT growth 3Y-4.73%
EBIT growth 5Y9.8%
EBIT Next Year572.98%
EBIT Next 3Y87.73%
EBIT Next 5Y73.96%
FCF growth 1Y57.69%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y22.84%
OCF growth 3Y6.62%
OCF growth 5Y12.27%