B2GOLD CORP (BTG) Stock Fundamental Analysis
NYSEARCA:BTG - NYSE Arca - CA11777Q2099 - Common Stock - Currency: USD
BTG gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 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 valued quite cheap, while showing a decent growth score. This is a good combination!
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.
Of the past 5 years BTG 4 years were profitable.
Each year in the past 5 years BTG had a positive operating cash flow.
1.2 Ratios
Looking at the Return On Assets, with a value of -12.00%, BTG is doing worse than 70.59% of the companies in the same industry.
BTG's Return On Equity of -19.58% is on the low side compared to the rest of the industry. BTG is outperformed by 68.63% of its industry peers.
BTG's Return On Invested Capital of 11.83% is amongst the best of the industry. BTG outperforms 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 8.62%.
The 3 year average ROIC (11.55%) for BTG is below the current ROIC(11.83%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -12% | ||
| ROE | -19.58% | ||
| ROIC | 11.83% |
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
The Operating Margin of BTG (32.68%) is better than 88.89% of its industry peers.
BTG's Operating Margin has been stable in the last couple of years.
With an excellent Gross Margin value of 38.51%, BTG belongs to the best of the industry, outperforming 81.05% of the companies in the same industry.
BTG's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 32.68% | ||
| PM (TTM) | N/A | ||
| GM | 38.51% |
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
The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so BTG is still creating some value.
BTG has more shares outstanding than it did 1 year ago.
BTG has more shares outstanding than it did 5 years ago.
The debt/assets ratio for BTG is higher compared to a year ago.
2.2 Solvency
BTG has an Altman-Z score of 2.08. 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.
The Altman-Z score of BTG (2.08) is comparable to the rest of the industry.
BTG has a Debt/Equity ratio of 0.13. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of BTG (0.13) is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 2.08 |
ROIC/WACC1.37
WACC8.66%
2.3 Liquidity
A Current Ratio of 1.22 indicates that BTG should not have too much problems paying its short term obligations.
BTG's Current ratio of 1.22 is on the low side compared to the rest of the industry. BTG is outperformed by 79.09% of its industry peers.
BTG has a Quick Ratio of 1.22. This is a bad value and indicates that BTG is not financially healthy enough and could expect problems in meeting its short term obligations.
BTG's Quick ratio of 0.54 is on the low side compared to the rest of the industry. BTG is outperformed by 86.27% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.22 | ||
| Quick Ratio | 0.54 |
3. Growth
3.1 Past
The earnings per share for BTG have decreased strongly by -28.00% in the last year.
Measured over the past years, BTG shows a decrease in Earnings Per Share. The EPS has been decreasing by -9.71% on average per year.
Looking at the last year, BTG shows a small growth in Revenue. The Revenue has grown by 2.63% in the last year.
Measured over the past years, BTG shows a quite strong growth in Revenue. The Revenue has been growing by 10.48% on average per year.
EPS 1Y (TTM)-28%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%50%
Revenue 1Y (TTM)2.63%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%15.31%
3.2 Future
BTG is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 20.35% yearly.
Based on estimates for the next years, BTG will show a quite strong growth in Revenue. The Revenue will grow by 16.03% on average per year.
EPS Next Y190.15%
EPS Next 2Y72.71%
EPS Next 3Y41.04%
EPS Next 5Y20.35%
Revenue Next Year53.32%
Revenue Next 2Y23.26%
Revenue Next 3Y16.03%
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
A Price/Earnings ratio of 18.72 indicates a rather expensive valuation of BTG.
Compared to the rest of the industry, the Price/Earnings ratio of BTG indicates a somewhat cheap valuation: BTG is cheaper than 77.78% of the companies listed in the same industry.
The average S&P500 Price/Earnings ratio is at 26.25. BTG is valued slightly cheaper when compared to this.
BTG is valuated cheaply with a Price/Forward Earnings ratio of 7.53.
BTG's Price/Forward Earnings ratio is rather cheap when compared to the industry. BTG is cheaper than 84.31% of the companies in the same industry.
BTG is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.15, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.72 | ||
| Fwd PE | 7.53 |
4.2 Price Multiples
90.20% of the companies in the same industry are more expensive than BTG, based on the Enterprise Value to EBITDA ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 4.5 |
4.3 Compensation for Growth
BTG's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The decent profitability rating of BTG may justify a higher PE ratio.
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 4.85%, BTG is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 2.97, 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 2.40, BTG pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.85% |
5.2 History
On average, the dividend of BTG grows each year by 69.07%, 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)69.07%
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.
BTG's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP-26.83%
EPS Next 2Y72.71%
EPS Next 3Y41.04%
3.37
-0.03 (-0.88%)
Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)
Earnings (Next)
Inst Owners58.28%
Inst Owner Change12.15%
Ins Owners0.57%
Ins Owner ChangeN/A
Market Cap4.45B
Analysts72
Price Target4.37 (29.67%)
Short Float %5.83%
Short Ratio1.46
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.85% |
Yearly Dividend0.14
Dividend Growth(5Y)69.07%
DP-26.83%
Div Incr Years0
Div Non Decr Years5
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-42.33%
Min EPS beat(2)-86.5%
Max EPS beat(2)1.84%
EPS beat(4)1
Avg EPS beat(4)-40.85%
Min EPS beat(4)-86.5%
Max EPS beat(4)1.84%
EPS beat(8)3
Avg EPS beat(8)-23.25%
EPS beat(12)4
Avg EPS beat(12)-19.52%
EPS beat(16)5
Avg EPS beat(16)-15.6%
Revenue beat(2)0
Avg Revenue beat(2)-5.09%
Min Revenue beat(2)-9.16%
Max Revenue beat(2)-1.03%
Revenue beat(4)1
Avg Revenue beat(4)-1.74%
Min Revenue beat(4)-9.16%
Max Revenue beat(4)3.47%
Revenue beat(8)4
Avg Revenue beat(8)-0.07%
Revenue beat(12)5
Avg Revenue beat(12)-0.42%
Revenue beat(16)8
Avg Revenue beat(16)5.81%
PT rev (1m)14.29%
PT rev (3m)15.98%
EPS NQ rev (1m)35.29%
EPS NQ rev (3m)39.39%
EPS NY rev (1m)0%
EPS NY rev (3m)5.05%
Revenue NQ rev (1m)17.61%
Revenue NQ rev (3m)1.56%
Revenue NY rev (1m)1.09%
Revenue NY rev (3m)7.02%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.72 | ||
| Fwd PE | 7.53 | ||
| P/S | 2.25 | ||
| P/FCF | N/A | ||
| P/OCF | 12.87 | ||
| P/B | 1.42 | ||
| P/tB | 1.42 | ||
| EV/EBITDA | 4.5 |
EPS(TTM)0.18
EY5.34%
EPS(NY)0.45
Fwd EY13.28%
FCF(TTM)-0.4
FCFYN/A
OCF(TTM)0.26
OCFY7.77%
SpS1.49
BVpS2.37
TBVpS2.37
PEG (NY)0.1
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -12% | ||
| ROE | -19.58% | ||
| ROCE | 14.97% | ||
| ROIC | 11.83% | ||
| ROICexc | 12.87% | ||
| ROICexgc | 12.87% | ||
| OM | 32.68% | ||
| PM (TTM) | N/A | ||
| GM | 38.51% | ||
| 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-Score3
Asset Turnover0.39
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.13 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 0.39 | ||
| Cap/Depr | 236.58% | ||
| Cap/Sales | 43.95% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 34.18% | ||
| Profit Quality | N/A | ||
| Current Ratio | 1.22 | ||
| Quick Ratio | 0.54 | ||
| Altman-Z | 2.08 |
F-Score3
WACC8.66%
ROIC/WACC1.37
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)-28%
EPS 3Y-25.99%
EPS 5Y-9.71%
EPS Q2Q%50%
EPS Next Y190.15%
EPS Next 2Y72.71%
EPS Next 3Y41.04%
EPS Next 5Y20.35%
Revenue 1Y (TTM)2.63%
Revenue growth 3Y2.58%
Revenue growth 5Y10.48%
Sales Q2Q%15.31%
Revenue Next Year53.32%
Revenue Next 2Y23.26%
Revenue Next 3Y16.03%
Revenue Next 5YN/A
EBIT growth 1Y1.11%
EBIT growth 3Y-4.73%
EBIT growth 5Y9.8%
EBIT Next Year634.57%
EBIT Next 3Y96.49%
EBIT Next 5Y73.96%
FCF growth 1Y-301.68%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-50.07%
OCF growth 3Y6.62%
OCF growth 5Y12.27%