Endeavour Mining plc T.EDV

Alternate Symbol(s): EDVMF

Metals & Mining Gold

Endeavour Mining PLC is a gold mining company with operating assets across Senegal, Cote d'Ivoire and Burkina Faso. It has a portfolio of advanced development projects and exploration assets in the Birimian Greenstone Belt across West Africa. It operates Hounde, Ity, Mana, and Sabodala-Massawa Mines. The Ity Mine is located approximately 480 kilometers (km) northwest of Abidjan in southern Cote d'Ivoire. The Hounde Mine is located approximately 250 km southwest of Ouagadougou, the capital city of Burkina Faso. Its projects consist of Lafigue Project and Others. The Other projects includes Kalana, Bantou, and the Nabanga Project. The Kalana Project is located approximately 250 km south of Bamako, the capital city of Mali. The Bantou Project is part of the Dynikongolo permit which is located along the Hounde Greenstone Belt that hosts both the Mana and Hounde mines. The Nabanga project is an early-stage project which consists of three exploration permits covering 178.5 square kilometers.

TSX:EDV - Post by User

Endeavour Mining plc

<< Previous

Bullboard Posts

Next >>

Post by echo2on Mar 19, 2021 9:46am

331 Views

Post# 32836875

Scotia Very Positive - $51.00 Target

Latest Research (March 19, 2021):

OUR TAKE: Positive. We have updated our estimates following the release of EDV's Q4 results. The company reported Adj EPS of $1.02 vs. cons of $0.90, and CFPS of $1.91 (vs. cons of $1.95). Q4/20 production of 344koz was pre-reported. FY2020 AISC of $873/oz was within the FY guidance range, with AISC improvements due to stronger performance across all mines, specifically at Hound (due to higher grades) and Boungou (due to mining restart). This marks EDV’s eighth consecutive year of achieving annual production and AISC guidance.2021 guidance was reiterated for production of 1.365M-1.495Moz Au with at an AISC of $850-$900/oz, including Teranga assets and sale of Agbaou.

EDV paid its first dividend of $60M on Feb 5/21 and announced an NCIB program, whereby EDV may purchase up to 12M shares (up to 5% of total issued and outstanding shares). EDV ended Q4 with a strong balance sheet and $75M in net cash, having generated ~$190M in cash in Q4/20.
Following model updates, our SO rating and C$51 PT are maintained.We continue to forecast solid FCF in
2021; at spot, we expect EDV to generate $692M in 2021 (or a FCF yield of ~13%) and $645M in 2022 (this is assuming capex spend commencing in Q1/2022 at Fetekro and Sabodala/Masawa expansion).