B2Gold Corp T.BTO

Alternate Symbol(s): BTG

Metals & Mining Gold

B2Gold Corp. is an international gold producer. The Company has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada, and numerous development and exploration projects in various countries, including Mali, Colombia, and Finland. The Fekola Mine is located in southwest Mali, on the border between Mali and Senegal, approximately 500 kilometers due west of the capital city, Bamako. The Masbate Mine is located approximately 360 kilometers southeast of Manila. The Otjikoto Mine is located in the north-central part of Namibia, approximately 300 kilometers north of Windhoek and is a gold producer. The Company also owns the Gramalote Project in Colombia. It also has an interest in the Back River Gold District, which is located in Nunavut, Canada. The Back River Gold District consists of approximately five mineral claims blocks along an 80-kilometer belt. It is engaged in operating Goose Project, which is located in Nunavut, Canada.

TSX:BTO - Post by User

B2Gold Corp

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Post by echo2on Aug 05, 2021 11:32am

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Post# 33654850

Scotia POSITIVE $9.50 Target

Latest Research (August 05, 2021):

OUR TAKE: Positive. BTO reported Q2/21 financial results with adjusted EPS of $0.05 as compared to our $0.07 estimate and BB consensus of $0.07, with EPS shortfall due to slightly higher costs ($649/oz vs. our $628/oz est) along with higher depreciation and share-based payments. Q2/2021 production of 212koz Au had been pre- released.

2021E guidance was reiterated for production tomeet or exceed the upper end of guidance range(970k- 1030koz Au) with higher production in 2H (~60% of production expected in 2H/21) and lower AISC (costs are guided to be 28% lower than 1H/21) BTO noted that guidance does not include any upside to Fekola production (where the mill is consistently exceeding nameplate capacity) nor from Cardinal where BTO expects production as early as Q3/21 (discussed below).

At spot prices, we forecast BTO's free cash flow of $423M in 2021 (FCF yield of 9.8%) and $559M in 2022. BTO shares are rated SO with a C$9.50 PT. At spot gold prices, BTO shares are trading at a P/NAV of 0.76x and 4.8x 2022E P/CF vs. peers trading at 0.78x and 5.2x, respectively.

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The Market Online’s Weekly Gold Report – Nov. 27, 2024