B2Gold Corp T.BTO

Valuation

[templetooth2]

The best comparable for B2 is Endeavour. B2 has a market cap of $5.6 Billion and EDV is $6.1 B.

B2 is around 1 million annual ounces and EDV is about 1.3 or 1.4 million.

Scotia's weekly gold comparisons came out this AM, so I expect they're using Friday closing numbers. They have B2 cash flowing 81 and 87 cents per share this year and next. EDV will cash flow $5.57 and $5.27 per share.

Therefore, B2 is valued at 6.5 X this year's CF vs 4.2 X for Endeavour...

For 2022, B2 is at 6.1 X and EDV 4.5 X.

I've made this point before: B2 is nowhere near "undervalued" when compared to a true comparable. In fact, it looks like B2  might be 40 - 50 % OVER-valued !!! You're welcome.

[goldanalyst]

Who's to say endeavour is not undervalued? Or that both are undervalued and endeavour even more so?

[RONNIE111]

Endeavor is seriously undervalued.  Compared to everyone, but for sure compared to B2.  Endeavor will produce 1.5 m oz this year, and probably 1.7 m next year - they are very coy on their forward forecasts.  Next year they will add as much as 300,000 oz for 2023 production by building a new mine and optimizing another.  They have an AISC under $900.  And they are entirely

[Stratocheif]

Its all about the money. African workers can uniinize because they dont get paid much so there is plenty of profit to be had even if the unions ask for more. But jurisdictional risk does exist even though not apparent now who knows what lies down the road if gold keeps going up and governments get greedy. It all depends on what regime is in power in different countries. Do they see it as

[RONNIE111]

I would  disagree on a couple points Stratochief, One would be that in America Amazon workers make fifteen bucks an hour.  So after working 8 hours in a day, you woud get $120 minus deductions, so maybe a hundred a day.   Can you imagine trying to live on around a hundred a day.  If you work a normal 22 days a month that gives you $2200.  Average rent in America is

[tootall123]

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[WCWiteration3]

not uncommon for there to a premium for the better companys.  A 50% over value is wrong, more on that.. how can you simply compare one cf with another and the reslut shows a huge over value.. and not use an average of the market, to be of any use at all.. not one with the other as the limits, each to the maket of several others, that is what (statistically) useful dd would use.,  you are

[tootall123]

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[rochester3]

gold is king right now at 1900 but bto is trash!!