Company Valuation: B2Gold Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,154 3,819 4,126 3,212 6,022 7,411 - -
Change - -8.06% 8.04% -22.14% 87.47% 23.07% - -
Enterprise Value (EV) 1 3,556 3,224 4,011 3,313 6,240 8,693 7,711 6,024
Change - -9.33% 24.41% -17.4% 88.34% 39.31% -11.3% -21.88%
P/E 9.84x 14.8x 317x -5.1x 16.1x 6.88x 4.68x 4.15x
PBR - - - - - - - -
PEG - -0.4x -3.3x 0x -0x 0x 0.1x 0.3x
Capitalization / Revenue 2.36x 2.2x 2.13x 1.69x 1.97x 1.93x 1.58x 1.4x
EV / Revenue 2.02x 1.86x 2.07x 1.74x 2.04x 2.27x 1.64x 1.14x
EV / EBITDA 3.2x 3.54x 3.7x 3.5x 3.37x 3.74x 2.55x 1.69x
EV / EBIT 4.93x 6.12x 5.88x 5.71x 4.42x 4.63x 2.95x 1.94x
EV / FCF 8.43x 12.7x -36.3x -140x 189x 18.9x 5.54x 3.21x
FCF Yield 11.9% 7.87% -2.75% -0.71% 0.53% 5.3% 18% 31.1%
Dividend per Share 2 0.16 0.16 0.16 0.16 - 0.0798 0.08 0.08
Rate of return 4.07% 4.5% 5.04% 6.54% - 1.42% 1.43% 1.43%
EPS 2 0.4 0.24 0.01 -0.48 0.28 0.8149 1.199 1.35
Distribution rate 40% 66.7% 1,600% -33.3% - 9.8% 6.67% 5.92%
Net sales 1 1,762 1,733 1,934 1,902 3,061 3,838 4,703 5,280
EBITDA 1 1,111 911.1 1,085 947.8 1,853 2,325 3,024 3,568
EBIT 1 720.7 527.2 682.6 580.4 1,412 1,878 2,615 3,106
Net income 1 420.1 252.9 10.1 -629.9 401.9 1,056 1,486 1,506
Net Debt 1 -597.9 -594.7 -114.8 100.9 217.9 1,282 300 -1,387
Reference price 2 3.935 3.554 3.173 2.446 4.507 5.609 5.609 5.609
Nbr of stocks (in thousands) 1,055,585 1,074,567 1,300,441 1,313,105 1,336,138 1,321,387 - -
Announcement Date 2/23/22 2/22/23 2/21/24 2/19/25 2/18/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.88x2.27x3.74x1.42% 7.41B
12.97x4.83x7.58x0.82% 135B
16.33x6.4x8.95x0.79% 104B
13.01x3.27x4.93x2% 73.66B
31.59x19.01x22.23x0.5% 70.39B
14x4.38x6.26x3.51% 55.67B
10.71x3.66x5.55x0.49% 36.6B
18.26x3.85x8.03x2.14% 23.77B
22.46x11.66x14.32x0.73% 22.21B
14.98x4.27x8.21x - 21.83B
Average 16.12x 6.36x 8.98x 1.38% 54.98B
Weighted average by Cap. 16.56x 6.79x 9.35x 1.26%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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