B2Gold (BTO) AI Stock Analysis

• Market Cap: $5.37B
• Dividend Yield: 5.28%
• Average Volume (3M): 4.43M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.22
• Revenue Growth: -0.18%
• EPS Growth: -2195.85%
• Country: CA
• Employees: 2,212
• Sector: Basic Materials
• Sector Strength: 52
• Industry: Gold
• EPS (TTM): -0.66
• Shares Outstanding: 1,319,720,800
• 10 Day Avg. Volume: 4,296,777
• 30 Day Avg. Volume: 4,426,099
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 2.13
• Price to Cash Flow (P/CF): 8.40
• P/FCF Ratio: 12.70
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$5.50
• Price Target Upside: 35.16% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11

B2Gold has a moderately positive outlook due to its strong cash flow and balance sheet, despite declining revenue and profitability. Technical analysis indicates mixed signals, while valuation benefits from a high dividend yield. The earnings call provides optimism with growth prospects and financial robustness, but past operational challenges remain a concern.

Positive Factors

Cash Flow

The company plans to see elevated cash flow generation due to increased production of above 330kozpa, accompanied by a decrease in costs.

Exploration Potential

The company's historic success of converting in excess of 75% of Inferred Mineral Resources to Indicated Mineral Resources and the exploration potential at the Back River District suggest upside potential.

Negative Factors

Gold Production

Total payable gold production is down 29% and 32% vs. BofAe and the prior LoM plan, respectively.

Mineral Resource Estimate

Updated mineral resource estimate saw a 19% decrease in Reserves and a 10% decrease in M&I Resource.

Production Delays

Production from Fekola Regional has been delayed to late 2025 from mid-2025.

B2Gold Business Overview & Revenue Model

Company Description

B2Gold Corp. operates as a gold producer with three operating mines in Mali, the Philippines, and Namibia. It operates the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia. The company also has an 25% interest in the Calibre Mining Corp.; and approximately 19% interest in BeMetals Corp. In addition, it has a portfolio of other evaluation and exploration assets in Mali, Uzbekistan, and Finland. The company was incorporated in 2006 and is headquartered in Vancouver, Canada.

How the Company Makes Money

B2Gold makes money primarily through the exploration, mining, and sale of gold. The company's revenue model revolves around producing gold at its operating mines and selling it on global markets. Key revenue streams include the extraction and sale of gold from its mines in Mali (Fekola Mine), the Philippines (Masbate Mine), and Namibia (Otjikoto Mine). The company benefits from its low-cost production strategy, which enhances profitability. Additionally, B2Gold’s earnings are influenced by factors such as gold market prices, production volumes, and operational efficiencies. While the company does not rely heavily on partnerships, it engages in joint ventures and exploration collaborations to expand its resource base and future production potential.

B2Gold Financial Statement Overview

Summary

B2Gold's financials reflect mixed performance. While the company maintains a strong balance sheet with low leverage, profitability has been challenging, as seen in the negative net income and EBIT in the TTM. The cash flow situation is improving, but operational and revenue growth pressures remain areas of concern.

Income Statement

The income statement shows a challenging period, particularly in the TTM, with a significant net loss driven by negative EBIT and EBITDA margins. The gross profit margin is relatively healthy at 38.54%, but revenue has decreased slightly compared to the previous year, resulting in a revenue growth rate of -1.04%. This reflects the downturn in profitability and operational efficiency.

Balance Sheet

The balance sheet indicates a strong equity position with an equity ratio of 63.44%, suggesting financial stability. The debt-to-equity ratio is low at 0.08, which shows conservative financial leverage. However, the return on equity is negative due to the net loss, highlighting potential profitability concerns.

Cash Flow

Cash flow analysis reveals a positive operating cash flow to net income ratio, indicating effective cash generation despite the net loss. The free cash flow has turned positive in the TTM, showing improvement, though the free cash flow growth rate is not available due to previous negative values. This suggests a cautious but improving cash flow situation.

Breakdown
TTM	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Income Statement		Total Revenue
1.91B	1.93B	1.73B	1.76B	1.79B	1.16B
	Gross Profit
737.78M	1.18B	604.24M	768.55M	958.29M	450.46M
	EBIT
-411.93M	327.40M	162.95M	714.63M	606.79M	121.09M
	EBITDA
-47.11M	736.63M	925.31M	1.08B	1.35B	760.25M
	Net Income Common Stockholders
-731.23M	10.10M	252.87M	420.06M	628.06M	293.38M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
102.75M	306.89M	651.95M	673.00M	479.69M	140.60M
	Total Assets
2.55B	4.87B	3.68B	3.56B	3.36B	2.68B
	Total Debt
479.54M	180.81M	57.23M	75.13M	110.02M	261.85M
	Net Debt
376.78M	-126.09M	-594.72M	-597.87M	-369.66M	121.25M
	Total Liabilities
894.95M	964.64M	569.44M	600.29M	701.79M	631.42M
	Stockholders Equity
1.61B	3.81B	3.01B	2.86B	2.57B	1.99B
Cash Flow		Free Cash Flow
156.46M	-116.78M	205.47M	421.79M	598.07M	230.81M
	Operating Cash Flow
962.50M	714.45M	595.80M	724.11M	950.64M	491.97M
	Investing Cash Flow
-798.75M	-845.34M	-388.78M	-286.28M	-337.96M	-262.79M
	Financing Cash Flow
-35.07M	-192.51M	-211.28M	-234.23M	-278.87M	-192.06M

B2Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.07
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BTO, the sentiment is Positive. The current price of 4.07 is below the 20-day moving average (MA) of 4.28, above the 50-day MA of 3.96, and above the 200-day MA of 3.89, indicating a neutral trend. The MACD of 0.13 indicates Positive momentum. The RSI at 46.75 is Neutral, neither overbought nor oversold. The STOCH value of 24.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BTO.

B2Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BTO	66 Neutral	$5.37B	―	-18.54%	5.28%	-0.18%	-2195.85%
MUX	51 Neutral	$359.74M	3.61	-8.76%	―	4.96%	-182.95%
Sector *	47 Neutral	$2.43B	-2.83	-21.77%	3.74%	4.16%	-28.83%

B2Gold Corporate Events

B2Gold Receives TSX Approval for Share Repurchase Plan

B2Gold Corp. has received approval from the Toronto Stock Exchange to implement a normal course issuer bid, allowing the company to repurchase up to 5% of its outstanding shares over the next year. This move is part of B2Gold’s amended shareholder return strategy, reflecting the company’s belief that its shares may be undervalued and that repurchasing shares is a desirable use of capital, potentially impacting its market valuation and shareholder value.

B2Gold Updates Goose Project Plan with Enhanced Gold Production Outlook

B2Gold Corp. has announced an updated mineral reserve life of mine plan for its Goose Project in the Back River Gold District, highlighting a significant improvement in both indicated and inferred mineral resources. The company is on track with construction and development, aiming for first gold pour in the second quarter of 2025 and commercial production by the third quarter. The Goose Project is expected to enhance B2Gold’s production profile with an average annual gold production of approximately 300,000 ounces over the first six years, supported by improved gold grades and recovery rates. This development positions B2Gold to strengthen its market presence and offers potential benefits for stakeholders through increased production and resource conversion.

B2Gold Completes Major Solar Expansion at Fekola Mine

B2Gold has completed the Phase 2 expansion of the Fekola Solar Plant in Mali, which is now operational. This expansion added 46,200 solar panels, increasing the plant’s capacity to 52 MW of solar power and 27.7 MWh of battery storage. The project, which generated local employment and training opportunities, is expected to significantly reduce carbon emissions and heavy fuel oil consumption, supplying approximately 30% of the site’s electricity demand. This initiative aligns with B2Gold’s commitment to renewable energy and its goal of reducing greenhouse gas emissions by 30% by 2030.

B2Gold Achieves 2024 Production Targets; Goose Project Progresses

B2Gold Corp. reported its fourth quarter and full year 2024 results, highlighting a total gold production of 186,001 ounces in Q4 and 804,778 ounces for the year, which was at the low end of its guidance range. Despite facing challenges with lower production at Fekola and higher costs, the company remains on track with its Goose Project, aiming for first gold in Q2 2025, and has declared a Q1 2025 dividend of US$0.02 per share.

B2Gold Reports Positive Economic Assessment for Antelope Deposit

B2Gold has announced promising preliminary economic assessment results for the Antelope deposit at its Otjikoto Mine in Namibia, projecting a strong economic outlook with an after-tax NPV of $131 million and a 35% IRR. This development enhances the production profile of the Otjikoto Mine, with a projected Life of Mine average annual gold production of 65,000 ounces and strengthens the company’s economic standing with a potential $185 million after-tax free cash flow at a $2,400 per ounce gold price.

B2Gold to Announce Fourth Quarter and Full Year 2024 Financial Results

B2Gold Corp. announced it will release its fourth quarter and full year 2024 financial results on February 19, 2025, followed by a conference call on February 20, 2025, to discuss these results. This announcement is a crucial update for stakeholders as it provides insights into the company’s financial performance and strategic direction, impacting investor confidence and market positioning.

B2Gold Completes $460M Convertible Notes Offering to Bolster Financial Strategy

B2Gold Corp. completed an upsized offering of convertible senior unsecured notes, raising US$460 million, including an additional US$60 million through an option purchase. The company plans to utilize the funds to manage its working capital and general corporate purposes, initially paying off its revolving credit facility to reduce interest expenses. Additionally, B2Gold entered into a cash settled total return swap for US$50 million of its shares to maintain economic exposure, impacting the market price of its shares and notes.

B2Gold Prices Upsized Convertible Notes Offering

B2Gold Corp. has announced the pricing of an upsized offering of convertible senior notes, amounting to US$400 million with options for additional purchases. The notes, due 2030, have a conversion rate reflecting a 35% premium over current share prices. The proceeds will initially address the company’s revolving credit facility, aiming to reduce interest expenses, with future uses for general corporate purposes. A total return swap related to the shares was also established, potentially influencing market share prices.

B2Gold Unveils $350 Million Convertible Senior Notes Offering

B2Gold Corp. has announced a $350 million offering of convertible senior unsecured notes due in 2030, with an option for an additional $52.5 million. The proceeds will be used to manage working capital and pay down existing credit facilities. The notes will bear a fixed interest rate and can be converted into common shares, with the company entering into a cash settled total return swap to manage share exposure. This strategic financial move is expected to optimize B2Gold’s capital structure and could influence the market price of its shares.

B2Gold Adjusts Shareholder Return Strategy Amid Growth Initiatives

B2Gold Corp. has announced changes to its shareholder return strategy to enhance financial flexibility during its current growth phase. The company is reducing its quarterly dividend from $0.04 to $0.02 per share to support ongoing projects, such as the construction of the Goose Mine and development activities at other sites. This strategic adjustment aims to balance growth initiatives with sustainable dividend payments, ensuring continued shareholder value.

B2Gold Meets 2024 Gold Production Targets and Eyes Increased Output in 2025

B2Gold Corp. announced a total consolidated gold production of 804,778 ounces for 2024, meeting the lower end of its revised guidance. The Fekola Mine faced production delays, but Masbate and Otjikoto mines outperformed expectations. The company anticipates an increase in production for 2025, projecting between 970,000 and 1,075,000 ounces, and the Goose Project remains on track for first gold production by Q2 2025. Despite the challenges, B2Gold reported strong revenue for Q4 2024 with $500 million generated from gold sales, supporting a positive outlook for the upcoming year.