Endeavour Mining Ord (TSE:EDV)
TSX:EDV
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Endeavour Mining
(TSX:EDV)
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Rating:74Outperform
Price Target:
C$101.00
▲(10.83% Upside)
Action:ReiteratedDate:05/04/26
Score is driven primarily by strong financial performance (high margins and robust cash generation, despite cyclical volatility) and a constructive earnings update (record FCF, net cash, guidance reiterated, and shareholder returns commitment). Valuation is supportive, but technical indicators are currently weak, keeping the overall score from being higher.
Positive Factors
Strong cash generation
Sustained, high operating and free cash flow provides durable funding for sustaining/growth capital, rapid deleveraging and shareholder returns. Historical OCF exceeds net income (~1.6x), indicating cash quality and the ability to finance projects and distributions across commodity cycles.
Negative Factors
Energy and AISC sensitivity
Significant exposure to fuel and power costs creates a persistent margin lever that can erode returns during commodity or energy shocks. Because fuel and self‑generation costs are structural at some sites, higher energy prices can meaningfully raise AISC and compress free cash flow over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained, high operating and free cash flow provides durable funding for sustaining/growth capital, rapid deleveraging and shareholder returns. Historical OCF exceeds net income (~1.6x), indicating cash quality and the ability to finance projects and distributions across commodity cycles.
Read all positive factors
Endeavour Mining (EDV) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$21.75B
Dividend Yield2.31%
Average Volume (3M)833.36K
Price to Earnings (P/E)10.3
Beta (1Y)1.82
Revenue Growth38.40%
EPS GrowthN/A
CountryCA
Employees5,659
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)3.55
Shares Outstanding242,058,530
10 Day Avg. Volume815,195
30 Day Avg. Volume833,364
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)4.12
Price to Sales (P/S)2.89
P/FCF Ratio10.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$106.85Price Target Upside17.25% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)7.08
Revenue Forecast (FY)C$5.85B
Endeavour Mining Business Overview & Revenue Model
Company Description
Endeavour Mining plc, together with its subsidiaries, operates as a gold mining company in West Africa. Its project portfolio includes 90% owned Houndé, Mana, Boungou, and Wahgnion mines in Burkina Faso; 85% owned Ity mine located in Côte d'Ivoire...
How the Company Makes Money
Endeavour Mining makes money primarily by producing and selling refined gold (typically doré bars) from its operating mines. Revenue is recognized largely from gold sales, with the realized gold price (linked to prevailing market prices) and the q...
Endeavour Mining Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call was strongly positive overall: management reported a record financial quarter driven by a materially higher realized gold price, robust adjusted EBITDA and record free cash flow that converted into a rapid de‑leveraging to a net cash position. The company validated a transformational organic growth project (Assafou) with excellent DFS metrics, expanded exploration investment and reinforced shareholder return commitments. Key negatives were higher quarter AISC (largely royalty and energy related), working capital and tax timing impacts, a fatal safety incident, and execution risks tied to resettlement/road diversion and pre‑stripping at Assafou. On balance the operational discipline, cash generation and high‑value pipeline outweigh the transitional cost and timing headwinds.Positive Updates
Record Free Cash Flow and Cash Conversion
Free cash flow reached a record $613 million in Q1 2026 (equivalent to $2,176/oz), up 29% quarter-over-quarter, driven by higher realized gold prices and strong conversion of margin into cash.
Negative Updates
Higher All-in Sustaining Costs in Q1
Group all-in sustaining costs (AISC) were $1,834/oz in Q1, slightly above guidance, driven principally by higher royalty costs (linked to elevated gold prices), additional stripping activity and higher power costs at Mana.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Free Cash Flow and Cash Conversion
Free cash flow reached a record $613 million in Q1 2026 (equivalent to $2,176/oz), up 29% quarter-over-quarter, driven by higher realized gold prices and strong conversion of margin into cash.
Read all positive updates
Company Guidance
Endeavour reiterated it is on track to meet full‑year production and AISC guidance, noting Q1 production of 282,000 oz (≈26% of the low end of FY guidance) and Q1 AISC of $1,834/oz (gold‑price‑adjusted underlying AISC of $642/oz on a $3,000/oz budget), with production expected to be weighted to H2 and to peak in Q4. Management expects sustaining and non‑sustaining capital to be weighted to the first three quarters (Q1 investing outflows $125M: $75M sustaining, $45M non‑sustaining, $6M growth) and growth capital/Assafou early works mostly in H2 (≈$80M pre‑expenditure committed); the Assafou DFS shows potential for ~320,000 oz/year at AISC $1,026/oz (first 8 years), an after‑tax value >$5B at $4,000/oz and a 55% IRR. Financially, Q1 delivered record free cash flow of $613M ($2,176/oz), operating cash flow $737M, adjusted EBITDA $880M (65% margin) and adjusted net earnings $442M ($1.53/sh), but management flagged Q2 FCF will be lower due to seasonal tax payments (≈65% of full‑year taxes in Q2) and revised cash tax guidance to $660–$770M; the balance sheet swung from $158M net debt to $405M net cash (+$563M), supporting a minimum $1B shareholder return commitment for 2026–28 (maintained to $3,000/oz) with supplemental H1 returns and opportunistic buybacks already underway ($54M YTD / $27M in Q1), while retaining a through‑cycle leverage target of <0.5x net debt to adjusted EBITDA.Endeavour Mining Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.56B | 4.31B | 2.68B | 2.11B | 2.07B | 2.64B |
| Gross Profit | 2.33B | 2.10B | 868.70M | 745.30M | 759.70M | 1.50B |
| EBITDA | 2.68B | 2.54B | 857.90M | 864.70M | 1.20B | 1.14B |
| Net Income | 861.04M | 691.09M | -300.20M | -208.90M | -57.30M | 215.50M |
Balance Sheet | ||||||
| Total Assets | 6.26B | 5.60B | 5.51B | 5.86B | 6.41B | 6.77B |
| Cash, Cash Equivalents and Short-Term Investments | 1.13B | 452.48M | 418.60M | 517.20M | 962.30M | 906.20M |
| Total Debt | 765.10M | 684.45M | 1.17B | 1.11B | 871.80M | 893.00M |
| Total Liabilities | 2.46B | 2.18B | 2.52B | 2.31B | 2.33B | 2.39B |
| Stockholders Equity | 3.35B | 3.03B | 2.71B | 3.23B | 3.66B | 3.92B |
Cash Flow | ||||||
| Free Cash Flow | 1.37B | 1.15B | 257.60M | -116.10M | 503.70M | 643.60M |
| Operating Cash Flow | 1.92B | 1.69B | 943.30M | 646.50M | 1.02B | 1.17B |
| Investing Cash Flow | -549.85M | -516.69M | -630.00M | -820.80M | -521.40M | -511.70M |
| Financing Cash Flow | -1.05B | -1.17B | -439.10M | -276.60M | -385.00M | -431.10M |
Endeavour Mining Technical Analysis
Positive
91.13
Price Trends
83.86
Positive
77.29
Positive
63.79
Positive
Market Momentum
2.35
Negative
60.74
Neutral
66.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EDV, the sentiment is Positive. The current price of 91.13 is above the 20-day moving average (MA) of 83.20, above the 50-day MA of 83.86, and above the 200-day MA of 63.79, indicating a bullish trend. The MACD of 2.35 indicates Negative momentum. The RSI at 60.74 is Neutral, neither overbought nor oversold. The STOCH value of 66.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:EDV.
Endeavour Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$9.83B | 7.89 | 34.87% | 0.42% | 61.07% | 163.91% | |
75 Outperform | C$15.07B | 7.28 | 26.05% | ― | 87.39% | 21.18% | |
74 Outperform | C$21.75B | 10.26 | 16.65% | 2.31% | 38.40% | ― | |
74 Outperform | C$9.74B | 7.74 | 15.70% | 1.71% | 85.46% | ― | |
74 Outperform | C$15.40B | 9.18 | 10.73% | ― | 65.86% | 10.18% | |
72 Outperform | C$24.92B | 24.81 | 22.48% | 0.25% | 46.83% | 306.46% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.