Following its acquisitions of SEMAFO and Teranga, Endeavour has become one of the top 10 major gold producers globally, with seven mines in Côte d’Ivoire, Burkina Faso and Senegal plus a portfolio of development projects, all in the West African Birimian greenstone belt.
More Endeavour Mining content >Investment summary
Endeavour’s acquisitions of SEMAFO and Teranga have propelled it into the ranks of the top 10 gold producing companies globally with output of c 1.5Moz pa and a targeted all-in sustaining cost of US$900/oz with c US$100m available in annual synergies. It is now listed in London and was recently promoted into the FTSE 100 index.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 1847.9 | 910.3 | 501.2 | 181.51 | 11.6 | 3.2 |
| 2021A | 2903.8 | 1517.3 | 756.5 | 203.21 | 10.4 | 3.7 |
| 2022E | 2492.1 | 1347.5 | 689.4 | 161.63 | 13.0 | 3.7 |
| 2023E | 2219.0 | 1223.2 | 762.7 | 183.21 | 11.5 | 4.5 |
Industry outlook
Endeavour has US$166.6m in net cash, has added US$342m in value to Fetekro and Kalana via updated pre-feasibility studies (100% basis) and has announced a comprehensive shareholder returns programme. At the same time, exploration in FY16–21 yielded 11.4Moz in indicated gold resources and a second five-year plan aims to discover a further 15–20Moz by FY26. This success has increased combined production at Ity and Hounde to 0.5Moz pa until 2028. Since then, Endeavour has also announced the expansion of Sabadola-Massawa. Our most recent valuation of Endeavour was US$35.96/share and potentially as high as US$60.40/share (plus US$4.30–7.45/share for exploration).
Last updated on 04/07/2022Content on Endeavour Mining
Sector |
|---|
|
Metals & mining
Access more Metals & mining content
|
Share price graph
Balance sheet |
|
|---|---|
| Forecast net cash (US$m) | 383.9 |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||
| *% relative to local index | |||||||||||||||
Key management |
|
|---|---|
| Michael E. Beckett | Chairman |
| Louis Irvine | CFO |
| Jack Garman | IR manager |
| Martino De Ciccio | VP Strategy & Investor Relations |
| Sebastien de Montessus | President and CEO |