gold water

Endeavour Mining

LN: EDV

Market Cap£4,330m

Last Close 1747p

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.

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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 12.4 3.5
2021A 2903.8 1517.3 756.5 203.21 11.1 4.0
2022E 2543.8 1360.3 688.6 163.76 13.7 3.9
2023E 2219.0 1223.2 763.0 183.34 12.3 4.8
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. Subsequently, 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 23/06/2022
Content on Endeavour Mining
Endeavour Mining – A strong opening
Metals & mining | research Update | 17 May 2022
gold flake
Endeavour Mining – Refining forecasts ahead of results
Metals & mining | research Update | 28 April 2022
gold flake
Endeavour Mining – Ninth successive year of outperformance
Metals & mining | research Update | 28 March 2022
gold flake
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Sector
Metals & mining
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Share price graph
Balance sheet
Forecast net cash (US$m) 416.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (2.3) (3.4) 10.0
Relative* 1.9 2.9 13.8
52-week high/low 2100.0p/1510.0p
*% 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