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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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$4.30-7.45/share for exploration).
Last updated on 23/06/2022Content on Endeavour Mining
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Metals & mining
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| Forecast net cash (US$m) | 416.4 |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Michael E. Beckett | Chairman |
| Louis Irvine | CFO |
| Jack Garman | IR manager |
| Martino De Ciccio | VP Strategy & Investor Relations |
| Sebastien de Montessus | President and CEO |