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 will announce its Q321 results on the morning of 11 November and, post quarter end, we are largely reiterating our forecasts for Q321, with the exception of a minute adjustment to the gold price (from US$1,792/oz to US$1,790/oz – see Exhibit 5). In the meantime, Endeavour has announced an ambitious five-year exploration programme to discover 15.0–20.0Moz in the indicated category of resources, while also refinancing its credit lines.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 1362.1 | 618.4 | 220.4 | 56.95 | 41.0 | 5.8 |
| 2020A | 1847.9 | 910.3 | 501.2 | 181.51 | 12.9 | 3.6 |
| 2021E | 2718.8 | 1370.3 | 707.0 | 166.56 | 14.0 | 5.3 |
| 2022E | 2495.1 | 1417.0 | 881.2 | 234.78 | 9.9 | 4.2 |
Industry outlook
Exploration has yielded 84% of a five-year target of 10–15Moz Au after four years, which has already increased medium-term production levels at Ity and Hounde to 0.5Moz pa (combined) until 2028. It is hedge-free, has announced a progressive minimum dividend policy, added US$342m in value (100% basis) to Fekekro and Kalana via updated PFSs and also announced a share buyback programme. With Teranga’s assets now fully integrated, we value Endeavour at US$35.46/share and potentially as high as US$55.59/share.
Last updated on 14/06/2021Content on Endeavour Mining
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Metals & mining
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Share price graph
Balance sheet |
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| Forecast net debt (US$m) | 131.1 |
| Forecast gearing ratio (%) | 3 |
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Key management |
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| Michael E. Beckett | Chairman |
| Louis Irvine | CFO |
| Martino De Ciccio | VP Strategy & Investor Relations |
| Sebastien de Montessus | President and CEO |