Endeavour Mining

CN: EDV

CA$2953.7m market cap

CA$26.87 last close

Endeavour Mining is an intermediate gold producer, with four mines in Côte d’Ivoire (Agbaou and Ity) and Burkina Faso (Houndé and Karma) and two major development projects (Ity CIL and Kalana) in the highly prospective west African Birimian greenstone belt.

Investment summary

Endeavour’s Q219 results were significantly ahead of not only the prior quarter, but also our expectations. In general, grades increased relative to Q1, owing to improved access to higher-grade material and a lower proportion of processed material being derived from low-grade stockpiles. As Endeavour enters H219, the improved gold price environment is coinciding with a sharp reduction in capex and continued improvements to operating conditions, which has caused us to upgrade our FY19 forecasts materially.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 652.1 201.2 49.3 (6.45) N/A 8.3
2018A 752.0 264.8 70.5 (7.51) N/A 8.0
2019E 883.7 391.1 125.3 30.24 67.9 6.3
2020E 979.2 504.0 246.8 116.62 17.6 4.6
Last updated on 15/08/2019
Share price graph
Balance sheet
Forecast net debt (US$m) 517
Forecast gearing ratio (%) 51
Price performance
%
1m
3m
12m
Actual 16.9 35.6 37.7
Relative* 20.6 38.2 38.8
52-week high/low C$27.4/C$16.4
*% relative to local index
Key management
Michael E. Beckett Chairman
Martino De Ciccio VP Strategy & Investor Relations
Sebastien de Montessus President and CEO
Vincent Benoit Executive VP and CFO