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Endeavour Mining (LSE: EDV)

Currency in GBP

Last close As at 27/09/2023

GBP16.20

▲ −18.00 (−1.10%)

Market capitalisation

GBP3,996m

Following its acquisitions of SEMAFO and Teranga, Endeavour Mining (EDV) has become one of the top 10 major gold producers globally, with six mines in Côte d’Ivoire, Burkina Faso and Senegal plus a portfolio of development projects, all in the West African Birimian greenstone belt.

In line with EDV’s strategy, the recent divestment of Boungou and Wahgnion supports growth of larger, lower AISC and longer life assets, such as the Lafigué greenfield project and the Sabodala-Massawa BIOX expansion. EDV aims to reinvest in organic growth throughout FY23 via the BIOX expansion (NPV US$861m) and Lafigué greenfield projects (NPV US$477m). After discovering 11.4Moz indicated gold resources during its FY16–21 exploration plan, the company has launched a second plan to find a further 15–20Moz by FY26, focusing on the new Tanda-Iguela prospect. Our most recent analysis valued Endeavour at US$36.73/share.

Latest Insights

View More

Metals & Mining | Update

Endeavour Mining — A strong year ahead

Metals & Mining | Update

Endeavour Mining — Rising gold prices begin to feed through

Metals & Mining | Update

Endeavour Mining — Pursuing growth opportunities in 2023

Metals & Mining | Update

Endeavour Mining — Meeting guidance for 10th consecutive year
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Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Jack Garman

    IR manager

  • Joanna Pearson

    CFO

  • Martino De Ciccio

    VP Strategy & Investor Relations

  • Sebastien de Montessus

    President and CEO

  • Srinivasan Venkatakrishnan

    Chairman

Balance Sheet

Forecast net debt (US$m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.3) (14.1) 2.3
Relative (3.7) (15.9) (4.8)
52 week high/low 2184.0p/1461.0p

Financials

Following the divestment of non-core assets Boungou and Wahgnion, EDV has updated its FY23 guidance from 1,325–1,425koz to 1,060–1,135koz, with all-in sustaining cost (AISC) improving to US$895–950/oz (cf US$940–995/oz, previously). Q223 financial results suggest its performance is set to be weighted towards H223, as previously guided. As such, EDV remains on track to achieve FY23 guidance.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 2903.8 1517.3 756.5 203.21 9.9 3.6
2022A 2508.1 1261.3 527.2 125.32 16.1 4.1
2023E 2709.7 1378.4 668.7 161.42 12.5 3.9
2024E 2235.7 1228.0 704.6 185.95 10.8 4.0

Research

Update

Metals & Mining

Endeavour Mining — Forecasts ahead of St Patrick’s day results

Update

Metals & Mining

Endeavour Mining — Irrepressible

Metals & Mining

Update

Endeavour Mining — Ninth successive year of outperformance

Update

Metals & Mining

Endeavour Mining — The second five-year plan

Update

Metals & Mining

Endeavour Mining — Q2 outperforms ahead of likely Q3 index inclusion

Update

Metals & Mining

Endeavour Mining — Picking up the crown

Update

Metals & Mining

Endeavour Mining — Showing its mettle as well as its metal

Update

Metals & Mining

Endeavour Mining — Entering a new phase

Update

Metals & Mining

Endeavour Mining — Maiden fully consolidated valuation (EDV+SFO)

Update

Metals & Mining

Endeavour Mining — EndAFO a good thing

Outlook

Metals & Mining

Endeavour Mining — Q419 and FY19 results ahead of expectations

Update

Metals & Mining

Endeavour Mining — Suspension of estimates

Update

Metals & Mining

Endeavour Mining — Forecasts up; valuation up

Update

Metals & Mining

Endeavour Mining — Valuation US$27.58; potential 32% upside

Update

Metals & Mining

Endeavour Mining — Tipping point

Update

Metals & Mining

Endeavour Mining — Starting as it means to go on

Update

Metals & Mining

Endeavour Mining — Ity CIL project pours first gold

Update

Metals & Mining

Endeavour Mining — Pumping it

Update

Metals & Mining

Endeavour Mining — Materially ahead of expectations

Update

Metals & Mining

Endeavour Mining — Maiden resource paves way for potential project

edison tv

Metals & Mining

Bitesize briefing – Endeavour Mining

Initiation

Metals & Mining

Endeavour Mining — From the ground upwards

Further insights

insight

Metals & Mining

Gold

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Elaine Reynolds

Elaine Reynolds

Analyst, Energy & Resources

ereynolds@edisongroup.com 020 3077 5713
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