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Currency in GBP
Last close As at 09/06/2023
GBP20.42
▲ −40.00 (−1.92%)
Market capitalisation
GBP5,059m
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.
Endeavour aims to reinvest in organic growth throughout FY23 via the Sabodala-Massawa BIOX expansion (NPV US$861m) and Lafigué greenfield projects (NPV US$477m). After discovering 11.4Moz indicated gold resources during its FY16–FY21 exploration plan, the company has launched a second plan to find a further 15–20Moz by FY26, focusing on the new Tanda-Iguela project. Our most recent analysis valued Endeavour at US$36.73/share.
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Director, Energy & Resources
Jack Garman
IR manager
Joanna Pearson
CFO
Martino De Ciccio
VP Strategy & Investor Relations
Sebastien de Montessus
President and CEO
Srinivasan Venkatakrishnan
Chairman
Forecast net debt (US$m)
N/A
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (1.3) | 20.8 | 8.6 |
| Relative | 0.9 | 25.9 | 9.7 |
| 52 week high/low | 2184.0p/1461.0p |
Following a strong FY22, in which Endeavour achieved its tenth consecutive year of meeting or achieving production and all-in sustaining cost (AISC) guidance, Q123 financial results were materially ahead of both our and the market’s expectations. As such, it remains on track to achieve FY23 guidance of production of 1,325–1,425koz at an AISC of US$940–995/oz.
| Y/E Dec | Revenue (US$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 | 12.6 | 4.5 |
| 2022A | 2508.1 | 1261.3 | 527.2 | 125.32 | 20.4 | 5.2 |
| 2023E | 2709.7 | 1378.4 | 668.7 | 161.42 | 15.8 | 4.9 |
| 2024E | 2235.7 | 1228.0 | 704.6 | 185.95 | 13.7 | 5.1 |
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