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Endeavour Mining (LSE: EDV)

Currency in GBP

Last close As at 30/11/2023

GBP18.34

▲ 36.00 (2.00%)

Market capitalisation

GBP4,511m

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 all-in sustaining costs 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 EDV at US$36.73 per share.

Latest Insights

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Metals & Mining | Update

Endeavour Mining — Ready to finish strong

Metals & Mining | Update

Endeavour Mining — Leaner and ready to grow

Metals & Mining | Update

Endeavour Mining — A strong year ahead

Metals & Mining | Update

Endeavour Mining — Rising gold prices begin to feed through
Endeavour-Mining_resized
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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)

385.5

Forecast gearing ratio (%)

9

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 10.6 11.0 8.7
Relative 7.4 11.5 10.4
52 week high/low 2184.0p/1498.0p

Financials

In the wake of Endeavour’s Q323 results we have updated our FY23 estimates. Endeavour remains on track to achieve its production guidance of 1,060–1,135koz at an AISC of US$895–950/oz (792koz produced year-to-date at an AISC of US$974/oz). Endeavour has reaffirmed its performance is still set to be weighted towards H223 as previously guided, with Q323 recording the strongest performance this year (production of 280.8koz) and Q423 on track to beat this (estimated at 324.4koz). Q323 results were driven by impressive production at Houndé, reporting 109koz (cf estimates of 84koz). Following the overperformance at Houndé, Q423 is set to be driven by increasing production at its other assets, namely Sabodala-Massawa and Mana.

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 11.5 4.1
2022A 2508.1 1261.3 527.2 125.32 18.6 4.8
2023E 2170.5 1108.0 530.1 104.08 22.4 6.4
2024E 1921.7 997.0 565.2 152.67 15.3 5.6

Research

Update

Metals & Mining

Endeavour Mining — Leaner and ready to grow

Update

Metals & Mining

Endeavour Mining — A strong year ahead
Endeavour-Mining_resized

Metals & Mining

Update

Endeavour Mining — Ready to finish strong

Endeavour-Mining_resized

Update

Metals & Mining

Endeavour Mining — Rising gold prices begin to feed through
Endeavour-Mining_resized

Update

Metals & Mining

Endeavour Mining — Pursuing growth opportunities in 2023

Update

Metals & Mining

Endeavour Mining — Meeting guidance for 10th consecutive year

Update

Metals & Mining

Endeavour Mining — First indications of exploration success

Flash note

Metals & Mining

Endeavour Mining — On track to hit top end of production guidance

Update

Endeavour Mining — Quarter end refinements and Lafigué go-ahead

Update

Metals & Mining

Endeavour Mining — Yield hits 4%

Update

Metals & Mining

Endeavour Mining — Pre-positioning ahead of rains
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Further insights

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Metals & Mining

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Andy Murphy

Director, Financials & Industrials

amurphy@edisongroup.com
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