Endeavour Mining (LSE: EDV)

Currency in GBP

Last close As at 09/06/2023


−40.00 (−1.92%)

Market capitalisation


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.

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Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Jack Garman

    IR manager

  • Joanna Pearson


  • Martino De Ciccio

    VP Strategy & Investor Relations

  • Sebastien de Montessus

    President and CEO

  • Srinivasan Venkatakrishnan


Balance Sheet

Forecast net debt (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 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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