Added to YB: 2026-08-07
Pitch date: 2026-08-04
BTG [bullish]
B2Gold Corp.
+0.25%
current return
Author Info
P14 Capital is a former buy-side research analyst who uncovers undervalued opportunities in SMID-cap equities. Long-biased and generalist. Sign up for the newsletter.
Company Info
B2Gold Corp. operates as a gold producer company in Canada. The company operates the Fekola Mine in Mali; the Masbate Mine in the Philippines; the Otjikoto Mine in Namibia; the Goose Mine in Canada.
Market Cap
CAD 5.5B
Pitch Price
CAD 4.08
Price Target
6.31 (+54%)
Dividend
1.95%
EV/EBITDA
2.76
P/E
10.92
EV/Sales
1.50
Sector
Metals and Mining
Category
value
P14 Weekly Screen #12 - Gold: BTG - B2Gold Corp.
BTG: One of cheapest gold miners at 2.3x FY26E EBITDA (58% margin), 4.4x cash flow vs $6.31 consensus PT. 4 mines; Fekola ~half 2026 output. Market prices Mali/Fekola Regional permit delay as permanent impairment. FCF inflection: prepaid sales ended June (+$110M/mo H2), Goose ramp to 300koz by 2027. Each $100 gold = +$79M pretax margin. At ~$4,300 gold, huge upside even w/o permit. Risks: Mali tax/ownership disputes, Goose crushing issues, guidance reset.
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