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Definitive Analysis

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B2Gold Corp. (BTG)

Company Dividend Discount ModelIndustry: GoldSector: Basic Materials

Valuation Snapshot

Stable Growth$12.54 - $30.37$28.46
Multi-Stage$4.50 - $4.92$4.70
Blended Fair Value$16.58
Current Price$4.95
Upside234.98%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS77.41%0.00%0.130.130.110.120.080.010.000.000.000.00
YoY Growth---2.90%16.03%-1.81%37.52%1,055.02%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.51%5.02%2.90%2.53%1.96%0.24%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)219.23
(-) Cash Dividends Paid (M)123.71
(=) Cash Retained (M)95.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)43.8527.4016.44
Cash Retained (M)95.5195.5195.51
(-) Cash Required (M)-43.85-27.40-16.44
(=) Excess Retained (M)51.6768.1179.07
(/) Shares Outstanding (M)1,435.641,435.641,435.64
(=) Excess Retained per Share0.040.050.06
LTM Dividend per Share0.090.090.09
(+) Excess Retained per Share0.040.050.06
(=) Adjusted Dividend0.120.130.14
WACC / Discount Rate6.53%6.53%6.53%
Growth Rate5.50%6.50%7.50%
Fair Value$12.54$28.46$30.37
Upside / Downside153.30%474.95%513.52%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)219.23233.48248.65264.82282.03300.36309.37
Payout Ratio56.43%63.15%69.86%76.57%83.29%90.00%92.50%
Projected Dividends (M)123.71147.43173.71202.78234.89270.33286.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.53%6.53%6.53%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)137.10138.40139.70
Year 2 PV (M)150.21153.07155.96
Year 3 PV (M)163.06167.74172.51
Year 4 PV (M)175.64182.40189.34
Year 5 PV (M)187.97197.05206.47
PV of Terminal Value (M)5,640.375,912.806,195.66
Equity Value (M)6,454.356,751.457,059.64
Shares Outstanding (M)1,435.641,435.641,435.64
Fair Value$4.50$4.70$4.92
Upside / Downside-9.18%-5.00%-0.66%

High-Yield Dividend Screener

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