DDM Analysis: BTG

Valuation Snapshot

Stable Growth	$3.20 - $7.50	$4.70
Multi-Stage	$2.37 - $2.58	$2.47
Blended Fair Value	$3.59
Current Price	$4.95
Upside	-27.50%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	77.41%	0.00%	0.13	0.13	0.11	0.12	0.08	0.01	0.00	0.00	0.00	0.00
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.85	27.40	16.44
Cash Retained (M)	95.51	95.51	95.51
(-) Cash Required (M)	-43.85	-27.40	-16.44
(=) Excess Retained (M)	51.67	68.11	79.07
(/) Shares Outstanding (M)	1,435.64	1,435.64	1,435.64
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	9.53%	9.53%	9.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3.20	$4.70	$7.50
Upside / Downside	-35.32%	-4.97%	51.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	219.23	233.48	248.65	264.82	282.03	300.36	309.37
Payout Ratio	56.43%	63.15%	69.86%	76.57%	83.29%	90.00%	92.50%
Projected Dividends (M)	123.71	147.43	173.71	202.78	234.89	270.33	286.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.53%	9.53%	9.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	133.35	134.61	135.87
Year 2 PV (M)	142.10	144.81	147.54
Year 3 PV (M)	150.03	154.34	158.73
Year 4 PV (M)	157.19	163.24	169.45
Year 5 PV (M)	163.62	171.52	179.73
PV of Terminal Value (M)	2,654.44	2,782.65	2,915.77
Equity Value (M)	3,400.73	3,551.17	3,707.09
Shares Outstanding (M)	1,435.64	1,435.64	1,435.64
Fair Value	$2.37	$2.47	$2.58
Upside / Downside	-52.15%	-50.03%	-47.83%

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B2Gold Corp. (BTG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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