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Highlights

  • Endeavour Mining’s gold production from continuing operations jumped to 280,893 ounces in Q3 2023.
  • EDV has registered a consolidated revenue of USD 530.0 million for the reporting period.
  • In Q3 2023, the firm secured a healthy margin profile with EBITDA margin of 54.2% beating industry median of 26.5%.

Gold producer in West Africa, Endeavour Mining (TSX: EDV) has its operating assets in Senegal, Cote d'Ivoire and Burkina Faso. The company boasts a rich portfolio of advanced development projects and exploration assets in Birimian Greenstone Belt across West Africa.

In the third quarter of the year 2023, EDV’s gold production from continuing operations jumped to 280,893 ounces, versus 267,619 ounces in the previous quarter of the year (Q2 2023). The company has registered a consolidated revenue of USD 530.0 million for the reporting period, as against a revenue of USD 466.7 million in the previous corresponding period (Q3 2022). The 13.6% rise in top-line business was primarily because of higher quantity of gold production and sold volume.

In Q3 2023, Endeavour Mining secured a healthy margin profile with EBITDA margin of 54.2% beating industry median of 26.5%. Its net margin was recorded at 13.9%, as compared to the industry median of 6.7%. Its earnings from operations increased to USD 114.1 million in Q3 2022 to USD 140.6 million in Q3 2023, following uplifted revenue.

Furthermore, EDV’s net earnings rose to USD 73.2 million in Q3 2023, as compared to USD 67.0 million in Q3 2022.

EDV paid a cash dividend of USD 0.40 per common share for the third quarter of 2023. Also, the company posted a healthy dividend yield of 4.52%, as on 24 January 2024.

Endeavour Mining is looking forward to launch two projects, namely Sabodala-Massawa and Lafigué project, in Q2 2024. EDV has announced its production guidance to be between 1,130 koz and 1,270 koz for FY24, representing 18.5% surge in its annual production over the FY23 production.

Top 10 Shareholders:

Approximately 52.70% of the total shareholding is owned by its top ten shareholders. While La Mancha Investments S.à r.l. holds maximum stake of ­­18.41% in the company, BlackRock Investment Management (UK) Ltd. is the second biggest shareholder with approximately 13.18% shareholding.

Stock Price Performance:

EDV’s stock price has gained over 3.55% in the last one week. It has decreased by about 18.66% over the last one month. The stock’s 52-week high and low price stand at CAD 37.10 and CAD 22.53, respectively.

 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is January 24, 2024. The reference data in this report has been partly sourced from EODHD/Others.