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Highlights
- EDV’s consolidated revenue rose to USD 530.0 million in Q3 2023.
- Gold production from operations was recorded at 280,893 ounces in the reporting period, against 267,619 ounces in pcp.
- In Q3 2023, EDV posted EBITDA margin at 54.2% versus industry median of 26.5%.
Gold producer in West Africa, Endeavour Mining (TSX:EDV) has its operating assets across Cote d'Ivoire, Senegal, and Burkina Faso. The company has a suite of advanced development projects and exploration assets in its portfolio in the highly prospective Birimian Greenstone Belt in West Africa.
In the third quarter of the year 2023, the firm witnessed a surge in its revenue as well as net income. While the revenue grew by 13.6%, its net earnings rose to USD 73.2 million in the quarter, as compared to USD 67.0 million in Q3 2022. EDV’s consolidated revenue increased from USD 466.7 million in Q3 2022 to USD 530.0 million in Q3 2023. This growth can be attributed to the substantial rise in the company’s production and sales volume on a sequential basis. Furthermore, EDV achieved industry beating margins, leading to improved liquidity ratios.
The company produced 280,893 ounces of gold in the reporting period, against 267,619 ounces in the previous corresponding period. Its earnings from operations stood at USD 140.6 million in Q3 2023, against USD 114.1 million in Q3 2022.
In the reporting quarter, it posted EBITDA margin at 54.2% versus industry median of 26.5%. The company’s net margin grew to 13.9% beating industry median of 6.7%.
Endeavour Mining paid a cash dividend of USD 0.40 per common share for the third quarter of 2023. Moreover, the stock offered a healthy dividend yield of 3.78% at the last closing price of CAD 30.24 as on December 13, 2023.
Top 10 Shareholders:
Around 52.39% of the total shareholding is held by its top ten shareholders. While La Mancha Investments S.à r.l. holds maximum stake in the company at around 18.11%, BlackRock Investment Management (UK) Ltd. is the second-biggest shareholder with approximately 13.12% shares in EDV.
Stock Price Performance
EDV’s stock price has gained 8.73% in the last one month. It has jumped by approximately 14.71% over the last three months. The stock’s 52-week high and low price stand at CAD 37.10 and CAD 25.09, 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 December 13, 2023. The reference data in this report has been partly sourced from EODHD/Others.
