B2gold Corp is scored 57 for moat and 67 for management. The management score rests on a return on invested capital of 12.7% and a gross margin of 50.0% — figures that describe a business earning a respectable return on what it employs. Debt sits at 0.18x equity. A moderate moat alongside strong management is a combination worth understanding before the price matters at all.
The price anchors are built on deliberately conservative assumptions. Growth is modelled at 11.3% a year, the rate measured from the filings. The exit multiple assumed is 14.9x. That produces an intrinsic value of $5.85, a 10-CAP price of $2.60 and a payback time price of $3.48, with the value zone set at the highest of the three, $3.48. Today's price of $5.17 is 49% above it.
The price is above the value zone and the business scores 57 for moat and 67 for management. Neither test argues for paying up here.
| Price | $5.17 |
| Market cap | $6.9B |
| P/E ratio | 9.5x |
| Return on invested capital | 12.7% |
| Gross margin | 50.0% |
| Debt to equity | 0.18x |
| Free cash flow yield | 1.1% |
| Growth rate used | 11.3% |
| Growth rate measured | 11.0% |
| Exit multiple assumed | 14.9x |
| Company | Moat | Buy price |
| Centerra Gold Inc (CGAU) | 65 | $22.24 |
| Iamgold Corp (IAG) | 71 | $45.94 |
| Anglogold Ashanti Plc (AU) | 76 | $147.96 |
| Barrick Mining Corp (B) | 89 | $43.13 |
Every number above is built on assumptions that can be changed. In Moatly you can move the growth rate, the exit multiple and the margin of safety and watch every figure recalculate, so you are testing your own view of B2gold Corp rather than accepting ours.