B2Gold Corp. (BTO-T -price target $11)
“We expect BTO to continue to post production beats, robust cashflow (15% FCF yield), and pay the highest dividend in the industry (~4%). BTO should end the year with a cash balance of US$650M+ and holds an undrawn US$600M credit facility.
“BTO is currently trading at 0.75x P/NAV compared to peers at 0.97x and 3.8x 2022E cashflow compared to peers at 5.8x.”