Leading International Investment Research

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Following the end of Q3, we have revised our earnings forecasts for Endeavour to reflect a higher gold price (a likely quarterly average of US$1,474/oz cf a previous forecast US$1,416/oz), a slightly more disruptive rainy season than expected (at Houndé in particular) and the estimated impact of the company’s gold revenue protection strategy. Once these factors have been adjusted for, our estimate for FY19 adjusted net EPS rises by 19.0%, from 44.3cps to 52.7cps.</p>

Following the end of Q3, we have revised our earnings forecasts for Endeavour to reflect a higher gold price (a likely quarterly average of US$1,474/oz cf a previous forecast US$1,416/oz), a slightly more disruptive rainy season than expected (at Houndé in particular) and the estimated impact of the company’s gold revenue protection strategy. Once these factors have been adjusted for, our estimate for FY19 adjusted net EPS rises by 19.0%, from 44.3cps to 52.7cps.

Endeavour Mining - Valuation US$27.58; potential 32% upside