olivLaw · European equity research
Endeavour Mining plc EDV.L
United Kingdom · London Stock Exchange · ISIN GB00BL6K5J42 · Vertical: Listed companies from United Kingdom
Endeavour Mining is one of the world's largest gold producers, with assets in West Africa. In 2024 it moved from a phase of heavy investment to one focused on free cash flow, and attention now shifts to optimising assets and to annual output that could rise significantly in 2025. The company produced 1103 koz of gold in 2024.
At the close of 05 Nov 2026, Endeavour Mining plc (EDV.L) stock was 40.13 GBP (+6.22% on the day), with beta 0.70, 52-week range 30.08–52.90 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.6
- neutral
- Bollinger (20, 2)
- 36.37 – 43.21
- in the upper half of the band · %B 0.55 · band width 17.2%
- SMA 50 / 200
- 42.88 / 42.95
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.28 / -1.27
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.6% | −0.6% | −4.0 pp | — |
| 3 months | +3.2% | −4.2% | +7.4 pp | — |
| 6 months | −18.3% | +4.3% | −22.6 pp | — |
| Year to date | +3.6% | +7.5% | −3.9 pp | — |
| 1 year | +34.1% | +9.9% | +24.2 pp | +5.8% |
| 3 years | +131.4% | +49.8% | +81.6 pp | +26.3% |
| 5 years | +103.2% | +42.8% | +60.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 2.1 bn | 2.1 bn | 2.7 bn |
| Revenue YoY | unavailable | +2.2% | +26.5% |
| Net income | -57.3 m | -208.9 m | -300.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.23 | -0.85 | -1.23 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2.8% | -9.9% | -11.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 397.3 m USD
- Financial debt
- 1.1 bn USD
- Net debt
- 675.8 m USD
- Equity
- 3.0 bn USD
- Total assets
- 5.5 bn USD
- Debt / equity
- 0.36x
- Current ratio
- 1.17x
- ROE
- -9.2%
- ROA
- -5.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.1 bn | 2.1 bn | 2.7 bn | esef· 17 Apr 2025verified |
| Operating income | 587.3 m | 442.7 m | 367.8 m | esef· 17 Apr 2025verified |
| Interest expense | 61.1 m | 71.2 m | 111.2 m | esef· 17 Apr 2025verified |
| Pre-tax income | 507.1 m | 253.5 m | 113.9 m | esef· 17 Apr 2025verified |
| Income tax | 250.3 m | 210.8 m | 348.5 m | esef· 17 Apr 2025verified |
| Net income | -57.3 m | -208.9 m | -300.2 m | esef· 17 Apr 2025verified |
| Diluted EPS | -0.23 | -0.85 | -1.23 | esef· 17 Apr 2025verified |
| Dividend per share | 0.68 | 0.82 | — | esef· 16 Apr 2024verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 951.1 m | 517.2 m | 397.3 m | esef· 17 Apr 2025verified |
| Receivables | 106.9 m | 269.2 m | 150.6 m | esef· 17 Apr 2025verified |
| Inventories | 320.7 m | 224.9 m | 339.2 m | esef· 17 Apr 2025verified |
| Current assets | 1.4 bn | 1.1 bn | 964.8 m | esef· 17 Apr 2025verified |
| Goodwill | 134.4 m | 134.4 m | 134.4 m | esef· 17 Apr 2025verified |
| Total assets | 6.4 bn | 5.9 bn | 5.5 bn | esef· 17 Apr 2025verified |
| Short-term debt | — | 0 | 13.1 m | esef· 17 Apr 2025verified |
| Long-term debt | 488.1 m | 1.1 bn | 1.1 bn | esef· 17 Apr 2025verified |
| Current liabilities | 1.0 bn | 613.4 m | 821.7 m | esef· 17 Apr 2025verified |
| Total liabilities | 2.3 bn | 2.3 bn | 2.5 bn | esef· 17 Apr 2025verified |
| Equity | 4.1 bn | 3.5 bn | 3.0 bn | esef· 17 Apr 2025verified |
| Shares outstanding at year end | 249.1 m | 245.8 m | 244.1 m | esef· 17 Apr 2025derived |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.0 bn | 646.5 m | 943.3 m | esef· 17 Apr 2025verified |
| Investing cash flow | -521.4 m | -820.8 m | -630.0 m | esef· 17 Apr 2025verified |
| Financing cash flow | -380.1 m | -276.6 m | -439.1 m | esef· 17 Apr 2025verified |
| Share repurchases | 98.7 m | 61.5 m | 39.2 m | esef· 17 Apr 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.78 – 14.49 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)10.78 – 14.49 (Mid 12.36)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.0% | 25 (vs peers) | 38% |
| Net margin · Quality | -11.2% | 23 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.3x | 28 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.2x | 31 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet29/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality24/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ENDEAVOUR MINING PLC (EDV.L). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 2.7 bn USD in 2024; YoY growth 26.5%; net margin -11.2%; ROE -10.1%.
The estimated value range is 10.78–14.49 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 8.0%
- Net margin: -11.2%
- Interest coverage: 3.3x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for EDV.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Endeavour Mining is one of the world's largest gold producers, with assets in West Africa. In 2024 it moved from a phase of heavy investment to one focused on free cash flow, and attention now shifts to optimising assets and to annual output that could rise significantly in 2025. The company produced 1103 koz of gold in 2024 1.
SWOT
Strengths
- A diversified mine portfolio with long lives and an all-in sustaining cost that the company describes as among the lowest in the sector 1.
- A solid record of completing capital projects, with five large builds over the past decade delivered on time and on budget, according to the company 1.
- A strengthened financial position and a focus on free cash flow that supports capital returns to shareholders 1.
Weaknesses
- Sabodala-Massawa underperformed in 2024 due to lower grades and recoveries, raising unit costs 1.
- All-in sustaining cost rose in 2024 from the prior year, driven by higher royalties and power availability problems 1.
- Concentration of operations in a few West African countries increases exposure to political and security risks 1.
Opportunities
- The Assafou project could add a new major asset and extend output if the feasibility study confirms the estimates 1.
- Exploration in the Birimian belt could yield new resources, with a discovery target of 12-17 Moz over five years 1.
- A gold price that stays high could support cash flow and shareholder returns above the announced minimum 1.
Risks
- Security riskhigh
In some locations terrorism, kidnapping and extortion can lead to loss of life, operational disruption and limits on exploration, with a material effect on asset value 1.
- Geopolitical riskhigh
Political, regulatory and fiscal shifts, along with changing regional alliances, can limit the ability to explore, operate and develop mines 1.
- Macroeconomic and currency riskmedium
Volatility in gold and oil prices, interest rates and exchange rates can affect the cost of capital and AISC, while liquidity shortages in XOF can delay payments 1.
- Environmental and tailings riskmedium
Operations can affect ecosystems and water sources, with possible penalties and loss of licence to operate, and tailings management is treated as a standalone principal risk 1.
- Change in legislationmedium
Governments in the region could change mining and fiscal rules, which could affect current and future investments 1.
Investment thesis
What would need to be true (bull case)
- If the gold price stays high and output grows as estimated, free cash flow could support shareholder returns above the announced minimum 1.
- Low-cost, long-life assets together with the Assafou project could strengthen the company's long-term position 1.
- A record of delivering projects on time and on budget could reduce execution risk for new developments 1.
What would break the thesis
- Rising royalties and energy costs could lift AISC and compress margins if the gold price falls 1.
- Legislative changes in West Africa could reduce the company's share of revenue and delay investment 1.
- Weak performance at some assets, such as Sabodala-Massawa, could persist if grade and recovery issues are not resolved 1.
What to watch
- Results of the Assafou definitive feasibility studylate 2025 to early 2026
- Trend in AISC and the effect of royalties and energy costsQ1 2026
- Implementation of new mining codes in Burkina Faso and other countries in the region2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Financially, the company entered 2025 in a stronger position, with a focus on free cash flow and balance sheet strengthening 1. All-in sustaining cost rose in 2024 to about 1218 USD/oz, which management describes as among the lowest in its peer group 1. In 2024 the company returned 277 mn USD to shareholders and set a minimum dividend commitment of 435 mn USD for 2024-2025 1. Management said this commitment could rise if the gold price exceeds 1850 USD/oz and the financial position remains healthy 1.
The company also has a development pipeline, notably the Assafou project in Côte d'Ivoire, for which a pre-feasibility study was published in December 2024, with a definitive feasibility study expected between late 2025 and early 2026 1. Management describes Assafou as a possible new cornerstone asset for the group 1.
Segments
Market context
The gold price rallied sharply in 2024, rising 27% in US dollar terms according to the company, driven by central bank buying, geopolitical uncertainty and inflation concerns 1. Management cited market research suggesting the price could remain well supported at least for the year ahead 1. The company operates in a region with a large part of the under-explored Birimian greenstone belt, which offers discovery potential 1.
On the demand and price side, the company links its results to the gold price, since costs rise with royalties while revenue depends directly on the metal price 1. A high price could support distributions and investment, although costs could rise in parallel 1.
Trends
- High gold pricetailwind
The rise in the gold price, up 27% in 2024, supports revenue and capacity to return capital if prices stay high 1.
- Shift toward cash generationtailwind
The company has shifted focus from heavy investment to low-cost production and free cash flow, which could strengthen the balance sheet if output grows as estimated 1.
- Changing regulation in West Africaheadwind
Governments in the region have issued new mining codes aimed at raising the state's economic share, and local content rules are evolving, which could affect fiscal terms 1.
- Rising costs and security conditionsmixed
Higher royalties, energy costs and difficulties in security-sensitive areas can pressure margins and logistics, affecting AISC 1.
Competitive position
The company sits among the largest gold producers globally and is compared with other major producers, including those with operations in Africa and Latin America 1. The supplied sources do not name competitors, so the comparative position rests on the company's own statements about AISC and its reference peer group 1.
The company's stated advantage lies in low costs, a portfolio of long-life assets and the size of its exploration position in West Africa 1. An advantage of this kind depends on keeping costs on target and on executing development projects 1.
- West African gold producers
Companies operating in the same geographic region and indirectly part of the peer group; the sources do not name them.
- Large Latin American gold producers
Producers competing for the same capital and on a comparable cost basis; the sources do not name them.
- South African and Canadian gold producers
Companies with large operations and comparable cost profiles that appear in sector market analysis; not named in the source.
- Mid-sized gold miners
Companies with smaller assets competing for financing and exploration projects in the same region; not identified in the source.
News & filings
In the press
- Endeavour Silver ( TSE : EDR ) Trading Down 12 . 5 % Following Analyst DowngradeSurge — GDELT DOC · 23 Sept 2026 · RO
- Jefferies sees most upside in Endeavour Mining after precious metals rally lifts miner valuationsYahoo Finance — News · 26 Aug 2026 · EN
- Eşecul este o parte din antreprenoriat, dar cum te reinventezi pentru a face faţă viitorului? Linda Rottenberg, Endeavour Global: „Trebuie să devii un povestitor mai bun şi să dobândeşti abilităţi mai bune în relaţia cu oamenii, să fii mai empatic”Ziarul Financiar · 14 Jul 2026 · RO
- Corabia căpitanului James Cook, „Endeavour”, ar fi fost găsită după 25 de ani de căutări, în Rhode IslandAntena 3 CNN · 27 Jun 2026 · RO
- Space Shuttle Endeavour's 20-story vertical displayHacker News · 26 Jun 2026 · EN
- Space Shuttle Endeavour stacks up nicely for new California exhibitThe Register · 26 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202417 Apr 2025
- Annual report 202316 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Endeavour Mining plc · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.