2 models fit Endeavour Mining plc and they disagree: 0 of 2 land within 15% of the average. The price is below every model.
Two or more of our models back this value.
Large discount(i)Bronze58
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionEndeavour Mining plc (EDV.TO)
Fair value (2 models)
C$115
ACCE price target
C$90.00
Rating
Undervalued
Horizon
12 months
Fair value published on 13 Oct 2026, 00:00 CEST.
ACCE price target published on 18 Oct 2026, 01:52 CEST; previously C$95.00 since 25 Sept 2026, 00:00 CEST.
Price used: C$71.89 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, Graham number, and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
37.5% below
+60.0% to fair value
ACCE score
71
out of 100
P/E
15.3x
forward 7.2x
1-year return
+22.8%
Dividend yield
3.68%
Endeavour Mining plc in four questions
Plain answers, details below
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Overview
ACCE thesis
Endeavour Mining is a West African gold producer running multiple open-pit and underground mines in Côte d'Ivoire, Burkina Faso and Senegal, with its output sold as doré and concentrate. The structural case rests on cost position and balance sheet: a 46.9% operating margin and 31.3% return on equity at a time when gold prices have lifted realized revenue, with 21.0% top-line growth in the period. The near-term driver is margin leverage to the gold price, which the current 7.5x forward P/E against a trailing 16.6x suggests the market is pricing as partly durable. Why it merits a look now is the gap between trailing and forward earnings, which implies sharp expected earnings growth, though the forward multiple depends on sustained gold prices and on West African jurisdictional risk, which is the diligence question to answer first.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Earnings decline amid revenue growth
Revenue up 21% YoY but earnings down 7.3%. Suggests margin compression or one-time charges. Forward P/E of 8.3 implies recovery, but near-term earnings quality is unclear.
moderate
Quality score collapse
ACCE Quality score of 97 is exceptional, but Management score only 52. Significant disconnect warrants scrutiny of capital allocation and governance.
AI research notes
AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow yield of 8.8% and forward P/E of 8.3x suggest the stock trades at a steep discount to intrinsic value.
ROE of 31.3% and ROIC of 15.3% demonstrate the company deploys capital far more efficiently than most peers.
Net margin of 17.7% and five-year revenue growth of 24.8% per year show the business generates strong returns at scale.
Why it could disappoint
Analyst price target of CAD 96.44 implies only 24.7% upside, which may not justify West African political and permitting risk.
Earnings beat of 13.6% masks that earnings fell year over year despite 21% revenue growth, signaling margin compression.
Debt to equity of 0.23 is conservative, but the fixed cost base means gold price weakness compresses margins quickly.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 12, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where EDV.TO's valuation models land
Price
C$71.89
Model fair value
C$115
Model range
C$89.20 to C$141
Fair value C$115
Price C$71.89
The price is below the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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Quality
INVESTOR
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Analysts
Wall Street consensus
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+Price-target low / average / high vs the current price, with implied upside
+Forward revenue and EPS consensus by fiscal year
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