WallStSmart

B2Gold Corp (BTG)vsFranco-Nevada Corporation (FNV)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

B2Gold Corp generates 65% more annual revenue ($3.78B vs $2.30B). FNV leads profitability with a 64.2% profit margin vs 21.3%. BTG appears more attractively valued with a PEG of 4.71. BTG earns a higher WallStSmart Score of 78/100 (B+).

BTG

Strong Buy

78

out of 100

Grade: B+

Growth: 8.7Profit: 8.5Value: 7.3Quality: 7.5
Piotroski: 4/9Altman Z: 2.03

FNV

Strong Buy

68

out of 100

Grade: B-

Growth: 9.3Profit: 9.0Value: 2.7Quality: 7.8
Piotroski: 4/9Altman Z: 8.71
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

BTGUndervalued (+80.3%)

Margin of Safety

+80.3%

Fair Value

$28.58

Current Price

$5.35

$23.23 discount

UndervaluedFair: $28.58Overvalued
FNVSignificantly Overvalued (-23.9%)

Margin of Safety

-23.9%

Fair Value

$208.07

Current Price

$267.20

$59.13 premium

UndervaluedFair: $208.07Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

BTG6 strengths · Avg: 9.3/10
P/E RatioValuation
9.6x10/10

Attractively priced relative to earnings

Operating MarginProfitability
45.7%10/10

Strong operational efficiency at 45.7%

EPS GrowthGrowth
185.4%10/10

Earnings expanding 185.4% YoY

Profit MarginProfitability
21.3%9/10

Keeps 21 of every $100 in revenue as profit

Debt/EquityHealth
0.119/10

Conservative balance sheet, low leverage

Price/BookValuation
1.8x8/10

Reasonable price relative to book value

FNV6 strengths · Avg: 9.5/10
Profit MarginProfitability
64.2%10/10

Keeps 64 of every $100 in revenue as profit

Operating MarginProfitability
77.0%10/10

Strong operational efficiency at 77.0%

Revenue GrowthGrowth
58.2%10/10

Revenue surging 58.2% year-over-year

Altman Z-ScoreHealth
8.7110/10

Safe zone — low bankruptcy risk

Market CapQuality
$51.29B9/10

Large-cap with strong market position

EPS GrowthGrowth
43.0%8/10

Earnings expanding 43.0% YoY

Areas to Watch

BTG2 concerns · Avg: 2.0/10
PEG RatioValuation
4.712/10

Expensive relative to growth rate

Free Cash FlowQuality
$-237.30M2/10

Negative free cash flow — burning cash

FNV2 concerns · Avg: 3.0/10
P/E RatioValuation
34.7x4/10

Premium valuation, high expectations priced in

PEG RatioValuation
11.812/10

Expensive relative to growth rate

Comparative Analysis Report

WallStSmart Research

Bull Case : BTG

The strongest argument for BTG centers on P/E Ratio, Operating Margin, EPS Growth. Profitability is solid with margins at 21.3% and operating margin at 45.7%. Revenue growth of 14.0% demonstrates continued momentum.

Bull Case : FNV

The strongest argument for FNV centers on Profit Margin, Operating Margin, Revenue Growth. Profitability is solid with margins at 64.2% and operating margin at 77.0%. Revenue growth of 58.2% demonstrates continued momentum.

Bear Case : BTG

The primary concerns for BTG are PEG Ratio, Free Cash Flow.

Bear Case : FNV

The primary concerns for FNV are P/E Ratio, PEG Ratio.

Key Dynamics to Monitor

BTG profiles as a mature stock while FNV is a growth play — different risk/reward profiles.

BTG carries more volatility with a beta of 1.46 — expect wider price swings.

FNV is growing revenue faster at 58.2% — sustainability is the question.

FNV generates stronger free cash flow (402M), providing more financial flexibility.

Bottom Line

BTG scores higher overall (78/100 vs 68/100), backed by strong 21.3% margins and 14.0% revenue growth. Both earn "Strong Buy" and "Strong Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

B2Gold Corp

BASIC MATERIALS · GOLD · USA

B2Gold Corp. The company is headquartered in Vancouver, Canada.

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Franco-Nevada Corporation

BASIC MATERIALS · GOLD · USA

Franco-Nevada Corporation is a gold-focused royalty and flow company in the United States, Latin America, Canada, Australia, Europe and Africa, and internationally. The company is headquartered in Toronto, Canada.

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