WallStSmart

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

VS

Smart Verdict

WallStSmart Research — data-driven comparison

B2Gold Corp generates 77% more annual revenue ($3.69B vs $2.09B). FNV leads profitability with a 65.7% profit margin vs 14.8%. BTG appears more attractively valued with a PEG of 4.71. BTG earns a higher WallStSmart Score of 76/100 (B+).

BTG

Strong Buy

76

out of 100

Grade: B+

Growth: 10.0Profit: 8.0Value: 7.3Quality: 7.0
Piotroski: 4/9Altman Z: 2.03

FNV

Strong Buy

71

out of 100

Grade: B

Growth: 9.3Profit: 9.0Value: 3.3Quality: 7.8
Piotroski: 4/9Altman Z: 8.71
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

BTGUndervalued (+80.1%)

Margin of Safety

+80.1%

Fair Value

$28.33

Current Price

$4.18

$24.15 discount

UndervaluedFair: $28.33Overvalued
FNVSignificantly Overvalued (-36.5%)

Margin of Safety

-36.5%

Fair Value

$188.83

Current Price

$220.73

$31.90 premium

UndervaluedFair: $188.83Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

BTG6 strengths · Avg: 9.5/10
P/E RatioValuation
11.1x10/10

Attractively priced relative to earnings

Operating MarginProfitability
45.0%10/10

Strong operational efficiency at 45.0%

Revenue GrowthGrowth
117.7%10/10

Revenue surging 117.7% year-over-year

EPS GrowthGrowth
250.3%10/10

Earnings expanding 250.3% YoY

Debt/EquityHealth
0.149/10

Conservative balance sheet, low leverage

Price/BookValuation
1.5x8/10

Reasonable price relative to book value

FNV5 strengths · Avg: 10.0/10
Profit MarginProfitability
65.7%10/10

Keeps 66 of every $100 in revenue as profit

Operating MarginProfitability
79.3%10/10

Strong operational efficiency at 79.3%

Revenue GrowthGrowth
77.7%10/10

Revenue surging 77.7% year-over-year

EPS GrowthGrowth
123.1%10/10

Earnings expanding 123.1% YoY

Altman Z-ScoreHealth
8.7110/10

Safe zone — low bankruptcy risk

Areas to Watch

BTG1 concerns · Avg: 2.0/10
PEG RatioValuation
4.712/10

Expensive relative to growth rate

FNV2 concerns · Avg: 3.0/10
P/E RatioValuation
29.5x4/10

Moderate valuation

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, Revenue Growth. Revenue growth of 117.7% 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 65.7% and operating margin at 79.3%. Revenue growth of 77.7% demonstrates continued momentum.

Bear Case : BTG

The primary concerns for BTG are PEG Ratio.

Bear Case : FNV

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

Key Dynamics to Monitor

BTG carries more volatility with a beta of 1.30 — expect wider price swings.

BTG is growing revenue faster at 117.7% — sustainability is the question.

BTG generates stronger free cash flow (360M), providing more financial flexibility.

Monitor GOLD industry trends, competitive dynamics, and regulatory changes.

Bottom Line

BTG scores higher overall (76/100 vs 71/100) and 117.7% 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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