Endeavour Mining: 2Q26: Tracking to guidance & FCF robust

研报英文原文证据摘录

Endeavour Mining: 2Q26: Tracking to guidance & FCF robust

Global Research

30 July 2026ab

Endeavour Mining Equities

United Kingdom2Q26: Tracking to guidance & FCF robust

Mining

12-month rating Buy

Improving operations, robust FCF & growth

With another quarter delivering a modest operational/FCF beat and tracking well 12m price target 4,600p

towards production/cost guidance (adjusted for higher gold price), in our view EDV is re-

establishing a good operating and cash conversion track record. After a solid 1H, EDV

Price (30 Jul 2026) 3,555p

expects production lift further in 4Q in line with mine sequencing and FCF to step up

following the majority of the cash tax payment in 2Q. Strong FCF and net cash position RIC: EDV.L BBG: EDV LN

give confidence in further cash returns above EDVs minimum dividend commitment. In

Trading data and key metrics

our view, EDV offers an attractive combination of cash returns (UBSe 2026 5%

52-wk range 5,290p-2,300

distribution yield) and medium-term growth (2025-30 30% growth), and remains

attractively priced. We reiterate EDV as our preferred European gold miner. Market cap. £8.70b/US$11.7b

Shares o/s 245m (ORD)

Solid 2Q results; confidence in FY26 guidance & cash generation Free float 73%

2Q26 results: 2Q production of 283koz came in +4% above consensus (driven by Avg. daily volume ('000) 811

higher grades and throughput at Lafigue and Hounde), whilst unit costs were -5% Avg. daily value (m) £33.3

below consensus. EBITDA of $732m is broadly in line & EPS beat on lower taxes. FCF of Common s/h equity (12/25E) US$3.04b

$149m was meaningfully above consensus of $69m, with higher seasonal cash tax P/BV (12/25E) 3.8x

payments in the quarter partly offset by working capital inflow; after an extended period Net debt to EBITDA (12/25E) 0.1x