EVOLUTION MINING LIMITED (EVN)
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EVN

EVN - EVOLUTION MINING LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 1.33
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Evolution Mining is an Australian gold and gold/copper concentrate producer. It owns and operates five mines in NSW, QLD and WA. Evolution was created in 2011 through the merger of Catalpa Resources and Conquest Mining.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$7.83

30 Apr
2025

-0.160

OPEN

$8.08

-2.00%

HIGH

$8.12

12,354,954

LOW

$7.75

TARGET
$7.10 -9.3% downside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
EVN: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 22.0 49.4 xxx
DPS (cps) xxx 7.0 19.9 xxx
EPS Growth xxx 100.0% 100.0% xxx
DPS Growth xxx 75.0% 100.0% xxx
PE Ratio xxx N/A 15.6 xxx
Dividend Yield xxx N/A 2.6% xxx
Div Pay Ratio(%) xxx 31.8% 40.3% xxx

Dividend yield today if purchased 3 years ago: 1.73%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.91

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 29/08 - ex-div 2c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx22.0
DPS All xxxxxxxxxxxxxxx7.0
Sales/Revenue xxxxxxxxxxxxxxx3,215.8 M
Book Value Per Share xxxxxxxxxxxxxxx208.6
Net Operating Cash Flow xxxxxxxxxxxxxxx1,281.4 M
Net Profit Margin xxxxxxxxxxxxxxx13.13 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx11.36 %
Return on Invested Capital xxxxxxxxxxxxxxx7.83 %
Return on Assets xxxxxxxxxxxxxxx5.42 %
Return on Equity xxxxxxxxxxxxxxx11.36 %
Return on Total Capital xxxxxxxxxxxxxxx14.86 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx723.7 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx127 M
Long Term Debt xxxxxxxxxxxxxxx1,893 M
Total Debt xxxxxxxxxxxxxxx2,019 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx403 M
Price To Book Value xxxxxxxxxxxxxxx1.68

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx918.3 M
Capex % of Sales xxxxxxxxxxxxxxx28.55 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,313 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx65 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx128 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.4

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

5

xxxxxxxxx xx xxxxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Citi

16/04/2025

3

Neutral

$7.00

-10.60%

Citi highlights Evolution Mining reported another record quarter, including $600m of cash flow from mine operations, allowing management to continue the deleveraging process.

Cash rose by $141m on the previous quarter to $661m, including debt repayments, with gearing down to 19%, moving towards the 15% company target.

The analyst expects the June quarter to achieve more robust cash flow as spot gold prices are higher by $630/oz. Capex for the next five years has been guided at $750m–$950m.

Citi continues to prefer Evolution over Northern Star Resources ((NST)) even though the stock has underperformed on weaker copper prices over the last month.

Neutral rated with $7 target retained.

FORECAST
Citi forecasts a full year FY25 dividend of 19.00 cents and EPS of 46.00 cents.
Citi forecasts a full year FY26 dividend of 22.00 cents and EPS of 55.40 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

4

xxxxxxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

20/04/2025

3

Hold

$7.75

-1.02%

Evolution Mining's 3Q25 group production of 180koz beat Canaccord Genuity's forecast of 167koz, and costs were lower at $1,682/oz vs the broker's $1,829/oz estimate.

Gearing improved to 19% from 23% in December due to -$60m debt repayment, and with the company recording strong cash flows, the broker expects it to reach the optimal gearing of 15% by the end of 2025. That will provide more capital management options.

The broker lifted FY25 production forecast to 760koz from 748koz, and cut costs estimate to $1,531/oz from $1,623/oz. Capex estimate increased in line with company guidance and the open mine life of Cowal was also extended by two years.

Hold. Target rises to $7.75 from $7.25.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 13.00 cents and EPS of 44.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 17.00 cents and EPS of 70.00 cents.

Goldman Sachs

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

EVN STOCK CHART

FNArena News on EVN

1
In Brief: Equity Portfolio, Aristocrat & US Copper

Apr 24 2025 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Apr 22, 2025

Apr 23 2025 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Apr 20, 2025

Apr 22 2025 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 18-04-25

Apr 22 2025 - Weekly Reports
5
Next Week At A Glance – 22-24 Apr 2025

Apr 17 2025 - Weekly Reports

Latest Gold & Silver News

1
Evolution Mining Outperforming, Too Much

Apr 17 2025 - Australia
2
Favourite ASX-Gold Exposures

Apr 09 2025 - Commodities
3
The Risk For Gold Heading Into A Tariff Storm

Mar 26 2025 - Technicals
4
Northern Star Has Broken Out

Mar 18 2025 - Technicals
5
Gold Miners On The Rise

Mar 11 2025 - Technicals
6
Unlocking Vault’s Golden Potential

Nov 14 2024 - Commodities
7
What Went Wrong With Newmont?

Nov 05 2024 - Australia
8
In Brief: Aurum, Hillgrove & Little Green Pharma

Oct 25 2024 - Weekly Reports
9
Perseus Mining Shares Ready To Run

Oct 22 2024 - Technicals
10
Gold & Dividends Shine For Northern Star

Sep 12 2024 - Australia