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: 0.8
Index: ASX50 | 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

$8.10

21 Aug
2025

0.120

OPEN

$8.10

1.50%

HIGH

$8.20

6,022,134

LOW

$8.04

TARGET
$7.114 -12.2% downside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
EVN: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 46.5 61.6 xxx
DPS (cps) xxx 20.0 26.4 xxx
EPS Growth xxx 100.0% 32.6% xxx
DPS Growth xxx 100.0% 32.0% xxx
PE Ratio xxx N/A 13.2 xxx
Dividend Yield xxx N/A 3.3% xxx
Div Pay Ratio(%) xxx 43.0% 42.8% xxx

Dividend yield today if purchased 3 years ago: 8.03%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.47

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 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx46.5
DPS All xxxxxxxxxxxxxxx20.0
Sales/Revenue xxxxxxxxxxxxxxx4,351.5 M
Book Value Per Share xxxxxxxxxxxxxxx247.6
Net Operating Cash Flow xxxxxxxxxxxxxxx1,966.6 M
Net Profit Margin xxxxxxxxxxxxxxx21.28 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx20.36 %
Return on Invested Capital xxxxxxxxxxxxxxx14.55 %
Return on Assets xxxxxxxxxxxxxxx10.04 %
Return on Equity xxxxxxxxxxxxxxx20.36 %
Return on Total Capital xxxxxxxxxxxxxxx22.36 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx997.8 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx29 M
Long Term Debt xxxxxxxxxxxxxxx1,739 M
Total Debt xxxxxxxxxxxxxxx1,768 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx760 M
Price To Book Value xxxxxxxxxxxxxxx3.15

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,176.4 M
Capex % of Sales xxxxxxxxxxxxxxx27.03 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,812 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx98 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx148 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

-0.6

No. Of Recommendations

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

UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

4

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

$xx.xx

xx.xx%

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Citi

14/08/2025

3

Neutral

$8.00

-1.23%

On further inspection, Citi notes Evolution Mining reported a record FY25 result of around $980/oz of cash before dividends and debt repayments, with gearing lowered to 15%.

Management has committed to 50% of free cash flow to shareholders and the balance to repaying long-term debt. Trading at a premium to its peers, Citi sees this as consistent achievement of its targets and leaves its earnings (EBITDA) forecast largely unchanged.

Estimates for FY26–FY28 net profit after tax fall by -7% to -12% on higher depreciation and amortisation.

Target price is raised to $8 from $7.60, with no change in Neutral rating, although the stock has scope to re-rate if the gold price holds, the report suggests.

*****

In an initial assessment, Citi analysts saw a "clean" result from Evolution Mining with FY results in line and FY26 expectations pre-flagged.

The analysts note today's update includes no updates on the project pipeline and also no change to the 5yr capex outlook.

A review of the -5% DRP discount has been flagged with a view to narrow that in. 

While expecting a relatively neutral market reaction to the result, the analysts see headwinds to consensus NPAT forecast for FY26, noting D&A is higher than expected for FY26, i.e. consensus at $975/oz versus $1150-1300/oz in today's update.

FORECAST
Citi forecasts a full year FY26 dividend of 14.00 cents and EPS of 38.60 cents.
Citi forecasts a full year FY27 dividend of 19.00 cents and EPS of 34.80 cents.

Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

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

21/07/2025

1

Buy

$8.50

4.94%

Evolution Mining's 4Q25 group gold production of 182koz beat Canaccord Genuity's forecast of 173koz but matched the consensus, while copper production was in line. Cost was lower vs the broker's forecast but higher than consensus.

The company achieved FY25 production guidance on both gold and copper. For FY26, the production guidance was broadly in line with the analyst's estimate but cost forecast was higher.

The broker marginally lifted FY26 gold production forecast and slightly lowered copper production estimate. Cost forecast was, however, raised significantly, up 10% for FY26 and up 6% for FY27.

Buy. Target price $8.50.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 27.00 cents and EPS of 69.00 cents.
Access Extra Coverage Research History >

EVN STOCK CHART

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