Financials Evolution Mining Limited

Equities

EVN

AU000000EVN4

Gold

Market Closed - Australian S.E. Other stock markets 11:40:41 02/05/2024 am IST			5-day change	1st Jan Change
3.95 ^AUD	+0.77%		0.00%	-0.25%

02/05	Australian shares rangebound after Fed warns of rate cut delays; Woolworths slumps	RE
02/05	Evolution Mining Appoints COO	MT

Valuation

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,399	9,664	7,689	4,363	5,909	7,844	-	-
Enterprise Value (EV) ¹	7,357	9,897	8,165	5,650	7,697	9,397	8,938	8,724
P/E ratio	34.1 x	32.2 x	22.3 x	13.4 x	36.2 x	17.6 x	9.82 x	10.2 x
Yield	2.18%	2.82%	2.67%	2.52%	0.62%	1.87%	3.53%	3.52%
Capitalization / Revenue	4.9 x	4.98 x	4.12 x	2.11 x	2.65 x	2.5 x	2.18 x	2.25 x
EV / Revenue	4.87 x	5.1 x	4.38 x	2.74 x	3.46 x	2.99 x	2.48 x	2.51 x
EV / EBITDA	10.1 x	9.61 x	8.93 x	6.29 x	9.11 x	6.56 x	4.84 x	5.06 x
EV / FCF	21.6 x	18.5 x	25.5 x	-5.37 x	-25.9 x	-31.3 x	14 x	10.6 x
FCF Yield	4.64%	5.42%	3.92%	-18.6%	-3.85%	-3.2%	7.14%	9.42%
Price to Book	3.01 x	3.86 x	2.98 x	1.26 x	1.53 x	1.91 x	1.71 x	1.61 x
Nbr of stocks (in thousands)	16,97,070	17,04,414	17,08,667	18,33,008	18,35,016	19,85,878	-	-
Reference price ²	4.360	5.670	4.500	2.380	3.220	3.950	3.950	3.950
Announcement Date	14/08/19	12/08/20	18/08/21	17/08/22	16/08/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,510	1,942	1,864	2,065	2,227	3,142	3,601	3,480
EBITDA ¹	730.3	1,029	914.2	898.8	844.5	1,432	1,848	1,724
EBIT ¹	330.3	612.5	546.4	431	324	784.8	1,214	1,070
Operating Margin	21.88%	31.54%	29.31%	20.87%	14.55%	24.98%	33.72%	30.74%
Earnings before Tax (EBT) ¹	314.8	408.6	496.2	417.7	233.8	670.5	1,096	1,050
Net income ¹	218.2	301.6	345.3	323.3	163.5	449.4	794.2	756.3
Net margin	14.45%	15.53%	18.52%	15.66%	7.34%	14.3%	22.06%	21.74%
EPS ²	0.1278	0.1762	0.2014	0.1770	0.0889	0.2239	0.4024	0.3854
Free Cash Flow ¹	341.2	536.1	319.7	-1,051	-296.7	-300.5	637.8	821.8
FCF margin	22.6%	27.61%	17.15%	-50.91%	-13.32%	-9.57%	17.71%	23.62%
FCF Conversion (EBITDA)	46.72%	52.08%	34.97%	-	-	-	34.51%	47.68%
FCF Conversion (Net income)	156.36%	177.79%	92.58%	-	-	-	80.3%	108.66%
Dividend per Share ²	0.0950	0.1600	0.1200	0.0600	0.0200	0.0739	0.1396	0.1391
Announcement Date	14/08/19	12/08/20	18/08/21	17/08/22	16/08/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	898.2	1,044	982.2	881.8	898.6	1,166	-	1,094	1,340	1,767	1,903	1,942	1,948	-
EBITDA ¹	441.2	588.3	514.6	399.6	393.3	505.5	-	398.3	572.6	849.7	990	1,012	-	-
EBIT ¹	-	-	342.2	204.3	184.5	246.5	-	149.7	287.1	506.1	617.5	674.8	696.4	-
Operating Margin	-	-	34.84%	23.16%	20.53%	21.13%	-	13.68%	21.43%	28.65%	32.44%	34.75%	35.74%	-
Earnings before Tax (EBT) ¹	-	-	327.4	168.8	137.1	280.7	-	98.36	139.3	496	526	624	-	-
Net income ¹	147.2	-	228.7	116.6	90.76	232.5	100.9	62.59	96.87	347.5	368	437	-	-
Net margin	16.39%	-	23.28%	13.22%	10.1%	19.94%	-	5.72%	7.23%	19.67%	19.33%	22.51%	-	-
EPS ²	0.0862	0.0900	0.1334	0.0680	0.0499	0.1271	0.0548	0.0341	0.0521	0.1790	0.1850	0.2200	-	-
Dividend per Share ²	0.0700	-	0.0700	0.0500	0.0300	0.0300	-	0.0200	-	0.0300	0.0300	0.0300	0.0400	0.0400
Announcement Date	11/02/20	12/08/20	16/02/21	18/08/21	15/02/22	17/08/22	15/02/23	16/08/23	13/02/24	-	-	-	-	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	233	476	1,287	1,788	1,553	1,094	879
Net Cash position ¹	41.7	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.226 x	0.521 x	1.432 x	2.117 x	1.084 x	0.592 x	0.5102 x
Free Cash Flow ¹	341	536	320	-1,051	-297	-301	638	822
ROE (net income / shareholders' equity)	9.29%	12.4%	13.8%	11.2%	5%	12.8%	16.9%	14.1%
ROA (Net income/ Total Assets)	7.1%	8.91%	9.16%	6.11%	2.4%	7.19%	9.95%	8.99%
Assets ¹	3,075	3,384	3,770	5,293	6,825	6,252	7,984	8,416
Book Value Per Share ²	1.450	1.470	1.510	1.890	2.110	2.070	2.310	2.460
Cash Flow per Share ²	0.3600	0.5900	0.4400	0.4300	0.4000	0.5500	0.7000	0.6600
Capex ¹	275	469	433	669	839	742	636	631
Capex / Sales	18.22%	24.16%	23.22%	32.4%	37.66%	23.61%	17.67%	18.12%
Announcement Date	14/08/19	12/08/20	18/08/21	17/08/22	16/08/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Evolution Mining Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3.95 AUD

Average target price

3.982 AUD

Spread / Average Target

+0.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Gold

	1st Jan change	Capi.
EVOLUTION MINING LIMITED	-0.25%	5.06B
FRANCO-NEVADA CORPORATION	+12.69%	23.42B
GOLD FIELDS LIMITED	+11.85%	14.94B
ZHONGJIN GOLD CORP.,LTD	+31.73%	8.78B
HARMONY GOLD MINING COMPANY LIMITED	+37.90%	5.49B
ENDEAVOUR MINING PLC	-4.37%	5.15B
TRIPLE FLAG PRECIOUS METALS CORP.	+27.21%	3.26B
PT ANEKA TAMBANG TBK	-3.81%	2.43B
KOZA ALTIN ISLETMELERI	+20.63%	2.29B
COMPAÑÍA MINERA PODEROSA S.A.	+23.29%	1.52B

Other Gold