Financials Evolution Mining Limited

Equities

EVN

AU000000EVN4

Gold

Market Closed - Australian S.E. Other stock markets 02:10:52 2024-05-31 am EDT			5-day change	1st Jan Change
3.92 ^AUD	+2.35%		+2.35%	-1.01%

May. 27	Australian shares rise as banks and miners gain; Lendlease soars	RE
May. 22	Banks, mining stocks lift Australian shares higher	RE

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,399	9,664	7,689	4,363	5,909	7,785	-	-
Enterprise Value (EV) ¹	7,357	9,897	8,165	5,650	7,697	9,332	8,919	8,670
P/E ratio	34.1 x	32.2 x	22.3 x	13.4 x	36.2 x	16.8 x	10.3 x	10.6 x
Yield	2.18%	2.82%	2.67%	2.52%	0.62%	1.92%	3.39%	3.25%
Capitalization / Revenue	4.9 x	4.98 x	4.12 x	2.11 x	2.65 x	2.47 x	2.17 x	2.22 x
EV / Revenue	4.87 x	5.1 x	4.38 x	2.74 x	3.46 x	2.96 x	2.49 x	2.48 x
EV / EBITDA	10.1 x	9.61 x	8.93 x	6.29 x	9.11 x	6.49 x	5 x	5.11 x
EV / FCF	21.6 x	18.5 x	25.5 x	-5.37 x	-25.9 x	-568 x	14.2 x	11.1 x
FCF Yield	4.64%	5.42%	3.92%	-18.6%	-3.85%	-0.18%	7.03%	9.01%
Price to Book	3.01 x	3.86 x	2.98 x	1.26 x	1.53 x	1.9 x	1.73 x	1.63 x
Nbr of stocks (in thousands)	1,697,070	1,704,414	1,708,667	1,833,008	1,835,016	1,985,878	-	-
Reference price ²	4.360	5.670	4.500	2.380	3.220	3.920	3.920	3.920
Announcement Date	8/14/19	8/12/20	8/18/21	8/17/22	8/16/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,510	1,942	1,864	2,065	2,227	3,156	3,582	3,500
EBITDA ¹	730.3	1,029	914.2	898.8	844.5	1,438	1,785	1,698
EBIT ¹	330.3	612.5	546.4	431	324	796	1,152	1,047
Operating Margin	21.88%	31.54%	29.31%	20.87%	14.55%	25.22%	32.17%	29.9%
Earnings before Tax (EBT) ¹	314.8	408.6	496.2	417.7	233.8	681.3	1,025	1,025
Net income ¹	218.2	301.6	345.3	323.3	163.5	456	752.8	741.3
Net margin	14.45%	15.53%	18.52%	15.66%	7.34%	14.45%	21.02%	21.18%
EPS ²	0.1278	0.1762	0.2014	0.1770	0.0889	0.2333	0.3802	0.3712
Free Cash Flow ¹	341.2	536.1	319.7	-1,051	-296.7	-16.44	626.6	781.4
FCF margin	22.6%	27.61%	17.15%	-50.91%	-13.32%	-0.52%	17.5%	22.32%
FCF Conversion (EBITDA)	46.72%	52.08%	34.97%	-	-	-	35.11%	46.01%
FCF Conversion (Net income)	156.36%	177.79%	92.58%	-	-	-	83.24%	105.41%
Dividend per Share ²	0.0950	0.1600	0.1200	0.0600	0.0200	0.0754	0.1329	0.1274
Announcement Date	8/14/19	8/12/20	8/18/21	8/17/22	8/16/23	-	-	-

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	1,883	1,868	1,948	-
EBITDA ¹	441.2	588.3	514.6	399.6	393.3	505.5	-	398.3	572.6	849	904	901	-	-
EBIT ¹	-	-	342.2	204.3	184.5	246.5	-	149.7	287.1	505.1	571	604.3	696.4	-
Operating Margin	-	-	34.84%	23.16%	20.53%	21.13%	-	13.68%	21.43%	28.58%	30.32%	32.35%	35.74%	-
Earnings before Tax (EBT) ¹	-	-	327.4	168.8	137.1	280.7	-	98.36	139.3	495	433	482	-	-
Net income ¹	147.2	-	228.7	116.6	90.76	232.5	100.9	62.59	96.87	346.5	303	337	-	-
Net margin	16.39%	-	23.28%	13.22%	10.1%	19.94%	-	5.72%	7.23%	19.6%	16.09%	18.04%	-	-
EPS ²	0.0862	0.0900	0.1334	0.0680	0.0499	0.1271	0.0548	0.0341	0.0521	0.1785	0.1520	0.1700	-	-
Dividend per Share ²	0.0700	-	0.0700	0.0500	0.0300	0.0300	-	0.0200	-	0.0300	0.0200	0.0300	0.0300	0.0300
Announcement Date	2/11/20	8/12/20	2/16/21	8/18/21	2/15/22	8/17/22	2/15/23	8/16/23	2/13/24	-	-	-	-	-

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	1,548	1,134	885
Net Cash position ¹	41.7	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.226 x	0.521 x	1.432 x	2.117 x	1.076 x	0.6355 x	0.5212 x
Free Cash Flow ¹	341	536	320	-1,051	-297	-16.4	627	781
ROE (net income / shareholders' equity)	9.29%	12.4%	13.8%	11.2%	5%	13%	16%	13.7%
ROA (Net income/ Total Assets)	7.1%	8.91%	9.16%	6.11%	2.4%	7.32%	9.47%	8.73%
Assets ¹	3,075	3,384	3,770	5,293	6,825	6,232	7,948	8,491
Book Value Per Share ²	1.450	1.470	1.510	1.890	2.110	2.070	2.260	2.400
Cash Flow per Share ²	0.3600	0.5900	0.4400	0.4300	0.4000	0.5600	0.6800	0.6700
Capex ¹	275	469	433	669	839	771	664	632
Capex / Sales	18.22%	24.16%	23.22%	32.4%	37.66%	24.43%	18.55%	18.05%
Announcement Date	8/14/19	8/12/20	8/18/21	8/17/22	8/16/23	-	-	-

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

3.92 AUD

Average target price

3.965 AUD

Spread / Average Target

+1.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Gold

	1st Jan change	Capi.
EVOLUTION MINING LIMITED	-1.01%	5.17B
FRANCO-NEVADA CORPORATION	+14.25%	23.64B
GOLD FIELDS LIMITED	+5.36%	13.92B
ZHONGJIN GOLD CORP.,LTD	+44.78%	9.65B
HARMONY GOLD MINING COMPANY LIMITED	+42.91%	5.63B
ENDEAVOUR MINING PLC	-0.60%	5.31B
TRIPLE FLAG PRECIOUS METALS CORP.	+27.61%	3.32B
PT ANEKA TAMBANG TBK	-14.08%	2.17B
KOZA ALTIN ISLETMELERI	+6.91%	2.08B
COMPAÑÍA MINERA PODEROSA S.A.	+50.87%	1.77B

Other Gold