Evolution Mining's 1H earnings (EBITDA) beat the consensus estimate by 5% and were in line with Morgan Stanley's forecast. Higher-than-expected depreciation resulted in profit misses against forecasts by consensus and the broker of -4% and -18%, respectively.

The interim dividend of 2cps was in line with the consensus expectation.

The target falls to $3.35 from $3.55 after allowing for the 1H results and adjustments to 2H production estimates due to plant shutdowns for maintenance at Cowal, Ernest Henry and Northparkes. Equal-weight. Industry view is Attractive.

Sector: Materials.

Target price is $3.35.Current Price is $2.99. Difference: $0.36 - (brackets indicate current price is over target). If EVN meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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