Investment Rating - The report assigns a 12-month rating of Neutral to Evolution Mining [2][14]. Core Insights - FY25 guidance aligns broadly with a solid FY24 result, highlighting a final dividend of 5Acps in line with consensus [2]. - The price target remains unchanged at A$3.70, reflecting a neutral valuation stance [2][5]. - Key financial metrics show a revenue of A$3,216 million, surpassing UBS estimates of A$3,118 million and consensus of A$3,179 million [2]. Financial Performance - Underlying EBITDA reached A$1,513 million, exceeding UBS estimates of A$1,221 million and consensus of A$1,378 million [2]. - Underlying NPAT was A$482 million, compared to UBS estimates of A$297 million and consensus of A$354 million [2]. - Basic EPS was reported at 22Acps, above UBS estimates of 15Acps and consensus of 19Acps [2]. Guidance and Projections - FY25 guidance includes gold production of 710-780koz, with UBS estimates at 727koz and consensus at 743koz [2]. - Copper production is projected at 70-80kt, aligning with UBS and consensus estimates of 77kt [2]. - AISC is expected to be A$1,475-1,575/oz, with UBS estimates at A$1,460/oz and consensus at A$1,470/oz [2]. Valuation and Market Metrics - The report indicates a forecast price appreciation of -2.9% and a forecast dividend yield of 5.2%, leading to a forecast stock return of 2.4% [3]. - The market return assumption is set at 9.2%, resulting in a forecast excess return of -6.8% [3]. - Evolution Mining operates six mines across Australia and Canada, focusing on optimizing and upgrading asset quality [4].

Global Research and Evidence Lab 14 August 2024 First Read Orora UBS SnapShot: FY24 EBIT better than feared ONE LINER FY24 better than feared and will support re-basing of FY25 consensus estimates. KEY NUMBERS (A$) FY24 rev.: Up +9% to $4.7bn (+1% vs. UBSe, +2% vs. VA cons). EBIT: Up +26% to $404mn (+5% vs. UBSe & +6% vs. VA cons). EBIT (ex Saverglass): +1% to $323mn (+3% vs. UBSe/VA cons). UNPAT: Up +10% vs. pcp to $224mn (+10%vs. UBSe/VA cons). Final DPS: 5cps (unfranked) vs. VA cons. 3.7cps. Net Op. CF: ...

Global Research and Evidence Lab 13 August 2024 First Read MatsukiyoCocokara & Co. Q1 FY3/25 results: OP missed the consensus forecast Q: How did the results compare vs expectations? A: Q1 FY3/25 OP came in at ¥17.3bn (-1% yoy), missing our forecast (¥18.7bn) and the IBES consensus (¥18.8bn). We estimate that Q1 OP was roughly in line with the company's target as sales and gross profit surpassed plans while SG&A costs were heavier than expected. Q: What were the most noteworthy areas in the results? A: The ...

First Read Amotiv Limited UBS SnapShot: FY24 Results ONE LINER In line result, solid Cash conversion and BS, Outlook as expected KEY NUMBERS Rev $987m (+8% y/y) vs UBSe $997m (-1% miss) / Cons. $991m (in line). EBITDA $224m (+6% y/y) vs UBSe $221m (+1% beat) / Cons. $222m (+1% beat). EBITA $195m (+5% y/y) vs UBSe $193m (+1% beat). NPATA $119m (+5% y/y) vs UBSe $117m (+2% beat). EPS(A) 84.4cps vs UBSe 82.3cps (+3% beat). Final DPS 22cps vs UBSe 20cps. ND/ EBITDA 1.6x vs UBSe 1.8x. RESULT HIGHLIGHTS 1) 4WD&T ...

Global Research and Evidence Lab 14 August 2024 First Read AGL Energy UBS SnapShot: 2H24 Results ONE LINER Solid in-line result with underlying EBITDA and NPAT finishing FY24 2% ahead of consensus estimates and FY25 guidance in line with expectations. A $250m acquisition of Firm Power & Terrain Solar adds battery development sites to AGL's portfolio. KEY NUMBERS 1) Underlying 2H24 NPAT $413m vs UBSe ($386m) and consensus ($397m) 2) Underlying 2H24 EBITDA $1,142m vs UBSe ($1,087m) and consensus ($1,104m) 3) ...

Global Research and Evidence Lab 14 August 2024 First Read BWP Trust UBS SnapShot: FY24 Result ONE LINER Strong result and g'dance for growth KEY NUMBERS NPAT (adj. for straight lining rent) $120.5m vs UBSe $117.5m (+1%). Distributable amount $124.1m and DPS 18.3c (pre-announced). RESULT HIGHLIGHTS 1. Comp. rental growth 4.2% (4.8% 1H24). Five Bunnings market rent reviews were finalised for the period, resulting in a 4.4% increase in rents. In FY24, rent reviews are split between CPI (51) and fixed (101) wi ...

First Read Commonwealth Bank of Australia UBS Snapshot: FY24 Result ONE LINER In-line result but not enough in our view given current mkt rating KEY NUMBERS (FY24 seq., continuing operations unless stated otherwise) (1) PPOP $15.0B, (in-line with cons); (2) Impairments $802M, 11% better than cons ($900M) and 12% above UBSe ($913M); (3) Cash NPAT $9.8B (~1% above cons); (4) Cash Diluted EPS (incl. discontinued) 582.6cps (in-line with UBSe 582.7cps, +6% above cons 550.7cps); (5) Interim div 250cps (UBSe 238cp ...

First Read HomeCo Daily Needs UBS SnapShot: FY24 Result ONE LINER FY24 result in line, FY25 guidance -1% below cons. and -3% below UBSe KEY NUMBERS FFOps of 8.6c vs. UBSe/cons. 8.6c, DPS 8.3c (pre-announced). RESULT HIGHLIGHTS 1) Portfolio ($4.8b): +4.0% comp NOI growth. >99% collection rate. >99% occupancy. +6.0% releasing spreads (6.4% Dec-23). 4.8yr WALE. Cap rate: 5.64% (5.57% Dec-23). WARR 3.8% blended, 3.6% fixed, 4.3% CPI-linked. 2) Capital: $1.44 NTA/Unit vs. $1.44 Dec-23 (valuations +1.6% gross, +0 ...

Global Research and Evidence Lab 14 August 2024 First Read Seven Group Holdings UBS SnapShot: FY24 EBIT growth of +20% beats guidance ONE LINER Solid result. Operating momentum at WesTrac, Coates and Boral to drive HSD EBIT growth in FY25. KEY NUMBERS (A$) FY24 revenue: Up +10% to $10.6bn (-1% vs. UBSe/VA cons). Group EBIT: Up +20% to $1.4bn (-2% vs. UBSe and -1% vs. VA cons) underpinned by Industrial Services EBIT growth of +28%. UNPAT: Up +30% to $850mn (+5% vs. UBSe and +4% vs. VA cons). Final DPS: Pre a ...

Global Research and Evidence Lab 14 August 2024 First Read Seven West Media UBS SnapShot: 2H24 Result ONE LINER Miss to consensus. Dividend cut, top line in Sep/Oct tracking slightly below. 2H24 KEY NUMBERS Revenue $640m (UBSe $631m, VA cons. $645m); EBITDA $63m (UBSe $52m, cons. $71m); Reported NPAT $24m (UBSe $6m, cons. $23m); Capex -$14m (UBSe -$23m, cons -$24m); No dividend declared (UBSe Ocps, cons. 2cps). 2H24 RESULT HIGHLIGHTS 1. 'Seven' Total TV" rev $554m (UBSe $534m, cons $559m), EBITDA $56m (UBSe ...