Evolution Mining（EVN.AU）UBS Snapshot： FY24 Results

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].