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Low 12.65 Mean 13.55 High 15.00 Based on 3 brokers
Multiples as of 1 OCT 2026.
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 13.08 |
| Price - 12 month high | 17.75 |
| Price - 12 month low | 9.79 |
| Pricing date | 30 SEP 2026 |
| Volume - avg. trading volume for the last ten days | 15.68 |
| Market capitalization | 26,742.69 |
| 12 Month High price date | 2 MAR 2026 |
| 12 Month Low price date | 5 NOV 2025 |
| Volume - avg. trading volume for the last 3 months | 9.11 |
| Beta | — |
| Price - 1 Day % Change | -2.02% |
| Price - 13 week price percent change | 11.32% |
| Price - 26 week price percent change | 4.47% |
| Price - 5 Day % Change | -6.24% |
| Price - 52 week price percent change | 20.78% |
| Price - YTD price percent change | 3.15% |
| Price % Change Month To Date | -16.53% |
| EPS excluding extraordinary items - most recent fiscal year | 0.464 |
| EPS excluding extraordinary items - trailing 12 month | — |
| EPS Normalized - most recent fiscal year | — |
| Revenue/share - most recent fiscal year | — |
| Revenue/share - trailing 12 month | — |
| Book value per share - most recent fiscal year | 2.476 |
| Book value per share - most recent quarter | — |
| Book value (tangible) per share - most recent fiscal year | 2.476 |
| Book value (tangible) per share - most recent quarter | — |
| Cash per share - most recent fiscal year | 0.379 |
| Cash per share - most recent quarter | — |
| Cash Flow per share - most recent fiscal year | 0.985 |
| Cash Flow per share - trailing 12 month | — |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.410 |
| EBITD per share - trailing 12 month | — |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.465 |
| EPS Basic excluding extraordinary items - trailing 12 month | — |
| EPS including extraordinary items - most recent fiscal year | 0.465 |
| EPS including extraordinary items - trailing 12 month | — |
| Free Cash Flow per share - trailing 12 month | 0.396 |
| Dividend Per Share - 5 year average | — |
| P/E including extraordinary items, most recent fiscal year | — |
| P/E excluding extraordinary items, most recent fiscal year | 17.97 |
| P/E Normalized, most recent fiscal year | 16.96 |
| Price to sales - most recent fiscal year | 4.73 |
| Price to sales - trailing 12 month | — |
| Price to Tangible Book - most fiscal year | 4.56 |
| Price to Tangible Book - most recent quarter | — |
| Price to Free Cash Flow per Share - most recent fiscal year | 18.51 |
| Price to Cash Flow per share - trailing 12 month | 10.06 |
| Price to Free Cash Flow per Share - trailing 12 months | — |
| Price to Book - most recent fiscal year | 4.56 |
| Price to Book - most recent quarter | — |
| P/E Basic excluding extraordinary items - TTM | — |
| P/E excluding extraordinary items high, trailing 12 months | 33.87 |
| P/E excluding extraordinary items low, trailing 12 months | 15.62 |
| P/E including extraordinary items - TTM | — |
| Net Debt, LFI | — |
| Net Debt, LFY | 1,008.80 |
| Dividend Yield - 5 Year Average | 1.64% |
| Dividend Yield - indicated annual dividend divided by closing price | 3.09% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 3.13% |
| Free Cash Flow - most recent fiscal year | 790.20 |
| LT debt/equity - most recent fiscal year | 35.08% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 35.67% |
| LT debt/equity - most recent quarter | — |
| Total debt/total equity - most recent quarter | — |
| Free Cash Flow - trailing 12 month | — |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 4,425.93 |
| Revenue - trailing 12 month | — |
| EBITD - most recent fiscal year | — |
| EBITD - trailing 12 month | — |
| Earnings before taxes - most recent fiscal year | 1,275.62 |
| Earnings before taxes - trailing 12 month | — |
| Net Income available to common - most recent fiscal year | 926.17 |
| Net Income available to common - trailing 12 months | — |
| Earnings before taxes Normalized - most recent fiscal year | — |
| Net Income Available to Common, Normalized - most recent fiscal year | 958.20 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | — |
| Net Profit Margin % - 1st historical fiscal year | 20.93% |
| Net Profit Margin % - trailing 12 month | — |
| Operating margin - 1st historical fiscal year | 34.04% |
| Operating margin - trailing 12 month | — |
| Pretax margin - trailing 12 month | — |
| Pretax margin - 1st historical fiscal year | 28.82% |
| Operating Margin - 5 year average | — |
| Pretax Margin - 5 year average | — |
| Free Operating Cash Flow/Revenue, 5 Year Average | — |
| Free Operating Cash Flow/Revenue, TTM | — |
| Net Profit Margin - 5 year average | — |
| Return on average assets - most recent fiscal year | — |
| Return on average assets - trailing 12 month | — |
| Return on average equity - most recent fiscal year | — |
| Return on average equity - trailing 12 month | — |
| Return on average assets - 5 year average | — |
| Return on average equity - 5 year average | — |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue Change % - most recent quarter 1 year ago | — |
| Revenue growth rate, 5 year | 17.91% |
| EPS Change % - most recent quarter 1 year ago | — |
| EPS Change %, TTM over TTM | — |
| EPS growth rate, 5 year | 21.37% |
| Growth rate% - dividend, 3 year | 14.47% |
| Revenue Change %, TTM over TTM | — |
| Revenue/share (5 yr growth) | 14.34% |
| Growth rate% - Revenue, 3 year | 28.93% |
| Growth rate% - EPS, 3 year | 37.89% |
| Book value per share growth rate, 5 year | 11.36% |
| Tangible Book Value, Total Equity, 5 Year CAGR | — |
| Capital Spending growth rate, 5 year | 20.18% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 20.70% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year Interim CAGR | — |
| Total Debt, 5 Year CAGR | — |
| Net Profit Margin growth rate, 5 year | — |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (AUD, units of 1)
| Period end: | JUN 20 | JUN 21 | JUN 22 | JUN 23 | JUN 24 | JUN 25 |
| Fiscal year: | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
EVN +0.22%: Delivered another year of record earnings and cash generation, but the result was more mixed against expectations than the headline growth rates suggest. The stock took a hit early as key earnings metrics missed consensus, before clawing its way back to positive territory.
We selected EVN for MMs gold exposure as the precious metal corrected sharply back in March primarily wanting its copper exposure (~25%) to offer a degree of insulation to the volatility unfolding in the precious metals space - the move has played out reasonably well through 2026, with the miner outperforming most of the gold sector. However, the picture changed short-term yesterday after the stock fell almost 4% after the flagging that inflation would lift FY27 costs by 4–5% and capital expenditure would increase as development activity ramps up - this might be echoed across other gold producers over time. The obvious move following the EVN release is to consider other low-cost producers:
EVN -3.74%: down today despite delivering strong quarterly & FY26 production numbers, with cost guidance for FY27 the main issue. Fourth-quarter gold production increased 5.6% quarter-on-quarter to 179,655 ounces, while gold sales rose 8.7% to 177,909 ounces. Importantly, all-in sustaining costs declined 23% to A$1,706/oz, supported by Ernest Henry returning to full production following weather-related disruptions and the expanded Mungari mill completing its ramp-up.
EVN +9.55%: reported a mixed but positive March-quarter operational update – while gold and copper production both fell, the company remains on track to deliver FY26 targets, expecting cash flow to strengthen into the June quarter after cutting FY26 cost guidance.
We are making several changes to the Active Growth Portfolio
We are adding a new position to the Growth Portfolio.
EVN is a gold and copper miner with the industrial metal probably cushioning its pullback in recent days, with the likes of Sandfire (SFR) down less than 4% on Monday - we believe fund managers are more likely to buy the dip in copper stocks. The miner delivered a strong quarterly last month, which is a tailwind for the stock, but it only hedges a small portion of its gold production, making the miner very leveraged to movement in the precious metal, in both directions.
Last week, EVN delivered a strong December quarterly, with the gold/copper producer cutting its all-in sustaining cost (AISC) forecast for the full year by ~5.5% to $A1640-1760 - remember this morning gold is trading around $A7,300/oz. The company maintained FY26 production guidance which given the price of metals will drive very strong cash flow.
EVN shares popped +9.5% to an all-time high on Wednesday after the gold/copper producer cut its all-in sustaining cost (AISC) forecast for the full year by ~5.5% to $A1640-1760 due to stronger volumes, not bad with the precious metal surging above $A7,200 on Wednesday. This is a company kicking goals operating in a hot sector, a great combination for shareholders. Its second-quarter results looked great.
Evolution is primarily a gold miner, but copper is growing by-product making up ~25% of its revenue, with the potential to increase this to ~40 %. They have also made acquisitions aimed at boosting their copper portfolio: e.g., the 80 % stake in the Northparkes NSW mine in 2023 which has notable copper production. For investors wanting exposure to copper via an ASX-listed miner with growth ambitions, EVN is a solid candidate.
MM remains long and bullish EVN
MM is long and bullish towards EVN around $11
MM remains long & bullish EVN
MM remains long and bullish EVN
MM is adding to EVN in the Active Growth Portfolio, targeting a 4% portfolio weight around $12
MM is buying EVN in the Active Growth Portfolio, targeting a 3% around $12.80
MM likes Evolution Mining (EVN) below $14
MM is bullish towards EVN in the $12-13 area
MM is bullish towards EVN around $14
MM would get more interested in EVN ~$13
Evolution Mining is an Australia-based gold miner. It sold around 710,000 ounces of gold in fiscal 2026 from six wholly or majority owned mines in Australia and Canada. Formed in 2011 via the merger of Conquest Mining and Catalpa Resourcesand the purchase of Newcrest Mining's Mt Rawdon and Cracow mines, Evolution has acquired more mines and sold the generally less attractive, higher-cost mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore'sErnest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022 and an 80% stake in the Northparkes copper and gold mine in December 2023. It had roughly 15 years of gold and copper reserves at the end of December 2025.
Performance update for March, stocks that drove returns & our current positioning
Recorded Tuesday 9th April
Weekly Video Update – Peter O’Connor & James Gerrish on GOLD
Released Wednesday 10th March
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