BUZZ-Brokerages cut PT on Australia's Evolution Mining on capex woes; stock falls

Reuters
07-17
BUZZ-Brokerages cut PT on Australia's <a href="https://laohu8.com/S/EVN.AU">Evolution Mining</a> on capex woes; stock falls

Updates

** Evolution Mining EVN.AX falls 0.3%

** Co reports FY25 total gold production of 750.5 KOZ, in line with Visible Alpha consensus

** Jefferies cuts PT on gold miner to A$6.50 from A$6.70; reiterates "underperform"

** Says, falling production profile, heavy capex profile in FY26-FY30 weigh on shareholder returns

** Sees FY26 capex of A$909 mln ($589.4 mln), towards top end of Evolution's guidance range of A$780 mln-A$980 mln

** Bell Potter trims PT to A$7.95 from A$8.1, retains "hold"

** Lowers EPS estimates by 16%, 13% and 14% for FY25, FY26 and FY27, respectively, on the back of increasing capex forecasts, lower production outlook

** EVN gains ~56% YTD

($1 = A$1.5423)

(Reporting by Jasmeen Ara Shaikh and Nikita Maria Jino in Bengaluru)

((JasmeenAraIslam.Shaikh@thomsonreuters.com;))

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