Evolution Mining reported FY18 earnings in line with consensus with revenue of $1.5b, EBITDA $795m, EBIT $360 and NPAT of $250m.
FY19 production guidance 720k-770k ounces at an expected all in cost $880oz. EVN was one of the lowest cost gold producers over FY18.
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EVN declared a fully franked 2HFY18 dividend of 4c. On a full year basis into FY19, we have EVN on a 2.8% yield.
We see EVN as a buy opportunity within the $2.50 to $2.75 price range. Supported by a rebound in the oversold gold price.
