EVN – Morgans rates as Add

By Broker News | More Articles by Broker News

The operating earnings margin increased to 53% from 49% in FY18 while net mine cash flow was a record $540m. Costs are expected to lift slightly, with the exception of Mungari. Results were slightly below expectations.

Morgans maintains an Add rating and reduces the target to $3.17 from $3.20. The main risk the broker envisages is the gold price, with operating risk ameliorated by the portfolio of producing mines.

Sector: Materials.

Target price is $3.17.Current Price is $2.76. Difference: $0.41 – (brackets indicate current price is over target). If EVN meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).

Broker News

About Broker News

FNArena's Australian Broker Call, is your daily news report on the latest recommendation, valuation, forecast and opinions recently published by Stockbrokers.

View more articles by Broker News →