0019 GMT - Evolution's FY profit beat reflects lower depreciation and amortization and a lower tax rate than the market modelled, Barrenjoey analyst Daniel Morgan says in a note. Broadly, the miner's fiscal result and dividend are in line with key market expectations, he says. While Evolution published FY 2026 guidance last month, a new, detailed breakdown looks slightly better than expected, says Morgan. "This is because Northparkes gold production is a smaller proportion of group than the rest of the assets, with a tad more gold contribution at Cowal, Mungari and Mt. Rawdon," he says. "This is a positive because EVN only receives the benefit of 32.5% of gold production at Northparkes and 100% of gold production at other assets." Barrenjoey has an underweight rating and A$7.60 target on Evolution. The stock is up 5.9% at A$8.14. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
August 12, 2025 20:19 ET (00:19 GMT)
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