Morgan Stanley highlights a robust 1H25 earnings result from Evolution Mining, with earnings before interest, tax, and depreciation exceeding the broker's forecast by 16% and consensus by 11%, largely due to better-than-anticipated revenue growth.

The announced dividend per share was also better than expected, and management reintroduced the dividend reinvestment plan at a -5% discount.

The broker notes that net debt rose to $1.482bn, above both forecast and consensus, with no change to guidance.

Equal-weight. Target price $5.55. Industry view: Attractive. Evolution Mining remains the preferred gold stock for investors.

Sector: Materials.

Target price is $5.55.Current Price is $6.19. Difference: ($0.64) - (brackets indicate current price is over target). If EVN meets the Morgan Stanley target it will return approximately -12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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