For simplicity, let's assume they make $300m*** p.a. FCF (cash remaining after ALL outgoings including capex, opex, tax, dividends, debt repayments etc.) then we have:
EV/FCF: 7,500,000,000 / 300,000,000 = 25x ... a FCF yield of 4%.
EVN has been a fantastic success story in the past up until the Red Lake acquisition... since it has become quite the dog trying to paper over the cracks.
The gold price has to re-rate to the upside materially or true costs have to decrease dramatically to bail them out of the hole they are in.
***Group cash flow for the HALF was only $50m despite current gold price...
Ann: FY24 Half Year Financial Results and 2023 MROR Presentation, page-13
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$5.04 |
Change
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Mkt cap ! $10.02B | |||
| Open | High | Low | Value | Volume |
| $5.07 | $5.10 | $5.02 | $81.84M | 16.67M |
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| No. | Vol. | Price($) |
|---|---|---|
| 3 | 14558 | $5.03 |
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| Price($) | Vol. | No. |
|---|---|---|
| $5.05 | 73949 | 3 |
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