Firstly, I'd like to point out I am no analyst, accountant or economist. I just love FA/TA & am here to learn as much as possible, connect with like-minded people and share my views.
While the SP has been selling off, I have put together this model for EVN based on my interpretation of the growth strategy presentation. I have had it cross-checked by some reliable contacts who have the credentials in this space. The point being, to see through the noise and uncertainty in these crazy, volatile market conditions we have seen since COVID & potentially bring some piece of mind moving forward for those with patient hands and who are long-term investors.
Some things to consider:
- the 3 years between FY22-FY24 have significantly higher capex which I consider as investment for future production growth
- for FY25 I have kept an "all things being equal" approach from FY24 with the exception of a much lower capex
Conservative Assumptions:
- used the gold price EVN have stated for their models and have used the lower end of the guidance production estimates
- significantly reduced the silver & copper production figures & spot prices that were announced in the last fiscal year
- used the upper end of the capex and AISC estimates
- used a PE ratio of 10 despite the sector avg. being ~20 and EVN's current PE being 19
- used a slightly diluted SOI figure
If you fiddle and modify with the figures it obviously spits out a different SP but I think this is a reasonable way to dissect the numbers and anything extra is just a bonus.
I would love to hear your opinions and any suggestions!
Cheers
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