EVN -4.82%: FY23 report out for the gold miner today, its shares underperformed peers which were also weaker as gold traded below $US1,900/oz for the first time since March. EBITDA of $844m was ~5% below expectations with costs and lower copper credits biting. They left guidance largely unchanged, expecting cost per ounce to fall on higher production and the benefit of their copper production offsetting higher labour costs which are expected to climb ~6% in FY24. We still see EVN as a great way to get exposure to gold with the added copper kicker also supported by our medium-term view on the commodity.
MM is long and bullish EVN
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