Evolution (Buy, TP: SEK1835.00) - No signs of slowdown
Evolution reported strong Q3 revenue, earnings, and cash flow, as we expected (up c100–140% YOY). The studio expansion continues apace, and our impression is that the 2022 new games pipeline will triumph this year’s by quite a bit. Thanks to further conviction in strong current trading and a minor (2%) increase of our 2022e EPS, we have raised our target price to SEK1,835 (1,800); we reiterate our BUY.Evolution Gaming Group AB (publ) is a Sweden-based company active in the Internet services sector. It develops, produces, markets and licenses integrated business-to-business (B2B) live casino solutions for gaming operators. Its solutions allow a live table gaming by streaming of professional croupier services to end users via the online casino and gaming platforms. The Company has offices and production studios in the United Kingdom, Sweden, Malta, Italy, Spain and Latvia.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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