Evolution Gaming (Buy, TP: SEK245.00) - In a league of its own
Evolution’s growth progress is in a league of its own. Consensus has treated the c40–50% p.a. revenue growth as temporary in the past five years, resulting in a prolonged positive revision trend. Ahead of the Q3 results (we forecast c40–70% revenue and EPS growth YOY) we struggle to identify what could end the positive momentum near-term. In our view, the expansion case is on track with new games performing well and the competition far behind in their products. BUY and SEK245 target price maintained.Evolution Gaming Group is a B2B provider of Live Casino solution systems in Europe. In Live Casino, a dealer runs the game from a casino table which is streamed in real time. End users, i.e. the players, make betting decisions on their devices (computers, smartphones, tablets, etc.) and are able to communicate with the dealer using a text chat function. Co.'s core portfolio consists of nine games such as Live Roulette, Live Blackjack, Live Baccarat, Live Casino Hold'em, Live Three Card Poker and Live Caribbean Stud Poker. Co.'s gaming portfolio offers the operators' end users an interactive experience that feels like playing in a real casino.
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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