A strong showing
After a strong Q3 with EBITDA 10% above consensus, an all-time high margin of 47.7%, and 126% EPS growth YOY, we believe Evolution is continuing to outperform the competition. We believe the two new production hubs planned to be up and running shortly could double the number of tables it can offer to gambling operators globally. We have raised our 2018e EPS by 6%. We keep our BUY recommendation and have raised our target price to SEK625 (590).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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