Evolution (Buy, TP: SEK1550.00) - Turn the page and let’s get to work
We reiterate our BUY, but have lowered our target price to SEK1,550 (1,600) on a 3% cut to our 2024e EBIT, reflecting temporarily reduced capacity of tables in Q3 in a key studio (union strike in Tbilisi). The share buybacks should continue in Q4, and focus shifting to 2025e should be positive for the equity story in our view, with a return to healthy EPS growth (nearly 20% YOY), and more tangible evidence of the much-improved capital allocation strategy.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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