Evolution (Buy, TP: SEK1650.00) - Another ‘year of the product’
We expect another strong quarter driven by Q4e Live revenue growth of 42% YOY, and the 2023 EBITDA margin to stabilise at c69% despite ongoing expansion and cost inflation. Revenue appears relatively unaffected by deteriorating macro, but we forecast just 27% growth YOY for 2023 (past 10-year CAGR c45%). We have fine-tuned our just-above consensus forecasts ahead of the results. We reiterate our BUY and SEK1,650 target price.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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