Report
Martin Arnell
EUR 466.12 For Business Accounts Only

Evolution (Buy, TP: SEK1700.00) - Flagging a trend shift

After two years of slowing growth in Live revenue and daily players (from very high levels), we see more encouraging trends YTD. According to our tracker, Evolution’s total daily average players are up 15% QOQ QTD (2–3% in Q3–Q4 2023), while YOY growth has stabilised at >30%. Our data also suggests that Evolution has maintained its superior market share, which, overall, increases our conviction in the growth outlook. We reiterate our BUY and SEK1,700 target price.
Underlying
Evolution Gaming Group AB

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Martin Arnell

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