Evolution (Buy, TP: SEK1700.00) - The growth is stayin’ alive
We reiterate our BUY and have raised our target price to SEK1,700 (1,650) following the growth achievement, signs of resilience and positive 2023 EBITDA margin guidance (68–71% versus 69.2% in 2022). 2023e should be another eventful year, with >100 new games, 1–2 new studios, build-out of existing studios, and hundreds of new tables (total of c1.3k at end-2022). We have slightly raised our 2023e Live revenue growth forecast to 30% YOY (consensus: 26%) but have left our earnings forecast largely unchanged.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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