Evolution (Buy, TP: SEK1750.00) - Resilient Live growth trends
We expect Evolution to report still-healthy EBITDA and Live revenue growth of 30–35% YOY, respectively, for Q2 (results due at 07:30 CET on 21 July). We forecast Live casino to show continued resilience to tougher macro trends; our proprietary tracking tool implies mid-single-digit QOQ player volume growth for Evolution in Q2. We have only fine-tuned our estimates and reiterate our BUY recommendation and SEK1,750 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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