Evolution (Buy, TP: SEK1800.00) - Climbing the structural stairway
According to our tracker, Evolution’s daily average player numbers grew by 24% QOQ in Q1, driven by all the scalable games categories (e.g. Roulette +20%). We are positively surprised by this QOQ growth, as Q1 is typically a fairly stable quarter. The monthly trend was positive and data for April to date exceeds the daily average for March. Our indications of a healthy underlying business coupled with cautious consensus for Live revenue growth bodes well for a return to positive consensus earnings revisions, we believe.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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