Evolution (Buy, TP: SEK1800.00) - Growth keeps on going
Q4 revenue and EBITDA (up 70–80% YOY) were in line with consensus, and we believe the underlying c50% Live revenue growth has continued in Q1. Nevertheless, we have reduced our 2022e EPS by 3% to reflect trends in the rest of Europe. We have cut our target price to SEK1,800 (1,900), but reiterate our BUY, as consensus appears conservative and we expect 2022 to be busy with 88 new game releases, new studio projects, and continued expansion.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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