Evolution (Buy, TP: SEK1800.00) - “Underserving” the market
Following the Q1 report and healthy 44% Live revenue growth YOY, we have raised our 2022–2023e EBITDA by 2%. Our impression is that Live growth momentum has continued in Q2. Growing capacity (new studios due to be launched near-term and expansion of existing ones) should set Evolution up to better meet strong market demand for its Live casino product – which seemed one of the main (nice-to-have) problems in recent quarters. We reiterate our BUY and SEK1,800 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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