Evolution (Buy, TP: SEK1900.00) - Reassuringly strong player data
According to our tracker, Evolution’s daily average players grew by a solid 24% QOQ in Q4, compared to consensus for Live revenue growth of c10% QOQ. The strong player growth momentum, driven by structural trends as well as Q4 being high season, looks to have continued at the start of January (+13% versus the average for Q4). We find it reassuring that the player growth slowdown in November proved temporary, and look forward to being able to monitor the progress of the many key game releases planned by Evolution for 2022.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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