DnB Markets - Evolution Gaming Group AB (E3G1) Evolution (Buy, TP: SEK1700.00) - Returning to growth focus

Report

DnB Markets

Martin Arnell

EUR 90.87 For Business Accounts Only

Evolution (Buy, TP: SEK1700.00) - Returning to growth focus

We have upgraded to BUY (HOLD) on recent share price softness and likely continuing support from strong growth, while our SEK1,700 target price is intact. We forecast Q2 revenues up 94% YOY and EBITDA up 110% YOY (results due at 07:30 CET on 21 July), with the rollout of dedicated tables more than offsetting any slight negative effects from stay-at-home trend reversal.

29/06/2021 17 EN

Underlying

Evolution Gaming Group AB

Evolution Gaming Group is a B2B provider of Live Casino solution systems in Europe. In Live Casino, a dealer runs the game from a casino table which is streamed in real time. End users, i.e. the players, make betting decisions on their devices (computers, smartphones, tablets, etc.) and are able to communicate with the dealer using a text chat function. Co.'s core portfolio consists of nine games such as Live Roulette, Live Blackjack, Live Baccarat, Live Casino Hold'em, Live Three Card Poker and Live Caribbean Stud Poker. Co.'s gaming portfolio offers the operators' end users an interactive experience that feels like playing in a real casino.

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SE0006826046 Frankfurt Stock Exchange Germany

Provider

DnB Markets

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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Analysts

Martin Arnell

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Evolution (Buy, TP: SEK1700.00) - Returning to growth focus

Evolution AB: 1 director

Evolution (Buy, TP: SEK1800.00) - Strong table games in September

Evolution (Buy, TP: SEK1800.00) - Late-summer player improvement

Metsa Board (Buy, TP: EUR11.00) - Scope for a revaluation

BioArctic (Buy, TP: SEK350.00) - Limited news on EU approval

Surgical Science (Buy, TP: SEK230.00) - Weaker than expected start to 2024

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