Evolution Gaming (Buy, TP: SEK330.00) - Seeking more studios
We expect a strong Q4 with EBITDA increasing 64% YOY, slightly above consensus. The outlook continues to improve (e.g. new games, customers, geographies, and studios), and we have raised our 2020e EBITDA by 6%. Approaching 800 live tables in production, we expect Evolution to plan for one or two more CEE studios for 2021. We reiterate our BUY and have raised our target price to SEK330 (265), equalling a 2021e EV/EBITDA of 19x.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.
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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