DnB Markets - Evolution Gaming Group AB (E3G1) Evolution Gaming (Hold, TP: SEK720.00) - Riding the ‘Crazy Times’ wave

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DnB Markets

Martin Arnell

EUR 88.42 For Business Accounts Only

Evolution Gaming (Hold, TP: SEK720.00) - Riding the ‘Crazy Times’ wave

We expect another strong quarter with all-time high EBITDA up c70% YOY (Q3 results due at 07:30 CET on 22 October). Online markets should have normalised somewhat, but we expect growth support from new game releases (particularly ‘Crazy Times’), high player intake among operators in H1 and high stickiness of the live casino product. A near-term negative is potential effects of the German re-regulation. We maintain our HOLD and SEK720 target price.

05/10/2020 14 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: SEK1800.00) - Late-summer player improvement

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Evolution Gaming (Hold, TP: SEK720.00) - Riding the ‘Crazy Times’ wave

Evolution AB: 1 director

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

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

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

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