Building strength, one steady rep at a time

Neutral report

Sales in-line, EBIT +1% vs cons. Cons estm relatively unchanged, stock up 1-2%

Signs of momentum picking up

Strong margins, but a small quarter

Added reassurance

Q2 better than feared

Sales pace needs to pick up

Q2 slightly off the mark

If H2 doesn’t step up, '27e won’t stack up

Good opportunities in a pressured sector

Hitting the trough

Decent player activity in Q2 to date

Limited changes post Q1

Consolidated in line weak from JV's

Good Q1e sales, but recent slow-down

Early Q2 players up 1% vs Q1

Sats (Hold, TP: NOK37.00) - Time for a breather

Q1 was slightly below expectations and the CMD targets were broadly in line with our forecasts and consensus. We have raised our target price to NOK37 (34) on higher estimates but have downgraded to HOLD (BUY), as we find the valuation fair following the recent strong share price performance.

Sweden needed for a homerun

EBIT 4% below, strong growth expected

EBIT 4% below on 4% higher cost. Members strong, +2% vs cons. Targets EPS of over NOK 3

Evolution (Buy, TP: SEK1100.00) - Play it right in fencing

Despite intact 2025 EBITDA margin guidance, a soft Q1 and near-term uncertainties made us cut our 2025–2027e EPS by c10%. The step-up of focus on regulated markets supports the long-term case, although it comes with costs near-term. We reiterate our BUY but have cut our target price to SEK1,100 (1,440). We expect buybacks, expansion, new games, and growth improvements to strengthen the story later in 2025.