Heads-up for report 24 April

Growth to stabilise

Q1e: 19% organic growth and 69.6% margin. Potential competition a live issue, but not our biggest concern. Keep BUY at 17-15x '25e-'26e P/E, small upside to cons.

Cash (flow) is king

Strong European growth and NA recovering sequentially. '24e-'25e FCF conversion >100% paves the way for further increased shareholder remuneration – we keep BUY

Strong underlying growth continues

Heads-up for report 1 February

Valuation rebound has more to give

Q4: slowing organic growth already priced. Eyes on the '24 margin guidance – we expect 69-71%. Further recovery left – keep BUY at 19-16x '24e-'25e P/E.

Catalyst

CEO Mr. Carlesund is again buying the dip adding SEK 100m of shares to his holding at ATL multiples. Last time he did this on a dip, we saw an 82% return to '23 highs.

Luxury problems

Posting ~27% org. growth while under serving demand with >100% cash conversion, does not reflect the valuation. Maintain BUY - potential buyback program would be a trigger.

Soft top line, but mind the FX headwind

Heads-up for report 26 October

Unwarranted multiple contraction

We expect Q3 organic growth of 28%. Minor estimate revisions while the share continues to plummet, meaning Evo is just getting cheaper. BUY, TP SEK 1,650.

Outlook remains strong

The Q2 report was a touch softer on the top-line than we expected, offset by better cost control, which drove ATH margins.

Margin beat & EBIT meet is not enough

Heads-up for report 21 July

Q2e: Softer sequential top-line growth

Odds in favour

Notably stable estimate trend, but multiples have fluctuated. Focus on total earnings growth, not where it stems from. ~60% "gambling discount" is too steep — BUY, TP SEK 1,600.

Solid Q1 not appreciated enough: BUY

36% Live growth and 60% FCF margin apparently not enough. '23e-'25e EBITA up 2-4% on growth and cost control. BUY, 18% '22-'25e dil. EPS CAGR at '23e of P/E 24x.

FCF machine

Heads-up for report 27 April

Rock solid

Another quarter of >30% sales growth driven by Live. Minor sequential margin improvement, but the right direction. Keep BUYing strong earnings growth with low estimate risk.