Good opportunities in a pressured sector

Hitting the trough

BUY on trough earnings

Kambi Group Plc: 2 directors

Two Directors at Kambi Group Plc bought 3,970 shares at between 120.300SEK and 122.900SEK. The significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over t...

Decent player activity in Q2 to date

Treading water

Q1 adj. EBITDA miss, but unchanged guidance

In need of stabilisation

Catena Media: 1 director

A director at Catena Media bought 212,053 shares at 1.713SEK and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...

Weak Q1, hybrid update and cost measures

Early Q2 players up 1% vs Q1

A new base

Kambi (Buy, TP: SEK195.00) - Aiming for the next league

Q1 earnings fell shy of our forecast due to non-cash FX revaluations, and the company maintained its underlying 2025 EBITA guidance of EUR20m–25m. We remain confident of an earnings improvement during the year – driven by a greater contribution from Brazil, the launch of the key OLG contract and cost efficiencies – and expect the client pipeline to materialise further. We reiterate our BUY and SEK195 target price.

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.

Big Q1 disappointment, but exaggerated reaction

Outlook unchanged, keep BUY

Big sales miss, concerning growth numbers

Slight Q1 sales miss, reiterated '25 guidance

Heads-up for report 30 April

Treading water until '26e acceleration