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888 Holdings Plc (GB:EVOK)
LSE:EVOK

888 Holdings (EVOK) AI Stock Analysis

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GB:EVOK

888 Holdings

(LSE:EVOK)

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Neutral 41 (OpenAI - 4o)
Rating:41Neutral
Price Target:
24.00p
▲(12.94% Upside)
The overall stock score is primarily influenced by financial performance and technical analysis. Despite strong revenue growth, the company faces significant profitability and financial stability challenges. The technical indicators suggest a bearish trend, and valuation metrics are unfavorable due to ongoing losses.
Positive Factors
Revenue Growth
Consistent revenue growth over multiple quarters indicates a strong market position and effective business strategies, supporting long-term expansion.
Profitability Improvement
Significant EBITDA growth reflects improved operational efficiency and cost management, enhancing the company's financial health and sustainability.
Deleveraging Efforts
Reducing leverage strengthens the balance sheet, lowers financial risk, and increases flexibility for future investments and growth opportunities.
Negative Factors
Negative Equity
Negative equity indicates financial instability, posing risks to long-term viability and limiting the company's ability to secure financing.
Profitability Challenges
Ongoing negative profit margins highlight operational inefficiencies and profitability challenges, which can hinder sustainable growth and investor confidence.
High Leverage
Significant leverage increases financial risk and interest obligations, potentially impacting cash flow and limiting strategic flexibility.

888 Holdings (EVOK) vs. iShares MSCI United Kingdom ETF (EWC)

888 Holdings Business Overview & Revenue Model

Company DescriptionEvoke plc, together with its subsidiaries, provides online betting and gaming products and solutions in the United Kingdom, Ireland Italy, Spain, and internationally. The company operates through Retail, UK Online, and International segments. It engages in the operation of gaming machines; and sports betting, casino, poker, and other gaming products, as well as offers telephone betting services. The company owns and operates its business through William Hill, 888casino, 888poker, 888sport, Mr Green, William Hill Vegas, SI Casino, and SI Sportsbook brands. The company was formerly known as 888 Holdings plc and changed its name to Evoke plc in May 2024. Evoke plc was founded in 1997 and is headquartered in Gibraltar, Gibraltar.
How the Company Makes Money888 Holdings generates revenue primarily through its online gaming operations, which include sports betting, casino games, and poker. The company earns money by taking a percentage of the wagers placed by players, as well as through entry fees for poker tournaments and other gaming activities. Key revenue streams include the sale of gaming products, commissions from sports betting, and promotional offers that attract new customers. Additionally, 888 Holdings often partners with various gaming operators and affiliates to enhance its market presence and drive traffic to its platforms, further contributing to its earnings. The company also benefits from regulatory licenses in multiple jurisdictions, allowing it to operate legally and profitably in various markets, which is a significant factor in its revenue generation.

888 Holdings Earnings Call Summary

Earnings Call Date:Aug 13, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Mar 18, 2026
Earnings Call Sentiment Positive
The earnings call reflects a positive sentiment with significant improvements in profitability, consistent revenue growth, and effective deleveraging efforts. However, there are challenges in certain markets and segments, particularly in U.K. online and retail sports.
Q2-2025 Updates
Positive Updates
Continued Revenue Growth
Achieved fourth consecutive quarter of growth with Q2 growth of 5%, driven by strong performances in international core markets and retail returning to growth.
Significant Increase in Profitability
EBITDA increased by 44% in H1 2025, reaching GBP 166 million. LTM EBITDA now at GBP 363 million, reflecting improved profitability.
Deleveraging Efforts
Leverage reduced to 5x, a 1.7 turn improvement over the last 12 months, with a target to reduce it below 3.5x by 2027.
Strong International Segment Performance
International segment revenue grew by 13%, driving a more than doubling of EBITDA to GBP 86 million, making up over half of the group's EBITDA.
Retail Growth
Retail returned to growth in Q2, driven by the rollout of 5,000 new gaming machines, resulting in a 15% increase in gross win per machine per week.
Negative Updates
Flat Revenue in U.K. Online
U.K. online revenue was down 1% for H1 2025, with challenges including poor marketing returns for the 888 brand and a focus on profitability over volume.
Decline in Retail Sports
Retail revenue down 2% for the half, driven by sports, impacted by market-wide issues like pressure on the racing industry and high street footfall dynamics.
Impact of Increased Costs
Higher fixed costs from National Insurance and National Living Wage changes impacted retail profitability, despite some cost savings.
Challenges in Specific Markets
While international growth was strong, there were specific challenges in markets like Spain, where sports product performance lagged, and recent tax increases in Romania.
Company Guidance
During the call regarding H1 2025 results, the company reported several key metrics that highlight its financial progress and strategic focus. Revenue growth was a central theme, with the company experiencing a fourth consecutive quarter of revenue growth, achieving a 5% increase in Q2. Adjusted EBITDA for the first half reached GBP 166 million, marking a 44% year-over-year increase. The company also reported a significant reduction in leverage, which decreased to 5x, down from 5.7x at the end of 2024. The international segment was a standout performer, contributing over half of the group's EBITDA with a 13% revenue growth, while the UK online segment showed flat revenue but a 37% increase in EBITDA due to a focus on profitability. Additionally, retail operations returned to growth in Q2, driven by new gaming machines, despite a 2% decline for the half. Looking ahead, the company reiterated its guidance for 2025, targeting 5% to 9% revenue growth and an EBITDA margin of at least 20%, while maintaining its focus on both short-term operational improvements and long-term strategic investments.

888 Holdings Financial Statement Overview

Summary
The company shows strong revenue growth but faces profitability issues with persistent net losses. The balance sheet is concerning due to negative equity and high leverage, posing financial stability risks. While cash flow from operations is positive, cash flow management remains a challenge.
Income Statement
45
Neutral
The company has experienced significant revenue growth over the years, increasing from $439.2M in 2019 to $1.75B in 2024. However, the net profit margin has been negative for recent years, indicating ongoing profitability challenges. The gross profit margin remains healthy, at around 65.6% for 2024, but the negative EBIT margin highlights operational inefficiencies.
Balance Sheet
30
Negative
The company has a negative stockholders' equity as of 2024, reflecting more liabilities than assets, which is a significant risk factor. The debt-to-equity ratio cannot be calculated due to negative equity, but the high total debt of $1.83B suggests substantial leverage. The equity ratio is also negative, further emphasizing the financial instability.
Cash Flow
60
Neutral
Operating cash flow has improved, contributing to positive free cash flow of $131.1M in 2024. The free cash flow to net income ratio is positive, indicating some financial flexibility. However, the free cash flow growth rate has been volatile, and overall cash flow management needs improvement.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue1.78B1.75B1.71B1.24B712.30M696.58M
Gross Profit961.20M1.15B1.14B798.30M459.10M561.74M
EBITDA311.40M234.40M289.70M82.50M89.20M61.28M
Net Income-113.30M-192.00M-56.40M-120.60M49.90M11.28M
Balance Sheet
Total Assets2.60B2.67B2.75B2.95B400.11M485.78M
Cash, Cash Equivalents and Short-Term Investments242.90M265.40M256.20M317.60M175.31M189.64M
Total Debt1.82B1.83B1.75B1.79B22.90M33.64M
Total Liabilities2.77B2.77B2.67B2.79B275.70M335.66M
Stockholders Equity-189.70M-116.40M79.90M159.20M124.33M150.12M
Cash Flow
Free Cash Flow101.20M131.10M81.10M-107.00M76.02M145.92M
Operating Cash Flow104.50M226.50M151.40M-30.20M98.69M178.86M
Investing Cash Flow-114.50M-93.70M-21.10M-428.90M-22.60M-30.84M
Financing Cash Flow4.90M-103.50M-188.60M588.30M-52.09M-58.79M

888 Holdings Technical Analysis

Technical Analysis Sentiment
Negative
Last Price21.25
Price Trends
50DMA
33.54
Negative
100DMA
45.17
Negative
200DMA
51.36
Negative
Market Momentum
MACD
-3.72
Negative
RSI
28.50
Positive
STOCH
24.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:EVOK, the sentiment is Negative. The current price of 21.25 is below the 20-day moving average (MA) of 24.56, below the 50-day MA of 33.54, and below the 200-day MA of 51.36, indicating a bearish trend. The MACD of -3.72 indicates Negative momentum. The RSI at 28.50 is Positive, neither overbought nor oversold. The STOCH value of 24.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:EVOK.

888 Holdings Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
£113.75M14.1724.79%21.27%21.93%
74
Outperform
£855.51M8.97162.79%
65
Neutral
£493.72M11.0712.43%2.59%8.26%263.36%
61
Neutral
$18.38B12.79-2.54%3.03%1.52%-15.83%
59
Neutral
£4.83B-9.45-28.60%2.22%5.14%-7.80%
41
Neutral
£95.52M-0.845.26%32.20%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:EVOK
888 Holdings
21.25
-40.00
-65.31%
GB:GMR
Gaming Realms
39.40
3.15
8.69%
GB:RNK
Rank Group plc
100.40
16.86
20.18%
GB:B90
B90 Holdings
4.25
1.05
32.81%
GB:ENT
Entain plc
751.00
86.78
13.06%
GB:PTEC
Playtech
284.50
3.83
1.36%

888 Holdings Corporate Events

Regulatory Filings and Compliance
Evoke PLC Announces Total Voting Rights
Neutral
Dec 1, 2025

Evoke PLC has announced its total voting rights as of November 30, 2025, in compliance with the FCA’s Disclosure and Transparency Rules. The company’s issued share capital consists of 450,173,086 ordinary shares, each carrying one vote, which shareholders can use to calculate their interests or changes in their interests in the company.

Business Operations and StrategyRegulatory Filings and Compliance
Evoke Plc Warns of Negative Impact from UK Gaming Duty Increases
Negative
Nov 26, 2025

Evoke Plc has expressed concerns over the UK government’s decision to increase the Remote Gaming Duty from 21% to 40% by April 2026 and introduce a new 25% online sports betting duty from April 2027. The company believes these changes will lead to significant job losses, reduced investment in the UK market, and a shift of consumer activity to the unregulated black market, ultimately decreasing tax revenue and compromising player protection. Evoke plans to mitigate the financial impact through cost-saving measures and anticipates further market consolidation as smaller operators may exit due to rising costs.

Regulatory Filings and Compliance
Evoke PLC Announces Total Voting Rights
Neutral
Nov 3, 2025

Evoke PLC has announced its total voting rights as of October 31, 2025, in accordance with the FCA’s Disclosure and Transparency Rules. The company’s issued share capital consists of 449,990,776 Ordinary GBP£0.005 shares, each carrying one voting right. This information is crucial for shareholders to determine their notification obligations regarding their interests in the company.

Private Placements and FinancingBusiness Operations and StrategyFinancial Disclosures
Evoke Plc Reports Continued Revenue Growth and Strategic Advancements in Q3 2025
Positive
Oct 28, 2025

Evoke Plc reported a 5% revenue growth in Q3 2025, marking its fifth consecutive quarter of year-over-year growth, driven by strong performances in its retail and international divisions. The company successfully refinanced its 2027 EUR fixed rate notes, achieving significant annual cash interest cost savings. Strategic advancements included growth in Denmark and Italy, and the launch of new products like the William Hill Vegas app, enhancing customer engagement and profitability. The company remains confident in achieving its FY25 financial targets, focusing on sustainable growth and operational efficiency.

Executive/Board ChangesBusiness Operations and Strategy
Evoke plc Announces Leadership Changes to Drive Future Growth
Positive
Oct 21, 2025

Evoke plc announced a significant change in its board leadership, with Lord Jon Mendelsohn stepping down as Chair and Non-Executive Director after five years. Mark Summerfield has been appointed as the new Non-Executive Chair, while Anne de Kerckhove takes on the role of Deputy Chair. These changes are expected to guide the company through its next phase of growth and stability, reinforcing its position as a leading player in the betting and gaming industry.

Regulatory Filings and Compliance
Evoke PLC Announces Total Voting Rights
Neutral
Oct 1, 2025

Evoke PLC has announced its total voting rights as of September 30, 2025, in compliance with the FCA’s Disclosure and Transparency Rules. The company has issued 449,990,776 ordinary shares, each with one voting right, which shareholders can use to calculate their interests or changes in interest in the company.

Regulatory Filings and Compliance
Evoke PLC Announces Total Voting Rights
Neutral
Oct 1, 2025

Evoke PLC has announced its total voting rights in accordance with the FCA’s Disclosure and Transparency Rules. As of September 30, 2025, the company has an issued share capital of 449,990,776 ordinary shares, each with one vote, making the total number of voting rights 449,990,776. This information is crucial for shareholders to determine their notification requirements under FCA rules.

Private Placements and FinancingBusiness Operations and Strategy
Evoke PLC Announces Successful Note Offering and New Credit Facility
Positive
Sep 11, 2025

Evoke PLC has announced the successful pricing of €600 million in senior secured notes due in 2031 and the establishment of a new £200 million multicurrency revolving credit facility. These financial maneuvers are expected to reduce cash interest costs by approximately £5 million annually, extend the maturity profile with no significant maturities before 2028, and slightly increase net debt by £17 million. The CEO highlighted the strengthened performance and strategic progress of the company, with a focus on executing plans to deleverage and create value for stakeholders.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Dec 11, 2025