888 Holdings Plc (GB:EVOK)
LSE:EVOK
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888 Holdings
(LSE:EVOK)
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Rating:52Neutral
Price Target:
39.00 p
▲(30.43% Upside)
Action:ReiteratedDate:05/01/26
The score is held back primarily by weak financial fundamentals—persistent losses and negative equity—despite improved cash generation. Technical signals are moderately positive and the latest earnings call suggests improving EBITDA and deleveraging with reiterated guidance, but valuation remains challenged due to loss-making results and no stated dividend yield.
Positive Factors
Free cash flow generation
Consistent positive free cash flow across 2023–2025, including ~£87m in 2025, provides durable internal funding to reduce leverage, invest in product and retail rollouts, and absorb shocks. Reliable cash generation materially improves strategic flexibility versus peers reliant on external financing.
Negative Factors
Negative shareholders' equity
Persistent negative equity (~-£681m in 2025) indicates accumulated losses and a thin balance-sheet cushion. This structural weakness constrains capital flexibility, raises solvency and covenant risk, and limits ability to absorb shocks or pursue large M&A without external recapitalisation.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Consistent positive free cash flow across 2023–2025, including ~£87m in 2025, provides durable internal funding to reduce leverage, invest in product and retail rollouts, and absorb shocks. Reliable cash generation materially improves strategic flexibility versus peers reliant on external financing.
Read all positive factors
888 Holdings (EVOK) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£156.35M
Dividend YieldN/A
Average Volume (3M)1.06M
Price to Earnings (P/E)―
Beta (1Y)0.90
Revenue Growth1.56%
EPS Growth-185.45%
CountryUK
Employees5,903
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)-1.21
Shares Outstanding450,403,780
10 Day Avg. Volume1,580,821
30 Day Avg. Volume1,064,675
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-0.20
Price to Sales (P/S)0.08
P/FCF Ratio1.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.06
Revenue Forecast (FY)£1.88B
888 Holdings Business Overview & Revenue Model
Company Description
Evoke 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 e...
How the Company Makes Money
888 Holdings primarily makes money by earning net gaming revenue from real-money wagering and gameplay across its online casino, sports betting, poker, and bingo products. For online casino, bingo, and poker, revenue is generally generated from th...
888 Holdings Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Aug 19, 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.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.
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.
Read all updates
Q2-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
34
Negative
Balance Sheet
18
Very Negative
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.78B | 1.75B | 1.71B | 1.24B | 712.30M |
| Gross Profit | 979.00M | 1.15B | 1.14B | 798.30M | 459.10M |
| EBITDA | 126.50M | 234.40M | 289.70M | 82.50M | 89.20M |
| Net Income | -547.50M | -192.00M | -56.40M | -120.60M | 49.90M |
Balance Sheet | |||||
| Total Assets | 2.10B | 2.67B | 2.75B | 2.95B | 400.11M |
| Cash, Cash Equivalents and Short-Term Investments | 264.30M | 265.40M | 256.20M | 317.60M | 175.31M |
| Total Debt | 1.89B | 1.83B | 1.75B | 1.79B | 22.90M |
| Total Liabilities | 2.77B | 2.77B | 2.67B | 2.79B | 275.70M |
| Stockholders Equity | -680.60M | -116.40M | 79.90M | 159.20M | 124.33M |
Cash Flow | |||||
| Free Cash Flow | 86.60M | 131.10M | 81.10M | -107.00M | 76.02M |
| Operating Cash Flow | 91.00M | 226.50M | 151.40M | -30.20M | 98.69M |
| Investing Cash Flow | -115.30M | -93.70M | -21.10M | -428.90M | -22.60M |
| Financing Cash Flow | -21.30M | -103.50M | -188.60M | 588.30M | -52.09M |
888 Holdings Technical Analysis
Positive
29.90
Price Trends
29.98
Positive
27.24
Positive
40.59
Negative
Market Momentum
1.41
Negative
69.86
Neutral
71.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:EVOK, the sentiment is Positive. The current price of 29.9 is below the 20-day moving average (MA) of 32.37, below the 50-day MA of 29.98, and below the 200-day MA of 40.59, indicating a neutral trend. The MACD of 1.41 indicates Negative momentum. The RSI at 69.86 is Neutral, neither overbought nor oversold. The STOCH value of 71.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:EVOK.
888 Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | £95.73M | 8.94 | 15.38% | ― | 10.22% | -33.00% | |
65 Neutral | £1.03B | 0.68 | 99.57% | 163.36% | ― | ― | |
64 Neutral | £468.43M | 6.26 | 9.03% | 2.58% | 5.13% | 6.55% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | £3.51B | -2.16 | -57.07% | 2.24% | 3.34% | -47.20% | |
53 Neutral | £10.58M | -73.85 | ― | ― | ― | ― | |
52 Neutral | £156.35M | -0.07 | 125.82% | ― | 1.56% | -185.45% |
* Consumer Cyclical Sector Average
GB:EVOK
888 Holdings
33.90
-19.10
-36.04%
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888 Holdings Corporate Events
Regulatory Filings and Compliance
Evoke plc Corrects Total Voting Rights and Confirms Share Capital
Neutral
May 1, 2026
Evoke plc has corrected a previous disclosure, clarifying that its issued share capital and total voting rights as of 31 March 2026 were 450,403,766 ordinary shares, not the higher figure previously reported. As of 30 April 2026, the company confi...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Evoke boosts profits but takes hefty UK duty hit as takeover talks progress
Negative
Apr 30, 2026
Evoke reported a second consecutive year of adjusted profitable growth in 2025, with revenue up 2% to £1.78bn and adjusted EBITDA rising 14% to £356.2m, driven by stronger online gaming, tighter marketing spend and cost efficiencies, des...
Business Operations and StrategyFinancial Disclosures
Evoke Plc Pushes Back FY25 Results by One Day, Confirms Trading on Track
Neutral
Apr 28, 2026
Evoke Plc said it will publish its audited results for the year ended 31 December 2025 one day later than planned, moving the release from 29 April to 30 April 2026. The board stressed that trading remains in line with expectations and that there ...
M&A Transactions
Evoke Confirms Possible 50p-Per-Share Takeover Talks With Bally’s Intralot
Neutral
Apr 20, 2026
Evoke plc has confirmed it is in discussions with Bally’s Intralot S.A. over a possible takeover offer valuing the entire issued and to-be-issued share capital at 50 pence per share. The proposal is structured as an all-share combination wit...
Business Operations and StrategyRegulatory Filings and Compliance
Evoke plc Updates Market on Share Allotments Under Long-Term Incentive Plan
Neutral
Apr 14, 2026
Evoke plc has reported its latest six-month block listing return for shares issued under the Evoke Long Term Incentive Plan, covering the period from 14 October 2025 to 13 April 2026. During this period, 412,990 securities were allotted under the ...
Regulatory Filings and Compliance
Evoke plc Sets Total Voting Rights at 450.6 Million Shares
Neutral
Apr 1, 2026
Evoke plc has confirmed that, as of 31 March 2026, its issued share capital comprises 450,634,446 ordinary shares of GBP£0.005 each, with one vote attached to every share. This disclosure sets the official total of voting rights at 450,634,44...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Evoke sets date for FY25 results as strategic review and sale talks continue
Positive
Mar 18, 2026
Evoke Plc said it will publish its full-year 2025 results on 29 April 2026 and expects revenue and adjusted EBITDA to align with guidance issued in January. The company added that trading in the first quarter of 2026 has started positively and rem...
Regulatory Filings and Compliance
Evoke plc Confirms Total Voting Rights at 450.2 Million Shares
Neutral
Mar 2, 2026
Evoke plc has confirmed that as of 28 February 2026 its issued share capital comprises 450,173,086 ordinary shares of GBP£0.005 each, with one voting right attached to every share. This figure sets the total number of voting rights at 450,173...
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.