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:EVO
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Evolution Gaming Group AB (EVO) AI Stock Analysis

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SE:EVO

Evolution Gaming Group AB

(EVO)

Rating:84Outperform
Price Target:
kr1,012.00
▲(17.27%Upside)
Evolution Gaming Group AB's strong financial fundamentals and fair valuation are the most significant contributors to the stock's solid score. While technical indicators suggest potential short-term volatility, the company's strategic growth initiatives and expansion into new markets support its long-term value proposition. Challenges like slow revenue growth and regulatory issues are notable but are being addressed, maintaining a positive outlook.
Positive Factors
Expansion
Evolution Gaming has opened two new studios in the Philippines and Brazil, marking its first studio in Asia.
Financial Performance
The company has a strong free cash flow yield, which supports a significant share buyback program.
Partnership Development
The partnership with Hasbro has been extended to develop further MONOPOLY products and other Hasbro titles.
Negative Factors
Earnings Miss
A headline +6.1% constant currency revenue growth rate (+3.9% reported) and -4% below consensus expectation, with a negative -9% EBITDA miss implication for the year (-6% miss for 1Q).
Regulatory Impact
Europe's revenue has declined by 6% following a full quarter of regulatory ring-fencing.
Slow Revenue Growth
Revenue growth slowed in all regions globally, most notably in Europe (-1% vs +9% in 4Q24) and Asia (+2% vs +11%).

Evolution Gaming Group AB (EVO) vs. iShares MSCI Sweden ETF (EWD)

Evolution Gaming Group AB Business Overview & Revenue Model

Company DescriptionEvolution Gaming Group AB (EVO) is a leading provider of live casino solutions, primarily serving the online gaming industry. Founded in 2006 and headquartered in Stockholm, Sweden, the company specializes in developing and offering live casino games streamed from state-of-the-art studios. Evolution Gaming's core products include live dealer games, such as blackjack, roulette, baccarat, and game show-style offerings, tailored to meet the needs of online gaming operators worldwide.
How the Company Makes MoneyEvolution Gaming Group AB generates revenue primarily through two main streams: commission fees and fixed fees. The company typically enters into agreements with online gaming operators, where it receives a commission based on a percentage of the operators' winnings generated from the live casino games. Additionally, Evolution charges fixed fees for the provision of its gaming solutions, which can include the setup and customization of live studios for operators and ongoing support services. Evolution Gaming's strong market position is further bolstered by its strategic partnerships with leading online gaming platforms and continuous innovation in developing new and engaging live casino game formats.

Evolution Gaming Group AB Earnings Call Summary

Earnings Call Date:Jul 17, 2025
(Q2-2025)
|
% Change Since: 12.25%|
Next Earnings Date:Oct 23, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a mixed performance with significant achievements in new markets and partnerships, while facing challenges in regulatory compliance and cybercrime. Growth in North America and new studio launches are positive indicators, but slow overall revenue growth and challenges in Europe and Asia present ongoing concerns.
Q2-2025 Updates
Positive Updates
North American Growth
North America continues on a growth trajectory with a year-on-year increase of nearly 23%, achieving a total revenue of EUR 73.9 million. The region is performing well in the Live segment, benefiting from a healthy regulatory environment.
Launch of New Studios
Evolution has launched new studios in the Philippines and Brazil, marking significant milestones in the company's expansion into these regulated markets.
Exclusive Agreement with Hasbro
Evolution signed a groundbreaking agreement with Hasbro, making it the exclusive global provider for MONOPOLY and other iconic brands, covering all Evolution brands.
Positive Cash Flow and Share Buyback
The company returned almost EUR 800 million to shareholders through dividends and share buybacks in the first half of the year.
Negative Updates
Slow Revenue Growth
Net revenue saw a modest year-on-year growth of 3.1%, impacted by regulatory changes and cybercrime activities.
Challenges in Europe
Revenue in Europe decreased by 5% compared to the first quarter, primarily due to proactive ring-fencing measures and regulatory changes.
Cybercrime in Asia
Ongoing cybercrime activity in Asia continues to challenge the company, although some growth is beginning to return.
RNG Segment Performance
RNG revenues only grew by 0.3% year-on-year, impacted by the largest payout ever for the company in RNG.
Company Guidance
In the second quarter of 2025, Evolution reported net revenue of EUR 524.3 million, marking a year-on-year growth of 3.1%. The EBITDA stood at EUR 345.3 million with a margin of 65.9%, aligning with the full-year guidance of 66% to 68%. The company's Life segment generated EUR 453.7 million in revenue, reflecting a 3.6% growth, while RNG revenue was EUR 70.6 million, growing marginally by 0.3% year-on-year. Evolution's operational challenges included regulatory impacts in Europe, leading to a slight revenue drop, and ongoing cybercrime issues in Asia, although the latter region saw a return to growth with a 4% increase. The headcount remained stable at over 22,000, with a year-on-year growth of 5.2%. The company launched new studios in the Philippines and Brazil and signed significant agreements, including a licensing deal with Hasbro. Looking ahead, Evolution remains cautiously optimistic about the second half of 2025, expecting stronger performance and maintaining its full-year margin estimate.

Evolution Gaming Group AB Financial Statement Overview

Summary
Evolution Gaming Group AB shows an exceptionally strong financial performance marked by high profitability with a gross profit margin of 100% and a net profit margin of 57.6%. The balance sheet is robust with low leverage and a strong equity ratio, although there's a slight decrease in equity. Cash flow is efficient with positive free cash flow growth.
Income Statement
95
Very Positive
Evolution Gaming Group AB demonstrates an exceptionally strong income statement with a very high gross profit margin of 100% and a net profit margin of approximately 57.6% for the TTM period. Revenue growth has been robust, with the latest TTM revenue representing a significant increase from prior periods. Margins such as EBIT and EBITDA are also very high, indicating excellent operational efficiency and profitability.
Balance Sheet
90
Very Positive
The company's balance sheet is very healthy, with a low debt-to-equity ratio of approximately 0.024, indicating minimal leverage. The equity ratio stands at a solid 75.3%, reflecting a strong capital structure. However, a slight decrease in stockholders' equity from the previous annual report suggests some caution.
Cash Flow
92
Very Positive
Cash flow performance is strong, with a high free cash flow and a favorable operating cash flow to net income ratio of approximately 1.05, indicating efficient cash generation. Free cash flow growth remains positive, supporting the company's ability to invest and return capital to shareholders.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue2.06B1.80B1.46B1.07B561.13M
Gross Profit2.11B1.80B1.46B1.09B572.25M
EBITDA1.59B1.20B1.01B730.94M332.26M
Net Income1.24B1.07B843.36M605.43M284.62M
Balance Sheet
Total Assets5.35B4.97B4.37B3.90B3.17B
Cash, Cash Equivalents and Short-Term Investments787.07M985.76M532.55M421.43M221.68M
Total Debt93.66M79.46M79.55M67.81M49.97M
Total Liabilities1.37B967.27M909.09M712.12M442.94M
Stockholders Equity3.97B4.01B3.46B3.19B2.73B
Cash Flow
Free Cash Flow1.16B1.07B780.53M537.30M279.17M
Operating Cash Flow1.30B1.17B877.47M598.89M316.05M
Investing Cash Flow-247.97M-139.36M-371.60M-154.95M6.82M
Financing Cash Flow-1.24B-574.50M-394.20M-248.52M-279.91M

Evolution Gaming Group AB Technical Analysis

Technical Analysis Sentiment
Positive
Last Price863.00
Price Trends
50DMA
743.52
Positive
100DMA
733.34
Positive
200DMA
797.47
Positive
Market Momentum
MACD
38.00
Negative
RSI
72.44
Negative
STOCH
74.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:EVO, the sentiment is Positive. The current price of 863 is above the 20-day moving average (MA) of 820.26, above the 50-day MA of 743.52, and above the 200-day MA of 797.47, indicating a bullish trend. The MACD of 38.00 indicates Negative momentum. The RSI at 72.44 is Negative, neither overbought nor oversold. The STOCH value of 74.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:EVO.

Evolution Gaming Group AB Peers Comparison

Overall Rating
UnderperformOutperform
Sector (67)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
84
Outperform
kr176.45B13.03
3.62%6.27%11.76%
69
Neutral
kr22.49B10.3823.10%2.89%15.10%23.19%
67
Neutral
€3.90B16.69-0.64%4.41%2.61%-14.42%
65
Neutral
$4.01B23.339.13%-4.66%-32.21%
46
Neutral
kr134.04M-42.17%-31.61%26.26%
* Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SE:EVO
Evolution Gaming Group AB
863.00
-79.95
-8.48%
SE:KAMBI
Kambi Group
140.60
26.80
23.55%
SE:BETS.B
Betsson AB
162.90
47.99
41.76%
SE:CTM
Catena Media
1.72
-4.38
-71.84%

Evolution Gaming Group AB Corporate Events

Evolution AB Enhances Shareholder Value Through Share Repurchase
Aug 4, 2025

Evolution AB has repurchased 173,767 of its own shares between July 28 and August 1, 2025, as part of a board-approved program to improve capital structure and enhance shareholder value. The repurchase, conducted under EU regulations, brings Evolution’s total holdings to 1,910,248 shares, with a maximum of 20,446,216 shares allowed for acquisition, indicating a strategic move to strengthen its market position.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1170.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Enhances Shareholder Value Through Share Repurchase
Jul 28, 2025

Evolution AB has repurchased 171,000 of its own shares between July 21 and July 25, 2025, as part of a program to improve its capital structure and enhance shareholder value. This move aligns with EU regulations and aims to reduce the company’s capital, with Citibank executing the transactions independently on Nasdaq Stockholm.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1170.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Enhances Capital Structure Through Share Repurchase
Jul 21, 2025

Evolution AB has acquired 130,389 of its own shares between July 14 and July 16 as part of a repurchase program aimed at improving its capital structure and enhancing shareholder value. This program, compliant with EU regulations, allows for a maximum acquisition of 20,446,216 shares, with 1,565,481 shares acquired to date, reflecting Evolution’s strategic financial management and commitment to shareholder interests.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1210.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Enhances Capital Structure with Share Buyback
Jul 14, 2025

Evolution AB has repurchased 195,700 of its own shares between July 7 and July 11, 2025, as part of a board-approved program aimed at enhancing capital structure and increasing shareholder value. This buyback, conducted under EU regulations, brings Evolution’s total holding to 1,435,092 shares, with a maximum of 20,446,216 shares eligible for repurchase, reflecting the company’s strategic financial management efforts.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1210.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Enhances Capital Structure with Share Repurchase
Jul 7, 2025

Evolution AB has repurchased 145,000 of its own shares between June 30 and July 4, 2025, as part of a board-approved program aimed at improving its capital structure and enhancing shareholder value. The program, compliant with EU regulations, allows for the acquisition of up to 20,446,216 shares, with Citibank independently managing the transactions on Nasdaq Stockholm. This strategic move is expected to bolster Evolution’s financial positioning and potentially increase investor confidence.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1210.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution Expands US Presence with Bally’s Partnership
Jul 3, 2025

Evolution Gaming Group AB has announced a new partnership with Bally’s Corporation, marking its entry into Rhode Island and expanding its presence in the US online casino market. This partnership includes the introduction of Evolution’s slot games in Rhode Island and exclusive Bally’s branded live dealer Blackjack tables in New Jersey and Pennsylvania, enhancing the gaming experience for Bally’s players.

The most recent analyst rating on (SE:EVO) stock is a Buy with a SEK890.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution Gaming Secures Exclusive Partnership with Hasbro for Online Casino Games
Jul 1, 2025

Evolution Gaming Group AB has entered a multi-year exclusive partnership with Hasbro to develop online live casino and slot games based on popular Hasbro titles like MONOPOLY. This collaboration builds on their successful relationship and positions Evolution as the exclusive licensing partner for Hasbro’s online casino games, with new titles launching in 2026. This partnership is expected to enhance Evolution’s market position and expand its gaming portfolio, potentially increasing its influence in the online gaming industry.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1210.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Enhances Capital Structure Through Share Repurchase
Jun 30, 2025

Evolution AB has repurchased 133,000 of its own shares between June 23 and June 27, 2025, as part of a repurchase program aimed at improving its capital structure and enhancing shareholder value. The program, compliant with EU regulations, is executed by Citibank on Nasdaq Stockholm, and Evolution’s total holding of own shares now amounts to 1,094,392, with a maximum of 20,446,216 shares allowed for acquisition.

The most recent analyst rating on (SE:EVO) stock is a Buy with a SEK1100.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Enhances Shareholder Value Through Share Buyback Program
Jun 23, 2025

Evolution AB has repurchased 49,500 of its own shares from June 16 to June 19, 2025, as part of a share buyback program aimed at improving its capital structure and enhancing shareholder value. This program, compliant with EU regulations, allows for the acquisition of up to 20,446,216 shares, with Citibank independently handling the transactions on Nasdaq Stockholm.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1210.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Enhances Capital Structure with Share Repurchase
Jun 16, 2025

Evolution AB (publ) has acquired 98,045 of its own shares between June 9 and June 13, 2025, as part of a repurchase program aimed at improving its capital structure and enhancing shareholder value. The program, compliant with EU regulations, allows for a maximum acquisition of 20,446,216 shares, with Citibank managing the transactions independently. This move is expected to positively impact Evolution’s market positioning and shareholder interests.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1210.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Enhances Capital Structure with Share Repurchase
Jun 9, 2025

Evolution AB has repurchased 217,000 of its own shares between June 2 and June 5, 2025, as part of a board-approved repurchase program aimed at improving the company’s capital structure and enhancing shareholder value. This program, compliant with EU regulations, allows Evolution to acquire a maximum of 20,446,216 shares, with Citibank independently managing the timing of purchases on Nasdaq Stockholm.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1210.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Enhances Shareholder Value Through Share Repurchase
Jun 2, 2025

Evolution AB has repurchased 202,847 of its own shares between May 26 and May 30, 2025, as part of a board-approved repurchase program aimed at improving its capital structure and enhancing shareholder value. Conducted under the EU Market Abuse Regulation and Safe Harbour Regulation, these acquisitions were executed on Nasdaq Stockholm by Citibank, bringing Evolution’s total holding to 596,847 shares, with a maximum of 20,446,216 shares permitted for acquisition.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1210.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Reduces Share Count Following AGM Decision
May 30, 2025

Evolution AB (publ) announced a reduction in its number of shares following the cancellation of 7,371,042 shares, resulting in a total of 204,462,162 shares and votes as of May 30, 2025. This change, resolved during the Annual General Meeting, reflects the company’s ongoing strategic adjustments and may impact its market positioning and shareholder value.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1210.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Enhances Capital Structure with Share Repurchase
May 26, 2025

Evolution AB (publ) has repurchased 259,000 of its own shares between May 19 and May 23, 2025, as part of a board-approved program aimed at improving its capital structure and enhancing shareholder value. The repurchase was conducted under the EU Market Abuse Regulation and Safe Harbour Regulation, with Citibank executing the transactions independently. This move is expected to positively impact Evolution’s financial health and market positioning, reinforcing its commitment to shareholder interests.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1210.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Enhances Shareholder Value with Share Repurchase
May 19, 2025

Evolution AB has repurchased 135,000 of its own shares as part of a board-approved program aimed at improving its capital structure and enhancing shareholder value. The repurchase, conducted on Nasdaq Stockholm through Citibank, aligns with EU regulations and allows for a maximum acquisition of over 20 million shares, reflecting Evolution’s strategic financial management and commitment to its investors.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1210.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution AB Continues Share Repurchase Program to Optimize Capital Structure
May 14, 2025

Evolution AB (publ) has announced a continuation of its share repurchase program, authorized by the 2025 annual general meeting, to optimize its capital structure and enhance shareholder value. The company plans to repurchase shares worth up to EUR 346 million on Nasdaq Stockholm or another regulated market, following the EU Market Abuse Regulation and Safe Harbour Regulation, with the aim of reducing capital and potentially increasing the value for stakeholders.

The most recent analyst rating on (SE:EVO) stock is a Hold with a SEK1210.00 price target. To see the full list of analyst forecasts on Evolution Gaming Group AB stock, see the SE:EVO Stock Forecast page.

Evolution Gaming Group AB Announces Key Resolutions at Annual Meeting
May 9, 2025

At its annual general meeting, Evolution Gaming Group AB approved several key resolutions, including a dividend of EUR 2.80 per share and the re-election of board members. The meeting also authorized the board to manage share acquisitions and issuances, aiming to optimize capital structure and support potential acquisitions, reflecting the company’s strategic focus on growth and shareholder value.

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: Jul 30, 2025