Evolution AB (publ) (EVGGF)
Valor JustoFundamental
60
Precio
$781.60
Capitalización Bursátil
$153.55B
Parte 1 · Cuánto vale la empresa
Resumen
Evolution supplies live-dealer casino games and computer-generated (RNG) casino games to online gambling operators around the world, rather than running its own casino or taking bets from consumers directly. It builds and staffs television-style studios where real dealers run roulette, blackjack and game-show-style formats streamed live to players on partner websites, and separately develops slot-style games generated entirely by software. Its customers are the licensed gambling operators who put Evolution's games on their own platforms.
Cómo genera ingresos
Evolution is paid a share of the betting revenue its games generate for the gambling operators that license them — a business-to-business model with no direct consumer transactions or marketing spend of its own. Most of that revenue still comes from live-dealer games, the format the company pioneered and where its studio scale is hardest to replicate; a smaller and growing share comes from RNG games following recent studio acquisitions. Full-year 2025 group revenue was essentially flat at €2.07 billion.
Ventaja competitiva
Escala · EstrechaRunning live-dealer studios profitably requires enough volume across many tables and languages to spread fixed costs like staffing, real estate and broadcast technology — a scale advantage the largest live-casino supplier holds over smaller rivals. It is not unassailable: RNG games face lower barriers to entry, and gambling operators can and do work with more than one games supplier at once.
Qué impulsa la demanda
Moderadamente cíclicoDemand follows overall online gambling activity, which grows steadily with internet penetration and the legalization of regulated online gambling in new markets, but is less tied to the broader economic cycle than most consumer sectors since gambling spending persists in downturns. Regulatory swings in individual countries — new taxes, advertising limits or market restrictions — can move revenue faster than the economic cycle does.
Los argumentos a favor
Buyers argue that Evolution's live-dealer studio scale and first-mover advantage are difficult for smaller suppliers to replicate, that legalization of regulated online gambling in new markets extends its growth runway, and that a business-to-business licensing model without direct consumer acquisition costs supports high margins.
Los argumentos en contra
Sellers worry that 2025's roughly flat revenue points to a maturing core live-casino market in its largest regions, that regulatory tightening in individual European markets can remove revenue with little warning, and that RNG games face lower barriers to entry than the live-dealer format that built the company's lead.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de septiembre de 2026 with claude-haiku-4-5 — shared with all users
Through Authentic Gaming and its iGaming content division, Light & Wonder supplies live roulette and online casino games to the same operators in the United States and Europe.
Playtech is the other large B2B supplier selling live dealer tables and online casino content to the same licensed operators Evolution serves across Europe and regulated markets.
Privately held Pragmatic Play moved from slots into live dealer studios and is the fastest-growing challenger for the same operator contracts and player time.
The private company formerly known as Microgaming competes on both fronts, with the OnAir Entertainment live studios and a large slot catalogue sold to the same operators.
The Dutch private supplier built its own live casino studios and sells them to the same European operators, competing directly for table placement in the online lobby.
Balance y Liquidez
Ingresos
$1.95B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Beneficio Neto
$974M
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Flujo de Caja Libre
$915M
Patrimonio Neto Total
$3.99B
Pasivo Total
$90M
Ratio de Liquidez
2.04
Cobertura de Intereses
-
Deuda/EBITDA
0.07
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$832.87
Precio Actual
$781.60
Margen de Seguridad
+6.2%
Rango de Valor Justo
$541.36 - $1124.37
Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.
Métodos de Estimación
Métricas de Valoración
Ratio P/E
146.91
ROE
26.7%
Ratio P/B
35.83
P/FCF
167.74
Margen Bruto
100.0%
ROIC
22.8%
Radar de Rentabilidad
Creación de Valor (Ventaja Competitiva)
ROIC
22.8%
WACC
8.0%
ROIC − WACC
+14.8 pp
El ROIC supera el coste del capital: la empresa está creando valor para los accionistas.
Criterios de Análisis Fundamental
Superado (12)
- Price CAGR 31.33%
- ROIC 22.8%
- Gross Margin 100.0%
- Debt/Equity ratio
- Operating Margin 58.8%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- ROE 25.9%
- Revenue Growth 5Y 30.4%
- PEG Ratio 0.50
- Earnings Quality (OCF/NI) 1.23
Fallido (9)
- P/FCF 167.74
- P/B Ratio 35.83
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 20% Buy
- Earnings Surprise avg 1.4%
- Net Margin Trend 51.4% vs 60.3%
- Piotroski F-Score 2/9
No disponible (6)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-Score
Preocupaciones financieras graves
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Participaciones institucionales
No hay declaraciones institucionales para esta empresa.
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Mr. Jens von Bahr | Co-Founder, Chairman & President | 54 |
| Mr. Martin Carlesund | Group Chief Executive Officer | 55 |
| Mr. Fredrik Österberg | Co-Founder & Director | 55 |
| Mr. Joakim Andersson | Chief Financial Officer | 51 |
| Mr. Carl Herman Linton | Head of Investor Relations | 53 |
| Amy Riches | Head of Marketing | - |
| Ms. Louise Wivén-Nilsson | Chief Human Resources Officer | 53 |
| Mr. Todd Haushalter | Chief Product Officer & Games Operations | 47 |
| Mr. Jesper Von Bahr | Chief Strategy Officer & Secretary | 55 |
Riesgo de Auditoría
8
Riesgo del Consejo
3
Riesgo de Compensación
6
Riesgo de Derechos del Accionista
1
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for EVGGF, sourced from Markets Gazette.