Evolution AB (publ) (EVGGF)
Juste valeurFondamental
60
Prix
$791.80
Capitalisation boursière
$153.55B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Avantage concurrentiel
Économies d'échelle · ÉtroitRunning 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.
Ce qui stimule la demande
Modérément cycliqueDemand 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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 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.
Bilan & Liquidités
Chiffre d'affaires
$1.95B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$974M
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
$915M
Capitaux propres totaux
$3.99B
Passif total
$90M
Ratio de liquidité général
2.04
Couverture des intérêts
-
Dette/EBITDA
0.07
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$832.87
Prix actuel
$791.80
Marge de sécurité
+4.9%
Fourchette de juste valeur
$541.36 - $1124.37
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
146.91
ROE
26.7%
Ratio P/B
35.83
P/FCF
167.74
Marge brute
100.0%
ROIC
22.8%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
22.8%
WACC
8.0%
ROIC − WACC
+14.8 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (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
Échoué (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
Indisponible (6)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 |
Risque d'audit
8
Risque du conseil
3
Risque de rémunération
6
Risque droits des actionnaires
1
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for EVGGF, sourced from Markets Gazette.