Evolution AB (publ) (EVGGF)
Fair ValueFundamental
60
मूल्य
$794.40
मार्केट कैप
$153.55B
भाग 1 · कंपनी का मूल्य कितना है
अवलोकन
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.
यह पैसा कैसे कमाती है
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.
प्रतिस्पर्धी बढ़त (Moat)
स्केल · संकीर्णRunning 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.
मांग को क्या चलाता है
मध्यम रूप से चक्रीयDemand 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.
खरीदने के पक्ष में तर्क
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.
बेचने के पक्ष में तर्क
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 अगस्त 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 सितंबर 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.
बैलेंस शीट और तरलता
राजस्व
$1.95B
अंतिम प्रकाशित तिमाही तक के पिछले 12 महीने — प्रति शेयर मेट्रिक्स से अनुमानित
शुद्ध आय
$974M
अंतिम प्रकाशित तिमाही तक के पिछले 12 महीने — प्रति शेयर मेट्रिक्स से अनुमानित
Free Cash Flow
$915M
कुल इक्विटी
$3.99B
कुल देनदारियाँ
$90M
Current Ratio
2.04
Interest Coverage
-
Debt/EBITDA
0.07
Earnings Per Share
राजस्व और शुद्ध आय
Free Cash Flow
आय विवरण
ऐतिहासिक विवरण
समय के साथ मार्जिन
समय के साथ ऋण
ऋण कितना भारी है
वृद्धि तालिका
वृद्धि — राजस्व
Fair Value अनुमान
Fair Value
$832.87
वर्तमान मूल्य
$794.40
Margin of Safety
+4.6%
Fair Value सीमा
$541.36 - $1124.37
इस्तेमाल किए गए valuation methods के बीच का फैलाव, कोई सांख्यिकीय रूप से calibrated confidence interval नहीं।
अनुमान विधियाँ
मूल्यांकन मेट्रिक्स
P/E Ratio
146.91
ROE
26.7%
P/B Ratio
35.83
P/FCF
167.74
Gross Margin
100.0%
ROIC
22.8%
लाभप्रदता Radar
मूल्य सृजन (प्रतिस्पर्धी बढ़त)
ROIC
22.8%
WACC
8.0%
ROIC − WACC
+14.8 pp
ROIC पूंजी की लागत से अधिक है — कंपनी शेयरधारकों के लिए मूल्य सृजित कर रही है।
Fundamental विश्लेषण मानदंड
पास (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
फेल (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
अनुपलब्ध (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
गंभीर वित्तीय चिंताएं
Earnings गुणवत्ता
उच्च गुणवत्ता: earnings नकदी द्वारा समर्थित
शेयर Dilution
शेयर वापस खरीद रही है। शेयरधारक अनुकूल
संस्थागत होल्डिंग
इस कंपनी के लिए कोई संस्थागत घोषणा उपलब्ध नहीं है।
प्रशासन
कार्यकारी टीम
| नाम | पद | आयु |
|---|---|---|
| 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 |
Audit जोखिम
8
बोर्ड जोखिम
3
मुआवजा जोखिम
6
शेयरधारक अधिकार जोखिम
1
भाग 2 · कीमत और खरीदने का समय
यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।
Latest News
Recent headlines for EVGGF, sourced from Markets Gazette.