Evolution AB (publ) (EVGGF)
適正価値ファンダメンタル
60
株価
$801.00
時価総額
$153.55B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
競争優位性（moat）
規模の経済 · 狭いRunning 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.
需要を左右する要因
中程度の景気循環性Demand 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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 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.
貸借対照表と流動性
売上高
$1.95B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$974M
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$915M
自己資本合計
$3.99B
負債合計
$90M
流動比率
2.04
利払い倍率
-
負債/EBITDA
0.07
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$832.93
現在株価
$801.00
安全マージン
+3.8%
適正価値レンジ
$541.41 - $1124.46
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
148.83
ROE
26.7%
P/B レシオ
36.29
P/FCF
167.74
粗利益率
100.0%
ROIC
22.8%
収益性レーダー
価値創造（経済的モート）
ROIC
22.8%
WACC
8.0%
ROIC − WACC
+14.8 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（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
不合格（9）
- P/FCF 167.74
- P/B Ratio 36.29
- 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
データなし（6）
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 |
監査リスク
8
取締役会リスク
3
報酬リスク
6
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for EVGGF, sourced from Markets Gazette.