Evolution AB (publ) (EVGGF)
NEUTRALFundamental
58
Precio
$839.00
Capitalización Bursátil
$155.01B
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
No editorial profile for this company yet
No competitor list for this company yet.
Balance y Liquidez
Ingresos
$2.00B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Beneficio Neto
$997M
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Flujo de Caja Libre
$915M
Patrimonio Neto Total
$4.09B
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
$791.37
Precio Actual
$839.00
Margen de Seguridad
-6.0%
Rango de Valor Justo
$514.39 - $1068.35
Métodos de Estimación
Métricas de Valoración
Ratio P/E
155.41
ROE
26.7%
Ratio P/B
37.90
P/FCF
169.34
Margen Bruto
100.0%
ROIC
22.3%
Radar de Rentabilidad
Value Creation (Economic Moat)
ROIC
22.3%
WACC
8.0%
ROIC − WACC
+14.3 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Criterios de Análisis Fundamental
Superado (12)
- Price CAGR 30.74%
- ROIC 22.3%
- 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 0.44
- Earnings Quality (OCF/NI) 1.23
Fallido (9)
- P/FCF 169.34
- P/B Ratio 37.90
- 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
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 |
| Amy Riches | Head of Marketing | - |
| Ms. Louise Wivén-Nilsson | Chief Human Resources Officer | 53 |
| Mr. Todd Haushalter | Chief Product Officer & Games Operations | 47 |
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.