Despite a recent stock price decline, Evolution AB's fundamentals remain strong, with high cash flow, robust margins, and significant global expansion. Short-term revenue and margin weakness stem from proactive compliance and cybersecurity measures, not structural demand issues or competitive losses. The market is deeply undervaluing Evolution, pricing in no growth despite visible catalysts like regulatory resolution, Asian growth, new game launches, and buybacks.
Evolution has stabilized after a turbulent year, creating an attractive risk/reward setup with limited downside and significant upside potential. Insider participation in the warrant program at a premium price signals strong confidence from leadership in the company's future growth. Key executives, including the co-founder and CEO, have recently increased their stakes, reinforcing conviction in Evolution's prospects.
Evolution AB's share price has dropped 65% since 2021, but its strong free cash flow and high business quality make it attractive now. The company boasts exceptional margins and a dominant position in online gaming infrastructure, though growth has slowed due to market saturation. Management's shift towards buybacks, alongside stable dividends, should drive EPS growth and potentially re-rate the stock higher over time.
![]() EVGGF In 11 months Estimated | Annual | $2.92 Per Share |
![]() EVGGF 4 weeks ago Paid | Annual | $2.92 Per Share |
![]() EVGGF 29 Apr 2024 Paid | Annual | $2.65 Per Share |
![]() EVGGF 5 Apr 2023 Paid | Annual | $2 Per Share |
![]() EVGGF 11 Apr 2022 Paid | Annual | $1.42 Per Share |
![]() EVGGF 19 Apr 2021 Paid | Annual | $0.68 Per Share |
17 Jul 2025 (35 Days) Date | | - Cons. EPS | - EPS |
22 Apr 2025 Date | | - Cons. EPS | - EPS |
30 Jan 2025 Date | | - Cons. EPS | 1.95 EPS |
24 Oct 2024 Date | | - Cons. EPS | 1.72 EPS |
19 Jul 2024 Date | | - Cons. EPS | 1.37 EPS |
![]() EVGGF In 11 months Estimated | Annual | $2.92 Per Share |
![]() EVGGF 4 weeks ago Paid | Annual | $2.92 Per Share |
![]() EVGGF 29 Apr 2024 Paid | Annual | $2.65 Per Share |
![]() EVGGF 5 Apr 2023 Paid | Annual | $2 Per Share |
![]() EVGGF 11 Apr 2022 Paid | Annual | $1.42 Per Share |
![]() EVGGF 19 Apr 2021 Paid | Annual | $0.68 Per Share |
17 Jul 2025 (35 Days) Date | | - Cons. EPS | - EPS |
22 Apr 2025 Date | | - Cons. EPS | - EPS |
30 Jan 2025 Date | | - Cons. EPS | 1.95 EPS |
24 Oct 2024 Date | | - Cons. EPS | 1.72 EPS |
19 Jul 2024 Date | | - Cons. EPS | 1.37 EPS |
Gambling, Resorts & Casinos Industry | Consumer Cyclical Sector | Mr. Martin Carlesund CEO | OTC PINK Exchange | SE0012673267 ISIN |
SE Country | 16,368 Employees | 13 May 2025 Last Dividend | - Last Split | - IPO Date |
Evolution AB (publ), originally known as Evolution Gaming Group AB (publ), stands as a pillar in the world of online gaming through the development, production, marketing, and licensing of a comprehensive range of live game shows, casino solutions, and slots. With operations that span across diverse nations such as Armenia, Belgium, Canada, Georgia, Latvia, Lithuania, Malta, Romania, Spain, and the United States, Evolution has successfully created a niche for itself by offering high-quality, real-time gaming experiences. The company elevates the traditional and digital gaming landscape by bringing casino games to life through streaming services direct from casino tables, allowing players to make betting decisions from their devices, be it computers, smartphones, or tablets. Founded in 2006 and headquartered in Stockholm, Sweden, Evolution's commitment to innovation and the quality of its offerings have positioned it as a leader in the online gaming sector.
Evolution's flagship offerings include an array of live table games and unique game show experiences that are broadcast in real time from studio settings designed to replicate high-end casino atmospheres. Players can enjoy popular table games such as Roulette, Blackjack, Baccarat, Super Sic Bo, Dragon Tiger, Craps, and various Poker formats, which are facilitated by professional dealers to mimic the authentic casino experience.
Apart from traditional casino games, Evolution introduces an exciting mix of live game shows that blend entertainment with the thrill of gambling. Notable titles include Crazy Time, MONOPOLY Live, MONOPOLY Big Baller, Lightning Roulette, XXXtreme Lightning Roulette, Mega Ball, Dream Catcher, Deal or No Deal Live, Lighting Dice, Live Football Studio, Football Studio Dice, Crazy Coin Flip, Cash or Crash, and Gonzo's Treasure Hunt. These games are designed to engage players with their interactive elements, innovative mechanics, and the chance for substantial payouts.
In addition to its live casino and game shows, Evolution boasts a diverse portfolio of slot machine titles that cater to a wide range of player preferences. The company’s slots library includes popular titles such as Viking video slot, Lost Relics, Gonzo's Quest, Starburst, Megaways, and Nolimit City. These slots feature engaging themes, high-quality graphics, and interactive bonus rounds.
Blurring the lines between live and RNG-based games, Evolution offers first-person versions of its popular gaming titles. These games are designed to provide players with an immersive gaming experience through a first-person viewpoint, combining the best of live dealer and computer-generated gaming.
Evolution operates under two primary brands to deliver its world-class products: Evolution and Ezugi. Each brand brings its unique strengths to the table, with Evolution focusing on a broad range of live dealer games and game shows, while Ezugi expands the company’s reach into markets with specific needs and preferences.