Research from Redeye, Redeye AB

Redeye

Research from Redeye

Redeye AB

Specialists in innovative and fast-growing Nordic companies within Life Science and Technology.

Redeye is the next generation equity research and investment banking company, specialized in Life Science and Technology. We are the leading provider of Corporate Broking and Corporate Finance in these sectors.

Our clients are innovative growth companies in the Nordics and we use a unique Rating model based on a value based investment philosophy. Redeye was founded 1999 in Stockholm and is regulated by the Swedish Financial Authority (Finansinspektionen).

Equity Bottom-Up

<ul><li>Redeye updates on Evolution post Q4-results which were close to our forecasts while the company’s margin guidance for 2026 was also in line with expectations.</li><li>However, the growth outlook remains uncertain and although Asia saw some improvement in the quarter, Europe was soft owing to continued regulatory headwinds.</li><li>We have trimmed our forecasts by around 2% for 2026-27E.</li></ul>

Redeye updates on Evolution post Q4-results which were close to our forecasts while the company’s margin guidance for 2026 was also in line with expectations.However, the growth outlook remains uncertain and although Asia saw some improvement in the quarter, Europe was soft owing to continued regulatory headwinds.We have trimmed our forecasts by around 2% for 2026-27E.

Evolution (Q4 Review): Asia and Europe continue to hold back growth

<ul><li>Redeye comments on Evolution’s Q4-results which were close to our forecasts, albeit with soft revenue in Europe while LatAm and Asia were slightly stronger than expected.</li><li>The company states that it expects the margin in 2026E to be in line with 2025, which aligns with Redeye’s estimates.</li></ul>

Redeye comments on Evolution’s Q4-results which were close to our forecasts, albeit with soft revenue in Europe while LatAm and Asia were slightly stronger than expected.The company states that it expects the margin in 2026E to be in line with 2025, which aligns with Redeye’s estimates.

Evolution (Q4 Initial take): Close to our expectations

<ul><li>Redeye updates on Evolution after Q3 results that came in below expectations, owing to renewed weakness in Asia amid continued issues with cyber-attacks.</li><li>As a result, we have lowered our growth forecasts for the region, leading to overall estimate reductions of around 3–8% for 2025–27E.</li></ul>

Redeye updates on Evolution after Q3 results that came in below expectations, owing to renewed weakness in Asia amid continued issues with cyber-attacks.As a result, we have lowered our growth forecasts for the region, leading to overall estimate reductions of around 3–8% for 2025–27E.

Evolution (Q3 Review): Asia uncertainty returns

<ul><li>Redeye comments on Evolution’s Q3-results which were weaker than expected, mainly due to lower than expected revenue in Asia.</li><li>Profitability remains solid however owing to good cost control and the company expects EBITDA margin to remain within its guidance for Q4.</li></ul>

Redeye comments on Evolution’s Q3-results which were weaker than expected, mainly due to lower than expected revenue in Asia.Profitability remains solid however owing to good cost control and the company expects EBITDA margin to remain within its guidance for Q4.

Evolution (Q3 Initial take): Weaker than expected due to Asia

<ul><li>Redeye does limited changes to estimates following Evolution’s Q1-results which came in close to our expectations and we leave our base case unchanged at SEK1,600 per share.</li></ul>

Redeye does limited changes to estimates following Evolution’s Q1-results which came in close to our expectations and we leave our base case unchanged at SEK1,600 per share.

Evolution: Limited Changes Post In-line Q1-results

Sweden

Evolution AB operates as a gaming company. The Company develops, produces, markets and licenses fully integrated B2B live casino solutions to online casino operators. Evolution serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Evolution (EVO SS)

Evolution (Q4 Review): Asia and Europe continue to hold back growth

Redeye updates on Evolution post Q4-results which were close to our forecasts while the company’s margin guidance for 2026 was also in line with...

Redeye

Evolution (Q4 Initial take): Close to our expectations

Redeye comments on Evolution’s Q4-results which were close to our forecasts, albeit with soft revenue in Europe while LatAm and Asia were slightly...

Redeye

Evolution (Q3 Review): Asia uncertainty returns

Redeye updates on Evolution after Q3 results that came in below expectations, owing to renewed weakness in Asia amid continued issues with...

Redeye

Evolution (Q3 Initial take): Weaker than expected due to Asia

Redeye comments on Evolution’s Q3-results which were weaker than expected, mainly due to lower than expected revenue in Asia. Profitability...

Redeye

Evolution: Limited Changes Post In-line Q1-results

Redeye does limited changes to estimates following Evolution’s Q1-results which came in close to our expectations and we leave our base case...

Redeye

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)