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

Podcast on In-depth Business Talks, Speedwell Research

The Synopsis

Podcast on In-depth Business Talks

Speedwell Research

Speedwell Research spends hundreds of hours researching public businesses each month and in "The Synopsis" they share their key learnings. Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, industry-specific issues, so long as they are explained clearly. We cover businesses from inception to current day, coupling business analysis and an investors lens. Start listening today to become a better analyst and investor.

<ul><li>Playtech was revealed to be funding negative research against Evolution, impacting their credibility</li><li>Evolution saw a 7% drop in stock after announcing continued revenue decline, particularly in Asia</li><li>Investor expectations for Evolution have shifted from growth stock to deep value territory due to stock performance and revenue contraction</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Playtech was revealed to be funding negative research against Evolution, impacting their credibilityEvolution saw a 7% drop in stock after announcing continued revenue decline, particularly in AsiaInvestor expectations for Evolution have shifted from growth stock to deep value territory due to stock performance and revenue contractionThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Dialogue. Evolution 3Q25, Negative Revenue Growth, More Asia Issues

<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

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul>
<li>Evolution Gaming Group, a prominent player in the online gaming industry, presented its Q2 2025 financial results showcasing a stable yet challenging period.</li>
<li>The company's strategic focus on regulatory compliance and combating cybercrime has both positive and negative impacts on its financial performance, revealing a nuanced picture for investors.</li>
<li>Positively, Evolution Gaming remains a dominant force with a steady revenue increase, reporting EUR 524.3 million for the quarter, a year-on-year growth of 3.1%.</li>
</ul>


Evolution Gaming Group, a prominent player in the online gaming industry, presented its Q2 2025 financial results showcasing a stable yet challenging period.
The company's strategic focus on regulatory compliance and combating cybercrime has both positive and negative impacts on its financial performance, revealing a nuanced picture for investors.
Positively, Evolution Gaming remains a dominant force with a steady revenue increase, reporting EUR 524.3 million for the quarter, a year-on-year growth of 3.1%.


Evolution AB’s 110-Game Blitz: Can This Explosive Expansion Redefine the Future of Online Gaming?

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.

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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

Dialogue. Evolution 3Q25, Negative Revenue Growth, More Asia Issues

Overall, Playtech's funding of research discrediting negative claims against Evolution has led to a 7% stock drop, with declining revenue growth...

The Synopsis

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 AB’s 110-Game Blitz: Can This Explosive Expansion Redefine the Future of Online Gaming?

Evolution Gaming Group, a prominent player in the online gaming industry, presented its Q2 2025 financial results showcasing a stable yet...

Baptista Research

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