Evolution AB - 2025Q3
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Evolution kom med kvartalsregnskab i denne uge. Den faldt 10% fra kurs 720 til 650 og sluttede i 675. Sandsynligvis primaert paa grund af negativ vaekst i Asien. Deres EBITDA-margin er stadig paa svimlende 66,4%. Nedenfor de tre foerste paragraffer fra direktoerens kommentarer til regnskabet.
Vaeksten skal ikke rette sig saerlig meget, foer kursen burde goere det samme. Og det burde ske baade i Asien og i Europa i 2026 som foelge af overstaaelse af oevelsen med ring fencing. Jeg akkumulerer i Evolution, Adobe, Lululemon og Pandora.
To multipler fra Yahoo Finance:
https://finance.yahoo.com/quote/EVO.ST/key-statistics/
Forward P/E 11.22
Enterprise Value/EBITDA 8.43De koeber flittigt egne aktier tilbage ved lave multipler.
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For the third quarter of 2025, Evolution reports net revenues of EUR 507.1 million and EBITDA of EUR 336.9 million, corresponding to a year-on-year revenue decline of 2.4 percent and an EBITDA margin of 66.4 percent.
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Revenue growth at constant currency is estimated to be 3.9 percent. As I have pointed out before, we have not been satisfied with the growth so far this year and that sentiment has not changed in this quarter. However, a difference compared to the first half of the year is that performance in Europe, North America and Latin America is decent to good.
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Unfortunately, revenue development in Asia is still very far from satisfactory. We continue to fight the cyber criminality that has affected our business there for too long, and during the quarter we didn't progress as much as we would have wanted. The fight is a constant balancing act between taking countermeasures that are too stringent - which create issues for legitimate end-users - and too light, which don't yield the desired effects. During the third quarter, we over-extended our countermeasures and our revenue was affected negatively
Konkurrenten Playtech fra Isle of Man / Israel faldt forresten 20-30% et par dage foer regnskab paa grund af den her historie.
Playtech shares plunge as Evolution links rival to smear report
https://www.reuters.com/business/playtech-shares-plunge-evolution-links-rival-smear-report-2025-10-21/Playtech Sinks as Evolution Says Rival Was Behind Smear Campaign
https://www.bloomberg.com/news/articles/2025-10-21/playtech-sinks-as-evolution-says-rival-was-behind-smear-campaignPlaytech Unmasked as Black Cube Client Behind Defamatory Smear Campaign Targeting Evolution AB
https://mb.cision.com/Main/12069/4253906/3735293.pdf
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