The Betting Devil

The Betting Devil

I’ve got the Betting Devil (Swedish: speldjävulen) inside me. When I get a lottery ticket I just KNOW that I’ll win. A million or two is enough, I’m not so pretentious. When I’m playing poker, adrenaline is always sky high. No one knows that of course, since I have a better poker face than footballer Andrea Pirlo.

Luckily for me and my wallet I buy stocks these days instead of lottery tickets or casino visits. This brings me to the company I want to present today, Evolution Gaming (STO: EVO).

Well, the name alone should make you interested. Evolution and gaming!

Company Presentation

In all seriousness, this is a Swedish company that delivers B2B live casino products. Basically, they sell the casino applications and features that the betting operators use at their websites and apps.

Some of the costumers are William Hill, betfair, Unibet, betsson, Draft kings, LeoVegas, Mr Green and of course the Swedish state-owned Svenska Spel. They have eight studios across Europe and North America and their games include for example Live BlackJack, Lightning Roulette, Live Baccarat, Live Poker and Mega Ball.

They are also expanding, launching more games and hiring a lot of folks. This is an aggressively expanding business so let us just dive into the numbers right away.

Selected financial metrics

Picture from borsdata.se

So, to be clear. The revenue YoY growth was 50 % for 2019, 45 % for 2018, 59 % for 2017 and 56 % for 2016. Earnings YoY growth was 80 % for 2019, 42 % for 2018, 102 % for 2017 and 60 % for 2016.

Gross margin is consistently at around 60 %, while net profit margin increased from 27 % in 2016 to 40 % in 2019. Return on Capital and Return on Invested Capital has increased from around 70 % for 2016 to around 130 % as of 2019.

Equity ratio is stable at above 60 %.

Let’s take a few deep breaths and go over those numbers again. Those numbers are simply mind blowing!

Let’s look at a few slides from the 2020 Q2 report.

Okay… To summarize I’ll just post this picture of a Rocket.

Dividend

Evolution Gaming pays a pretty small dividend with a yield of less than 1 %. Payout ratio is low and dividend growth is high, which is always nice to see.

Why I Invest

I don’t hold Evolution Gaming for the dividend. Evolution Gaming is a pretty big holding in my Rocket Portfolio.

They are expanding aggressively in a rapid growing segment of the market. Normally when you read stuff like that, it’s an excuse for not making any money at this here moment. This company however, is an exploding rocket full of value, along with fantastic financial metrics.

I could simply not maintain a growth portfolio like my Rocket Portfolio without Evolution Gaming.

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