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888 Holdings Plc (GB:EVOK)
LSE:EVOK
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888 Holdings (EVOK) AI Stock Analysis

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GB:EVOK

888 Holdings

(LSE:EVOK)

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Neutral 47 (OpenAI - 4o)
Rating:47Neutral
Price Target:
41.00p
▼(-0.73% Downside)
The overall stock score is primarily impacted by the company's financial instability, with negative equity and high leverage posing significant risks. Technical indicators suggest bearish momentum, and valuation metrics highlight ongoing profitability challenges. However, positive sentiment from the earnings call, driven by revenue growth and deleveraging efforts, provides some optimism.
Positive Factors
Revenue Growth
Consistent revenue growth over multiple quarters indicates strong market demand and effective business strategies, supporting long-term expansion.
Profitability Improvement
Significant EBITDA growth reflects improved operational efficiency and cost management, enhancing financial health and investor confidence.
Deleveraging Efforts
Reducing leverage strengthens the balance sheet, lowers financial risk, and increases flexibility for future investments and growth opportunities.
Negative Factors
Negative Equity
Negative equity indicates financial instability, with liabilities exceeding assets, posing risks to long-term solvency and operational continuity.
Profitability Challenges
Persistent net losses highlight ongoing profitability challenges, which could hinder reinvestment and growth if not addressed effectively.
High Leverage
High leverage increases financial risk and limits strategic options, potentially impacting the company's ability to navigate economic downturns.

888 Holdings (EVOK) vs. iShares MSCI United Kingdom ETF (EWC)

888 Holdings Business Overview & Revenue Model

Company Description888 Holdings (EVOK) is a leading global online gaming entertainment and gaming technology company, specializing in providing innovative gaming products and services across various sectors, including sports betting, casino, poker, and bingo. The company operates multiple well-known brands, offering a wide range of online gambling experiences to customers around the world, leveraging advanced technology to enhance user engagement and satisfaction.
How the Company Makes Money888 Holdings generates revenue primarily through its online gaming operations, which include sports betting, casino games, poker, and bingo. The company's revenue model is largely based on the collection of stakes from players, with a portion of the losses from customers translating into income for the company. Key revenue streams include the sale of gaming services, commissions from betting, and transaction fees. Additionally, 888 Holdings has established partnerships with various sports leagues and affiliates to enhance its market reach and customer acquisition efforts. Regulatory compliance and licensing in multiple jurisdictions also play a critical role in sustaining its earnings and expanding its operational footprint.

888 Holdings Earnings Call Summary

Earnings Call Date:Aug 13, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Mar 18, 2026
Earnings Call Sentiment Positive
The earnings call reflects a positive sentiment with significant improvements in profitability, consistent revenue growth, and effective deleveraging efforts. However, there are challenges in certain markets and segments, particularly in U.K. online and retail sports.
Q2-2025 Updates
Positive Updates
Continued Revenue Growth
Achieved fourth consecutive quarter of growth with Q2 growth of 5%, driven by strong performances in international core markets and retail returning to growth.
Significant Increase in Profitability
EBITDA increased by 44% in H1 2025, reaching GBP 166 million. LTM EBITDA now at GBP 363 million, reflecting improved profitability.
Deleveraging Efforts
Leverage reduced to 5x, a 1.7 turn improvement over the last 12 months, with a target to reduce it below 3.5x by 2027.
Strong International Segment Performance
International segment revenue grew by 13%, driving a more than doubling of EBITDA to GBP 86 million, making up over half of the group's EBITDA.
Retail Growth
Retail returned to growth in Q2, driven by the rollout of 5,000 new gaming machines, resulting in a 15% increase in gross win per machine per week.
Negative Updates
Flat Revenue in U.K. Online
U.K. online revenue was down 1% for H1 2025, with challenges including poor marketing returns for the 888 brand and a focus on profitability over volume.
Decline in Retail Sports
Retail revenue down 2% for the half, driven by sports, impacted by market-wide issues like pressure on the racing industry and high street footfall dynamics.
Impact of Increased Costs
Higher fixed costs from National Insurance and National Living Wage changes impacted retail profitability, despite some cost savings.
Challenges in Specific Markets
While international growth was strong, there were specific challenges in markets like Spain, where sports product performance lagged, and recent tax increases in Romania.
Company Guidance
During the call regarding H1 2025 results, the company reported several key metrics that highlight its financial progress and strategic focus. Revenue growth was a central theme, with the company experiencing a fourth consecutive quarter of revenue growth, achieving a 5% increase in Q2. Adjusted EBITDA for the first half reached GBP 166 million, marking a 44% year-over-year increase. The company also reported a significant reduction in leverage, which decreased to 5x, down from 5.7x at the end of 2024. The international segment was a standout performer, contributing over half of the group's EBITDA with a 13% revenue growth, while the UK online segment showed flat revenue but a 37% increase in EBITDA due to a focus on profitability. Additionally, retail operations returned to growth in Q2, driven by new gaming machines, despite a 2% decline for the half. Looking ahead, the company reiterated its guidance for 2025, targeting 5% to 9% revenue growth and an EBITDA margin of at least 20%, while maintaining its focus on both short-term operational improvements and long-term strategic investments.

888 Holdings Financial Statement Overview

Summary
The company shows strong revenue growth but faces profitability issues with persistent net losses. The balance sheet is concerning due to negative equity and high leverage, posing financial stability risks. While cash flow from operations is positive, cash flow management remains a challenge.
Income Statement
45
Neutral
The company has experienced significant revenue growth over the years, increasing from $439.2M in 2019 to $1.75B in 2024. However, the net profit margin has been negative for recent years, indicating ongoing profitability challenges. The gross profit margin remains healthy, at around 65.6% for 2024, but the negative EBIT margin highlights operational inefficiencies.
Balance Sheet
30
Negative
The company has a negative stockholders' equity as of 2024, reflecting more liabilities than assets, which is a significant risk factor. The debt-to-equity ratio cannot be calculated due to negative equity, but the high total debt of $1.83B suggests substantial leverage. The equity ratio is also negative, further emphasizing the financial instability.
Cash Flow
60
Neutral
Operating cash flow has improved, contributing to positive free cash flow of $131.1M in 2024. The free cash flow to net income ratio is positive, indicating some financial flexibility. However, the free cash flow growth rate has been volatile, and overall cash flow management needs improvement.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue1.78B1.75B1.71B1.24B712.30M696.58M
Gross Profit961.20M1.15B1.14B798.30M459.10M561.74M
EBITDA311.40M234.40M354.40M134.20M102.30M61.28M
Net Income-113.30M-192.00M-56.40M-120.60M49.90M11.28M
Balance Sheet
Total Assets2.60B2.67B2.75B2.95B400.11M485.78M
Cash, Cash Equivalents and Short-Term Investments242.90M265.40M256.20M317.60M175.31M189.64M
Total Debt1.82B1.83B1.75B1.79B22.90M33.64M
Total Liabilities2.77B2.77B2.67B2.79B275.70M335.66M
Stockholders Equity-189.70M-116.40M79.90M159.20M124.33M150.12M
Cash Flow
Free Cash Flow101.20M131.10M81.10M-107.00M76.02M145.92M
Operating Cash Flow104.50M226.50M151.40M-30.20M98.69M178.86M
Investing Cash Flow-114.50M-93.70M-21.10M-428.90M-22.60M-30.84M
Financing Cash Flow4.90M-103.50M-188.60M588.30M-52.09M-58.79M

888 Holdings Technical Analysis

Technical Analysis Sentiment
Negative
Last Price41.30
Price Trends
50DMA
50.15
Negative
100DMA
57.09
Negative
200DMA
58.27
Negative
Market Momentum
MACD
-2.72
Negative
RSI
24.62
Positive
STOCH
20.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:EVOK, the sentiment is Negative. The current price of 41.3 is below the 20-day moving average (MA) of 43.19, below the 50-day MA of 50.15, and below the 200-day MA of 58.27, indicating a bearish trend. The MACD of -2.72 indicates Negative momentum. The RSI at 24.62 is Positive, neither overbought nor oversold. The STOCH value of 20.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:EVOK.

888 Holdings Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
£549.00M12.3112.43%2.20%8.26%263.36%
£121.15M15.0024.79%21.27%21.93%
£750.85M7.81
$18.38B12.79-2.54%3.03%1.52%-15.83%
£4.87B-9.59-28.60%2.11%5.14%-7.80%
£175.27M-1.555.26%32.20%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:EVOK
888 Holdings
39.10
-20.45
-34.34%
GB:GMR
Gaming Realms
41.70
4.50
12.10%
GB:RNK
Rank Group plc
117.20
30.33
34.91%
GB:B90
B90 Holdings
4.10
0.15
3.80%
GB:ENT
Entain plc
761.80
53.13
7.50%
GB:PTEC
Playtech
247.50
-34.75
-12.31%

888 Holdings Corporate Events

Business Operations and StrategyExecutive/Board Changes
Evoke plc Announces Leadership Changes to Drive Future Growth
Positive
Oct 21, 2025

Evoke plc announced a significant change in its board leadership, with Lord Jon Mendelsohn stepping down as Chair and Non-Executive Director after five years. Mark Summerfield has been appointed as the new Non-Executive Chair, while Anne de Kerckhove takes on the role of Deputy Chair. These changes are expected to guide the company through its next phase of growth and stability, reinforcing its position as a leading player in the betting and gaming industry.

The most recent analyst rating on (GB:EVOK) stock is a Buy with a £95.00 price target. To see the full list of analyst forecasts on 888 Holdings stock, see the GB:EVOK Stock Forecast page.

Regulatory Filings and Compliance
Evoke PLC Announces Total Voting Rights
Neutral
Oct 1, 2025

Evoke PLC has announced its total voting rights as of September 30, 2025, in compliance with the FCA’s Disclosure and Transparency Rules. The company has issued 449,990,776 ordinary shares, each with one voting right, which shareholders can use to calculate their interests or changes in interest in the company.

The most recent analyst rating on (GB:EVOK) stock is a Buy with a £95.00 price target. To see the full list of analyst forecasts on 888 Holdings stock, see the GB:EVOK Stock Forecast page.

Regulatory Filings and Compliance
Evoke PLC Announces Total Voting Rights
Neutral
Oct 1, 2025

Evoke PLC has announced its total voting rights in accordance with the FCA’s Disclosure and Transparency Rules. As of September 30, 2025, the company has an issued share capital of 449,990,776 ordinary shares, each with one vote, making the total number of voting rights 449,990,776. This information is crucial for shareholders to determine their notification requirements under FCA rules.

The most recent analyst rating on (GB:EVOK) stock is a Buy with a £95.00 price target. To see the full list of analyst forecasts on 888 Holdings stock, see the GB:EVOK Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Evoke PLC Announces Successful Note Offering and New Credit Facility
Positive
Sep 11, 2025

Evoke PLC has announced the successful pricing of €600 million in senior secured notes due in 2031 and the establishment of a new £200 million multicurrency revolving credit facility. These financial maneuvers are expected to reduce cash interest costs by approximately £5 million annually, extend the maturity profile with no significant maturities before 2028, and slightly increase net debt by £17 million. The CEO highlighted the strengthened performance and strategic progress of the company, with a focus on executing plans to deleverage and create value for stakeholders.

The most recent analyst rating on (GB:EVOK) stock is a Buy with a £95.00 price target. To see the full list of analyst forecasts on 888 Holdings stock, see the GB:EVOK Stock Forecast page.

Regulatory Filings and Compliance
Evoke PLC Announces Total Voting Rights
Neutral
Sep 1, 2025

Evoke PLC has announced its total voting rights as of August 31, 2025, in compliance with the FCA’s Disclosure and Transparency Rules. The company has an issued share capital of 449,990,776 Ordinary GBP£0.005 shares, each carrying one vote, making the total number of voting rights 449,990,776. This information is crucial for shareholders to determine their notification requirements under the FCA’s rules.

The most recent analyst rating on (GB:EVOK) stock is a Buy with a £95.00 price target. To see the full list of analyst forecasts on 888 Holdings stock, see the GB:EVOK Stock Forecast page.

888 Holdings Reports Strong Earnings with Growth and Profitability
Sep 1, 2025

The recent earnings call from 888 Holdings conveyed a generally positive sentiment, emphasizing significant improvements in profitability and consistent revenue growth. The company demonstrated effective deleveraging efforts, although challenges persist in certain markets and segments, particularly in U.K. online and retail sports.

Business Operations and StrategyFinancial Disclosures
Evoke Plc Reports Strong H1 2025 Growth and Profitability
Positive
Aug 13, 2025

Evoke Plc reported its H1 2025 interim results, showcasing a fourth consecutive quarter of growth and improved profitability with a 44% increase in Adjusted EBITDA. The company achieved a 3% revenue growth, driven by strong international performance and efficient operations, despite a slight decline in UK&I Online and retail revenues. Strategic initiatives, including the use of AI and automation, have enhanced operational efficiency and customer engagement, positioning Evoke for continued growth and profitability in the latter half of 2025.

The most recent analyst rating on (GB:EVOK) stock is a Buy with a £74.00 price target. To see the full list of analyst forecasts on 888 Holdings stock, see the GB:EVOK Stock Forecast page.

Financial Disclosures
Evoke Plc Announces Live Presentation of 2025 Interim Results
Positive
Aug 4, 2025

Evoke Plc has announced that its CEO, Per Widerström, and CFO, Sean Wilkins, will present the company’s 2025 Interim Results through a live presentation on the Investor Meet Company platform. This event, scheduled for August 13, 2025, is open to all current and potential shareholders, allowing them to submit questions in advance or during the presentation. This initiative reflects Evoke’s commitment to transparency and engagement with its stakeholders, potentially enhancing its market position and investor relations.

The most recent analyst rating on (GB:EVOK) stock is a Buy with a £74.00 price target. To see the full list of analyst forecasts on 888 Holdings stock, see the GB:EVOK Stock Forecast page.

Regulatory Filings and Compliance
Evoke PLC Announces Total Voting Rights
Neutral
Aug 1, 2025

Evoke PLC, a company listed on the stock exchange, announced its total voting rights as of July 31, 2025. The company’s issued share capital consists of 449,835,316 ordinary shares, each with one voting right, totaling the same number of voting rights. This information is crucial for shareholders to determine their notification requirements under the FCA’s Disclosure and Transparency Rules.

The most recent analyst rating on (GB:EVOK) stock is a Buy with a £140.00 price target. To see the full list of analyst forecasts on 888 Holdings stock, see the GB:EVOK Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Oct 23, 2025