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888 Holdings
(LSE:EVOK)
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Rating:51Neutral
Price Target:
41.00 p
▼(-8.69% Downside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weak financial fundamentals—ongoing net losses and negative equity—despite better recent cash generation. Technicals are supportive with price above key moving averages and positive MACD, but near-overbought signals limit upside in the technical component. Valuation remains challenged due to loss-making status and no dividend data, while the latest earnings call was mixed: operational resilience and cash flow strength are offset by declining EBITDA, elevated leverage, and limited guidance.
Positive Factors
Sustained Revenue Growth
Revenue growth across 2020–2025, including approximately 9% in 2025, indicates the platform and brand portfolio continue to attract wagering demand. Sustained top-line expansion can support operating leverage and reinvestment, although profitability still needs to catch up.
Negative Factors
Negative Equity and Persistent Losses
Deeply negative equity and continuing losses indicate that accumulated deficits have eroded the balance-sheet cushion. This limits financial resilience, makes future shocks harder to absorb, and can constrain investment or strategic options even if operating cash flow remains positive.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Revenue growth across 2020–2025, including approximately 9% in 2025, indicates the platform and brand portfolio continue to attract wagering demand. Sustained top-line expansion can support operating leverage and reinvestment, although profitability still needs to catch up.
Read all positive factors
888 Holdings (EVOK) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£191.34M
Dividend Yield0.04%
Average Volume (3M)2.57M
Price to Earnings (P/E)―
Beta (1Y)0.57
Revenue Growth0.07%
EPS Growth-388.74%
CountryUK
Employees5,903
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)-1.23
Shares Outstanding450,403,780
10 Day Avg. Volume3,330,761
30 Day Avg. Volume2,566,721
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-0.20
Price to Sales (P/S)0.08
P/FCF Ratio1.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£52.00Price Target Upside15.81% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.04
Revenue Forecast (FY)£1.78B
888 Holdings Business Overview & Revenue Model
Company Description
Evoke plc, along with its various operating entities, delivers a comprehensive suite of online betting and gaming services across the United Kingdom, Ireland, Italy, Spain, and other international jurisdictions. The company organizes its operation...
How the Company Makes Money
888 Holdings makes money primarily by operating online gambling products where customer wagering activity generates net gaming revenue. The core revenue stream is gaming yield (often referred to as net gaming revenue), which is generally calculate...
888 Holdings Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 31, 2027
Earnings Call Sentiment Neutral
The call presented a mixed picture: the business showed clear resilience with stable group revenue (GBP 888m), like-for-like growth, strong UK&I online and select international market outperformance (Italy, Denmark), effective mitigation actions that offset more than half of a GBP 46m duty headwind, positive underlying free cash flow (GBP 85m) and solid liquidity (~GBP 150m). However, adjusted EBITDA declined ~10% to GBP 150m, international EBITDA fell 20%, leverage increased to 5.6x and there were material one-off/exceptional costs and significant store closures. Management highlighted strategic action (recommended acquisition) to address capital structure constraints. Overall, positives around operational execution and cash generation are balanced by notable profitability and capital-structure challenges.Positive Updates
Group Revenue Stable with Like-for-Like Growth
Group revenue was GBP 888 million (stable year-on-year) and increased by 2% on a like-for-like basis after accounting for 270 store closures.
Negative Updates
Adjusted EBITDA Decline and Duty Headwind
Adjusted EBITDA was GBP 150 million, down GBP 16 million year-on-year (down ~10%), with a GBP 46 million year-on-year headwind from increased gaming duties (UK ~GBP 30m, Italy ~GBP 10m, remainder mainly Romania).
Read all updates
Q2-2026 Updates
Positive
Negative
Group Revenue Stable with Like-for-Like Growth
Group revenue was GBP 888 million (stable year-on-year) and increased by 2% on a like-for-like basis after accounting for 270 store closures.
Read all positive updates
Company Guidance
The company gave no forward-looking financial guidance and said it will not comment further on the recommended Bally’s Intralot transaction beyond published documents, although it still expects completion in Q4 2026 or Q1 2027 subject to shareholder, regulatory and other approvals (shareholder vote 17 Aug); management said trading is currently in line with expectations and reiterated a focus on commercial efficiency, cost discipline, cash generation and disciplined capital allocation. Key metrics cited around that guidance/positioning include H1 group revenue of £888m (LFL +2%), adjusted EBITDA £150m (down £16m y/y, -10%) despite a £46m duty headwind (of which ~£30m was UK, ~£10m Italy), with more than half of that headwind mitigated in H1 and UK&I online adjusted EBITDA +28%; underlying free cash flow was £85m, net debt rose ~£37m (leverage 5.6x), period-end cash £106m and undrawn RCF £43m (total liquidity ~£150m), CapEx £51m and exceptional costs £27m.888 Holdings Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
18
Very Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.78B | 1.78B | 1.75B | 1.71B | 1.24B | 960.84M |
| Gross Profit | 927.70M | 979.00M | 1.15B | 903.80M | 798.30M | 589.86M |
| EBITDA | 378.00M | -207.40M | 234.40M | 289.70M | 82.50M | 121.19M |
| Net Income | -553.20M | -547.50M | -192.00M | -65.20M | -120.60M | 67.31M |
Balance Sheet | ||||||
| Total Assets | 2.02B | 2.10B | 2.67B | 2.75B | 2.95B | 539.71M |
| Cash, Cash Equivalents and Short-Term Investments | 201.60M | 264.30M | 265.40M | 256.20M | 317.60M | 255.49M |
| Total Debt | 1.92B | 1.89B | 1.83B | 1.75B | 1.79B | 30.88M |
| Total Liabilities | 2.77B | 2.77B | 2.77B | 2.67B | 2.79B | 371.90M |
| Stockholders Equity | -758.00M | -680.60M | -116.40M | 79.90M | 159.20M | 167.71M |
Cash Flow | ||||||
| Free Cash Flow | 65.70M | 86.60M | 131.10M | 81.10M | -107.00M | 102.55M |
| Operating Cash Flow | 73.30M | 91.00M | 226.50M | 151.40M | -30.20M | 133.13M |
| Investing Cash Flow | -119.00M | -115.30M | -93.70M | -21.10M | -428.90M | -30.48M |
| Financing Cash Flow | 14.40M | -21.30M | -103.50M | -188.60M | 588.30M | -70.26M |
888 Holdings Technical Analysis
Positive
44.90
Price Trends
43.26
Negative
44.56
Negative
38.12
Positive
Market Momentum
-0.29
Negative
51.29
Neutral
42.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:EVOK, the sentiment is Positive. The current price of 44.9 is above the 20-day moving average (MA) of 42.38, above the 50-day MA of 43.26, and above the 200-day MA of 38.12, indicating a neutral trend. The MACD of -0.29 indicates Negative momentum. The RSI at 51.29 is Neutral, neither overbought nor oversold. The STOCH value of 42.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:EVOK.
888 Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | £76.51M | 14.49 | 15.29% | ― | >-0.01% | -27.70% | |
63 Neutral | £1.03B | 217.15 | -1.45% | 151.49% | ― | ― | |
62 Neutral | £18.29M | 55.08 | 5.70% | 0.37% | ― | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | £369.12M | 12.55 | 7.83% | 4.44% | 4.98% | -32.77% | |
56 Neutral | £2.87B | -4.95 | -68.47% | 4.48% | 0.26% | -13.90% | |
51 Neutral | £191.34M | -0.35 | 76.91% | 0.04% | 0.07% | -388.74% |
* Consumer Cyclical Sector Average
GB:EVOK
888 Holdings
42.65
0.15
0.35%
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888 Holdings Corporate Events
Regulatory Filings and Compliance
Evoke sets total voting rights at 450.4 million shares
Neutral
Sep 1, 2026
Evoke plc has confirmed that, as of 31 August 2026, its issued share capital comprises 450,403,766 ordinary shares of £0.005 each, with one vote attached to every share. This structure establishes a clear baseline of total voting rights for i...
Business Operations and StrategyM&A TransactionsShareholder Meetings
Evoke shareholders approve all-share takeover by Bally’s Intralot
Positive
Aug 17, 2026
Evoke plc said shareholders have overwhelmingly backed a recommended all-share takeover by Bally’s Intralot S.A., advancing a deal that will see Intralot acquire the entire issued and to-be-issued share capital via a Gibraltar court-approved...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Evoke holds revenues steady under UK duty shock as Bally’s Intralot takeover advances
Negative
Aug 12, 2026
Evoke Plc reported H1 2026 group revenue of £887.5m, flat year on year on a reported basis but up 2% like-for-like after accounting for the closure of about 270 retail shops. UK Ireland online revenue rose 4% with strong gaming growth from W...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Evoke posts resilient H1 as higher UK duties hit profits and Bally’s Intralot deal advances
Neutral
Aug 12, 2026
Evoke reported H1 2026 revenue of £887.5m, flat year-on-year on a reported basis but up 2% like-for-like when excluding around 270 closed retail shops, with UKI online gaming driving growth and international markets showing mixed performance....
Regulatory Filings and Compliance
Evoke plc Sets Official Voting Rights Total at 450.4 Million Shares
Neutral
Aug 3, 2026
Evoke plc has confirmed that, as of 31 July 2026, its issued share capital comprises 450,403,766 ordinary shares of £0.005 each, with one vote attached to every share. This disclosure establishes the official total of voting rights in the com...
Business Operations and StrategyM&A TransactionsShareholder Meetings
Evoke Board Backs Bally’s Intralot All-Share Takeover Ahead of Key Votes
Positive
Jul 21, 2026
Evoke plc operates in the online gambling and betting industry, offering digital gaming and wagering services to consumers. The company focuses on regulated markets and is currently the target of a recommended all-share acquisition by Bally’...
Business Operations and StrategyFinancial Disclosures
Evoke Sets Date for Interim Results amid Focus on Global Betting Growth
Neutral
Jul 16, 2026
Evoke Plc, the London-listed betting and gaming operator behind brands such as William Hill, 888 and Mr Green, will publish its interim results for the six months to 30 June 2026 on 12 August at 7:00 a.m. BST. The announcement date signals an upco...
Regulatory Filings and Compliance
Evoke plc Confirms Total Voting Rights at 450.4 Million Shares
Neutral
Jul 1, 2026
Evoke plc has confirmed that as of 30 June 2026 its issued share capital comprises 450,403,766 ordinary shares of £0.005 each, with one vote attached to every share, resulting in a total of 450,403,766 voting rights. The company noted that th...
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.