olivLaw · European equity research
evoke plc EVOK.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
evoke plc is a global gambling operator offering sports betting, casino and slots through online brands and a UK Retail estate. Its relevance now lies in improved adjusted profitability, but above all in the impact of the UK duty increase of November 2025 and the ongoing strategic review, both central to the company's future. Group revenue in fiscal 2025 was £1,781.9m and adjusted EBITDA £356.2m.
At the close of 05 Nov 2026, evoke plc (EVOK.L) stock was 0.46 GBP (−2.45% on the day), with market capitalisation 205.6 m GBP, beta 0.99, 52-week range 0.21–0.47 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.5
- strong (55–70)
- Bollinger (20, 2)
- 0.40 – 0.48
- in the upper half of the band · %B 0.76 · band width 18.6%
- SMA 50 / 200
- 0.44 / 0.38
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.4% | −0.6% | +7.0 pp | — |
| 3 months | +3.4% | −4.2% | +7.6 pp | — |
| 6 months | +32.0% | +4.3% | +27.7 pp | — |
| Year to date | +106.1% | +7.5% | +98.6 pp | — |
| 1 year | +25.7% | +9.9% | +15.8 pp | +5.8% |
| 3 years | −43.9% | +49.8% | −93.7 pp | +26.3% |
| 5 years | −87.8% | +42.8% | −130.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.7 bn | 1.8 bn | 1.8 bn |
| Revenue YoY | unavailable | +2.5% | +1.6% |
| Net income | -65.2 m | -221.9 m | -547.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.15 | -0.49 | -1.22 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -3.8% | -12.6% | -30.7% |
| Free cash flow | 144.0 m | 222.0 m | 255.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 231.3 m GBP
- Financial debt
- 1.8 bn GBP
- Net debt
- 1.6 bn GBP
- Equity
- -674.1 m GBP
- Total assets
- 2.1 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 0.56x
- ROE
- unavailable
- ROA
- -23.1%
- FCF margin
- 14.3%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.7 bn | 1.8 bn | 1.8 bn | esef· 12 May 2026verified |
| Cost of revenue | 578.8 m | 603.9 m | 600.9 m | esef· 12 May 2026verified |
| Gross profit | 1.1 bn | 1.2 bn | 1.2 bn | esef· 12 May 2026verified |
| Operating income | 24.2 m | -18.5 m | -341.0 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 228.3 m | 229.9 m | 202.0 m | esef· 12 May 2026verified |
| EBITDA | 252.5 m ≈ | 211.4 m ≈ | -139.0 m ≈ | esef· 12 May 2026derived |
| Interest expense | 195.3 m | 202.7 m | 248.0 m | esef· 12 May 2026verified |
| Pre-tax income | -130.1 m | -187.1 m | -579.6 m | esef· 12 May 2026verified |
| Income tax | -64.9 m | 33.8 m | -30.5 m | esef· 12 May 2026verified |
| Net income | -65.2 m | -221.9 m | -547.5 m | esef· 12 May 2026verified |
| Diluted EPS | -0.15 | -0.49 | -1.22 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 256.2 m | 265.4 m | 231.3 m | esef· 12 May 2026verified |
| Receivables | 138.0 m | 132.6 m | 132.3 m | esef· 12 May 2026verified |
| Current assets | 449.1 m | 432.5 m | 398.0 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 91.7 m | 78.9 m | — | esef· 20 May 2025verified |
| Total assets | 2.7 bn | 2.6 bn | 2.1 bn | esef· 12 May 2026verified |
| Accounts payable | 387.5 m | 397.1 m | 399.1 m | esef· 12 May 2026verified |
| Short-term debt | 3.9 m | 4.6 m | 10.5 m | esef· 12 May 2026verified |
| Long-term debt | 1.7 bn | 1.7 bn | 1.8 bn | esef· 12 May 2026verified |
| Current liabilities | 676.5 m | 695.6 m | 704.7 m | esef· 12 May 2026verified |
| Equity | 57.5 m | -147.8 m | -674.1 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 449.7 m | 449.2 m | 449.5 m | esef· 12 May 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 151.4 m | 226.5 m | 259.4 m | esef· 12 May 2026verified |
| Capex | 7.4 m | 4.5 m | 4.4 m | esef· 12 May 2026verified |
| Free cash flow | 144.0 m ≈ | 222.0 m ≈ | 255.0 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -21.1 m | -93.7 m | -108.5 m | esef· 12 May 2026verified |
| Financing cash flow | -188.6 m | -103.5 m | -196.5 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 205.6 m GBP
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -30.7% | 17 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.4x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 124.0% | 100 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EVOKE PLC (EVOK.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.8 bn GBP in 2025; YoY growth 1.6%; net margin -30.7%.
The estimated value range is 14.48–32.33 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 20.31 GBP, the price of 0.46 GBP leaves a potential of 4,339.7% (value / price − 1) and a margin of safety of 97.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 124.0%
- The price is below the estimated value range
What contradicts it
- Net margin: -30.7%
- Interest coverage: -1.4x
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| EVOK.LEvoke PLC | 205.6 m | — | — | -30.7% | +1.6% | +73% / −35% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for EVOK.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
evoke plc is a global gambling operator offering sports betting, casino and slots through online brands and a UK Retail estate. Its relevance now lies in improved adjusted profitability, but above all in the impact of the UK duty increase of November 2025 and the ongoing strategic review, both central to the company's future. Group revenue in fiscal 2025 was £1,781.9m and adjusted EBITDA £356.2m.
SWOT
Strengths
- The group has a diversified revenue base, solid growth in the international division and improving adjusted profitability 1.
- Investment in data, automation and in-house platforms has strengthened operating efficiency and risk control 1.
- The refinancing extended debt maturities and increased financial flexibility 1.
Weaknesses
Opportunities
Risks
- Going concern uncertaintyhigh
The directors identified two material uncertainties, relating to refinancing of the July 2028 debt and to the strategic review, which could cast significant doubt on going concern 1.
- Regulation and taxationhigh
Changes to taxes and regulation in the UK and other key markets could raise costs and reduce profitability 1.
- Strategic execution and savingsmedium
If planned cost savings and efficiencies are not fully delivered, the impact on cash flow could be significant 1.
- Technology, cyber and datamedium
Reliance on digital platforms and data exposes the group to cyber and operational risks 1.
- Financing and capital market accessmedium
Access to funding could become harder if results deteriorate or if the strategic review does not succeed 1.
Investment thesis
What would need to be true (bull case)
- If duty mitigation succeeds and adjusted profitability keeps growing, the group could reduce debt and become more attractive to potential buyers in the strategic review 1.
- Solid growth in the international division could offset pressure in the UK and diversify earnings sources 1.
- Automation and artificial intelligence could generate structural efficiencies over the long term 1.
What would break the thesis
- If the tax impact exceeds estimates or mitigation is delayed, the group could remain highly leveraged with limited cash flow 1.
- Uncertainty around refinancing and the strategic review could weigh on shareholders and lenders 1.
- Continued shop closures and pressure on the high street could limit a recovery in the Retail division 1.
What to watch
- Outcome of the strategic review and any resulting transactions2026
- Progress in mitigating the UK duty impact2026
- Completion of the closure of about 200 Retail shopsQ2 2026
- Evolution of leverage and debt refinancing before January 2028next 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The evoke group offers traditional sports betting, where it earns a margin on customer bets, and gaming such as online casino, slots and machine games, where it plays against the house. Activities are organised into the International, UK&I Online and Retail divisions, with brands such as 888casino, Mr Green and William Hill. The business model depends on gross gaming revenue and the efficiency of marketing and operating costs. The annual report also highlights investment in data, automation and artificial intelligence 1.
Segments
International
The international division grew 9% in fiscal 2025 and was the strongest part of the group, with major operations in Italy, Spain, Denmark and Romania. In Italy, 888casino became the number three casino operator in the market, and the migration of Mr Green to the in-house platform supported record revenue in the second half 1.
UK&I Online
The UK and Ireland online division saw revenue fall 3%, but profitability improved significantly by prioritising customer value over volume. Because of the new duties, the group recorded a significant impairment against the UK Online unit, and 888 UK remains in transition 1.
Retail
The Retail estate returned to gaming growth after the rollout of 5,000 new machines, although retail sports revenue declined. The group closed 68 shops in Q4 2025 and announced the closure of a further c.200 shops in Q2 2026, amid challenging high street conditions 1.
Market context
The UK gambling market was hit in November 2025 by a substantial increase in Remote Gaming Duty and other duties. The company estimates an annualised increase in duty costs of about £125m–135m, of which about £80m affects fiscal 2026, and a slightly lower impact could result from black market leakage. Management expects to mitigate about 50% of the impact in the first full year 1.
International online gambling markets in Italy, Spain, Denmark and Romania offer a more diversified growth base than the UK. Management is pursuing profitable growth in these countries and expanding brand licensing, including a launch in the Netherlands, as a capital-light alternative 1.
Trends
- UK duty increaseheadwind
The November 2025 increase in gambling duties raises group costs and led to impairments and the withdrawal of the leverage target. If mitigation through efficiencies and cost reductions succeeds, the impact could gradually be reduced 1.
- Automation and artificial intelligencetailwind
The company deployed more than 60 AI solutions into production and executed over 4.4 million operational tasks, which could reduce costs and improve risk and player protection controls 1.
- Margin gains from operating efficiencytailwind
Better bonus optimisation and more efficient marketing lifted adjusted EBITDA margin, which could support financial flexibility if the trend continues 1.
- High street pressuremixed
Difficult trading conditions and rising costs have led to shop closures and impairment in the Retail division, reflecting continued restructuring 1.
Competitive position
Competition includes local and omnichannel operators in Italy and other online gambling and betting operators in Europe and the UK. In Italy, 888casino reached third place among casino operators, indicating a rising but still contested position 1.
In the UK market, competitive pressure and higher taxes compress margins for all operators, and each company must adapt its offer and marketing spend. The reviewed sources do not identify US-listed competitors, so tickers are left null 1.
- Local and omnichannel operators in Italy
Competitors named in the report against which 888casino gained position in the Italian casino market 1.
- UK online gambling operators
Competitors in the British online market, equally affected by higher duties and changing customer behaviour 1.
- Unlicensed black market gambling
Management cites customer leakage to the black market as a factor reducing UK revenue 1.
- Betting and casino operators in continental Europe
Competitors in the international markets where the group pursues profitable growth 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202420 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / evoke plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.