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If any Asian markets go from grey to black, this could also effect Evolution’s second leg of growth beyond the US. Evolution is a best in class provider that provides its clients the best ROI despite its premium pricing. Evolution has dominant share in the mature Europe market and is well placed to advantage from growth in both the US and Asia. My bear case is a doubling of revenues from €1,082m (FY21e) to €2,164m (FY30e) at an 8% CAGR. Whilst this appears aggressive at first glance, the business will likely develop at close to ~20% pa throughout this time.

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