This is the updated version of the report published on December 03, 2025, at 10:55 AM GMT

Evoke PLC

Evoke PLC (LSE: EVOK) is a betting and gaming company. The company owns and operates international brands, including william hill, william hill vegas, 888casino, 888sport, 888poker, and Mr green. This Report covers the Key Recommendation Rationale, Conclusion, and Recommendation on the stock.

Key Recommendation Rationale – Sell at GBX 24.60

• Resistance near Current levels: EVOK’s stock price crossed the Support (S2) which was stated in the previous report on 31 October 2025 therefore, there could be a possibility that the stock might consolidate or decline from the current levels, considering overstretched valuation. Considering the market conditions and the price action, it is prudent to exit from the stock.
• Persistent Underperformance in Core Gaming Segments: The UK&I Online division's 2% gaming revenue decline, driven by a struggling 888 brand, is a concern. This erosion in a typically high-margin segment pressures earnings quality and highlights the failure to leverage a core acquisition.
• Elevated and Rising Cost of Debt: The 8.0% coupon on new notes reflects high perceived credit risk, leading to sustained elevated finance costs. This will pressure future net profitability and free cash flow, despite some savings from hedge adjustments.
• Geographic Volatility and Strategic Execution Risks: International performance was mixed, with slowdowns in Spain and declines in non-core markets, highlighting sector volatility. Platform migration issues and product gaps in key regions underscore significant execution risks and potential customer disruption.

Valuation Methodology: Price/ Earnings Approach

Share Price Chart  

Conclusion

Evoke faces strategic challenges: core gaming revenue is declining at the 888 brand, international growth is volatile, and platform migrations cause disruption. Furthermore, refinancing at an 8% coupon signals a high cost of debt, pressuring future profitability and cash flow despite near-term savings.

EVOK appears overvalued. For conducting the valuation, the following peers have been considered: Rank Group PLC (LSE: RNK), Mitchells & Butlers PLC (LSE: MAB), etc.

Given its current trading levels, the recent strategic investments and partnerships, relative valuation, and associated risks, it is prudent to exit the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the Current Market Price of GBX 24.60 as of 03 December 2025, 09:30 AM, GMT.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 03 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’