$EVO Q2'21💥

Revenue +100%
*North America +220%
*Asia +133%
*Live +59%
*RNG -2%
EBITDA +115%
*marg. 68.0% (63.2)
EBIT +110%
*marg. 60.7% (57.8)
Net Profit +105%
*marg. 56.3% (54.9)
EPS +75%
Geo Split:
Martin expects RNG growth to improve in H2
Maintaining the record high EBITDA margin
Game launches
Further studio expansion in current locations + "new markets like LATAM"
"Only the paranoid survive." - Andy Grove
"After the end of the period, the new Michigan studio was approved and is ready for launch"
Online (Live) Casino Market
The number of bet spots from end users amounted to 17.5 billion (11.9), +47% y/y

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More from @Prof_Kalkyl

20 Jul
1/ Some thoughts going into the $EVO $EVVTY Q2 tomorrow morning, my largest holding at ~19%.

Evolution has killed expectations *every quarter* since their IPO in 2015, and I've been a happy (and lucky) shareholder since 2018 somewhere. So, what's in store for tomorrow?
2/ I'm not the guy who creates the most exquisite models at all, and especially not for every quarter. It's no different this time, but I'm obviously always a little curious if expectations feels too high, or too low.. so here goes a few guesses👇🏼
3/ Large sporting events during the period will of course hold back at least Europe this quarter, but that's not a secret. Analysts assume the q/q growth will land around 6.5% - that's half the rate of Q1 which was driven by an acceleration of Live Casino (+60% y/y, +15% q/q).
Read 12 tweets
15 Jul

Since my last book tweet caught fire and a lot of people asked for specific recommendations, I decided to compile a thread with the books that have changed my thinking and/or inspired me the most so far (more will get added over time) 📚🧠💭🧵👇🏼

The Joys of Compounding (2019)

Filled with amazing quotes & passages on everything from investing, common sense to life philosophy, collected from literally thousands of sources. Long-term thinking is the key to success, both in life and investing. goodreads.com/book/show/4440…

Meditations (AD 161-180)

My key takeaway from these ~1800 y/o personal diary writings is that we're still just as human on the inside, despite huge technological advances; experiencing the same feelings, thinking the same thoughts. goodreads.com/book/show/30659
Read 25 tweets
12 Jul
1/x Okay, grab a c̷u̷p̷ ̷o̷f̷ ̷c̷o̷f̷f̷e̷e can of water. Today I will tell you about one of the coolest and most innovative brands that you've never heard of. This is...

Liquid Death - a company selling canned water. Image
2/x Before Mike Cessario founded Liquid Death in 2017, he worked as a Creative Director over at Netflix on shows like House of Cards, Narcos and Stranger Things.

And before that, he played in metal and hardcore/punk bands, which obviously influenced some choices later on... Image
3/x There's an ideology called Straight Edge that sprung from hardcore/punk in the 70's, which basically means that you rebel against the mainstream through self-control. No alcohol, no drugs & so on. Veganism/vegetarism is now common in these circles as well. Image
Read 21 tweets
27 Jun
1/x I decided to pick apart and share my favorite pieces from Rob Vinall's wonderful letter "More Accuracy" that he wrote earlier this year, who I believe deserves more attention. The two main components in the letter is 'Value vs. Growth' & Adaptability. 🧵👇🏼 Image
2/x In the first part he implicitly writes that he himself, and perhaps many others from his generation, maybe put a little too much emphasis on a company's history, and too little on their future.

Is some of reversion to the mean investing being arbitraged away by computers? Image
3/x The second part is my favorite. The first and last highlighted sentences together is perhaps one of the most important insights you could have as an investor. And it takes guts for a guy like Rob to admit that experience might actually be a disadvantage. Image
Read 12 tweets
26 Jun
1/x Let me tell you about one of the moatiest businesses you've never heard of. Pour yourself a cup of coffee and let's go..☕️

🇺🇸 Copart $CPRT
- Physical economies of scale
- Digital marketplace w/ trusted brand
- Unsexy but critical niche
- Reinvestment moat, 20-30% RoIC
2/x Copart was founded in the early 80s by Willis Johnson (left), the now 73 y/o Chairman & 2nd largest shareholder, after a 10+ year career in the salvage industry. It was "bootstrapped" until the early 90s, when Willis heard that their biggest competitor $IAA should go public.
3/x Wall Street had never really entered Johnson's mind before that point, but when people told him he could expand even faster with outside funding, he figured that might be a good idea after all. The market opportunity was massive, and expansion would be expensive.
Read 25 tweets
13 May
1/x $PEXIP Q1: Framstod som stark vid första anblick, men är egentligen relativt svag. Förstår samtidigt att tillväxten kan bli lumpy då det handlar om stora kunder och stora avtal. Marknaden verkar nu ha bytt fot igen och tycks ha återgått till "Pexip är bara en coronavinnare".
2/x Det är för tidigt att säga huruvida detta är en trend eller inte, men skillnaden i 6% sekventiell tillväxt (som i Q1) mot min gissning 10-12% gör väldigt stor skillnad på helåret. 104m vs 129m, eller +27% vs +57% y/y. Min gissning var/är runt 50%.
3/x Även deltan i mUSD blir såklart också helt annorlunda med en lägre tillväxttakt. Exempel: 6% sekv. kommande tre kvartal ger +22m på helåret 2021 vs +47m med 12%. Ett kvartal hit och dit är väl skitsamma, men för att nå målet om 300m 2024 krävs en ordentlig upptrappning.
Read 8 tweets

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