Phew - the earnings from $EVO (-0,25 %) have to be digested first.
Sales: +3.9% 🛑
EBITDA: -1% 🛑
QoQ even shrank for the first time in history.
Reasons:
- Proactive "ring-fencing" in Europe to better comply with regulation/reduce litigation risks
- Cybersecurity measures in Asia
Positive:
- Revenue share of regulated markets increased by 4 percentage points
My assessment:
I'll say it straight out: the figures are really, really bad.
Lower EBITDA is still justifiable due to increasing investments in new studios. But top level growth is clearly too low for me and is diametrically opposed to my investment case.
I would have preferred to milk the Eldorado of unregulated revenues for as long as possible. But apparently this is getting too hot for the management.
I tend to at least halve my position.
What is your assessment?
