New share buyback lifts Evolution shares

Evolution AB (publ)

24/11/2023 09:02

** Shares in Swedish online gaming company Evolution
 EVOG.ST  are up 3.4% following the announcement of a new share
buyback 
    ** Evolution said after market close on Thursday that it
would acquire a maximum of 19,853,945 shares for a maximum
amount of EUR 400 million
        ** 
    Acquisitions may be made before AGM 2024 at a price within
the registered price interval of the share at Nasdaq Stockholm
at any given time, the group said
    ** Jefferies sees the share buyback as a positive catalyst,
and estimates it to be 2% accretive to the earnings per share
(EPS) for the full year of 2024 
    ** Broker also notes the company's net cash pile will remain
healthy even after dividends, which may imply the possibility of
future M&A
    ** Evolution shares, up about 11% YTD, top pan-European
STOXX-600 index at 08:50 GMT

 (Reporting by Elsa Ohlen)
 ((elsa.ohlen@thomsonreuters.com))