Redeye resumes coverage of Evolution with a substantial increase of the fair value on the back of stellar performance with a position similar to a monopoly and a merger set for success. Evolution continues to deliver rapid growth, and the development of the Asian market continues to impress. The company´s position in its segment is also looking more and more like a monopoly. Furthermore, the merger with NetEnt should offer synergies and opens a new game vertical for Evolution. As a result, we see a significant upside in the share from current trading levels.