everplay has released a full year trading update showing double-digit adjusted EBITDA growth, in line with Zeus expectations. We make only minor changes to estimates to reflect the Group’s exit of its low margin physical game distribution business within Astragon. At FY25 multiples of 8.6x EV/EBITDA and 12.4x P/E, everplay trades below the average of UK peers and its own long-run average multiples. We believe this is unjustified, given the Group’s strong margins, diversified back catalogue, high ....
