1) What is the bear case for Evolution AB?

2) We noticed that Return on Equity fell significantly from c. 68% in 2019 to c.19% in 2020, 20.5% in 2021 and 24% LTM. This is justified by the acquisition of Netent in 2020, which resulted to a higher total equity balance of EU2.76B as of 2020 compared to EU281M in 2019.

Profitability margins have improved and are getting better but asset turnover fell from 1.1x to 0.3x levels. Did they overpay?

Tagging few investors who might have some thoughts on this. @from100kto1m @investinassets @mavix @karan10489