Deep Value: cash covers more than 100% of the stock price

This company holds roughly $320M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Evoke

EVOK.L

Gambling, Resorts & Casinos · Consumer Cyclical

Exchange

London Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

Evoke plc is a UK-based online gambling company that operates sports betting and casino platforms. Its main brands include William Hill, 888, and Mr Green, which serve millions of adult customers across the UK, Europe, and the United States. The company is one of the larger online gambling operators in the UK market following the merger of 888 Holdings and William Hill's non-US assets.

Evoke makes money by taking a margin on customer bets placed through its websites and apps, as well as from online casino games. It operates primarily in the UK and regulated European markets, with a growing presence in select US states. The business carries a significant debt load from its acquisition history, which limits financial flexibility and is a key risk. Stricter gambling regulations in the UK — including tighter affordability checks and deposit limits — could reduce customer activity and pressure revenues in its core market.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-872.7% YoY

YoY Growth Rate

Earnings declining

Insider Activity

20.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£298M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Evoke is growing revenue at 0% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

54.6%

Healthy — 54.6% gross margin

Profit after running costs

Operating Margin

8.4%

Modest — 8.4% operating margin

Return on the money invested

ROCE

6.6%

Weak — 6.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+1.6%

Nearly flat sales (+1.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

4.9%

Thin free cash flow (4.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

0.68x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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