Paradox Interactive (Hold, TP: SEK195.00) - Core portfolio going strong
A solid Q2 report included EBIT well above our estimate and consensus, albeit mostly driven by FX tailwinds. However, the results showcased the strength of the core games portfolio and a successful turnaround after a tough 2021, in our view. The company communicated an ambition to announce the release of one of the 14 games in the pipeline before year-end, with the release rate set to pick up from 2023. We have raised our 2022e EBIT by 5% to reflect the Q2 results, but only fine-tuned 2023–2024e earnings, and reiterate our HOLD and SEK195 target price.Paradox Interactive AB (publ) is a Sweden-based company engaged in the development and publishing of personal computer (PC)-based strategy games. The Company's portfolio includes PC franchises such as Europa Universalis, Crusader Kings, Victoria and the Hearts of Iron series, as well as titles on other platforms such as Lead and Gold: Gangs of the Wild West released on PlayStationNetwork for the PlayStation3 and Defenders of Ardania on iPad as well as PC. Paradox Interactive has offices in Umea and Stockholm, Sweden. Additionally, the Company works with a number of distributors worldwide and is present on several digital download portals. It owns numerous subsidiaries, among which is Triumph Studios.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.