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ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Simon Jönsson
  • Stefan Knutsson
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Simon Jönsson
  • Stefan Knutsson
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Simon Jönsson
  • Stefan Knutsson
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Simon Jönsson
  • Stefan Knutsson

Strong gross margin drives positive revisions

Adjusted EBITDA of GBP 1.6m, +29% vs. ABGSCe. We raise '24e-'26e EBITDA by 12-20%. Share is trading at 16-5x EV/EBIT on '24e-'26e (8-10% FCF yields).

Simon Jönsson ... (+2)
  • Simon Jönsson
  • Stefan Knutsson

Flexion Mobile - Sales continue to exceed our expectations

Organic sales growth of 111% in Q3 Visibility a bit thin with no top-tier games to launch Adj. EBITDA increased ten-fold y-o-y

Simon Jönsson ... (+2)
  • Simon Jönsson
  • Stefan Knutsson

Flexion Mobile - An astonishing Q2 in the books

Organic sales growth of 97% y-o-y Sales forecast up, albeit at lower profitability Two new game signings announced in August

Simon Jönsson ... (+2)
  • Simon Jönsson
  • Stefan Knutsson

Flexion Mobile - More steam ahead

Guides for ‘22 sales growth of 90-110% Positive estimate revisions on the news New fair value range of SEK 25-43 (23-40)

Simon Jönsson ... (+2)
  • Simon Jönsson
  • Stefan Knutsson

Flexion Mobile - Going from strength to strength

Impressive start to the year Positive revisions due to core business and M&A Three new promising game signings

Simon Jönsson ... (+2)
  • Simon Jönsson
  • Stefan Knutsson

Flexion Mobile - Accelerates sales growth in Q4

Q4 sales growth of 52% y-o-y, all organic All-time-high revenue per top-tier game past ramp-up Guides for ’22 sales growth between 40-60%

Erik Moberg ... (+2)
  • Erik Moberg
  • Stefan Knutsson

Flexion Mobile - Game signings the highlight of Q3

Q3 sales growth of 26% y-o-y We still see potential to double revenues New DCF valuation range of SEK 17-28 (17-29)

Erik Moberg ... (+2)
  • Erik Moberg
  • Stefan Knutsson

Flexion Mobile - Enters a new phase after recent game signings

We see similarities to the successful period in 2019 Majority of ’22e revenues already live or signed Can now put more focus on long-term strategy

Erik Moberg ... (+2)
  • Erik Moberg
  • Stefan Knutsson

Flexion Mobile - Aims higher and secures long-term stability

Exciting deal with Scopely on improved terms 5 top tier titles have now been signed during 2021… …and it will benefit Flexion in both 2022 and 2023

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Flexion Mobile - Organic sales growth of 61% y-o-y

Q2 performance bodes well for FY guidance Revisions to reflect a change to calendar year Exciting additions to the board of directors

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Flexion Mobile - Reassuring guidance for 2020/21e

Temporarily higher opex in Q4 Promising game signings of late DCF valuation range of SEK 17-28 (15-26)

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Flexion Mobile - Still top performance, but portfolio is maturing

Third straight quarter with positive EBITDA Negative revision from contract expiration DCF valuation range SEK 15-26 (15-27)

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Flexion Mobile - Continued strong growth in Q3

Revenue growth of 176% y-o-y, 11% q-o-q Expiration of a loss making multi-game contract Outlook for 27 live games by end of March reiterated

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Flexion Mobile - Proof of concept is emerging

Monetization in top-tier games is promising Estimates up on lower than expected opex DCF valuation range of SEK 15-27 (14-25)

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Flexion Mobile - Positive EBITDA for the first time

Profitability path slightly ahead of ABGSCe Raises target for number of new games DCF valuation range up to SEK 12-20 (11-19)

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Flexion Mobile - Gaining momentum, and not just short term

New channels are starting to contribute Six new games signed in three months Positive revisions, both short and long term

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