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Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

EMBRACB EMBRACER GROUP

Embracer Group - US listing and buybacks on the table now

Adj. EBIT 4% below cons on weaker Mobile/Tabletop Adj. EBIT (excl. Dead Island 2) cut 6% for 22/23e-24/25e Share offers good value at 7x adj. EBIT, 10% FCF yield

11/18/22 November 18, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

EMBRACB EMBRACER GROUP

Embracer Group - Guidance cut, but report relatively in line

Adj EBIT -4% vs. cons and ABGSCe New FY22/23 guidance 8.0-10.0bn (9.2-11.3bn) Looks at structural deals to unlock shareholder value

11/17/22 November 17, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

MTG B Modern Times Gr...
PDX Paradox Interac... ... (+4)

Sector Fast Comment - US gaming market returned to growth in Oct

Spending on game content (software) +2% y-o-y in Oct Spending on mobile and hardware down y-o-y YTD spending -7%, up from -8% last month

MTG B MODERN TIMES GROUP MTG AB CLASS B
PDX PARADOX INTERACTIVE AB
EMBRACB EMBRACER GROUP
SF STILLFRONT GROUP AB

11/14/22 November 14, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

MTG B Modern Times Gr...
PDX Paradox Interac... ... (+4)

Sector Fast Comment - European gaming market grew 1.5% in October

European gaming software sales +1.5% in October, y-o-y Victoria 3 off to a “strong start” (no. 9 best-seller) Console sales down, likely on tough comps for Switch

MTG B MODERN TIMES GROUP MTG AB CLASS B
PDX PARADOX INTERACTIVE AB
EMBRACB EMBRACER GROUP
SF STILLFRONT GROUP AB

11/11/22 November 11, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

EMBRACB EMBRACER GROUP

Embracer Group - Don’t miss the forest for the trees

Q2e: 31% organic growth and SEK 2,220m adj. EBIT Slightly more cautious view on mobile and tabletop BUY: Overly pessimistic scenario priced into the share

10/24/22 October 24, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

MTG B Modern Times Gr...
PDX Paradox Interac... ... (+4)

Sector Fast Comment - US gaming sales -4% in September

Incremental improvement driven by hardware +19% Video game content -7% – similar growth as August Saints Row no. 15 best-selling game YTD 2022

MTG B MODERN TIMES GROUP MTG AB CLASS B
PDX PARADOX INTERACTIVE AB
EMBRACB EMBRACER GROUP
SF STILLFRONT GROUP AB

10/21/22 October 21, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

MTG B Modern Times Gr...
PDX Paradox Interac... ... (+4)

Sector Fast Comment - Upside to 2022e gaming market forecast – NPD

Improved hardware supply lends upside to current est. Incremental improvement expected in H2 vs H1 Market growth should be supportive to valuations

MTG B MODERN TIMES GROUP MTG AB CLASS B
PDX PARADOX INTERACTIVE AB
EMBRACB EMBRACER GROUP
SF STILLFRONT GROUP AB

10/07/22 October 7, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

EMBRACB EMBRACER GROUP

Embracer Group - Share is overreacting to Hasbro news

Hasbro expect declining sales in Q3 – cuts guidance We think consensus could cut Embracer EBIT by ~1% Cross read is limited, but the share is reacting strongly

10/05/22 October 5, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

MTG B Modern Times Gr...
PDX Paradox Interac... ... (+4)

Sector Fast Comment - US Gaming sales -5% in August

Continued incremental improvement q-o-q Saints Row second best-selling game in August Positive momentum could continue

MTG B MODERN TIMES GROUP MTG AB CLASS B
PDX PARADOX INTERACTIVE AB
EMBRACB EMBRACER GROUP
SF STILLFRONT GROUP AB

09/20/22 September 20, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

PDX Paradox Interac...
EMBRACB EMBRACER GROUP

Sector Fast Comment - Tencent pays high premium for Ubisoft shares

Tencent to up its stake in Ubisoft to 11% from 5% Pays 86% premium, or 20x EV/EBIT on 2023e Industry players willing to pay above-market prices

PDX PARADOX INTERACTIVE AB
EMBRACB EMBRACER GROUP

09/06/22 September 6, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

EMBRACB EMBRACER GROUP
THUNDR Thunderful Grou... ... (+3)

Sector Report - Feedback from Gamescom conference

We do not change our view on the company… BUY – the share price fall creates an opportunity

EMBRACB EMBRACER GROUP
THUNDR THUNDERFUL GROUP
SF STILLFRONT GROUP AB

09/05/22 September 5, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

EMBRACB EMBRACER GROUP

Embracer Group - Minor cuts to our estimates on Saints Row

We do not change our view on the company… …but TP cut to SEK 130 (150) on a higher risk premium BUY – the share price fall creates an opportunity

09/05/22 September 5, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

EMBRACB EMBRACER GROUP

Embracer Group - First data point on Saints Row sales

Est: ~25k physical copies sold in the UK… …implying ~250k physical globally, or 1.0m incl. digital Should be enough to make a small profit for the game

08/29/22 August 29, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

MTG B Modern Times Gr...
PDX Paradox Interac... ... (+5)

Sector Fast Comment - US Gaming sales -9% in July

US gaming sales -9% y-o-y in July (-10% YTD) Hardware +12% driven by PlayStation 5 sales Demand for content is still there, but not met by supply

MTG B MODERN TIMES GROUP MTG AB CLASS B
PDX PARADOX INTERACTIVE AB
EMBRACB EMBRACER GROUP
THUNDR THUNDERFUL GROUP
SF STILLFRONT GROUP AB

08/19/22 August 19, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

EMBRACB EMBRACER GROUP

Embracer Group - A soft Q1 but all focus is on the next quarter

Q1 below expectations but all eyes on coming quarters… …where we expect significant growth and FCF BUY: TP SEK 150, 9.8x EV/adj. EBIT, 6% FCF yield ’23/24e

08/19/22 August 19, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

EMBRACB EMBRACER GROUP

Embracer Group - Messy report, adj. EBIT below expectations

Q1’22/23 adj. EBIT -3% vs. ABGSCe and -10% vs. cons Guidance reiterated and five new acquisitions We keep BUY, think cons will cut ‘22/23e EBIT by 2-4%

08/18/22 August 18, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

EMBRACB EMBRACER GROUP

Embracer Group - We expect a soft Q1, all eyes on releases in Q2

Q1e: a relatively unsignificant quarter vs rest of year We cut our expectations for THQ ahead of Q1 BUY: TP of SEK 150 – 9x adj. ’23/24e P/E & 7% FCF yield

07/18/22 July 18, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

MTG B Modern Times Gr...
PDX Paradox Interac... ... (+4)

Sector Fast Comment - June game sales fell in US, but up in Europe

US game content sales fell 11% y-o-y in June European game content sales +30% y-o-y in June Demand is there, but supply of new games is unsatisfying

MTG B MODERN TIMES GROUP MTG AB CLASS B
PDX PARADOX INTERACTIVE AB
EMBRACB EMBRACER GROUP
SF STILLFRONT GROUP AB

07/15/22 July 15, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

MTG B Modern Times Gr...
PDX Paradox Interac... ... (+6)

Sector Fast Comment - US Gaming sales -19% in May

Content spending -19%, hardware -11%, y-o-y Evil Dead from Embracer 4th best-selling game in May Lack of game releases hurt total sales in May

MTG B MODERN TIMES GROUP MTG AB CLASS B
PDX PARADOX INTERACTIVE AB
G5EN G5 ENTERTAINMENT AB
EMBRACB EMBRACER GROUP
THUNDR THUNDERFUL GROUP
SF STILLFRONT GROUP AB

06/14/22 June 14, 2022 1 EN

Oscar Rönnkvist ... (+2)

Oscar Rönnkvist
Simon Jönsson

EMBRACB EMBRACER GROUP

Embracer Group - All eyes on accelerating organic growth

Q4: sales +15% vs. ABGSCe but adj. EBIT in line We hike ‘22/23e & ‘23/24e adj. EBIT by 1% and 6% BUY above-average quality at a below-average multiple

05/20/22 May 20, 2022 1 EN

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