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Cutting costs by 10-20%: we lift ‘23e EBITDA by 20% Higher ASP and subscriptions to drive growth in ‘23e 14x 2023e EV/EBITA, fair value range of NOK 9-23
EBITDA NOK -19m due to lower GM and higher opex Initiated 10-20% cost reduction program for 2023 Cons to lower estimates. Negative reaction expected
Softer macro outlook: we lower 2023e sales by ~20% Long-term case unchanged: 59% ’21-‘25e EBITA CAGR 0.6x ‘22e EV/Sales, fair value range of NOK 9-21
Q3 sales 3% below, but strong volume growth of 40% Cuts ’22 guidance from +50% to 20-30% growth … already expected, new guidance seems within reach
Rovio and EG7 attended ABGSC’s Investor Day COVID-rebasing in mobile gaming to normalise soon Important changes presented by new EG7 management
Good Q2 report, we raise our ’22-‘23e EBITDA New product launches to drive higher growth in H2 ~0.9x ‘22e EV/Sales, fair value range of NOK 14-28
19% revenue growth y-o-y, gross profit 21% above Reiterates 2022 target, but sees increased uncertainty Strong roll-out plan for H2 to drive growth
Q2: 4% sales beat due to 8% better device sales Likely core markets that are performing well New markets should begin to contribute from H2’22e
Leading provider of smartwatches for children Geographic expansion to drive 32% CAGR in ’21-25e Fair value range of NOK 14-28/share
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