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22% organic sales growth y-o-y. Lower than expected gross margin. Price increases should help gross margin in Q2.
EBIT margin strengthened y-o-y in contrast to H1 Positive revisions, ‘23e EBIT up ~4% Generic has not seen any weakness in demand
Rovio and EG7 attended ABGSC’s Investor Day COVID-rebasing in mobile gaming to normalise soon Important changes presented by new EG7 management
Slower sales growth than we have become used to We lower long-term EBIT by 5% Lifted COVID-19 restrictions boost new sales
Sales growth of 19% y-o-y, EBIT +10% y-o-y Revisions stem from Q1 deviation ‘23e EV/EBIT of 26x, 2.9% FCF yield
Still growing sales >30% y-o-y in Q4 Gross margin declining faster than expected Opex will likely grow faster in ‘22e than ’20-‘21
39% sales growth y-o-y, EBIT +50% y-o-y Sequential sales decline behind estimate revisions ’22e EV/EBIT of 45x, 1.4% dividend yield
Two consecutive quarters with 47% y-o-y sales growth We raise both sales and margin assumptions ‘22e EV/EBIT of 38.2x, div yield of 1.6%
47% sales growth y-o-y in Q1 Sales on another level, positive revisions ‘22e EV/EBIT of 23.6x, div yield of 2.7%
23.6% y-o-y sales growth in Q4 Estimates up on higher growth assumption Försäkringskassan to start contributing in Q1
New exiting customers added to the platform Raising our long-term estimates by 10-11% Minicall+ launched on 3 November
COVID-19 has created a short-term boost… …but long-term demand has also taken a leap forward Prioritises growth to catch this opportunity
COVID-19 has limited impact on Generic We expect lower scalability short term Stock trading at ’21e EV/EBIT of 14.8x
Strong demand from new customers One-off marketing costs burden Q4 New service offering for Minicall planned for H2 2020
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