Positive growth momentum

Adj. EBITDA of GBP 2m in line with pre-annoucement (ABGSCe 3m). We trim sales but raise '24e EBIT from GBP -2m to 2m on lower D&A. Share is trading at 12-6x EV/EBIT; 22% EBIT CAGR '24e-'26e.

Well positioned to accelerate

Q3 soft, as expected, but we see a ramp-up in Q4e. EU's Digital Markets Act could fuel growth in 2024. Share is trading at 7.6-4.6x EV/EBITDA on '23e-'25e.

Cuts 2023 sales forecast on softer Q3

Exciting times despite muted Q2

A rare miss on sales growth in Q2. Monopoly GO! and increased distribution excite. H2 outlook for sales unchanged.

New titles show promising potential

Framework deal has large potential long-term, but will probably be a story for H2. Q2 sales growth will probably be lower as a result.

Strengthened long-term outlook