It will take more than sunny islands

Q1e: 1% organic growth, adj. EBIT -16% y-o-y. Estimates up slightly, but growth to decelerate in Q2. Fairly valued at 7x EV/adj. EBIT on '24e : HOLD.

We remain cautious on the growth outlook

Encouraging that management sees better market conditions, but too early to say if the higher investments will bear fruit. We reiterate HOLD; trading at 9-10% FCF yield '24e-'25e.

Slight growth improvement but at the expense of profitability

Gaming: Apple to slash App Store fee

Minor improvements, but trend still negative

Q4 due on 7 February; we are in line with consensus. Negative revisions continue, we cut '24e-'25e adj. EBIT by 6%. We stick to HOLD and cut our TP to SEK 12 (13).

Earn-outs: In the end, cash trumps EPS

Earn-outs: 0.6x of ND/EBITDA, and 25% of FCF, limited EPS impact (1-2%), but notable company deviations, FCF and debt impact more important than the earnings fluctuations.

Not cheaper despite share drop, HOLD

Hacker attack hit Q3 sales, but underlying also a bit weaker. We cut EBITDA - capex by 6%-7% on '23e-'25e. Down to HOLD (Buy), we see few triggers and no discount to peers.

Weaker growth and outlook in Q3

US gaming market continued to grow in September

US Gaming sales +13% y-o-y in September. Fifth consecutive month of growth for the industry. Valuation is down across the sector; use the opportunity to buy quality.

Softer organic growth in Q3e

Q3 due on 25 October. Soft org. growth but higher cash flow. Few short-term triggers, but 17% FCF yield 2025e. BUY.

Let the market trend be your friend

Better growth and lower costs behind beat in Q2. We raise adj. EBITDAC 5%-1% in '23e-'25e. BUY: low valuation and positive trend will work for the share.

Holding out for easier comps in H2

Lower organic growth in Q2e, but solid outlook for H2'23e. We fine-tune estimates, cutting EBITDA - capex by 1%. BUY, share trading at 8.4x EV/adj. EBIT & 8.2x adj. P/E on 2023e.

On track to produce stellar FCF growth

Capex reduction plan to yield a 14% FCF CAGR in '22-'25e. We keep BUY at a 9% FCF yield.

Overall in line, FCF weaker while outlook positive

A weaker quarter for growth

Q1 due 3 May, we expect lower growth but good FCF. Adj. EPS cut by 5%, 6% and 4% for '23e-'25e. Reiterating BUY, still good value at 11% FCF yield '23e.

Another major M&A deal in the Gaming sector