Needs new games for growth to stabilise

Growth remains soft while we wait for new releases. EBIT ests. down, but we maintain the FCF ests. 13% FCF yield on '24e, SEK 215m net cash end of '23.

Lower sales drove miss, announces cost reductions

Gaming: Apple to slash App Store fee

No contribution from new game in Q4

Solid FCF while waiting for new releases

Sales in line, write-down of advances weighed on EBIT, FCF solid. We cut '23e-'25e adj. EBIT by 3-5% on slightly higher costs. Trading at 7.2x-5.1x EV/EBIT and 12-14% FCF yield on '23e-'25e.

Getting more for the (buyback) money

Q3 due 8 Nov, we expect weaker growth. A bit more cautious on growth and profitability. Share trading at 8x P/E and 7x EV/FCF on '23e.

FCF outlook strengthened after Q2

Relatively stable Q2, most items in line. Sales and adj. EBIT a tad weaker, but FCF stronger. Share trading at 9x P/E with 9% buyback/div. yield.

Beat on EBIT driven by FX, other items in line

Decelerating growth in Q2e

We expect a bit weaker organic growth in Q2. We cut FCF by 6%, 4% and 6% for '23e, '24e and '25e. Share trading at 10x P/E and 9% FCF yield on 2023e.

Margin expansion to fuel EPS growth

Solid Q1 overall, New Gen games a bit soft. Margin expansion to drive 12% EPS CAGR '23e-'25e. Strong balance sheet, trading at 10% FCF yield.

Delivers stability in an uncertain market

Positive momentum continues

Q1 due 4 May; trends continue to look positive with HC stabilising and Sherlock growing. The share is trading at 8x EV/EBIT 2023e, with an 8% FCF yield.