Q1 report due on Thursday 15 August. Few releases and tough comps rendering a soft Q1, as expected. Limited estimate changes; reiterate BUY and TP SEK 32.
Avg. short interest (top 100) 5.8%, unchgd. vs. 1m ago. Most shorted basket (created 24 Mar) has now printed a golden cross. Highlights: Hexatronic and MIPS.
Web traffic on leading board game sites grew 13% y-o-y in May. Acceleration vs. 6% growth last month and 0% six months ago. We think Asmodee is even more undervalued after recent pullback: BUY.
Market share on Steam up slightly y-o-y in April/May while stable on PlayStation, adjusted for Dead Island 2 last year. FactSet cons. Q1 PC/Console sales (SEK 2.3bn) look reasonable.
Mixed Q4, but a small step in the right direction. The FCF story for FY24/25 still intact, but a tad more H2-weighted. Keep BUY: 7-6x adj. EBIT '24/25e-'26/27e, 10-11% FCFy ex earn-outs.