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ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Oscar Rönnkvist
  • Simon Jönsson

Last transitional quarter before improved CF

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.

ABGSC Strategy Research ... (+3)
  • ABGSC Strategy Research
  • Amanda Alla
  • Christer Linde

Nordic Shorts: HTRO & MIPS in focus

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.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Oscar Rönnkvist
  • Simon Jönsson

Further acceleration in the board game market

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.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Oscar Rönnkvist
  • Simon Jönsson

Stable PC/Console development in April and May

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.

Wedbush Research
  • Wedbush Research
OC OWENS CORNING
XENE XENON PHARMACEUTICALS INC
V VISA INC. CLASS A
TSCO TRACTOR SUPPLY COMPANY
TRIP TRIPADVISOR INC.
SAGE SAGE THERAPEUTICS INC.
NVCR NOVOCURE LTD.
NBIX NEUROCRINE BIOSCIENCES INC.
HURN HURON CONSULTING GROUP INC.
GOOGL ALPHABET INC. CLASS A
FL FOOT LOCKER INC.
FATE FATE THERAPEUTICS INC
EXPE EXPEDIA GROUP INC.
DECK DECKERS OUTDOOR CORPORATION
BPMC BLUEPRINT MEDICINES CORP.
BIIB BIOGEN INC.
AZO AUTOZONE INC.
ARDX ARDELYX INC
AAP ADVANCE AUTO PARTS INC.
KO COCA-COLA COMPANY
TSC TRISTATE CAPITAL HOLDINGS INC
ORLY O'REILLY AUTOMOTIVE INC.
PK PARK HOTELS & RESORTS INC.
CVCO CAVCO INDUSTRIES INC.
MRSN MERSANA THERAPEUTICS
GTHX G1 THERAPEUTICS
GM GENERAL MOTORS COMPANY
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
BKNG BOOKING HOLDINGS INC.
RCUS ARCUS BIOSCIENCES
SRRK SCHOLAR ROCK HOLDING CORPORATION
REPL REPLIMUNE GROUP
ARVN ARVINAS HOLDING
YMAB Y-MABS THERAPEUTICS
STRO SUTRO BIOPHARMA
LYFT LYFT
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
STOK STOKE THERAPEUTICS
SWTX SPRINGWORKS THERAPEUTICS
LC LENDINGCLUB CORP
IDYA IDEAYA BIOSCIENCES
GDYN GRID DYNAMICS
BDTX BLACK DIAMOND THERAPEUTICS
ITOS ITEOS THERAPEUTICS
ORIC ORIC PHARMACEUTICALS
ZNTL ZENTALIS PHARMACEUTICALS
BEAM BEAM THERAPEUTICS
COGT COGENT BIOSCIENCES INC
DASH DOORDASH
ABNB AIRBNB INC. CLASS A
IMNM IMMUNOME
VOR VOR BIOPHARMA
WOOF PETCO HEALTH AND WELLNESS
NUVB NUVATION BIO INC (A)
CGEM CULLINAN ONCOLOGY INC
DAWN DAY ONE BIOPHARMACEUTICALS INC
ELEV ELEVATION ONCOLOGY
LBPH LONGBOARD PHARMACEUTICALS
FOUR SHIFT4 PAYMENTS
IKNA IKENA ONCOLOGY INC
TCRX TSCAN THERAPEUTICS INC
HOWL WEREWOLF THERAPEUTICS INC
FLYW FLYWIRE CORP
GLUE MONTE ROSA THERAPEUTICS INC
CMPX COMPASS THERAPEUTICS
GMTX GEMINI THERAPEUTICS INC
CINT CI&T INC
YOU CLEAR SECURE INC
TOST TOAST INC
HR HEALTHCARE TRUST OF AMERICA INC.
EWTX EDGEWISE THERAPEUTICS INC
NUVL NUVALENT INC
EMBRAC B EMBRACER GROUP AB
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Oscar Rönnkvist
  • Simon Jönsson

Soft Q1 guidance raised the stakes for H2

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.

Michael Pachter ... (+2)
  • Michael Pachter
  • Nick McKay
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Oscar Rönnkvist
  • Simon Jönsson
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Oscar Rönnkvist
  • Simon Jönsson
ABGSC Strategy Research ... (+3)
  • ABGSC Strategy Research
  • Amanda Alla
  • Christer Linde
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Oscar Rönnkvist
  • Simon Jönsson
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Oscar Rönnkvist
  • Simon Jönsson
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