Still looks appealing

Organic growth surprised positively

Not more expensive despite the run

We raise adj. EPS by 39-40%

Putting the balance sheet to work

Better momentum ahead, up to BUY

Weaker growth and margins

Uncertainty remains

Growth should improve from here

Disappointing growth in Q2 (-7% organic vs ABGSCe -3%). Improvements in Q3, but not yet enough to get excited. Reiterate HOLD, TP cut to SEK 94 (98) on lower growth.

Disappointing growth should weigh on the share

Growth remains more challenging

Q2e: -3% organic growth, 2% adj. EBITA growth y-o-y. Limited estimate changes (-2%); we are in line with consensus. We reiterate HOLD, new TP of SEK 98 (102)

Slowing growth limits upside, down to HOLD

Slowdown in Word Games in Q1 seem to intensify in Q2. Organic growth likely turning negative in Q2 and Q3. Case has played out while outlook has worsened, down to HOLD.

Buybacks to offset softer growth ahead

Growth slowing, but still much to like about the share. Adj. EBITDA estimates up 4-1% for '24e-'26e. Reiterate BUY, new TP of SEK 105 (100); 7-5x EBITA '24e-'25e

Strong beat, but soft growth guidance