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

Busy Q2, but uncertainty remains

Q2 supported by Euros and Copa America, but note tough comps. Minor revisions; we arrive near the low-end of '24e EBITDA target. Stay away for now; a better entry should come.

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

Uncertain outlook - keep HOLD

Soft Q1 margin and rev-share NDC intake making us cut '24e and '25e adj. EBITA by 2% and 4%. Keep HOLD on uncertain outlook and limited valuation support.

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

Mind the comps

Q1e: 12% pro forma revenue decline y-o-y on notably tough comps. We cut '25e North America growth, weighing 6% on '25e-'26e EBITA. Maintain HOLD – keep awaiting a better entry point.

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - All aboard the rev-share train

Q3 miss does not deflate our optimism Solid outlook remains, limited adj. EBITA revisions Retain BUY at 8x ‘23e EV/EBITA

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - Reiterated 2022 targets is reassuring

Q3: miss on numbers, partly due to more rev-share We expect limited revisions on reiterated targets Share should outperform slightly today

Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson

Better Collective - NFL season is here, and FIFA 23 as well

Q3e to show 38% top line growth and 26% EBITA margin Small total revisions in ‘22e-‘24e on offsetting factors We remain BUYers and highlight the rev-share value

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