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G5 Entertainment: Cash flow continues to provide comfort - SEB

The Q1/24 report was largely in line with consensus after accounting for FX revaluations on balance sheet items, resulting in limited underlying estimate revisions. In our view, the case continues to be centred on new games needed to drive growth (we expect such releases in H2/24), while shareholders continue to be renumerated today, given strong cash flow. We reiterate our SEK 198 per share mid-point value.

The Q1/24 report was largely in line with consensus after accounting for FX revaluations on balance sheet items, resulting in limited underlying estimate revisions. In our view, the case continues to be centred on new games needed to drive growth (we expect such releases in H2/24), while shareholders continue to be renumerated today, given strong cash flow. We reiterate our SEK 198 per share mid-point value.
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