Q4 was weaker than expected due to a softer topline, which we partially attribute to a temporary blip in Sherlock, but also related to continued weakness in Jewels. While estimates are cut, we argue that the investment case still stands and note positive initial signs from 3p game distribution for the G5 store. We update our DCF-based fair value range to SEK 95-141 (112-166), with a mid-point of SEK 116 (139).
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