While weak consumer demand will likely continue to mute sales growth in the global gaming market in H2/22 and 2023, we believe easing freight costs and lower legal costs will protect Asetek’s profitability in the cyclical downturn. As a result, we have increased our EBIT estimates by 23% for 2023 and 5% for 2024. Our DCF valuation range is lowered to NOK 28-73 (29-78) per share, driven by higher estimates but increased WACC of 8% (7.1%).
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