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G5’s report was solid in terms of earnings but due to the weakness across all gaming metrics we lower our FY2023E EBIT by 1%. We reiterate our view that new games will not have any impact on 2023E sales as they need time to grow, which the CEO confirmed during the conference call. We may also have seen the peak of Sherlock, which reaffirms our expectation of a couple of tough quarters ahead. We lower our mid-point to SEK 231 (232) per share.
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