Redeye updates on EG7 after Q3-results, which were weaker than expected owing to a lower-than-expected contribution from Aliens: Fireteam Elite 2, while other segments and games performed in line with or better than expected, and the more predictable revenue base continued to grow. We lower our 2027-28E EBITDA estimates by 7-11%, mainly owing to reduced forecasts for Aliens: Fireteam Elite 2, partly offset by EverQuest Legends, Big Blue Bubble and Fireshine. We lower our Fair Value to SEK29 per share (SEK32), while EG7 continues to screen as Cheap on Redeye’s proprietary Market Edge score.
