Embracer’s share is down ~3% YTD, following a change in investor sentiment in regard to gaming companies. As such, Embracer is now trading at a 21/22e EV/adj. EBIT of 13x on our estimates, which is ~30% below the five-year historical average. This is despite Embracer having a new game pipeline with a SEK 2.9-3.3bn development cost (~4x last year) which we think will drive ~30% organic growth in a year where peers are struggling for growth and plenty of M&A headroom (SEK +20bn). There is a webcast at 09:00 CET, link: https://tv.streamfabriken.com/embracer-group-q1-2021
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