We can see consensus making positive estimate revisions to Adj. EBIT for 2020/2021e of approximately ~25% on the back of the new acquisitions and on the report.
Final thoughts
Embracer has been on a very strong run this year, up ~98% YTD and ~85% since the through in March, driven by gaming being one of the few sectors that actually benefited from COVID-19, and by large international gaming peers like Ubisoft and Take-Two Interactive confirming strong COVID-19 tailwinds in the Apr-June period. In terms of the Q1’20/21e report, we believe that there have been a lot of expectations in regards to acquisitions, which given todays news with 8 new acquisitions, have been more than satisfied.
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