Following our estimate changes, we revise our DCF fair value range to SEK 400-730 per share (415-750). G5 is now trading at a f12m EV/EBIT of 11.6x according to FactSet consensus, which is 3% above its 6-year historical average. However, we note the success of G5’s new generation of games, that Windows is soon to lower its store fee and a normalization of marketing conditions on iOS. We also note an FCF yield of ~6% on ‘22e, where G5 has tended to trade in the 3-4% range over the last five years.
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