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While the Hidden City revenue decline looks to be flattening out and Sherlock is still growing, SensorTower estimates for Q4 suggest a softer overall market. We estimate organic growth of minus 3.6% and EBIT of SEK 52.5m, corresponding to a margin of 14.3%. A softer Q4 could be the start of a challenging year ahead, but we are optimistic about G5’s resilience and see a scenario in which organic growth returns in H2/23.
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