We have raised 2022-23E EPS by 23-24% as we account for the positive impact from lowered prices in Microsoft Store and continued high user acquisition efficiency, which is positive for gross and EBIT margins. Although revenue was a touch below our expectation in Q1, the underlying trend and mix trajectory remain, with growth from higher monetizing new owned games and stable to slow decline in external games. Our new midpoint DCF is SEK 730.
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