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G5 Entertainment Q1: Miss on EBIT, sales in-line - SEB

G5 reported a slightly weaker than expected report, with sales of SEK 345m (0% vs SEB 344, -2% vs cons. 351) and EBIT of SEK 40m, 5% below consensus. Cash flow was stable, as we have come to expect from G5, and should give some comfort. Operating cash flow was SEK 40m. Net profit was affected by a revaluation of short term investments of SEK 10m. Consensus estimates should come down 3-5%; we reiterate our mid-point of SEK 270 per share.

G5 reported a slightly weaker than expected report, with sales of SEK 345m (0% vs SEB 344, -2% vs cons. 351) and EBIT of SEK 40m, 5% below consensus. Cash flow was stable, as we have come to expect from G5, and should give some comfort. Operating cash flow was SEK 40m. Net profit was affected by a revaluation of short term investments of SEK 10m. Consensus estimates should come down 3-5%; we reiterate our mid-point of SEK 270 per share.
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