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G5 Entertainment: Relying on long tails - SEB

The SensorTower data for G5 paints a gloomy picture of the quarterly performance of revenues, but especially looking at downloads. According to SensorTower estimates, revenues are down 4% q/q and down 8% y/y, and downloads are down 24% and 52% (y/y difference affected by UA boost in Q2 last year). We have cut our 2023 EBIT estimate by 7% and lowered our DCF-based mid-point to SEK 232 (270).

The SensorTower data for G5 paints a gloomy picture of the quarterly performance of revenues, but especially looking at downloads. According to SensorTower estimates, revenues are down 4% q/q and down 8% y/y, and downloads are down 24% and 52% (y/y difference affected by UA boost in Q2 last year). We have cut our 2023 EBIT estimate by 7% and lowered our DCF-based mid-point to SEK 232 (270).
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