We expect Q3/22 to be another solid quarter from GIG and forecast normalised revenue of EUR 23.2m, up 36% y/y including 23% organic growth. GIG media should continue to impress (we forecast organic growth of 37% y/y). A key risk to our estimates is that they might be too conservative given the recently reversed profit warning from GIG’s largest customer, Betsson. We reiterate our mid-point valuation of SEK 32 per share.
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