Next Games will host a virtual CMD on Wednesday, 25 November to give an update on its strategy, goals and outlook. We believe the release date of the Stranger Things title could also be announced, and we expect additional colour on the management's ambitions regarding the title and how it aims to scale up the game. As Next Games has been able to limit cash burn and improve profitability during 2020, an additional funding round is unlikely. We want to stress the high-risk nature of the share, as Next Games' 2021-22 earnings and balance sheet resiliency depend highly on the performance of the Stranger Things title. We reiterate our fair value range of EUR 1.3-2.0 per share, due to low visibility into 2021 earnings.
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