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Next Games has made progress during H1, with two new games in soft launch, and we expect those games will be important for creating positive sales growth. They have not launched in the main markets yet, however, so we cut our sales estimates for 2021-23. Reaching its guided revenue of at least EUR 40m in 2021 will heavily depend on the timing and success of the expected global launch of Stranger Things Puzzle Tales; a further postponement increases the risk of a downward guidance revision. If the title enjoys a successful reception, we expect significant upside to revenue for 2022E-23E. The H1 results will likely be muted, but new information about upcoming launches may be a trigger for the share. We decrease our fair value estimate range to EUR 1.5-2.2 (1.7-2.4) per share. Marketing material commissioned by Next Games.
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