Next Games published its H2 report in line with the preliminary financials released on 2 March in conjunction with the announcement regarding the tender offer by Netflix. Game-specific details of the report (not included in the pre-announcement) were broadly in line with our expectations, providing no meaningful surprises. Given the pre-released H2 outcome and 2022 outlook, we see no need for estimate revisions. We continue to believe that the deal with Netflix will likely go through in Q2 2022 as expected and reiterate our fair value range of EUR 1.8-2.5 per share, with the midpoint aligned with the tender offer price. The offer period is expected to commence today and expire on or about 8 April unless further extended.
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