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Next Games did not benefit from Stranger Things or Blade Runner in H1 as launches on the main markets will not take place before late Q3 or Q4. Bookings for the Walking Dead franchise were down by 15% y/y in H1. Achieving reiterated guidance of at least EUR 40m in net sales and positive EBITDA in 2021 looks a tall order as the clock is ticking and the company needs to generate at least EUR 16m in sales from the new titles in H2 with breakeven EBITDA margin. Our estimates already reflect the risk of a downward guidance revision. However, if the titles enjoy a successful reception we expect significant upside for revenue in 2022E-23E. We cut our fair value estimate range to EUR 1.5-2.1 (1.5-2.2). Marketing material commissioned by Next Games.
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