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Yesterday (2 December), Next Games expectedly announced that it would not reach its 2021 guidance. The main reason for this appears to be the postponement of certain UA investments for Stranger Things: Puzzle Tales closer to next summer, i.e., the Netflix release of season 4 of Stranger Things. The company remains upbeat regarding the game's KPIs, which we find somewhat puzzling given the postponed marketing efforts. After revisiting our estimates, we cut 2022-23E sales and EBIT by ~20-35%, effectively resetting our expectations for the coming years. We lower our fair value range to EUR 1.3-1.9 (1.5-2.1). Marketing material commissioned by Next Games.
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