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SENASTE
Rovio's Q4 performance exceeded our expectations and guidance for 2022 provided further confidence in the improved growth momentum. We find the company's outlook favourable given the combination of highly cash-generative existing Angry Birds games and compelling growth opportunities offered by recently launched AB Journey and the soft launch pipeline (Hunter Assassin 2, Moomin: Puzzle and Design). Additionally, we argue that high capacity for M&A (EUR ~160m in cash and 9% of own shares) provides further upside and value-creation potential. The share remains attractively valued relative to western mobile gaming peers. We raise our fair value range to EUR 7.3-9.3 (6.9-8.8). Marketing material commissioned by Rovio.
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