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Rovio is currently trading at a considerable discount to its peers, which we believe is due to its slower growth profile and concentrated game portfolio. According to our illustrative M&A scenario, Rovio could reach a sales CAGR of 12% for 2020E-25E with solid EBIT growth and game portfolio diversification, which could trigger a rerating of the depressed valuation and provide considerable upside for the share. Even without M&A, we view the risk/reward in Rovio as positive. Applying a 35% discount to Western mobile gaming peers, we derive at a DCF- and peer multiples-based fair value range of EUR 6.8-8.9 per share. Marketing material commissioned by Rovio.
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