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Rovio’s Q4 report offered a 7% beat on revenue and 35% beat on adjusted EBIT relative to Infront consensus. The company guides for strong top-line growth (consensus: +6%) and EBIT lower y/y (consensus: EUR 41m vs EUR 44m 2021) for 2022. UA costs for Q1 were guided for 40% of Games revenue (Nordea: 33%), mainly due to the strong KPIs that the company is witnessing for AB Journey (launched on 20 January), we believe. According to Rovio, AB Journey has scaled up to more than EUR 40m of run-rate annual gross bookings, which compares to our bookings contribution estimate of EUR 35m for 2022. Based on the Q4 outcome and the strong top-line outlook for 2022, we expect consensus revenue estimates to be raised by some 4-6% while EBIT is likely to remain unchanged to due ramped up UA investments to scale up new games.
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