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The Q1 results were testament to Rovio's strong execution, with recent growth initiatives (AB Journey and Ruby Games) bearing fruit and its largest game, high-margin AB2, continuing to grow. The drop-through from top-line growth to adjusted EBIT also surprised significantly on the upside. We remain optimistic about the outlook, given the combination of highly cash-generative older AB games, the growth boost offered by AB Journey and the soft launch pipeline and high capacity for M&A. However, we note downside risks from a normalising operating environment following a period of abnormally high market growth. We raise our fair value range to EUR 7.5-9.8 (7.3-9.4), translating to 7.5-10.6x EV/EBIT for 2023E. Marketing material commissioned by Rovio.
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