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Redeye updates on Zordix/Maximum Entertainment following its Q1-results which came in weaker than expected. However, the outlook for Q2 is positive where the strong performance of recent game releases should support growth and improved profitability. We continue to forecast stronger profitability in the coming years on the back of growing revenue from own IPs although we have trimmed our 2023-25E EBITDA and lowered our valuation range.
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