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G5 Entertainment Q1/24E: New game releases needed to drive organic growth - SEB

Ahead of Q1 results, we make small estimate revisions partly relating to FX, leaving our EBIT assumptions largely unchanged throughout the forecast period. As we see it, returning to growth is paramount for G5 in which new game releases play a key role. The release of Twilight Land in late 2023 was a step in this direction, although the release itself has not yet reached a size to move the needle, in our view. We reiterate our SEK 165-238 per share fair value range.

Ahead of Q1 results, we make small estimate revisions partly relating to FX, leaving our EBIT assumptions largely unchanged throughout the forecast period. As we see it, returning to growth is paramount for G5 in which new game releases play a key role. The release of Twilight Land in late 2023 was a step in this direction, although the release itself has not yet reached a size to move the needle, in our view. We reiterate our SEK 165-238 per share fair value range.
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