While G5 has yet to globally launch a new game, required to return to organic growth, it continues to nurture the existing player base. On a positive note, we think there will be some support on margins, as D&A should come down with net R&D impact turning neutral from previously negative. After lowering EBIT by 2-4% in 2024E-26E, our new DCF-based fair value range is SEK 130-196 per share with a mid-point of SEK 160 (183) per share.
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