G5’s Q3 report was slightly below our estimates, including higher-than-expected user acquisition costs, but it contained several positive items: a strong gross margin (continuing the positive trend), very strong free cash flow, and comments about a good start to Q4. To us, it points to a solid underlying business, but the investment case continues to rely on successful game releases to return to organic growth. We reiterate our SEK 130-196 fair value.
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