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G5 Entertainment: New game releases remain the key - SEB

In Q3, G5 highlighted a strong start to Q4, with the first substantial increase in revenue from September to October since 2020. This leaves a generally positive expectation heading into the Q4 print, although the key to the investment case remains news of successful new game releases, which we think is approaching. We reiterate our SEK 130-196 per share fair value range with a mid-point of SEK 160.

In Q3, G5 highlighted a strong start to Q4, with the first substantial increase in revenue from September to October since 2020. This leaves a generally positive expectation heading into the Q4 print, although the key to the investment case remains news of successful new game releases, which we think is approaching. We reiterate our SEK 130-196 per share fair value range with a mid-point of SEK 160.
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