Redeye updates on Nitro Games after Q4-results which were better than expected owing to strong profitability while revenue was in line with our forecast. The company continues to expand its partnership business, which provides stability, while it also remains focused on building own IPs, providing upside optionality. We have raised estimates and valuation range on the back of the strong Q4-report, as we expect the profitability improvement to be maintained in the coming years.
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