Redeye initiates coverage of the diversified gaming company THQ Nordic. The company, led and founded by long-time entrepreneur Lars Wingefors, is gaining significant ground. THQ Nordic owns a vast and diversified portfolio of IPs, including among others; Darksiders, MX vs. ATV, Red Faction, Titan Quest, SpellForce and 70+ more. THQ Nordic focuses on acquiring well-known IPs at bargain prices and then implementing a number of measures to enhance the value of the asset. In the coming three years, the company will not only release their first in-house developed and wholly owned sequels but also release an entirely new IP. We, therefore, find that the company is now moving up to the next level, which will bring income levels to new heights. We believe the market has yet to understand where THQ Nordic is positioned on their journey of growth. We also believe the highly competent and committed management team warrants a premium valuation. Our Estimated fair value in the Base-case scenario amounts to 69 SEK per share. Our Bear- and Bull scenarios render fair values of 28 SEK and 116 SEK per share.