Redeye feels cautiously optimistic about the continued transformation in the Group. Embracer recently announced the acquisition of the leading board gaming group Asmodee. It is becoming more clear that Embracer with Lars Wingefors in the front is building an entertainment group not only a premium games powerhouse. With rock solid cash flows and some legendary IPs including Catan this is indeed a stable and interesting acquisition. But it could also create some identity problems for the investment case.