CHER B

Cherry

Research update

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Cherry: ComeOn turn-around = Check

Cherry’s report for Q1 was strong with a significant organic uptake in sales. The turn-around in Online Gaming, with the prime asset ComeOn, is a fact. We view the improvements as sustainable and expect continued strong margins from the segment going onwards. We see a positive development for all of Cherry’s operating segments. We have conducted some positive forecast adjustments which lead to an increased estimated Fair value and we continue to view the valuation of Cherry as attractive. It seems like the market continues to be in some doubt about the turn-around within ComeOn, we believe this will change over coming quarters.

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