Mr Green: Mobile tailwind

Research Update

2016-05-10

09:52

Mr Green's report for the first quarter of 2016 came in slightly below on our top line estimate but with stronger margins. Marketing continued to be on halt during Q1 partly due to platform launches. We expect to see higher activity going onwards. Mobile game win rose 53% year over year. The customer reception of the newly launched apps seems to have been satisfying, and we expect to see continued strong growth of mobile gambling for Mr Green in the coming years. We reiterate our Fair Value estimate of 61 SEK per share in our Base-case. Today’s share price level implies pessimistic assumptions regarding Mr Green’s fundamental development. Too pessimistic in our view and we find the share attractively priced.

KL

Kristoffer Lindström

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