NITRO

Nitro Games

Research update

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Nitro Games: High hopes on "HoW"

Since our latest research update, Nitro Games have completed a successful directed share issue, signed a great contract with Netmarble for the new game Heroes of Warland (HoW) and communicated a Q3-result somewhat above our estimates. The stock price has followed the great success, resulting in a market cap of SEK 260 million. Currently, we believe the expectations on the initial launch of Heroes of Warland is too high.

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