Q4 was a record quarter for THQ Nordic, and they delivered on our high expectations. By acquiring Koch Media, the company will enter the next level. The acquisition is a prime example of THQ Nordic’s strategy of purchasing IP asset at a low price. We believe that the market is yet to fully grasp the underlying value and cash flow generating capabilities of THQ Nordic’s growing IP portfolio. Based on a Back-Of-The-Envelope assessment we increased our Base-case valuation on the same day as the acquisition. Now after a more in-depth analysis, we raise our fair value estimate further.