The figures during Q1 were considerably stronger than our projections. In this report, we put a little extra focus on THQ Nordic's value creation process. To this date the company has raised about SEK 838m in external funding and created an enterprise worth north of SEK 16bn, that is a 19x value return. We find that the company has about, through possible debt leverage and share issue mandate, SEK 4.2bn in available capital for further acquisitions. We argue that if THQ Nordic continues their profound capital allocation and utilizes these funds wisely, a significantly larger company will see the lights in a couple of years. In this update we also increase both our Rating and Base-case valuation.