THQ Nordic did, yet again, deliver a quarter significantly above our expectations. We are now heading into a period where multi-year game investments are starting to pay-off. Gamers will be able to hack, slash, whip and shoot a lot of monsters in the new titles from THQ Nordic. We can firmly state that the coming quarters will also be monstrous regarding the financials! We have made some positive forecast adjustments which leads to an increased Base-case valuation. We find that the market is yet to understand the underlying value of THQ Nordic’s growing IP asset. The release schedule during the coming year(s) is the strongest ever. Together with the possibility of value enhancing M&A as a bonus, this creates an appealing investment opportunity in our view.