For Q5: On the Group level, we project that the net sales will reach about SEK 1518, with an Operational EBIT of SEK 244m. Key drivers:
Our view of THQ Nordic is undoubtedly positive. Just recently two DLC’s for Metro was announced, and with E3 around the corner, it will be interesting to see the news flow during the coming month. There are still two AAA titles in development that are unannounced, and THQ Nordic will announce two new titles at the event. The games are described as follows: “long-awaited return of a galactically beloved game/franchise” and a “new vision of a beloved game/franchise”. We will be a little speculative here and make a guess on a new Red Faction and a remake of TimeSplitters. The company has the available liquidity, including credit facilities of roughly SEK 4.2bn. We cannot help to wonder if the company is loading up for an even larger deal than the Koch Media acquisition. With significant cash position, 77+ ongoing game development projects and strong game release, we have a positive view of THQ Nordic’s prospects. Our Base-case amounts to 275 SEK per share.
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