THQ Nordic showed strong figure during Q5; the main driver was of course Metro Exodus. E3 announcements included, among others; a new Darksiders spin-off and two highly anticipated remakes. In this update, we focus on the backlog and growing IP portfolio and how this plays into two essential trends within gaming; "Cloud gaming" and "Platform wars". Technologies will come and go, but the content will always be King. With the solid cash position, we look forward to what the management will do in terms of M&A; we reiterate our Base-case valuation.