THQ Nordic produced, yet again, a strong quarter. What shined during the quarter was backlog sales. The Group presented no less than six acquisitions in conjunction with the Q1 report; we dig into that further in this update. The Parent company will change its name to Embracer Group. The management confirmed that the Deep Silver studio Volition is working on a new Saints Row game, which is currently "deep" into development. THQ Nordic also states that they plan to release two AAA titles during FY21, where the new Saints Row likely is one. The game investments are ramping up, and the pipeline seems strong. 15x FY21 Operational EBIT is attractive, in our view, for a company of THQ Nordic's qualities. We raise our valuation.