Redeye remains confident in Embracer's prospects following a solid Q4'FY20 report. The biggest takeaway from the report was an update on the game pipeline ahead. Most notably; we won't see a AAA game during FY21, but instead a multitude of mid-sized releases. We will likely do some slight trimming of our estimates, but do not expect to make any material changes to our valuation. We believe the now stated possible intention of using leverage for M&A could imply an even larger deal then Saber Interactive in the making, time will tell.