Redeye reiterates its positive view of Embracer Group. The Q4 report was solid, and the update to the pipeline has not led to any significant changes to our forecasts. A substantial amount of available capital for M&A indicates that something big could be in the making. Embracers' quality and M&A track-record should justify a premium valuation; the company is still valued in line with peers based on Oper. EBIT multiples. We believe that the growth journey of Embracer Group will continue for many years more.