Redeye continues to view Embracer Group as one of its best investment ideas. The Embracer-stock has shown some weakness lately but has still advanced more than 140% this year. We assume the weakness is only temporary due to investors feeling skeptical about the acquisition pace (too many, too small, and too fast). Redeye comments on the high acquisition intensity, the incentives from key personnel, and what this can do with the shareholder value. We also comment on three of the more important acquisitions since our last update in September. Redeye has increased its estimates until 2023 and the valuation. Compared to peers the stock looks attractive at this level.