G5 Entertainment

* Cost savings to offset sales decline in 2026e... * ...but we cut 2027e-2028e adj. EBIT by 3-6% on sales trajectory * Trading at 4x NTM EV/adj. EBIT Cost savings now offsetting the sales decline Q2 showed that cost savings can offset the sales decline...

* Adj. EBIT 0.1m, vs ABGSC 0.1m and FactSet cons -0.2m * Larger sales decline offset by higher cost savings and GM uplift * Estimates largely unchanged, but weaker sales trend to weigh Q2 results Sales were USD 20.1m (-8% vs ABGSCe 21.8m and -4% vs cons...