G5 Entertainment

* Weaker sales and maintained opex behind estimate cuts * We see relatively unchanged FCF '26e (SEK 46m vs 48m in '25) * Half of market cap in net cash; 5x EV/EBIT & 4x EV/FCF '26e We cut '26e-'27e EPS by 51-27% Q4 was below our estimates, partly driven...

* EBIT SEK 2m vs FactSet consensus 12m * Sales declined 9% in USD terms, and DPS cut to SEK 2 (8) * We think estimates could come down 15-20%; CC at 8:00 CET Q4 results Sales were SEK 221m (-11% vs ABGSCe 249m and -9% vs cons 244m), -21% y-o-y whereof...

* We raise our long-term EBIT estimates on better growth* Short-term margins sacrificed, but LT growth is more important* 8-7x adj. P/E '26e-'27e, 9% div. yield, 40% of MCAP in net cashEncouraging signs of growth accelerationAlthough organic growth was...

* Sales in line but adj. EBIT 31% below consensus...* ...driven by higher user acquisition to drive accelerated growth in Q4* We expect estimates down on higher cost, but growth to accelerateSherlock showing promising signs againSales were SEK 229m (...