G5 Entertainment

* We raise '27e/'28e EBIT by 7%/5%, driven by cost savings * Positioned to increase EBIT and FCF in 2027 despite lower sales * Trading at 9-7x P/E and 5.8-2.3x EV/EBIT adj. on '26e-'27e We raise earnings estimates on higher cost savings The sales trend...

* EBIT of USD 1.9m, 169% above consensus 0.7m * De-risks estimates for 2027, but not enough to drive positive revisions * Share is trading at 6x P/E on 2027e with USD 24m net cash position Q3 results G5 delivered a Q3 report with stronger than expected...

* 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...