Remedy: Patiently waiting for decisions on Control franchise

Remedy's Q1 results were well above our cautious expectations, and the company's game projects are currently progressing as planned. Negotiations to choose a publishing partner or self-publish Condor and Control 2 are ongoing, and decisions on these will determine the direction of the company for the next decade. Given the potential of the Control franchise, we believe that the company will work towards self-publishing both or one of the projects, which will also require additional funding. Remedy's long-term potential is very attractive and we view the forecast risks associated with the ongoing negotiations as positive. Thus, we will stick with the stock to see the outcome of the negotiations, even though in the short term and on current estimates the valuation is already starting to look tight.