With the stable earnings we forecast for the coming years, Rovio's share valuation already looks very low, and we see room for upside. However, a significant upward correction in valuation requires a stronger earnings growth outlook, which Rovio also has the potential to achieve with the games under development, the further development of AB Journey and through acquisitions enabled by strong balance sheet. The strong cash flows of Rovio's current game portfolio give the company plenty of time to create new successful games. At the same time, the growth expectations loaded on the stock are moderate, which limits the downside in a scenario where the next game releases don’t take off. Thus, at current levels, we consider the stock's risk/return ratio attractive, although in the short term, challenging market conditions may create headwinds for the flight path of Angry Birds.