Starbreeze's upcoming game, PAYDAY 3, is set to be released in H2 2023. The game is highly anticipated and will play a large role in shaping the company's future. With a loyal player base and the success of its predecessor, we believe that PAYDAY 3 will be a commercial success. However, there is always uncertainty regarding game releases and together with the limited visibility into the game projects after PAYDAY 3, it’s hard to assess the company’s long-term potential. Therefore, while we are optimistic about the company's future, we believe that the current valuation only provides a modestly positive risk/return opportunity. We consequently initiate our coverage with a Accumulate recommendation and a target price of SEK 1.15.