Ahead of Rovio's Q1 report, we adjust our estimates mainly for FX tailwinds from the stronger USD. For Q1, we expect Rovio to demonstrate strong growth on the back of continued good momentum for its largest games and the global launch of AB Journey. We continue to find Rovio's outlook favourable given the combination of highly cash-generative existing Angry Birds games and compelling growth opportunities offered by the recently launched AB Journey and the soft launch pipeline (Hunter Assassin 2, Moomin: Puzzle and Design). Additionally, we argue that high capacity for M&A (EUR ~160m in cash and 9% of own shares) provides further value-creation potential. The company will host a CMD on 11 May, which we expect to shed light on strategy cornerstones as well as provide updated financial targets. We update our fair value range to EUR 7.3-9.4 (7.3-9.3). Marketing material commissioned by Rovio.
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