Rovio's Q4 performance exceeded our expectations and guidance for 2022 provided further confidence in the improved growth momentum. We find the company's outlook favourable given the combination of highly cash-generative existing Angry Birds games and compelling growth opportunities offered by 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 upside and value-creation potential. The share remains attractively valued relative to western mobile gaming peers. We raise our fair value range to EUR 7.3-9.3 (6.9-8.8). Marketing material commissioned by Rovio.
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