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Third party research

Rovio: Flying at a slightly lower altitude - Nordea

Rovio Entertainment

This is a third party research report and does not necessarily reflect our views or values

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Rovio's Q2 revenue was 5% below Infront consensus, whereas adjusted EBIT was in line. Prevailing mobile gaming market headwinds (reopening, inflation, Apple's ATT policy) proved challenging for growth and recently launched AB Journey seems to be struggling with player engagement. We find the apparent Q3 run-rate recovery in two of Rovio's largest games (AB2 and ABDB) encouraging, but are slightly concerned about KPI softness for AB Journey. We identify the launch of Hunter Assassin 2 (which we model for Q4 2022), potential M&A and signs of revenue recovery for AB Journey as potential catalysts for the share. Marketing material commissioned by Rovio.
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