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Eksterne analyser

G5 Entertainment: Weaker sales and margins - ABG

G5 Entertainment

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

Download analyse (PDF)
Adj. EBIT -29% vs FactSet consensus; FX adj sales -11% y-o-y
Estimates to come down 8-10% on slower growth
Share has underperformed into numbers, trade at 5-4x EBIT '25e-'27e


Q2 results

Sales SEK 232m (-5% vs ABGSCe 245m and -8% vs cons 252m), where currency adjusted growth was -11% y-o-y (vs ABGSCe -5%) and -2% q-o-q. Adj. EBIT was 16m (-28% vs ABGSCe 22m and -29% vs cons 22m) for 6.8% margin (8.8%), and net profit 7m (-67% vs ABGSCe 21m and -67% vs cons 21m). LTM FCF has held up better than EBIT and was 136m (vs 95m adj. EBIT). Gross margin continued to improve to 70% (68%), driven by G5 Store, but is still not enough to offset the top-line trend. However, efforts ongoing to bring third-party games for distribution in G5 Store, which could contribute to accelerating top-line growth.
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