Rovio: Flying towards a new home - Nordea
Rovio's Q1 was merely a formality after the recent recommended cash offer of EUR 9.25 per share by Sega. We continue to see a high likelihood of success for the bid owing to: 1) support from the board of directors and shareholder base; 2) implied valuation premium to both peers and historical levels; and 3) headwinds faced by the mobile gaming market in the near term. Given Rovio's strategy review and discussions with potential acquirers ahead of Sega's bid, we believe a competing offer is unlikely at this point. We upgrade our fair value range to EUR 9.0-9.2 (7.8-9.7). Marketing material commissioned by Rovio.
Länk till analysen i sin helhet: https://research.nordea.com/api/reportfileapi?id=839156