Rovio: Solid Q3 and higher visibility into the pipeline - Nordea

Rovio reported 2% higher Q3 revenue than Infront consensus expected and adjusted EBIT exceeded consensus by 17%. ABDB was the star of Q3 with 18% y/y and 25% q/q growth. The mobile gaming market continued to decline in Q3, down double digits y/y, but was relatively stable q/q, which suggests some easing of headwinds. We believe Rovio's top line will be supported in the near term by the strong performance of live games, such as AB2 and ABDB. Q4 UA guidance is also encouraging. Looking a bit further out, the expanded studio network and development pipeline full of games with strong IP provide a foundation for continued growth. Marketing material commissioned by Rovio.

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