Rovio: Solid Q3 performance and a compelling outlook - Nordea

Rovio delivered a strong set of Q3 numbers, with profitability and Games organic growth surprising on the upside. Angry Birds games continue to deliver solid cash flow for Rovio, and even though the company's attempts to drive growth with other IPs have yielded limited success (e.g. Darkfire Heroes), we view Rovio's current outlook as compelling given the recent Ruby Games acquisition, solid soft launch pipeline, potential from the Moomin partnership and further capacity to drive M&A. The share also remains attractively valued, at a 50-60% discount to Western mobile gaming peers. We update our fair value range to EUR 6.9-8.8 (6.9-8.7). Marketing material commissioned by Rovio.

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