Rovio: We expect solid performance from Angry Birds - Nordea

Rovio's Q2 report will likely be a double-edged sword, but could be a minor positive trigger for the share. On the positive side, the company has been able to grow its existing Angry Birds titles, owing to improvements made to those games recently and increased user acquisition investments. On the other hand, Darkfire Heroes, published in April, has not yet achieved a significant sales run-rate, in our view. We make minor changes to our estimates. We are 12% above Refinitiv consensus on Q2 2021E EBIT and 3% above for 2021E. We decrease our fair value range to EUR 6.8-8.8 (6.9-8.9), mainly due to decreased valuations for the peer group. Marketing material commissioned by Rovio.

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