Atari: Investments for the future

Atari is currently in a state of investments, which was visible in the results during H2’18/19. The SG&A was higher than we thought, mainly due to an increase in R&D spend, i.e., investment into future growth projects. We have lowered our projections slightly, which lead to a small change in Base-case valuation. Atari has a lot of ”hidden” assets, which makes the company an attractive acquisition target in our view..