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Embracer Group AB: Redeye: THQ Nordic - Q2'FY20 preview and a Redeye Q&A session

THQ Nordic produced, yet again, a strong quarter. What shined during
the quarter was backlog sales. The Group presented no less than six
acquisitions in conjunction with the Q1 report; we dig into that
further in this update. The Parent company will change its name to
Embracer Group. The management confirmed that the Deep Silver studio
Volition is working on a new Saints Row game, which is currently
"deep" into development. THQ Nordic also states that they plan to
release two AAA titles during FY21, where the new Saints Row likely
is one. The game investments are ramping up, and the pipeline seems
strong. 15x FY21 Operational EBIT is attractive, in our view, for a
company of THQ Nordic's qualities. We raise our valuation.

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