We do not expect Q4 financial performance to be a trigger as the investment case hinges on the outcome of the appeal, which is now with the administrative court of appeal.

Without contribution from ‘Ninja Casino’ in Sweden the short-term earnings outlook is bleak. Cash buffer and cost cuts still gives the company room to find new growth opportunities. No estimate changes, mid-point DCF value SEK 6.3, multiple-based range SEK 4.5-11.7.

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