We have made some estimate changes before Embracer's quarterly results on May 20. We comment on the major release of Valheim and what to expect in terms of revenue share in this publishing deal and the minority interest. The highly successful release of Little Big Nightmare 2 will only give a relatively low royalty and will wait until the next quarter we expect. Since our last update, we have looked through our estimates for especially the calendar years 2021-2022.
As a result, we have raised our base case and narrowed down our fair value range.
