Nitro Games: High hopes on "HoW"
Since our latest research update, Nitro Games have completed a successful directed share issue, signed a great contract with Netmarble for the new game Heroes of Warland (HoW) and communicated a Q3-result somewhat above our estimates. The stock price has followed the great success, resulting in a market cap of SEK 260 million. Currently, we believe the expectations on the initial launch of Heroes of Warland is too high.