THQ Nordic: To new heights

The sales figure during the quarter came in at SEK 1381m, beating our projection by roughly 11%. The main driver was better sales within both THQN Games (Vienna) and the Partner Publishing business. Metro Exodus was released on Friday on the 15th of February, and data suggest a strong release and the critic reception has been good. Metro will be the main driver of revenue during Q5.

In this update, we also dig into Satisfactory from Coffee Stain and the new acquisitions. THQ Nordic’s management team continues to show their profound competence in terms of capital allocation and value-adding acquisitions. With significant cash position, 77 ongoing game development projects and the most intriguing game releases to come we have a positive view of THQ Nordic’s prospects.

We also raise our Base-case valuation slightly.