G5 Entertainment: Convincing EBIT margin expansion
G5 Entertainment reported revenue growth of 16% (estimate 17%) in-line with our projections, in terms of USD. However, revenue in SEK was weaker than estimated due to a stronger SEK in relation to USD. The impressive improved efficiency in user acquisition (UA) continued in the quarter and was stable around 22% of total revenue, which resulted in a stronger EBIT than expected, SEK 52 million versus expected SEK 44 million.