Global Gaming´s revenues in Q4’18 came in below our expectations. The revenue for the Ninja Casino brand had a negative Q/Q growth for the first time since the start, despite unprecedented marketing spend and the support of a seasonally strong quarter. The main reason for the revenue drop were issues with the migration to the new platform. Consequently, the outlook for 2019 becomes even more uncertain. We have updated our estimates, which results in a new fair value of SEK 25 per share in Base case.

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