Enlabs´s sales came in above our estimates. The sales came in at EUR 9.0m (estimated EUR 8.6m). The marketing and staff costs came in above expectation, resulting in a lower EBIT. The EBIT came in at EUR 2.3m (estimated EUR 2.5m). The underlying momentum is strong and Y/Y growth was 26% for the group. The main driver was the casino vertical with a Y/Y growth of 53%. The Media segment is still underperforming with declining sales. Though, the NDC increase rapidly which will generate sales in the coming quarters. We have updated our estimates, and the fair value remains at SEK 29 per share in Base case.

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