This morning THQ Nordic presenter their Q5 report for the extended financial year of 2018/19. The Operational EBIT beat our estimate by a wide margin. The main driver during the quarter was Metro Exodus within Deep Silver and also Satisfactory from Coffee Stain to some degree. THQ Nordic also announced a new acquisition, this time its Piranha Bytes Studios, developer of ELEX and the highly acclaimed IPs Gothic and Risen. We are entering an exciting year for THQ Nordic, and with the available SEK 2.9bn in cash and SEK 1.5bn in credit facilities, it will be interesting to see what the future brings in terms of M&A.

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