We expect Conan Exiles to generate the majority of revenue the next three quarters, with two DLCs in Q4 2019 and a major update planned for H1 2020. As we wrote in our preview the added ability to ride horses called “Mounts” will likely help boosting revenues in Conan Exiles in Q4. However, with less than expected announced published games in the pipeline for 2020 we lower our estimates for the publishing business area in 2020. We believe Funcom should be considered a possible takeover target as the ownership is somewhat fragmented with no strong owners except Tencent.

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