Satisfactory släpps imorgon, hur många ex tror ni det kan sälja under Q1?
Ett par trailers:
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Trodde det var for høyt! 
209kr er en grei kurs å selge på men tror det er mulig å få en del mer senere i år 
Helt klart, tror også den kommer til å gå mer opp. Men det hender jeg legger inn ordre som er i det området hvor jeg ikke tror den kommer til å havne iløpet av dagen, men brått skjer det likevel. Så det var ikke helt 100% med vilje 
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" Enligt vad Epic Games uppgav på den pågående gamingmässan GDC på onsdagskvällen svensk tid har Metro Exodus sålts i två och en halv gånger fler exemplar än vad dess föregångare M etro: Last Light gjorde under samma tidsperiod på den digitala plattformen Steam."
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Med forbehold om dagens dato.
05/04-2019 13:08:31: (THQN-B.ST) THQ Nordic’s subsidiary Koch Media receives statement of objections from European Commission
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07/05-2019 15:40:47: (THQN-B.ST) Inbjudan till presentation av THQ Nordics Q5-rapport och bokslutskommuniké
Q5 rapport? Wow, THQ er virkelig next level for tiden!
Synd de ikke har det hvert år 
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https://www.thqnordic.com/article/poseidons-trident-titan-quests-third-expansion-atlantis-out-now-pc
Ligger som #5 på GTS og bundle’en ligger som #10 .
EDIT: #4 og #8 nå + #39 og #44 
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Etter å ha glimtet med fravær ifjor kjører THQ rimelig stor stand iår. ( gutta rundt kjører GIGA stands). Så ikke tenk formye på det.
Facebook gaming stand 
Det tror jeg de hadde ifjor også.
22/05-2019 06:00:00: (THQN-B.ST) THQ Nordic publicerar rapport för det förlängda räkenskapsåret 2018-2019 och Q5: Operativt EBIT ökade med 217% till 396 MSEK i kvartalet
22/05-2019 06:30:00: (THQN-B.ST) THQ Nordic förvärvar ikoniska studion Piranha Bytes
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Newsflash fra Pareto
Metro Exodus and Satisfactory delivers
THQ Nordic just released a stronger than expected Q1 2019 report with a beat on revenue, 3-6%, and operational EBIT, 28-29%, versus our and the consensus we have collected (covering five out of six estimates). The strong results are mainly explained by strong sales for Deep Silver and Coffee Stain, in turn explained by Metro Exodus and the early access release of Satisfactory. Partner Publishing came in lower on revenue versus our estimate while THQ Nordic Games was in line as Q1 was a quarter without any major releases. The beat on operational beat are due to strong sales in high margin games division, Deep Silver and Coffee Stain but also due to SEK 25m in lower OPEX than we expected, most likely has marketing cost for Metro Exodus been lower than the SEK 150m we had penciled in for Q1 while higher D&A holds back the EBITDA beat at EBIT level. Coffee Stain added SEK 98m to revenue versus our expected revenue of SEK 72m and whitEBIT margins of +60% a sales beat have material effects on EBIT. As Satisfactory was releases 19 March we now expect that the game will contribute strongly in Q2 as well and we will need to raise estimates for Coffee Stain throughout the year. Revenue split owned games/publishing title was 84%/16% and new releases/ back catalogue 75% /25% of which new releases for the quarter came in at SEK 781m which indicates that Metro Exodus must have been contributing with ~SEK 500 or more in Q1 which even seems to be on the low side as THQ says that the full investment budget as well as marketing already has been recouped, we estimate these cost at SEK 450-500m. We lowered our Metro copies estimate ahead of Q1 to 1.2m (from 1.4-1.8m) and SEK 440m in revenue as the games was not selling well in retail. However, the share of digital revenue in Q1 is the highest ever at 61% which possibly indicate that Metro has been selling well on Epic Games Store or that there is guaranteed fee from EPIC at play here. We will dwell into the details later today. THQ Nordic has also announced it will acquire Piranha Bytes, the developer behind the critically acclaimed game series Gothic, Risen and ELEX, which is a long-term developing partner to THQ Nordic. The acquisition adds a strong portfolio of existing IPs and an exciting new game pipeline. In total, Q1 results are strong but we need to dwell into the details before guiding onfirm estimate changes, but it will be upward for 2019/2020E by at least 5% at operational EBIT level if none of our assumed project is to be postponed in our modelling. Shares has been strong ahead of Q1 results, but we expect it to trade well today given strong results and solid outlook, +5-10%. Buy TP SEK 250.
Key takeaways
- Net revenue came in at SEK 1630m vs our estimate of SEK 1584m
- Revenue split owned games/publishing title was 84% /16% and new releases / back catalogue 75% /25% - New release in Q1 represented revenue of SEK 781m
- EBITDA came in at SEK 618.6 m vs our estimate of SEK 470m.
- Opex lower than expected at SEK 270m versus our 295m while D&A higher at SEK 258.7 versus our estimates of SEK 189m.
- Operational EBIT came at SEK 359.9 m vs our estimate of SEK 281m
- Pipeline, THQ Nordics invested SEK ~325.6 m in games & film development during the quarter and says it now has 80 projectsin its pipeline, up from 77 end Q4, i.e a net of 3 project has been added. During the period multiple new projects were signed, among them a new development agreement with 4A Games, the developers of Metro franchise, for their upcoming, still undisclosed AAA-project.
- Acquisitions – Long term developer partner Piranha Bytes acquired for an undisclosed amount.
- Report presentation starts at 09.00 CET - Teleconference: Dial-in number
- SE: +46850558356 UK: +443333009261 US: +18338230590
- WebCast Link
Deviation table
Contact analyst(s)
Analyst(s):
Lars-Ola Hellstrom, +46 8 402 5277, [email protected]
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