Redeye: THQ Nordic - Wake up and smell the Coffee

The reported sales and EBIT beat our projections, yet again, by a wide margin during the quarter. In conjunction with the release of the report, THQ Nordic also announced two exciting acquisitions; Coffee Stain and Bugbear. We believe the purchase of Coffee Stain is directly value-adding and will enhance the possibility for THQ Nordic to act on greenfield studio opportunities. Darksiders 3, the highly awaited third game in the popular franchise, will be released on the 27th of November. We have added Coffee Stain to our projections and as an effect of that increased our Base-case valuation slightly. We view THQ Nordic as a quality growth company led by shareholder-friendly management with a top-notch track-record. A company like that will seldom be cheap, but we find the current share price levels as attractive. In our view; investors should wake up smell the coffee, and act on the opportunity that lies right before them

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