Coffee Stain (AO) | Hold | Mixed report, but cash distribution softens the blow

研报英文原文证据摘录

Coffee Stain (AO) | Hold | Mixed report, but cash distribution softens the blow

News comment

Release date: 12 May 2026

Rasmus Engberg

Head of Swedish Equity Research

Hold +46 87 23 51 12Coffee Stain rengberg@keplercheuvreux.com

Sweden | Media MCap: SEK4.7bn

Target Price: SEK17.00 Bloomberg: COFFEEB SS Reuters: COFFEEb.ST

Current Price: SEK20.71 Free float 65%

Up/downside: -17.9% Avg. daily volume (SEKm) 19.8

YTD abs performance -10.5% Market data: 11 May 2026

52-week high/low (SEK) 23.80/16.03

Mixed report, but cash distribution softens the blow

Key points:

Revenues are 15% ahead, but EBIT is negative due to a one-off effect of SEK -42m, relating to a studio closure. Adjusting for this,

EBIT is 0 (SEK 29m expected). "Cash EBIT", the company's preferred metric, was in line as capitalisation decreased and

amortisation increased.

Fellowship, a game taken over from Embracer late in the separation process, accounted for 45m of amortisation in Q4. The report

states that the game is not developing according to plan and that they are in discussions with the external development studio.

The plan was a Cash EBIT breakeven. This is clearly negative as is significant one off costs in the first report as a listed entity. On

the other hand, the board proposes that SEK 300m of the 500m excess cash they were handed during the separation is returned

to shareholders. With a market cap of SEK 4.7bn and a cash pile attributed very limited value, this will soften the blow of a weak

quarter and the costs of turning Fellowship around.

The main event this quarter is a game release on 20 May, Deep Rock Galactic: Rogue Core, in early access for PC. The game is in

position 33 on Steam's Wishlist, and this launch is more important than this Q4 report.

Detailed deviations