Angler Gaming delivered a strong Q2, with revenue of EUR 8.4m, beating our EUR 8.2m estimate, and EBIT of EUR 2.9m, well above our EUR 1.8m forecast. The EBIT margin reached 33.9%, reflecting the full benefit of the renegotiated B2B model. We raise our fair value to SEK 7.9 per share (6.3) on upgraded estimates across the forecast period.

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