💼Portfolio update 20230103.💼

Christmas cleaning; I've chiseled down the number of positions; still not feeling concentrated enough... I have a sizeable cash pile as I want to capitalize on opportunities that might arise soon. I will elaborate more on my positions for once. ⬇️ Kindred $KIND:

Strong Q4 report incoming, & comps will be super-easy for a whole year to come. The purging of the board, replacing it with representants connected to Corvus (who are dead set on pawning off the company), has increased the buyout optionality. Valuation still OK.

The core of $PDX, PDS, can still deliver.

✅ HoI4: NSB (= highest rated HoI4 DLC of all time)
✅ Stellaris: Aquatics (= highest rated Stellaris DLC of all time)
✅ EUIV: Origins (54% is not great, but a step up from Leviathan's 9% (lol) and the highest rated EUIV DLC since 2018) Going forward, the three main triggers on which I base my case on are:

CK3: Royal Court Expansion (8th of February)
Victoria 3 (hopefully in Q2)
Cities 2 reveal (during PDXCon, perhaps Q2) & release (H1-23?)

If all of these deliver similar quality to the last 2 DLCs... 🥳

Paradox $PDX finally delivers its "big bath" report with extraordinary write-downs of around 133,7 (intential number??) MSEK, resulting in an EBIT of -44,6 MSEK (or 89,1 adjusted). This was a quarter without any real releases, so managing 289 MSEK in revenue even so = not too bad Going forward, focus will return to the company's core portfolio of strategy and management titles. There has been a lot of money wasted on external publishing titles, so this is a good move. The old CEO is back and is perhaps dressing the bride for $MSFT.