Kristoffer on Coffee Stain and Nordic Gaming Spin-offs

Kristoffer joined Rich Howe on episode 18 of the Stock Spin-off Investing Podcast. Rich focuses on spin-offs and special situations, which makes Coffee Stain, spun off from Embracer in December 2025, a natural fit for the show. In English this time.

Most of the 48 minutes is about Coffee Stain. We cover the long-term revenue growth we expect, when Coffee Stain last launched a new IP that generated meaningful revenue, where the share should trade, how we value the 30% stake in Iron Gate (Valheim), how management could put the cash to work, and the upside versus downside at today's price. We also go through the catalysts ahead.

The last part zooms out. Nordic gaming fell out of favor after the COVID boom, and we discuss why. Then we turn to the other gaming spin-offs we are watching: Asmodee, Embracer itself, and the coming Fellowship spin-off.

Coffee Stain starts at 9:50, valuation at 21:20, catalysts at 31:20, and other spin-offs at 40:30.

Also on Spotify and Apple Podcasts.

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