DNB Carnegie sharply lowers its valuation of the game development company Beyond Frames to SEK 3.4-6.2 per share from previously SEK 17-24 after sales of the company’s Teenage Mutant Ninja Turtles game came in below the board’s expectations. This is stated in a commissioned analysis.The analysis firm notes that the game has received strong reviews on relevant platforms, but that sales have been weaker than expected. The board has therefore withdrawn the sales target for 2026-2029 of SEK 350-700 million and launched a cost-cutting program of SEK 15 million. As a result, DNB Carnegie makes major estimate revisions and lowers the justified value.According to DNB Carnegie, increased transparency as well as greater clarity around long-term financing and strategy are the most important possible drivers for the stock going forward.