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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21,5x - 23,7x | 22,6x |
| Selected Fwd EBITDA Multiple | 13,3x - 14,6x | 14,0x |
| Fair Value | €135,15 - €149,58 | €142,36 |
| Upside | -21,5% - -13,1% | -17,3% |
| Benchmarks | Ticker | Full Ticker |
| Take-Two Interactive Software, Inc. | TTWO | NasdaqGS:TTWO |
| PLAYSTUDIOS, Inc. | MYPS | NasdaqGM:MYPS |
| Playtika Holding Corp. | PLTK | NasdaqGS:PLTK |
| Motorsport Games Inc. | MSGM | NasdaqCM:MSGM |
| Roblox Corporation | RBLX | NYSE:RBLX |
| Electronic Arts Inc. | ERT | DB:ERT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TTWO | MYPS | PLTK | MSGM | RBLX | ERT | ||
| NasdaqGS:TTWO | NasdaqGM:MYPS | NasdaqGS:PLTK | NasdaqCM:MSGM | NYSE:RBLX | DB:ERT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.9% | 11.3% | 0.9% | NM- | NM- | 3.9% | |
| 3Y CAGR | -12.5% | 11.7% | -5.0% | NM- | NM- | 6.3% | |
| Latest Twelve Months | 20.0% | -15.3% | -6.2% | 71.7% | 12.8% | 2.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.1% | 9.9% | 25.2% | -139.8% | -26.9% | 24.7% | |
| Prior Fiscal Year | 9.7% | 13.9% | 26.8% | -211.9% | -37.3% | 26.2% | |
| Latest Fiscal Year | 8.0% | 13.2% | 24.3% | -53.9% | -22.7% | 26.0% | |
| Latest Twelve Months | 10.4% | 12.7% | 21.8% | -25.0% | -21.2% | 24.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.46x | 0.06x | 1.22x | 1.39x | 20.97x | 6.75x | |
| EV / LTM EBITDA | 81.7x | 0.5x | 5.6x | -5.6x | -98.7x | 27.4x | |
| EV / LTM EBIT | -164.4x | -2.0x | 8.0x | -5.6x | -77.9x | 33.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -98.7x | 0.5x | 81.7x | ||||
| Historical EV / LTM EBITDA | 16.2x | 19.3x | 26.0x | ||||
| Selected EV / LTM EBITDA | 21.5x | 22.6x | 23.7x | ||||
| (x) LTM EBITDA | 1,842 | 1,842 | 1,842 | ||||
| (=) Implied Enterprise Value | 39,568 | 41,651 | 43,734 | ||||
| (-) Non-shareholder Claims * | (579) | (579) | (579) | ||||
| (=) Equity Value | 38,989 | 41,072 | 43,155 | ||||
| (/) Shares Outstanding | 249.3 | 249.3 | 249.3 | ||||
| Implied Value Range | 156.37 | 164.72 | 173.07 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 134.49 | 141.68 | 148.86 | 172.22 | |||
| Upside / (Downside) | -21.9% | -17.7% | -13.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TTWO | MYPS | PLTK | MSGM | RBLX | ERT | |
| Enterprise Value | 49,047 | 16 | 3,231 | 11 | 84,359 | 50,506 | |
| (+) Cash & Short Term Investments | 2,035 | 113 | 607 | 2 | 2,627 | 1,630 | |
| (+) Investments & Other | 31 | 0 | 21 | 0 | 2,111 | 0 | |
| (-) Debt | (3,507) | (9) | (2,528) | (0) | (1,785) | (2,209) | |
| (-) Other Liabilities | 0 | 0 | 0 | (1) | 16 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 47,606 | 120 | 1,330 | 13 | 87,328 | 49,927 | |
| (/) Shares Outstanding | 184.5 | 125.3 | 375.8 | 5.1 | 693.2 | 249.3 | |
| Implied Stock Price | 258.07 | 0.96 | 3.54 | 2.53 | 125.97 | 200.23 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 258.07 | 0.96 | 3.54 | 2.53 | 125.97 | 172.22 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |