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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8,4x - 9,3x | 8,9x |
| Selected Fwd EBITDA Multiple | 2,8x - 3,0x | 2,9x |
| Fair Value | $0,95 - $1,03 | $0,99 |
| Upside | -36,0% - -30,3% | -33,2% |
| Benchmarks | Ticker | Full Ticker |
| Take-Two Interactive Software, Inc. | TTWO | NasdaqGS:TTWO |
| Electronic Arts Inc. | EA | NasdaqGS:EA |
| Enad Global 7 AB (publ) | ENAD.F | OTCPK:ENAD.F |
| Ubisoft Entertainment SA | UBSF.F | OTCPK:UBSF.F |
| Embracer Group AB (publ) | THQQ.F | OTCPK:THQQ.F |
| Snail, Inc. | SNAL | NasdaqCM:SNAL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TTWO | EA | ENAD.F | UBSF.F | THQQ.F | SNAL | ||
| NasdaqGS:TTWO | NasdaqGS:EA | OTCPK:ENAD.F | OTCPK:UBSF.F | OTCPK:THQQ.F | NasdaqCM:SNAL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.9% | 3.9% | 161.0% | -29.6% | 80.4% | -32.3% | |
| 3Y CAGR | -12.5% | 6.3% | 19.9% | -53.1% | 150.2% | -53.1% | |
| Latest Twelve Months | -13.7% | -2.2% | 10.0% | -75.7% | 587.6% | 132.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.4% | 24.9% | 15.8% | 28.9% | 15.7% | 6.5% | |
| Prior Fiscal Year | 9.7% | 26.2% | 21.9% | 16.2% | -9.6% | -13.9% | |
| Latest Fiscal Year | 8.0% | 26.0% | 21.5% | 4.8% | 88.3% | 5.0% | |
| Latest Twelve Months | 8.0% | 26.0% | 19.8% | 4.8% | 88.3% | 2.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.18x | 5.05x | 0.53x | 1.23x | 0.85x | 0.55x | |
| EV / LTM EBITDA | 102.7x | 19.4x | 2.7x | 25.8x | 1.0x | 19.6x | |
| EV / LTM EBIT | -102.1x | 23.8x | -5.3x | -77.6x | 1.9x | 25.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.0x | 19.4x | 102.7x | ||||
| Historical EV / LTM EBITDA | -3.2x | 3.4x | 12.1x | ||||
| Selected EV / LTM EBITDA | 8.4x | 8.9x | 9.3x | ||||
| (x) LTM EBITDA | 3 | 3 | 3 | ||||
| (=) Implied Enterprise Value | 21 | 23 | 24 | ||||
| (-) Non-shareholder Claims * | 5 | 5 | 5 | ||||
| (=) Equity Value | 27 | 28 | 29 | ||||
| (/) Shares Outstanding | 37.2 | 37.2 | 37.2 | ||||
| Implied Value Range | 0.72 | 0.75 | 0.78 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.72 | 0.75 | 0.78 | 1.48 | |||
| Upside / (Downside) | -51.7% | -49.6% | -47.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TTWO | EA | ENAD.F | UBSF.F | THQQ.F | SNAL | |
| Enterprise Value | 46,040 | 37,668 | 1,279 | 2,359 | 19,701 | 50 | |
| (+) Cash & Short Term Investments | 1,466 | 2,248 | 579 | 990 | 7,097 | 9 | |
| (+) Investments & Other | 40 | 0 | 0 | 57 | 693 | 0 | |
| (-) Debt | (4,106) | (2,218) | (402) | (2,166) | (2,351) | (10) | |
| (-) Other Liabilities | 0 | 0 | 0 | (3) | (64) | 6 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 43,439 | 37,698 | 1,456 | 1,237 | 25,076 | 55 | |
| (/) Shares Outstanding | 182.9 | 250.8 | 111.6 | 131.5 | 225.1 | 37.2 | |
| Implied Stock Price | 237.52 | 150.33 | 13.05 | 9.40 | 111.39 | 1.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 9.53 | 0.87 | 9.53 | 1.00 | |
| Implied Stock Price (Trading Cur) | 237.52 | 150.33 | 1.37 | 10.82 | 11.69 | 1.48 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 9.53 | 0.87 | 9.53 | 1.00 | |