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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.6x - 11.7x | 11.1x |
| Selected Fwd EBITDA Multiple | 4.6x - 5.1x | 4.9x |
| Fair Value | kr90.01 - kr101.27 | kr95.64 |
| Upside | -18.6% - -8.4% | -13.5% |
| Benchmarks | Ticker | Full Ticker |
| Embracer Group AB (publ) | EMBRAC B | OM:EMBRACB |
| Stillfront Group AB (publ) | SF | OM:SF |
| G5 Entertainment AB (publ) | G5EN | OM:G5EN |
| Ubisoft Entertainment SA | UBI | ENXTPA:UBI |
| Tapinator, Inc. | TAPM | PINC:TAPM |
| Modern Times Group MTG AB | MTGBS | BATS-CHIXE:MTGBS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| EMBRAC B | SF | G5EN | UBI | TAPM | MTGBS | ||
| OM:EMBRACB | OM:SF | OM:G5EN | ENXTPA:UBI | PINC:TAPM | BATS-CHIXE:MTGBS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 15.0% | 13.2% | -12.9% | NM- | 90.4% | |
| 3Y CAGR | NM- | -12.4% | -19.0% | -25.5% | 103.3% | 12.9% | |
| Latest Twelve Months | -175.6% | -29.6% | 0.7% | -120.6% | -23.3% | 9.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.1% | 23.5% | 11.5% | 32.5% | -3.2% | 19.8% | |
| Prior Fiscal Year | 16.0% | 19.7% | 9.1% | 38.0% | 12.3% | 23.3% | |
| Latest Fiscal Year | -9.6% | 14.5% | 10.6% | 16.2% | 6.1% | 23.7% | |
| Latest Twelve Months | -16.4% | 14.5% | 10.6% | -7.4% | 3.6% | 23.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.84x | 1.18x | 0.62x | 1.27x | 0.25x | 2.33x | |
| EV / LTM EBITDA | -5.1x | 8.1x | 5.8x | -17.1x | 6.9x | 10.1x | |
| EV / LTM EBIT | -2.8x | 21.0x | 6.0x | 51.9x | 7.4x | 17.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -17.1x | 5.8x | 8.1x | ||||
| Historical EV / LTM EBITDA | 4.8x | 5.1x | 59.4x | ||||
| Selected EV / LTM EBITDA | 10.6x | 11.1x | 11.7x | ||||
| (x) LTM EBITDA | 1,642 | 1,642 | 1,642 | ||||
| (=) Implied Enterprise Value | 17,339 | 18,252 | 19,164 | ||||
| (-) Non-shareholder Claims * | (2,609) | (2,609) | (2,609) | ||||
| (=) Equity Value | 14,730 | 15,643 | 16,555 | ||||
| (/) Shares Outstanding | 153.8 | 153.8 | 153.8 | ||||
| Implied Value Range | 95.79 | 101.72 | 107.66 | ||||
| FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 95.79 | 101.72 | 107.66 | 110.60 | |||
| Upside / (Downside) | -13.4% | -8.0% | -2.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EMBRAC B | SF | G5EN | UBI | TAPM | MTGBS | |
| Enterprise Value | 31,652 | 8,718 | 721 | 2,817 | 1 | 19,616 | |
| (+) Cash & Short Term Investments | 3,041 | 957 | 276 | 933 | 0 | 2,176 | |
| (+) Investments & Other | 755 | 0 | 37 | 48 | 0 | 585 | |
| (-) Debt | (7,228) | (7,031) | (2) | (2,341) | (0) | (5,370) | |
| (-) Other Liabilities | (903) | 0 | 0 | (3) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 27,317 | 2,644 | 1,033 | 1,454 | 1 | 17,007 | |
| (/) Shares Outstanding | 225.1 | 493.7 | 7.8 | 130.8 | 2.7 | 153.8 | |
| Implied Stock Price | 121.36 | 5.36 | 132.40 | 11.12 | 0.40 | 110.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 121.36 | 5.36 | 132.40 | 11.12 | 0.40 | 110.60 | |
| Trading Currency | SEK | SEK | SEK | EUR | USD | SEK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |