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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 17.4x - 19.2x | 18.3x |
| Selected Fwd Ps Multiple | 29.6x - 32.7x | 31.1x |
| Fair Value | $49.07 - $54.24 | $51.65 |
| Upside | -15.1% - -6.1% | -10.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Konami Group Corporation | - | DB:KOA |
| Capcom Co., Ltd. | - | DB:CPK |
| NetEase, Inc. | - | DB:4Y01 |
| Koei Tecmo Holdings Co., Ltd. | - | DB:85T |
| Square Enix Holdings Co., Ltd. | - | DB:EI4 |
| CD Projekt S.A. | - | OTCPK:OTGL.F |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| KOA | CPK | 4Y01 | 85T | EI4 | OTGL.F | |||
| DB:KOA | DB:CPK | DB:4Y01 | DB:85T | DB:EI4 | OTCPK:OTGL.F | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 6.5% | 8.8% | 12.2% | 16.8% | 5.6% | 13.6% | ||
| 3Y CAGR | 9.7% | 16.9% | 6.3% | 11.9% | 2.3% | 3.5% | ||
| Latest Twelve Months | 22.8% | -11.4% | 1.8% | -15.6% | 0.6% | -19.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 13.8% | 26.8% | 23.7% | 43.6% | 9.8% | 39.6% | ||
| Prior Fiscal Year | 11.1% | 29.2% | 28.4% | 39.4% | 14.4% | 39.1% | ||
| Latest Fiscal Year | 16.4% | 28.5% | 28.2% | 40.0% | 4.2% | 47.7% | ||
| Latest Twelve Months | 18.6% | 23.5% | 28.2% | 45.6% | 3.7% | 47.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 15.3x | 31.4x | 11.7x | 17.7x | 14.4x | 50.7x | ||
| Price / LTM Sales | 5.7x | 11.3x | 4.7x | 8.2x | 2.4x | 21.3x | ||
| LTM P/E Ratio | 30.4x | 48.1x | 16.7x | 18.0x | 65.2x | 44.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.4x | 5.7x | 11.3x | |||||
| Historical LTM P/S Ratio | 8.5x | 14.6x | 40.6x | |||||
| Selected Price / Sales Multiple | 17.4x | 18.3x | 19.2x | |||||
| (x) LTM Sales | 985 | 985 | 985 | |||||
| (=) Equity Value | 17,098 | 17,998 | 18,898 | |||||
| (/) Shares Outstanding | 99.9 | 99.9 | 99.9 | |||||
| Implied Value Range | 171.13 | 180.14 | 189.15 | |||||
| FX Rate: PLN/USD | 3.8 | 3.8 | 3.8 | Market Price | ||||
| Implied Value Range (Trading Cur) | 44.56 | 46.91 | 49.25 | 57.77 | ||||
| Upside / (Downside) | -22.9% | -18.8% | -14.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | KOA | CPK | 4Y01 | 85T | EI4 | OTGL.F | |
| Value of Common Equity | 2,405,045 | 1,543,384 | 490,356 | 632,328 | 841,858 | 22,165 | |
| (/) Shares Outstanding | 135.6 | 418.3 | 3,222.5 | 315.8 | 120.1 | 99.9 | |
| Implied Stock Price | 17,741.92 | 3,689.99 | 152.17 | 2,002.07 | 7,012.13 | 221.85 | |
| FX Conversion Rate to Trading Currency | 162.77 | 162.77 | 7.88 | 162.77 | 162.77 | 3.84 | |
| Implied Stock Price (Trading Cur) | 109.00 | 22.67 | 19.30 | 12.30 | 43.08 | 57.77 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 162.77 | 162.77 | 7.88 | 162.77 | 162.77 | 3.84 | |