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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -2.8x - -3.1x | -3.0x |
Selected Fwd EBIT Multiple | 2.6x - 2.9x | 2.7x |
Fair Value | kr2.95 - kr3.24 | kr3.10 |
Upside | 15.9% - 27.1% | 21.5% |
Benchmarks | Ticker | Full Ticker |
Game Chest Group AB (publ) | GAMEC | NGM:GAMEC |
AIK Fotboll AB (publ) | AIK B | NGM:AIKB |
Adventure Box Technology AB (publ) | ADVBOX | OM:ADVBOX |
Safe Lane Gaming AB (publ) | SLG B | NGM:SLGB |
Stillfront Group AB (publ) | SF | OM:SF |
Jumpgate AB | GATE | NGM:GATE |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
GAMEC | AIK B | ADVBOX | SLG B | SF | GATE | ||
NGM:GAMEC | NGM:AIKB | OM:ADVBOX | NGM:SLGB | OM:SF | NGM:GATE | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | 6.8% | NM- | |
3Y CAGR | NM- | -37.4% | NM- | NM- | -11.4% | NM- | |
Latest Twelve Months | 43.3% | 124.5% | -118.5% | -15.7% | -4.4% | 62.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -40.5% | -0.8% | -857.4% | -221.9% | 15.6% | -53.8% | |
Prior Fiscal Year | -11.8% | -6.1% | -500.2% | -71.0% | 9.8% | -50.9% | |
Latest Fiscal Year | -6.6% | 1.2% | -2386.9% | -165.9% | 9.9% | -16.3% | |
Latest Twelve Months | -6.6% | 1.2% | -2386.9% | -208.8% | 9.9% | -16.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.31x | 0.06x | 1.72x | 2.23x | 0.93x | 0.37x | |
EV / LTM EBITDA | 147.6x | 0.8x | -0.1x | -7.4x | 4.6x | -2.4x | |
EV / LTM EBIT | -19.8x | 4.8x | -0.1x | -1.1x | 9.4x | -2.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -19.8x | -0.1x | 9.4x | ||||
Historical EV / LTM EBIT | -6.9x | -2.7x | -2.0x | ||||
Selected EV / LTM EBIT | -2.8x | -3.0x | -3.1x | ||||
(x) LTM EBIT | (11) | (11) | (11) | ||||
(=) Implied Enterprise Value | 31 | 33 | 35 | ||||
(-) Non-shareholder Claims * | 3 | 3 | 3 | ||||
(=) Equity Value | 34 | 36 | 38 | ||||
(/) Shares Outstanding | 11.7 | 11.7 | 11.7 | ||||
Implied Value Range | 2.93 | 3.07 | 3.21 | ||||
FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 2.93 | 3.07 | 3.21 | 2.55 | |||
Upside / (Downside) | 14.9% | 20.4% | 25.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | GAMEC | AIK B | ADVBOX | SLG B | SF | GATE | |
Enterprise Value | 10 | 17 | 2 | 56 | 6,701 | 27 | |
(+) Cash & Short Term Investments | 5 | 31 | 0 | 1 | 957 | 3 | |
(+) Investments & Other | 0 | 2 | 0 | 0 | 0 | 0 | |
(-) Debt | 0 | (14) | 0 | (45) | (4,893) | 0 | |
(-) Other Liabilities | (0) | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 14 | 36 | 2 | 13 | 2,765 | 30 | |
(/) Shares Outstanding | 33.7 | 21.8 | 79.9 | 8.3 | 502.3 | 11.7 | |
Implied Stock Price | 0.42 | 1.66 | 0.03 | 1.55 | 5.51 | 2.55 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.42 | 1.66 | 0.03 | 1.55 | 5.51 | 2.55 | |
Trading Currency | SEK | SEK | SEK | SEK | SEK | SEK | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |