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1、Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed appointed representative of Razlin Ltd(FRN 730805),which is authorized and regulated by the FCASALE TOMobile/Online GamingVideo Game/C

2、ontent StreamingSALE TOAAA Game DeveloperPower RangersMobile/Console GamesMobile GamesGame Review and AdvertisingSALE TO*Transactions executed by current Drake Star Partners employees while employed at other firms2 *+1 310 696 +49 172 661 +1 310 625 *47 188 9 3Note:Public Markets include IPOs,SPACs,

3、and Public FinancingsSource:CapIQ,Pitchbook&DSP ResearchNote:Deal count includes announced and/or closed M&A,private placement,IPOs,SPACs,and public financing dealsDrake Star did not act as financial advisor on transactions listed on this pageWith a strong start of the year,we expect M&A activity to

4、 steadily increase in 2024.Savvy/Scopely,Tencent,Take-Two and Playtika are expected to be some of the active buyers.As we predicted last year,PE firms interest in the gaming sector has increased(i.e.,Jagex/CVC deal)and given the attractive public company valuations,we except several acquisitions and

5、 take-private deals to be led by PE firms in the coming quartersWith funding trends finally breaching the downward trend and growing for Q1,we expect overall growth in private financings during the year.While early-stage companies will continue to dominate the deal volume,we expect a modest increase

6、 in mid/late-stage deals.AI,mixed reality,platform and tools continue to be hot segmentsWe saw the first successful consumer tech IPO in Reddit this quarter and we anticipate that several IPO ready gaming companies such as Discord and EPIC are starting to plan for a listing in the second half of 202

7、4 or 20252024 has started on a strong note with multiple high value deals and the momentum extended in early Q2 with Embracer continuing to divest major businesses.Existing and new VCs continue to raise more capital focused on gaming investments(A16Zs Gaming Fund II:$600M and BITKRAFT III:$275M)and

8、public markets have improved since bottoming out in October last year With 47 announced deals and disclosed deal value of$2.4B,M&A activity continues to pick-up and was higher than any quarter last year.CVC/Haveli acquired Jagex($1.1B)and Take-Two picked up Gearbox from Embracer($460M).Volume in the

9、 mid to small size deals segment with mostly undisclosed deal value increased significantlyPrivate financings reported a notable uptick in Q1 with over$2.4B raised through 188 deals,reversing a downward trend in deal volume since mid 2022.Disney invested$1.5B in Epic Games,Build a Rocket Boy raised$

10、110M and True Gamers raised$45M Early-stage financings continue to be the major portion of total deals while the mid to late-stage deal activity remained low.With the recent upswing in the blockchain market,early-stage blockchain deals were 40%of the total deal volume.For investments over the last 1

11、2 months,BITKRAFT led the VC league table,followed by Andreessen Horowitz,Griffin Gaming,Play Ventures and VgamesPublic MarketsPPM&A$2.4$2.4$0.54M&APublic MarketsGoddess of Victory:Nikke developer Shift Up with over$80M in EBITDA for FY2023 has filed to go public at a valuation of over$2BTake-Two ra

12、ised$350M through senior notes for general corporate purposes and retirement of certain senior notes due this yearStillfront issued new bounds worth SEK1B to further improve the maturity profile of its debt portfolio and to use for general corporate purposes Nazara,India-based gaming media platform,

13、received over$30M from existing investors as part of its M&A strategy across mobile and PC gamesFundraisingEpic Games,the developer of Unreal Engine and popular first-person shooter title“Fortnite”,received a$1.5B investment from The Walt Disney as a part of multiyear project of creating expansive a

14、nd open games and entertainment universe connected to FortniteBuild a Rocket Boy,developer of new immersive open-world platform called“Everywhere”,raised$110M in Series D financing round led by RedBird Capital Partners with further support from NetEase Games,Galaxy Interactive,Endeavor,Alignment Gro

15、wth and othersTrue Gamers,esports lounge creator,secured a$45M investment to create more than 150 esports clubs across Saudi ArabiaGunzilla Games,a cyberpunk battle royal third-person shooter developer,raised$30M from Avalanche Fund,CoinFund,Republic Capital,and Morningstar Ventures to support the d

16、evelopment of its main title“Off the Grid”Lapse,a photo-sharing app focused on GenZ with gamification elements,raised$30M from Greylock,DST Global,Google Ventures,etc.Mountaintop,tactical shooter developer,received$30M in a round led by Anthos Capital with participation from A16Z,RX3 and othersNote:

17、Drake Star did not act as financial advisor on transactions listed on this pageCVC&Haveli Investments acquired Jagex for$1.1B from the Carlyle Group and will help build on the existing portfolio of gamesTencent acquired controlling stake in Swords of Legends developer Wangyuan Shengtang,increasing i

18、ts ownership to over 94%.Take-Two acquired Gearbox in an all-stock deal worth$460M to drive increased long-term growth by leveraging resources across projectsBeacon Interactive acquired selected assets of Saber Interactive in a$247M deal The combined company will remain partners with Embracer on sev

19、eral ongoing and future projects Turtle Beach acquired PDP,developer of gamepads and other accessories,for$118M further strengthening its position in the gaming hardware segmentKadokawa Corporation,the parent company of Elden Rings developer FromSoftware,purchased ACQUIRE that developed Octopath Tra

20、veler,to further strengthen its IP development capabilities and enhancing the lineup of console gamesSensor Tower,a leading app analytics firm,acquired its rival Data.ai,boosting its market position by expanding customer base,mobile marketing and app intelligence products,and presence across the glo

21、be16 17 14 North AmericaEuropeAsia and others10 10 12 2 4 2 7 PC/ConsoleMobilePlatform/ToolsHardwareEsportsBlockchainOthers571 84 77 43 44 33 43 47 -10 20 30 40 50 60 70 80 90$0$1$2$3$4$5$6$7Q222Q322Q422Q123Q223Q323Q423Q124Value($B)Deal CountSource:CapIQ,Pitchbook&DSP Research6Source:CapIQ,Pitchbook

22、&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageKadokawa,owner of FromSoftware,purchases Acquire,the developer behind Octopath TravelerThe acquisition aims to bolster Kadokawas game business strategy by enhancing its ability to create intellectual pro

23、perty(IP)in gamesIt is anticipated to generate synergies,improve planning and development capabilities,and offer a wider range of console games for players to enjoyTurtle Beach acquires Performance Designed Products(PDP)for$118 million,leading provider of gaming controllers and other accessoriesPDP

24、further strengthens Turtle Beachs position in gaming hardware landscape and provides additional scale along with future expansion opportunitiesSignificant financial synergies will be realized by both companies as a result of the acquisitionTake-Two Interactive Software,Inc.acquires Gearbox Entertain

25、ment for$460M,enhancing its portfolio with franchises like BorderlandsThe acquisition strengthens the partnership between Take-Two and Gearbox,offering financial benefits and integrating Gearboxs intellectual propertyManagement expects increased creativity while highlighting the ongoing development

26、between 2K&Gearbox for the next Borderland installmentCVC Capital Partners and Haveli Investments acquired Jagex,games developer best known for famous MMORPG“Runescapes”The acquisition will provide crucial support for Jagexs flagship franchise,RuneScape,fueling its growth and nurturing its dedicated

27、 communityIn addition,Jagex plans to diversify its game portfolio,through new game developmentSensor Tower,leading app analytics firm,acquired Data.ai,AI app analytics platformThe acquisition creates a powerhouse that could dominate the sector and provide aggressively competitive insights into the a

28、pp economyThe deal bolsters Sensor Towers digital marketing and mobile position,aiming to expand its offerings and customer reach globallyBeacon Interactive,new company founded by Sabers co-founder Matthew Karch,acquired“core”Saber Interactive assets for$247 millionThis transaction puts Saver Intera

29、ctive into a stronger position to grow further while maintaining existing and future partnerships with EmbracerThe deal also includes the option for Beacon to acquire 4A Games and Zen Studios195 130 202 310 183 233 212 212 199 185 162 188$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0Q221 Q321 Q421 Q122 Q222 Q322

30、Q422 Q123 Q223 Q323 Q423 Q124Value($B)Deal Count$0.3B$0.0B$1.6B$0.0B$0.1B$0.0B$0.3B$0.1B28 24 30 11 74 12$0.6B$0.1B$1.7BHardwareOthersPlatform/Tools7Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageLateMidEarlyVR/AREsportsMobilePC

31、/ConsoleBlockchain165 20 2 Platform/ToolsFeb-24$1,500.0-The Walt Disney,DualcorePC/ConsoleJan-24$110.0-RedBird Capital,Galaxy Interactive,NetEase,Endeavor,Alignment Growth,Woodline Partners,GTAM PartnerseSportsJan-24$45.0-Falak Investment HubPC/ConsoleMar-24$30.0-CoinFund,Blizzard fund,Republic Capi

32、tal,Morningstar VenturesOthersFeb-24$30.0$156.0Greylock,DST Global Partners,Google Ventures,Octopus Ventures,SpeedinvestPC/ConsoleJan-24$30.0-Abstract,Andreessen Horowitz,Anthos Capital,BoxGroup,Rx3 Growth Partners,Spark Capital,vgamesBlockchainFeb-24$27.0-Founders Fund,Dragonfly,Figment Capital,Nom

33、ad Capital,SevenX VenturesOthersMar-24$23.0-Alpha Wave,Hashed EmergentPlatform/ToolsJan-24$23.0-WebzenBlockchainMar-24$20.3-UndisclosedSource:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this page89Source:CapIQ,Pitchbook&DSP ResearchNote:Drak

34、e Star did not act as financial advisor on transactions listed on this pageInvestors RedBird Capital,Galaxy Interactive,NetEase,Endeavor,Alignment Growth,Woodline Partners,GTAM PartnersThe new funding round will support the trio of projects,user-generated Arcadia tools,action-adventure game MindsEye

35、,and the open-world experience and creation tool EverywhereInvestors Falak Investment HubThe funding will enable True Gamers to expand into Saudi Arabia with a plan of creating 150 new esports centers by 2030 with the focus on fostering gaming and social skills among youth.The centers will also be u

36、sed to host local and international esports tournamentsInvestors The Walt DisneyThe funding comes alongside the multiyear partnership with the Walt Disney.Companies will collaborate on an all-new games and entertainment universe that will further expand the reach of beloved Disney stories and experi

37、ences within Fortnite universeInvestors Greylock,DST Global Partners,Google Ventures,Octopus Ventures,SpeedinvestLapse has been a hot app with exponential growth in 2023,becoming the most downloaded app on both the Apple U.S.and UK app storesThe funding will enable Lapse to expand the team of engine

38、ers and technical staffInvestors Abstract,Andreessen Horowitz,Anthos Capital,BoxGroup,Rx3 Growth Partners,Spark Capital,vgames,multiple esports playersMountaintop plans to leverage these esports relationships to validate the studios concept and progress.The funding will be used to deliver a better e

39、xperience for the players including the announcement of the title in 2024Investors CoinFund,Avalanche Blizzards fund,Republic Capital,Morningstar VenturesThe funding will be used to continue developing web3 battle royale third-person shooter set in a dystopian cyberpunk future,Off the Grid and to su

40、pport development of its blockchain-based platform Gunz which offers full ownership of assets and an NFT marketplaceVCDEALSSELECT INVESTMENTSLOCATION10109888887610VCDEALSSELECT INVESTMENTSLOCATION191198655332Source:CapIQ,Pitchbook&DSP ResearchNote:The league tables above do not include accelerator i

41、nvestmentsIliad11COMPANYDISCLOSED DEAL VALUE($M)#OF DEALSSELECT DEALS$1,580.06-3-3$4,900.02$460.02$465.02$112.12$110.02$40.02$775.01Source:CapIQ,Pitchbook&DSP ResearchNote:Deal value only includes publicly disclosed transaction valuesDrake Star did not act as financial advisor on transactions listed

42、 on this page12COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REV North America/Europe-Mobile FocusedLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMLight&WonderLNWUS31-Dec-23$102.09$9,170.7$12,677.7$2,902.0$956.04.4x4.1x12.9x10.5x58.3x2

43、7.3x16%7.9%15%26%32.9%PlaytikaPLTKIL31-Dec-23$7.05$2,613.1$4,086.6$2,567.0$688.91.6x1.6x5.7x5.4x11.0 x10.6x-2%0.2%8%9%26.8%Modern Times GroupMTG BSE31-Dec-23$7.82$951.3$741.1$579.6$147.01.4x1.3x5.4x5.1x20.5x17.3x5%6%26%6%25.4%Stillfront GroupSFSE31-Dec-23$0.89$456.0$842.7$754.1$176.11.2x1.3x5.1x3.6x

44、NM4.3x-1%-7%-4%43%23.4%HuuugeHUGUS31-Dec-23$6.78$427.7$288.0$283.4$97.21.0 x1.1x2.9x3.6x6.0 x6.6x-11%-8%39%18%34.3%GDEVGDEVCY31-Dec-23$2.28$412.4$266.3$464.5$44.60.6xNA6.0 xNA9.9xNA-3%NA-49%NA9.6%Media and Games InvestM8GSE31-Dec-23$1.75$279.4$594.7$384.6$63.01.6x1.5x9.7x5.5x6.3x21.2x-2%4%-6%76%16.4

45、%Ten Square GamesTENPL31-Dec-23$24.22$175.9$143.8$103.7$28.21.4x1.3x5.1x5.2x73.7x8.8x-17%-6%-40%15%27.2%G5 EntertainmentG5ENSE31-Dec-23$12.15$98.0$81.1$131.2$13.00.7x0.7x6.6x2.9x8.2x7.9x-6%-0.2%-18%126%9.9%East Side GamesEAGRCA31-Dec-23$0.47$37.9$35.3$65.9$9.20.5x0.5x5.0 x2.7xNM12.3x-25%2%149%45%13.

46、9%MAG InteractiveMAGISE30-Nov-23$0.89$23.5$14.0$36.0$3.10.4xNA3.5xNA15.6xNA-3%NANMNA8.6%Average1.3x1.5x6.2x4.9x23.3x12.9x-4%0%12%40%20.8%Median1.2x1.3x5.4x5.1x11.0 x10.6x-3%0.2%2%26%23.4%North America/Europe PC/Console FocusedElectronic ArtsEAUS31-Dec-23$132.67$35,469.4$34,582.4$7,657.0$1,933.04.5x4

47、.5x16.2x12.6x33.6x18.0 x4%0.1%-4%42%25.2%Take-Two InteractiveTTWOUS31-Dec-23$148.49$25,330.4$27,934.3$5,396.4$1,415.95.2x4.8x17.7x31.2xNM46.8x12%8%167%37%26.2%CD ProjektCDRPL31-Dec-23$29.37$2,934.0$2,709.8$292.7$178.99.3x14.1x15.1x30.8x25.6x51.8x37%-33%65%NM61.1%Embracer GroupEMBRAC BSE31-Dec-23$2.1

48、8$2,924.7$4,588.6$4,248.3$833.71.1x1.1x5.5x3.7x38.2x10.0 xNA3%NA58%19.6%UbisoftUBIFR30-Sep-23$21.04$2,681.5$3,962.4$2,031.2$640.91.9x1.6x6.2x3.4xNM10.2x-9%20%NA-4%31.6%Paradox InteractivePDXSE31-Dec-23$17.59$1,858.1$1,747.1$262.7$135.07.1x6.6x13.6x9.5x37.7x24.6x34%6%42%44%51.4%Keyword StudiosKWSIE31

49、-Dec-23$16.44$1,297.4$1,422.9$862.7$136.11.7x1.5x9.5x7.2x13.6x12.2x13%15%8%48%15.8%PlayWayPLWPL30-Sep-23$72.10$475.8$441.5$57.5$35.67.0 x5.4x11.6x8.4x20.6x8.9x-9%30%-16%34%61.9%Team17 GroupTM17GB30-Jun-23$2.97$427.2$376.0$195.6$47.11.9x2.0 x7.9x8.5x17.0 x13.1x48%-3%8%5%24.1%Remedy EntertainmentREMED

50、YFI31-Dec-23$17.63$238.3$212.6$37.5-$21.95.8x3.9xNMNMNMNM-22%49%NA87%-58.3%People Can FlyPCFPL30-Sep-23$5.55$199.5$155.2$35.0$0.34.4x3.6xNMNANMNA15%-5%8%NA0.9%Digital BrosDIBIT31-Dec-23$8.76$125.0$176.3$116.3$39.11.6x1.3x4.6x3.6xNM9.7x-23%21%-33%28%33.6%NaconNACONFR30-Sep-23$1.38$121.2$225.4$154.8$1

51、1.51.4x1.1x15.7x3.1x16.0 x7.5x-9%26%-50%NM7.5%Bloober TeamBLOPL30-Sep-23$6.20$119.8$113.1$19.8$5.65.2xNA18.4xNA48.7xNA20%NA-22%NA28.3%EG7EG7SE31-Dec-23$1.35$119.5$82.1$207.6$46.20.4x0.5x1.9x2.1x8.2x9.0 x11%-13%5%11%22.3%Devolver DigitalDEVOUS30-Jun-23$0.25$109.6$45.1$125.4-$31.10.4x0.5xNMNMNMNM20%-2

52、8%NA101%-24.8%CI GamesCIGPL31-Dec-23$0.40$73.5$89.6$58.0$24.91.5x2.6x3.6x4.5xNM11.5x356%-40%592%-20%42.9%Skonec EntertainmentA276040KR31-Dec-23$5.77$72.5$56.0$4.8-$4.112.0 xNANMNANMNA71%NANANA-84.6%Frontier DevelopmentsFDEVGB30-Nov-23$1.78$68.7$71.1$120.4-$32.00.6x0.6xNM2.5xNMNM-22%-9%NANM-26.6%Focu

53、s EntertainmentALPULFR30-Sep-23$9.84$60.8$192.6$226.1$67.30.8x0.8x2.8x2.5xNM5.7x74%-1%105%11%29.8%Snail GamesSNALUS31-Dec-23$0.99$36.3$42.8$60.9-$8.50.9x0.5xNM3.5xNM4.5x-18%48%NANM-13.9%Starbreeze ABSTAR BSE31-Dec-23$0.02$33.5$1.7$63.0$43.70.0 x0.1x0.04x0.3x1.3xNMNM-73%NM86%69.4%tinyBuildTBLDUS30-Ju

54、n-23$0.07$29.3$15.5$57.8-$21.60.3x0.3xNM3.0 xNM3.8x-7%-17%NA124%-37.4%Thunderful GroupTHUNDRSE31-Dec-23$0.38$26.4$64.0$295.4$22.80.2x0.3x2.9x2.3xNM1.6x-5%-14%-25%31%7.7%ZordixMAXENT BSE31-Dec-23$0.21$10.9$44.6$123.1$9.90.4x0.4x4.8x2.8xNM3.0 x4%1%NM71%8.1%Average3.0 x2.5x8.8x7.3x23.7x14.0 x26%-0.2%57

55、%44%12.9%Median1.6x1.3x7.0 x3.6x20.6x9.8x11%0.1%8%40%22.3%Source:CapIQ,As of March 31,2024,in$M except share price,EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM13COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA

56、 GROWTHEBITDA/REVJapan/KoreaLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMSony6758JP31-Dec-23$85.85$105,303.4$129,036.0$93,260.0$10,181.61.5x1.6x12.7x9.1x18.8x18.4x29%-6%-13%49%10.9%Nintendo7974JP31-Dec-23$54.19$63,086.2$49,803.4$12,069.2$4,041.34.4x5.2x12.6x16.2x19.3x29.6x2%-16%5%19%33.5%NEXON3659JP31-Dec

57、-23$16.59$13,927.7$9,972.0$3,003.3$1,016.93.6x3.3x10.8x12.2x30.5x21.4x20%7%24%14%33.9%Konami Holdings9766JP31-Dec-23$67.87$9,199.7$8,020.2$2,415.8$637.13.6x3.2x13.4x11.5x26.9x23.8x9%10%19%18%26.4%KraftonA259960KR31-Dec-23$183.79$8,493.6$6,336.5$1,473.3$675.54.5x3.9x10.2x9.5x19.4x17.9x3%13%2%2%45.8%C

58、apcom9697JP31-Dec-23$18.48$7,728.5$7,064.2$1,081.4$490.87.0 x7.5x15.4x14.9x24.5x24.5x50%-7%55%4%45.4%Square Enix9684JP31-Dec-23$38.88$4,663.9$3,357.6$2,449.3$314.61.5x1.4x11.5x8.0 x23.8x17.9x-1%4%-24%42%12.8%CyberAgent4751JP31-Dec-23$7.44$3,767.1$3,691.5$5,290.1$283.30.7x0.7x14.1x12.2x62.7x36.6x5%8%

59、-29%15%5.4%Koei Tecmo3635JP31-Dec-23$10.71$3,382.7$3,311.1$639.3$270.75.6x4.9x13.1x12.0 x13.1x15.0 x35%14%19%9%42.3%NetMarbleA251270KR31-Dec-23$46.21$3,786.0$4,850.3$1,929.5$67.42.6x2.3x12.8x23.5xNM61.9x-6%11%-20%NM3.5%NCSoftA036570KR31-Dec-23$147.92$3,003.9$1,908.3$1,372.5$192.11.4x1.4x10.2x10.0 x1

60、9.0 x22.3x-31%2%-63%3%14.0%Sega Sammy6460JP31-Dec-23$13.31$2,874.9$2,607.8$3,317.1$533.50.8x0.8x5.1x6.2x9.2x11.5x31%-1%53%15%16.1%WeMade EntertainmentA112040KR31-Dec-23$44.79$1,503.0$1,493.0$466.7-$69.13.3x2.1xNM18.3xNM16.7x31%58%NANM-14.8%Kakao GamesA293490KR31-Dec-23$17.11$1,398.8$1,940.0$790.5$12

61、9.52.5x2.3x15.3x13.1xNM24.9x-11%13%-38%18%16.4%MIXI2121JP31-Dec-23$17.67$1,242.4$645.5$1,044.8$146.70.7x0.7x5.3x5.9x24.8x16.7x4%-2%-32%21%14.0%Pearl AbyssA263750KR31-Dec-23$22.32$1,371.0$1,177.6$257.2$7.44.7x4.8xNMNMNMNM-14%-1%-77%16%2.9%DeNA2432JP31-Dec-23$10.03$1,116.8$977.8$976.6-$148.91.1x1.0 xN

62、M14.2xNM60.6x3%5%NANM-15.2%GungHo Online3765JP31-Dec-23$16.20$952.9$164.1$889.0$203.60.2x0.2x0.9x0.9x9.1x11.8x19%-5%1%1%22.9%NHN EntertainmentA181710KR31-Dec-23$18.38$620.6$463.9$1,750.2$102.40.3x0.2x4.5x3.2xNM10.7x7%12%16%45%5.9%DOUBLEUGAMESA192080KR31-Dec-23$30.77$599.9$496.9$449.1$171.21.1x1.1x3.

63、0 x2.7x4.6x5.3x-6%8%13%10%38.1%Gree3632JP31-Dec-23$3.21$549.2$335.3$512.9$82.30.7x0.8x4.4x8.7x9.3x23.7x-3%-16%3%50%16.0%DoubleDown InteractiveDDIKR31-Dec-23$10.88$539.1$310.9$308.9$118.91.0 x1.0 x2.6x2.7x5.4x5.3x-4%6%17%2%38.5%DevsistersA194480KR31-Dec-23$35.64$383.5$355.4$124.3-$29.13.0 x1.5xNM6.8x

64、NM10.9x-25%97%NA286%-23.4%Com2uSA078340KR31-Dec-23$30.69$350.4$419.1$570.4-$8.80.8x0.7xNM11.0 x26.7x15.5x9%13%NANM-1.5%VespaA299910KR31-Dec-23$70.65$332.6$340.6$0.5-$1.555.2xNANMNANMNA-88%NANANANMGAMEVIL A063080KR31-Dec-23$26.01$171.2$273.0$118.1$4.22.4x2.1xNM21.3xNMNM32%16%NANM3.6%JOYCITYA067000KR3

65、1-Dec-23$2.04$142.8$199.2$115.4$22.81.8x1.6x9.1x10.6x34.7x12.9x-9%14%NM14%19.8%T3 EntertainmentA204610KR31-Dec-23$0.97$65.8$11.1$39.3$6.60.3xNA1.9xNA15.2xNA-33%NA-37%NA16.7%Average4.2x2.2x9.0 x10.6x20.9x21.5x2%10%-5%31%15.9%Median1.6x1.5x10.2x10.6x19.3x17.9x3%7%2%15%16.0%China(Shenzhen listed)Quihoo

66、 360601360CN30-Sep-23$1.21$8,453.2$5,233.3$1,277.9-$32.84.1x3.8xNM74.9xNMNM0.5%NMNANA-2.6%Beijing Kunlun300418CN30-Sep-23$5.52$6,705.6$6,671.7$687.8$76.19.6x9.5x77.3x38.0 x67.7x51.0 x7%1%-51%NM11.1%37Games002555CN30-Sep-23$2.41$5,335.7$4,439.7$2,298.5$427.91.9x1.7x10.2x7.7x13.3x8.2x6%14%-17%33%18.6%

67、Kingnet Network002517CN30-Sep-23$1.53$3,251.7$2,892.1$538.6$195.95.3x4.1x14.3x10.6x19.3x13.0 x11%30%4%38%36.4%Giant Network002558CN30-Sep-23$1.66$3,145.4$2,940.3$374.5$93.87.8x5.8x30.5x13.3x19.0 x15.7x27%35%-13%NM25.1%Perfect World002624CN30-Sep-23$1.46$2,885.2$2,822.2$1,117.6$80.62.5x2.3x28.0 x13.9

68、x37.0 x28.5x9%10%-29%NM7.2%Ourpalm300315CN30-Sep-23$0.76$2,084.6$1,688.4$133.1$2.012.6x12.0 xNM33.6xNM56.5x-22%5%94%NA1.5%Youzu Interactive002174CN30-Sep-23$1.39$1,252.0$1,185.3$232.7$4.35.0 x4.7xNM19.9xNM36.1x-21%6%-92%NM1.9%Dalian Zeus002354CN30-Sep-23$0.67$1,109.1$1,043.6$245.2-$4.94.2x3.5xNMNMNM

69、NM-6%22%NANM-2.0%ZQ Games300052CN30-Sep-23$2.13$558.9$573.0$33.6-$3.616.9x13.9xNMNMNMNM-19%21%NANM-10.7%Average7.0 x6.1x32.1x26.5x31.2x29.9x-1%16%-15%36%8.6%Median5.2x4.4x28.0 x16.9x19.3x28.5x3%14%-17%36%4.5%Source:CapIQ,As of March 31,2024,in$M except share price,EV/EBITDA and P/E multiples less th

70、an 0 and greater than 100 are denoted as NM14COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REVChina,South East Asia(US and HKG listed)&IndiaLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMTencent Holdings700CN31-Dec-23$38.82$361,490.2$3

71、69,538.8$85,886.8$26,173.34.3x4.0 x13.3x10.5x23.2x14.5x10%10%63%38%30.5%NetEaseNTESCN31-Dec-23$103.47$64,712.4$50,150.8$14,591.7$4,338.63.4x3.2x11.6x10.3x16.2x14.3x7%11%37%14%29.7%Sea LimitedSESG31-Dec-23$53.71$30,440.6$29,633.5$13,063.6$783.52.3x2.0 x28.0 x21.6xNM32.0 x5%14%NA75%6.0%International G

72、ames System3293TW31-Dec-23$35.66$5,023.8$4,693.8$462.7$249.310.6x8.8x19.6xNA25.6x19.8x19%20%25%NA53.9%G-bits Network603444CN31-Dec-23$26.42$1,903.4$1,529.4$590.2$231.12.6x2.6x6.7x5.5x12.2x11.8x-19%1%-27%23%39.2%YYYYCN31-Dec-23$30.75$1,871.7-$815.6$2,267.9$183.6NMNMNMNM6.5x10.8x-6%0.5%-14%8%8.1%HUYAH

73、UYACN31-Dec-23$4.55$1,060.5$33.4$986.4-$51.10.0 x0.0 xNMNMNM40.6x-24%-5%NA61%-5.2%XD Inc.2400CN31-Dec-23$2.03$959.0$756.5$478.0$12.21.6x1.2x50.6x9.9xNM20.6x-1%30%NA537%2.5%NetDragon777CN31-Dec-23$1.40$744.0$665.0$1,001.4$153.70.7x0.6x4.4x3.4x9.7x5.7x-10%17%-30%30%15.3%NazaraNazaraIN31-Dec-23$8.05$61

74、6.8$571.0$139.5$13.24.1x3.4x41.0 x26.3x0.0 xNA19%20%32%65%9.4%iDreamSky1119CN31-Dec-23$0.33$507.7$656.9$270.3$12.62.4x1.5x45.0 xNANM6.8x-30%62%NANA4.7%Zengame Technology Holding2660CN31-Dec-23$0.45$454.2$184.3$290.4$114.70.6xNA1.6xNA4.5xNA17%NA13%NA39.5%CMGE Technology Group302CN31-Dec-23$0.15$404.5

75、$419.3$367.5$12.71.1x0.8x31.8x3.7xNM4.7x-4%49%-39%814%3.5%Gamania Digital Entertainment6180TW31-Dec-23$2.28$399.6$318.0$319.6$39.11.0 x0.8x8.4x4.5x22.4x13.0 x-14%24%-47%90%12.2%FriendTimes.6820CN31-Dec-23$0.12$262.8$150.0$148.9-$10.41.0 x0.8xNM6.3xNM12.5x-31%35%NA333%-7.0%Archosaur Games Inc.9990CN3

76、1-Dec-23$0.18$140.8-$131.7$128.1-$37.0NMNMNMNMNM42.4x56%32%NA119%-28.8%Ourgame6899KY30-Jun-23$0.02$26.2-$0.6$42.4-$6.7NMNANMNANMNA95%NANANA-15.8%FingerTango6860CN31-Dec-23$0.01$19.1-$73.4$91.1$2.5NMNANMNA19.7xNA-22%NANANA2.8%Average2.6x2.3x21.8x10.2x14.0 x17.8x4%21%1%170%11.1%Median1.9x1.5x16.5x8.1x

77、14.2x13.6x-3%20%0%65%7.0%Hardware,Platforms,Advertising&ToolsNVIDIANVDAUS28-Jan-24$903.56$2,223,841.9$2,208,913.9$60,922.0$34,480.036.3x19.8x63.6x31.4x75.7x36.4x126%83%384%104%56.6%DellDELLUS2-Feb-24$114.11$81,450.6$101,030.6$88,425.0$8,746.01.1x1.1x11.1x9.2x26.2x15.1x-14%6%-4%26%9.9%RobloxRBLXUS31-

78、Dec-23$38.18$24,115.9$23,677.8$2,799.3-$1,043.98.5x5.6xNM42.0 xNMNM26%51%NANM-37.3%Hewlett PackardHPEUS31-Jan-24$17.73$23,046.0$33,013.0$28,081.0$4,998.01.2x1.1x6.1x5.9x12.2x9.4x-4%6%1%13%17.8%ApplovinAPPUS31-Dec-23$69.22$22,802.5$25,641.6$3,283.1$1,138.37.8x6.3x22.1x12.3x70.7x28.1x17%24%116%83%34.7

79、%LogitechLOGNCH31-Dec-23$89.53$13,860.9$12,614.8$4,247.1$614.33.2x2.9x21.2x18.0 x31.4x26.9x-12%3%-9%14%14.5%UnityUUS31-Dec-23$26.70$10,304.7$11,808.6$2,187.3-$198.55.4x6.5xNM28.4xNM38.0 x57%-17%NANM-9.1%ASUS2357TW31-Dec-23$13.43$9,977.7$8,565.1$15,742.4$421.40.6x0.5x18.6x11.2x20.1x14.2x-10%15%-12%90

80、%2.7%MSI2377TW31-Dec-23$5.30$4,478.9$3,691.5$5,971.9$321.90.6x0.6x11.6x9.4x19.1x13.2x1%12%-16%27%5.4%Acer2353TW31-Dec-23$1.46$4,400.3$3,297.5$7,876.1$164.20.4x0.4x18.1x12.1x28.5x23.6x-12%8%-34%73%2.1%Corsair GamingCRSRUS31-Dec-23$12.34$1,274.8$1,372.1$1,459.9$60.40.9x0.9x17.0 x11.7xNM17.2x6%5%NA95%4

81、.1%SkillzSKLZUS31-Dec-23$6.49$113.1-$54.2$150.1-$114.0NMNMNMNMNMNM-44%-20%NA61%-75.9%AtariALATAFR30-Sep-23$0.14$62.0$85.9$12.9-$10.56.5xNANMNANMNA-8%NANANA-81.1%Flexion MobileFLEXMGB31-Dec-23$0.83$46.9$33.9$90.2$3.10.4x0.3x11.7x4.4xNM22.0 x3%20%-43%149%3.4%PopreachINIKCA30-Sep-23$0.14$40.2$95.5$161.

82、8$12.40.6x0.5x7.3x4.4xNMNM111%16%41%74%7.7%Wellplayed Rizest Inc.9565JP31-Oct-23$11.79$32.3$31.7$14.9$0.42.1xNANMNANMNANMNANMNA2.5%Enthusiast Gaming Holdings Inc.EGLXCA31-Dec-23$0.15$23.0$33.1$134.9-$18.70.2x0.2xNMNMNMNM-12%10%NA90%-13.8%Average4.7x3.3x18.9x15.4x35.5x22.2x14%15%42%69%-3.3%Median1.2x

83、1.0 x17.0 x11.7x27.4x22.0 x-1%10%-7%74%3.4%Source:CapIQ,As of March 31,2024,in$M except share price,EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM-80.00%-60.00%-40.00%-20.00%0.00%20.00%40.00%60.00%80.00%100.00%120.00%140.00%Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Ju

84、l-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Wemade,79.4%Konami,51.3%Take2,46.5%Logitech,43.6%NetEase,41.5%Roblox,40.9%KRAFTON,38.2%S&P 500,36.5%Nintendo,28.8%Capcom,15.3%Sony,13.2%EA,8.6%Sea,1.7%Drake Star Gaming Index,0.2%CD Projekt,-0.1%Netmarble,-3.3%Unity,-6.3%Corsair,-8.8%Tencent,-9.7%MTG,-11

85、.1%Sega,-11.8%Paradox,-13.7%Playtika,-15.7%Square Enix,-16.0%DeNA,-24.4%NEXON,-26.9%Ubisoft,-27.4%Pearl Abyss,-32.8%Keywords Studios,-50.6%Kakao Games,-51.6%Embracer,-54.4%NCSoft,-58.3%15Jan 1,2023Source:CapIQ,Pitchbook&DSP Research,as of March 31,2024Note:Compared to last quarter,removed Applovin a

86、nd Stillfront and added Sony,Nintendo,WeMade,Corsair,MTG,Sea Ltd and DeNA to the chart&Drake Star Gaming Index Drake Star is an award-winning global tech investment bank that has completed over 500 transactionssince 2013.Drake Star team of senior professionals across offices in New York,London,Paris

87、,Munich,San Francisco,Los Angeles,Berlin,and Dubai*focuses on mergers&acquisitions and corporatefinance services worldwide in Consumer&Retail Technology,Digital Media,FinTech,Mobility&Sustainability,Software/SaaS,Digital Services,and Industrial Tech sectors.This report is published solely for inform

88、ational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein in based on sources we believe to be reliable but is not guaranteed by us,and we assume no liability for its use.Any opinions expressed herein are statements of

89、our judgment on this date and are subject to change without notice.All product and company names are trademarks or registered trademarks of their respective holders.Use of them does not imply any affiliation with or endorsement by them.Drake Star did not act as a financial advisor for the transactio

90、ns in this report if not stated otherwise.Drake Star is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates.In the USA,all securities are transacted through Drake Star Securities LLC.In the USA,Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.Drake Star UK Limited(FRN 942020)is an appointed representative of Razlin Ltd(FRN 730805),which is authorized and regulated by the FCA.2024 Drake Star Partners Limited.For more information,visit .*Partner OfficeFor Institutional Use Only.Copyright 2024 Drake Star