Comps Dataset

(US$ mm)

Company Company Cash & Total Revenue EBITDA EBIT Net Income Capex Dividend
Name Description Market Cap Firm Value Cash Eq. Debt CY2016 CY2017 CY2018 CY2019 CY2020 CY2021 CY2016 CY2017 CY2018 CY2019 CY2020 CY2021 CY2016 CY2017 CY2018 CY2019 CY2020 CY2021 CY2016 CY2017 CY2018 CY2019 CY2020 CY2021 CY2016 CY2017 CY2018 CY2019 CY2020 CY2021 CY2016 CY2017 CY2018 CY2019 CY2020 CY2021
Zeta Inc. Develops and publishes online mobile and computer games $6,985 $5,130 $2,063 $234 $1,359 $2,197 $1,832 $1,971 $2,201 $2,373 $282 $498 $336 $190 $347 $399 $266 $449 $219 $183 $253 $291 $158 $281 $172 $144 $232 $268 $88 $30 $37 $34 $35 $33 $1 $27 $27 $16 $20 $16
Eta Hill Engages in the development, design, manufacture and sale of electronic equipment, consumer & industrial electronics, game consoles & related software and others $101,359 $94,520 $32,137 $20,452 $81,246 $91,751 $91,671 $92,047 $96,448 $100,864 $8,131 $14,815 $17,648 $14,054 $14,770 $16,114 $4,130 $8,310 $8,734 $9,611 $10,201 $11,309 ($461) $5,780 $8,764 $6,464 $6,783 $7,583 $4,121 $2,838 $3,274 $4,903 $5,053 $4,809 $271 $305 $407 $585 $676 $744
Epsilon Co Develops and operates online games $682 $387 $297 $0 $622 $691 $576 $540 $490 $503 $236 $175 $210 $182 $148 $135 $155 $211 $138 $160 $131 $126 $172 $130 $100 $150 $130 $123 $15 $4 $20 $20 $20 $20 $0 $0 $0 $30 $0 $0
Orionis Develops and publishes mobile entertainment $1,581 $1,472 $163 $54 $257 $367 $469 $526 $586 $658 ($90) ($109) $4 $23 $53 $88 ($63) ($74) ($11) $10 $49 $78 ($112) ($125) ($17) $21 $52 $78 $7 $15 $4 $6 $7 $7 $0 $0 $0 $0 $0 $0
Sixth Avenue Engages in the development, design, manufacture and sale of game consoles & related software and others $42,386 $32,842 $9,719 $173 $3,473 $9,218 $10,652 $11,473 $12,153 $11,855 $836 $1,847 $2,258 $2,952 $3,524 $3,497 $149 $1,421 $2,148 $2,854 $3,368 $3,396 $703 $1,200 $1,543 $2,047 $2,472 $2,523 $80 $87 $93 $110 $110 $109 $127 $573 $690 $1,011 $1,217 $1,141
Highlander Develops online games $15,809 $13,596 $2,418 $123 $1,746 $2,240 $2,419 $2,370 $2,545 $2,749 $508 $719 $1,182 $1,258 $1,095 $1,190 $656 $985 $1,014 $990 $1,010 $1,117 $192 $541 $1,027 $1,103 $885 $950 $57 $28 $25 $22 $19 $19 $21 $0 $0 $21 $27 $38
Hours to Midnight Develops, markets and publishes of interactive entertainment software $14,976 $12,416 $2,758 $198 $1,791 $2,162 $2,914 $3,207 $3,031 $3,917 $254 $423 $570 $730 $734 $935 $73 $204 $271 $694 $668 $820 $14 $203 $415 $611 $580 $733 $26 $61 $95 $68 $82 $101 $0 $0 $0 $66 $0 $0
Tunnel-vision Develops, markets, publishes and distributes game software content and services $35,985 $31,134 $7,333 $1,739 $4,605 $6,415 $8,132 $7,146 $7,693 $8,553 $1,715 $1,605 $1,199 $1,793 $2,082 $2,364 $1,523 $1,441 $956 $1,555 $1,829 $2,087 $1,400 $1,270 $745 $2,419 $1,540 $1,748 $138 $299 $834 $290 $325 $344 $343 $313 $184 $1,081 $397 $437
Four Brothers Engages in the development and publishing of online and mobile games $9,387 $8,414 $1,183 $244 $670 $1,197 $1,168 $1,158 $1,812 $2,090 $260 $438 $452 $338 $741 $914 $224 $398 $417 $326 $711 $878 $185 $300 $285 $245 $553 $677 $13 $22 $21 $40 $27 $29 $54 $102 $85 $73 $127 $153
Second to None Develops, publishes and distributes entertainment products $9,128 $9,604 $1,771 $2,246 $1,592 $1,836 $2,109 $1,589 $2,815 $2,850 $686 $789 $937 $697 $1,437 $1,583 $209 $285 $320 $47 $649 $667 $114 $159 $218 $140 $394 $427 $599 $623 $701 $90 $88 $93 $0 $0 $0 $0 $0 $0
Delta Team Develops, markets, operates and provides online social game services $5,371 $4,713 $1,076 $554 $573 $666 $702 $1,022 $1,364 $1,511 ($49) $52 $53 $111 $280 $332 ($78) $31 $7 ($211) $247 $292 ($84) $21 $12 $60 $198 $247 $8 $8 $9 $18 $15 $18 $0 $0 $0 $0 $0 $0
Rock & Fire Develops, markets, publishes and distributes game software content and services $32,066 $27,659 $5,657 $1,250 $4,649 $5,113 $5,368 $5,231 $5,397 $5,908 $1,266 $1,599 $1,824 $1,779 $1,877 $2,108 $1,050 $1,413 $1,593 $1,632 $1,717 $1,973 $1,313 $1,012 $1,431 $1,401 $1,465 $1,691 $125 $117 $105 $135 $134 $146 $0 $0 $0 $293 $119 $0
Above Clouds Publishes online, personal computer, console, handheld and mobile interactive entertainment products $39,994 $37,441 $4,742 $2,190 $5,409 $5,744 $6,133 $5,311 $5,575 $6,076 $2,024 $2,056 $2,468 $1,789 $2,077 $2,368 $1,184 $1,071 $1,621 $1,423 $1,937 $2,236 $787 $223 $1,484 $1,230 $1,549 $1,804 $111 $127 $107 $95 $116 $121 $164 $189 $215 $233 $196 $211
Comps Output

(Multiples and Percentages)

Net Debt / Revenue
Company FV / EBITDA (x) P / E (x) Dividend Yield (%) Net Margin (%) Capex as % of Revenue (%) EBITDA (x) CAGR (%)
Name CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 2018-2021
Zeta Inc. 27.0x 14.8x 12.9x 48.6x 30.1x 26.0x 0.2% 0.3% 0.2% 7.3% 10.6% 11.3% 1.7% 1.6% 1.4% (9.6x) 9.0%
Eta Hill 6.7x 6.4x 5.9x 15.7x 14.9x 13.4x 0.6% 0.7% 0.7% 7.0% 7.0% 7.5% 5.3% 5.2% 4.8% (0.8x) 3.2%
Epsilon Co 2.1x 2.6x 2.9x 4.5x 5.3x 5.6x 4.4% 0.0% 0.0% 27.8% 26.4% 24.4% 3.7% 4.1% 4.0% (1.6x) (4.4%)
Orionis 64.5x 27.7x 16.8x 74.0x 30.5x 20.2x 0.0% 0.0% 0.0% 4.1% 8.8% 11.9% 1.1% 1.1% 1.1% (4.8x) 11.9%
Sixth Avenue 11.1x 9.3x 9.4x 20.7x 17.1x 16.8x 2.4% 2.9% 2.7% 17.8% 20.3% 21.3% 1.0% 0.9% 0.9% (3.2x) 3.6%
Highlander 10.8x 12.4x 11.4x 14.3x 17.9x 16.6x 0.1% 0.2% 0.2% 46.5% 34.8% 34.6% 0.9% 0.8% 0.7% (1.8x) 4.3%
Hours to Midnight 17.0x 16.9x 13.3x 24.5x 25.8x 20.4x 0.4% 0.0% 0.0% 19.1% 19.1% 18.7% 2.1% 2.7% 2.6% (3.5x) 10.4%
Tunnel-vision 17.4x 15.0x 13.2x 14.9x 23.4x 20.6x 3.0% 1.1% 1.2% 33.9% 20.0% 20.4% 4.1% 4.2% 4.0% (3.1x) 1.7%
Four Brothers 24.9x 11.4x 9.2x 38.4x 17.0x 13.9x 0.8% 1.4% 1.6% 21.1% 30.5% 32.4% 3.5% 1.5% 1.4% (2.8x) 21.4%
Second to None 13.8x 6.7x 6.1x 65.0x 23.2x 21.4x 0.0% 0.0% 0.0% 8.8% 14.0% 15.0% 5.6% 3.1% 3.2% 0.7x 10.6%
Delta Team 42.4x 16.8x 14.2x 88.9x 27.2x 21.7x 0.0% 0.0% 0.0% 5.9% 14.5% 16.3% 1.8% 1.1% 1.2% (4.7x) 29.2%
Rock & Fire 15.5x 14.7x 13.1x 22.9x 21.9x 19.0x 0.9% 0.4% 0.0% 26.8% 27.1% 28.6% 2.6% 2.5% 2.5% (2.5x) 3.2%
Above Clouds 20.9x 18.0x 15.8x 32.5x 25.8x 22.2x 0.6% 0.5% 0.5% 23.2% 27.8% 29.7% 1.8% 2.1% 2.0% (1.4x) (0.3%)
Mean 21.1x 13.3x 11.1x 35.8x 21.5x 18.3x 1.0% 0.6% 0.6% 19.2% 20.1% 20.9% 2.7% 2.4% 2.3% (3.0x) 8.0%
Median 17.0x 14.7x 12.9x 24.5x 23.2x 20.2x 0.6% 0.3% 0.2% 19.1% 20.0% 20.4% 2.1% 2.1% 2.0% (2.8x) 4.3%