Trophy Games: Strategically ready to play - Analyst Group
Trophy Games Development A/S (“Trophy Games” or the “Company”) is a Danish game developer focused on challenging strategy games, currently showing strong double-digit growth. The Company has had great success with developing so-called manager games and has now broadened the portfolio through the acquisitions of Tiny Titans Studios and the already developed arcade games, Xombat ApS and the Airline Manager 4 (“AM4”) game, by the release of FIVE, an e-sports manager game, and through the initiated global launch of the major IP-game Warhammer: Soul Arena. In a Base scenario, Analyst Group estimates a revenue of DKK 75.1m in 2022 with an EBITDA of DKK 7.0m, which, based on an applied EV/S multiple of 2.5x yields a potential fair value of DKK 8.2 per share.
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