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1、+1 310 696 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 representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.+1 31
2、0 696 SALE TOMobile/Online GamingVideo Game/Content StreamingSALE TOAAA Game DeveloperPower RangersMobile/Console GamesMobile GamesGame Review and AdvertisingSALE TONote:Some transactions executed by current DrakeStar employees while employed at other firms23Note:Public Markets include IPOs,SPACs,an
3、d 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 page$123B$123BDisclosed value for announced and/or closed deals
4、976976Deals announced and/or closed2022 has been a mixed year with some of the largest M&A deals ever in Q122 followed by a notable slow-down in Q222 due to global macroeconomic challenges.While many gaming stocks traded at record low levels,deal activity picked up some steam in Q3 with a significan
5、t increase in M&A and financing volume.For the first 9 months of the year,total disclosed deal value was$123B through 976 announced and/or closed transactions.954 deals were announced with a$115B in disclosed total deal value during this period.$102B in announced and/or closed M&A activity across mo
6、bile,PC/console and esports including the largest ever gaming acquisition of Activision by Microsoft.Embracer remained the most active consolidator in the industry.PC/console and mobile went head-to-head with 68 and 64 transactions,respectively.$9.6B has been raised through 685 financing rounds for
7、private companies including 15 large$100M+raises.The most active VCs included Bitkraft,a16z,Galaxy Interactive and Griffin Gaming.More than$3.4B was raised by blockchain/NFT gaming companies with almost half of total amount raised by early-stage companies.Q3 saw a significant increase in M&A volume
8、to 81 announced deals,up from 70 deals in Q222.Unitysannounced$4.4B acquisition of ironSource was the largest deal in the quarter.While the majority of the deal values were undisclosed,many of the top buyers were active including Embracer with 8 deals(Middle-Earth Enterprises,Tripwire,etc.),NetEase(
9、Quantic Dream),Sony(Savage Games,Repeat.gg),Zynga(Storemaven),and Scopely(Stumble Guys).Private financings also increased in Q3 to 216 deals,up from 169 financings last quarter.A total of$2.3B was raised,including large financings for FromSoftware($260M from Tencent and Sony),Loot Mogul($200M),Limit
10、 Break($200M)and Animoca($185M).While the Crypto market continued to be under pressure,investors continued to show strong interest in blockchain gaming companies.Half of the total amount raised and 40%of all financing rounds for private gaming companies were investments in blockchain gaming.In publi
11、c markets,Faze Clan($750M valuation)went public through a SPAC while Valofe($3.5B valuation)and Asia Innovations Group($2.5B valuation)announced new SPAC deals.Technicolor Creative Studios spun off to focus on VFX and games,now listed on the Paris stock exchange at$1B valuation.$101.6$9.6$11.5 M&A P
12、P Public Markets243 685 48 4M&APublic MarketsKorea based Valofe announced to go public via a SPAC deal with Kyobo 9 at a$3.5B valuation.Singapore based Asia Innovations Group announced to go public via a SPAC deal with Magnum Opus Acquisitions Limited at a$2.5B valuation.Technicolor Creative Studios
13、 spun off to focus on VFX and games,now listed on the Paris stock exchange$1B.Faze Clan went public through a SPAC merger deal with B.Riley Principal 150 Merger Corp.at a valuation of$725M.Tencent acquired 49.9%stake in Guillemot Brothers Limited(5%voting rights),Ubisofts largest shareholder for$297
14、M.FundraisingFromSoftware,developer of games like Dark Souls and Bloodborne,raised$260M from Sony and Tencent.LootMogul raised$200M from Gem Global Yield to build sports metaverse platform.Limit Break raised$200M in a round led by Buckley Ventures,Standard Crypto and Paradigm Ventures.Animoca brands
15、 raised$185M across two rounds led by True Global,Temasek,Boyu Capital,GGV Capital and others.Wolf3D aka Ready Player Me raised$56M in Series B round led by Andreessen Horowitz.Lithosphere(LITHO)GameFi Project Jot Art raises$55M round led by KaJ Labs,ACP&Psalms Capital.Theorycraft Games raised$50M i
16、n Series B round led by Makers Fund,NEA and Andreessen Horowitz.Inworld AI raised$50M in Series A round led by Intel Capital and Section 32.Note:Drake Star did not act as financial advisor on transactions listed on this pageIn one of the largest deals this quarter,Unity announced its acquisition of
17、ironSource in an all-stock deal for$4.4B.Embracer Group was the most active buyer with 8 acquisitions totaling over$765M.Embracer acquired The Lord of the Rings video games rights owner Middle-earth Enterprises,as well as Tripwire Interactive,Tuxedo Labs,Tatsu,Bitwave Games,Limited Run Games and Sin
18、gtrix.NetEase acquired Quantic Dream,the maker of games like Detroit:Become Human,Beyond:Two Souls and Heavy Rain.Aleksander Chachava,Managing Partner of Leta Capital,acquired gaming developer and publisher MY.GAMES for$642M.Sony acquired Savage Game Studios,PlayStation mobiles first acquisition,and
19、 Repeat.gg,an esports tournament platform.C acquired Play Magnus Group,a chess-related e-learning and eSports platform,for$83MScopely,known for Star Trek:Fleet Command mobile game,acquired battle royale title Stumble Guys from Kitka Games.5(1)Multiples calculated including earn-outs,wherever disclos
20、ed(2)Multiples calculated using only closing consideration for private transactions(excluding earn-out wherever disclosed)Note:Quarterly chart based on date of deal announcement,pie charts based on all announced and/or closed deals H1 2022Note:Deal value not to scale;Bar chart shows announced deals
21、only$85$2035 58 89 76 61 70 82 70 81 -20 40 60 80 100 120 140 160 180 200$0$5$10$15$20$25$30Q320Q420Q121Q221Q321Q421Q122Q222Q322Value($B)Deal CountOct 2021 Sep 2022All Segments#of Announced and or Closed Deals/#of Disclosed Deals310/99Disclosed Deal Value($B)$105.2Revenue Multiple(Median)Total Value
22、(27 deals with reported revenue)(1)3.2xAt Close(21 deals with reported revenue)(2)2.4xEBITDA Multiple(Median)Total Value(17 deals with reported EBITDA)(1)13.7xAt Close(12 deals with reported EBITDA)(2)7.0 x$74.7$14.0$4.0$6.8$2.7PC/consoleMobilePlatformHardware/toolsEsportsBlockchainPC/Con
23、soleJan-22$68,987.1$68,987.1-7.8x-19.4x-MobileJan-22$12,695.7$12,695.7-4.5x-25.2x-Hardware/toolsJul-22$4,400.0$4,400.0-6.0 x-15.0 x-PC/ConsoleJan-22$3,600.0$2,400.0$1,200.0-EsportsJan-22$1,050.0$1,050.0-7.3x7.3x-+4 StudiosPC/ConsoleAug-22$765.0$439.0$326.04.6x2.6x10.9x6.3xPC/ConsoleSep-22$642.0$642.
24、0-EsportsApr-22$470.0$470.0-Hardware/toolsJan-22$470.0$470.0-EsportsJan-22$450.0$450.0-MobileJan-22$300.6$200.6$100.03.5x*2.4x*10.9x*7.2x*MobileMar-22$300.0$100.0$200.0-PC/ConsoleMay-22$300.0$300.0-PlatformJun-22$300.0#$300.0-MobileApr-22$173.6$52.6$126.620.9x6.3x33.0 x10.0 x(1)Multiples calculated
25、including earn-outs,wherever disclosed(2)Multiples calculated using only closing consideration for private transactions(excluding earn-out wherever disclosed)Source:CapIQ,Pitchbook&DSP Research*Q3 2021 LTM Financials Consolidated deal value and multiples(based on Apr 2022 Mar 2023 financials)for the
26、 6 companies acquired#Combined valuation of$300M for Admix and LandVaultNote:Drake Star did not act as financial advisor on transactions listed on this page67Unity Software Inc.has announced the acquisition of ironSource Ltd.,a platform that allows mobile content creators to monetize their apps,for$
27、4.4B.The acquisition would allow creators to streamline every step from the game creation to promoting its growth and monetization.The combined company is expected to generate a$1B run-rate in Adjusted EBITDA by the end of 2024.Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financ
28、ial advisor on transactions listed on this pageSony acquired the Finland based game developer Savage Gaming Studios,a company that focuses on shooter-based games and cooperative player-versus-environment experiences,for an undisclosed amount.The acquisition will add Savage Game Studios to Play Stati
29、on Studios and allow the company to focus on creating games based on new and existing PlayStation IP.Embracer Group acquired Middle-Earth Enterprises,Limited Run Games,Tuxedo Labs,Tripwire Interactive,Singtrix and an unnamed target for$765M expanding their IPs and franchises including The Lord of th
30、e Rings.The transactions are expected to generate$171M-$199M in sales and$52M-$71M in EBITDA.The group also purchased Tatsujin and Bitwave Games in separate transactions.Scopely,known for Star Trek:Fleet Command mobile game,announced its acquisition of battle royale title Stumble Guys from Kitka Gam
31、es.Stumble Guys is a multiplayer knockout party game with over 20 million daily active players.Scopely aims to extend the companys reach into new games,demographics and markets with the acquisition.Aleksander Chachava,Managing Partner of Leta Capital,has acquired MY.GAMES from VK for$642M.MY.GAMES d
32、evelops and publishes games for PC,console and mobile devices.It has over 150 titles such as War Robots,Warface,Left to Survive,et cetera in its portfolio.NetEase acquired Quantic Dream,the maker of narrative games such as Detroit:Become Human,Beyond:Two Souls and Heavy Rain,for an undisclosed amoun
33、t.The acquisition is NetEases first acquisition of a European studio and considered an important step towards fulfilling their vision of becoming a global player.NetEase was a minority investor in Quantic Dreams.67 67 196 195 129 201 298 171 216$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0Q320Q420Q121Q221Q321Q42
34、1Q122Q222Q322Value($B)Deal Count$0.6B$0.7B$0.9B8Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageLateMidEarlyVR/AREsportsHardware/toolsPlatformMobilePC/consoleBlockchain165 30 21 23 34 22 18 11 21 87$0.5B$0.2B$0.1B$0.2B$0.1B$0.1B$
35、1.2BEarly$2.8BMid$1.9BLate$4.9B571 68 46 PlatformApr-22$2,000.0$31,500.0Sony,KIRKBIPC/consoleAug-22$260.0$857.0Sony,TencentMobileJan-22$255.0$2,750.0Index Ventures,Makers Fund,Balderton CapitalPC/consoleMar-22$160.0-TPG,Sequoia CapitalVR/ARApr-22$150.0$1,000.0Andreessen Horowitz,SoftbankPC/consoleMa
36、r-22$125.8$395.0Galaxy Interactive,Alignment Growth,Raptor GroupMobileFeb-22$116.0$1,400.020VC,Lightspeed Venture,Access IndustriesMobileJan-22$102.0$600.0Nepean Capital,AJ Capital,Matrix PartnersHardware/toolsJan-22$100.0-Sequoia Capital,5Y Capital,Gaorong Capital MobileFeb-22$83.0$829.8Neptune,Net
37、marble,NetEase,Kakao Games MobileMar-22$76.0-Hiro Capital,Accel,Makers FundMobileMar-22$75.0$2,500.0Malabar Investment,Tiger Global ManagementeSportsMar-22$75.0-Thrive Capital,Tiger Global ManagementHardware/toolsMay-22$60.0-Softbank,Sony Interactive Entertainment,Galaxy Interactive,NetEase9Source:C
38、apIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageLateMidEarly284 21 9$1.6B$0.8B$1.0B10GamesJan-22$358.9Liberty City,Sequoia,Mirae Investment$5,358.9ProtocolMar-22$200.0Temasek,Tencent,Animoca$2,500.0GamesSep-22$200.0Gem Global Yield-Platf
39、ormSep-22$200.0Buckley Ventures,Standard Crypto,Paradigm$1,800.0GamesJul/Sep-22$185.310T Holdings,Temasek,Boyu Capital,GGV Capital$6,000.0GamesApr-22$150.0Binance,Andreessen Horowitz,Paradigm,Accel-NFTs,GamesFeb-22$60.0Andreessen Horowitz,Griffin,Lightspeed$195.0PlatformSep-22$55.0Kaj Labs,ACP,Psalm
40、s Capital-NFTsAug-22$50.0Andreessen Horowitz,776,Flamingo DAO,SV Angel-NFTsJul-22$50.0Andreessen Horowitz-GamesAug-22$46.0Republic Capital,Animoca,Shima Capital,Griffin-GamesJun-22$46.0Paradigm,Griffin Gaming Partners,Sabrina Hahn-GamesMay-22$46.0Griffin Gaming Partners,Galaxy Interactive$70.0GamesA
41、ug-22$40.0FTX,FunPlus,Makers Fund,Animoca-GamesMay-22$40.0Andreessen Horowitz,Solana Ventures,Advancit$175.0GamesJan-22$40.0Metrix Capital,ZBS Capital,Oddiyana Ventures-Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageLateMidEarly
42、11 13 27 100 131 96 87 -20 40 60 80 100 120 140$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8B$2.0BQ121Q221Q321Q421Q122Q222Q32211Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageInvestors Buckley Ventures,Standard Crypto,Paradi
43、gm,Coinbase Ventures,FTX,Positive Sum,Anthos Capital,SV Angel,Shervin PishevarCompany brings Web3 components into“free-to-play”ecosystem,creating“free-to-own”ecosystem.It allows users mint NFTs without paying a fee.Funding will be used towards the development of studios first gameInvestors Gem Globa
44、l YieldThe new funding will be used to support companys plans to build“athlete-led sports metaverse”in which fans can play games,collect NFTs and interact with virtual stadiums and other virtual properties Investors Andreessen Horowitz,Konvoy Ventures,Hartbeat VenturesThe funding will be used across
45、 three main areas:to continue hiring;to expand the platform with more developer tools,including those for monetization and to build more services for creators;to improve cross-environmental capabilitiesInvestors Sony,TencentThe funding will be used across two main areas:to expand its global presence
46、 and become a larger publisher;to improve game development capabilities by taking for assertive position towards investments into in-house productionInvestors True Global Ventures,Temasek Holdings,Boyu Capital,GGV Capital,10T Holdings,Liberty City VenturesThe funding will be to fund strategic acquis
47、itions,and product development,secure licenses for popular intellectual properties,and advance the open metaverseInvestors KaJ Labs,ACP,Psalms CapitalThe funding will be used to aid in launching the cross-chain metaverse for the Jot Art play-to-earn“Finesse”game,which has two chapters“Shadow Warrior
48、s”and“The Kingdom”VCDEALSSELECT INVESTMENTSSTAGE LOCATION37Seed to Early29Seed to Early26Seed to Early23Seed to Early16Seed16Seed to Early15Seed15Seed to Early14Seed to Early13Seed to Early12VCDEALSSELECT INVESTMENTSSTAGE LOCATION33Seed to Late23Early to Late21Seed to Late20Early to Late17Seed to La
49、te11Seed to Late11Seed to Late10Early to Late10Seed to Late8Seed to LateSource:CapIQ,Pitchbook&DSP Research13INVESTORDEALSSELECT INVESTMENTSFOCUSLOCATION61Seed to Late34Seed to Early30Seed to Early25Seed to Early25Seed to Early25Seed to Early21Seed to Early15Seed to Early14Seed to Early13Seed to Ear
50、lyFUNDFUND AMOUNT($M)DATEFOCUSLOCATION$4,500May-22Crypto,Web3$2,500Jan-22Gaming,DeFi$750Mar-22Gaming$600May-22Gaming$500Jun-22Blockchain/Web3$500Mar-22Gaming,Media$500Jun-22Gaming,NFT$450Aug-22Web3,DeFi$430Jul-22Crypto$340Feb-22GamingPerion DAOOther Notable Raises:Shima Capital($200M),Hack VC($200M)
51、,Konvoy Ventures($150M),Gumi Cryptos($110M),Old Fashion Research($100M),Protagonist($100),Qualcomm($100M),Fortis Digital($100M),Infinity Ventures Crypto($70M),Arca($50M),Metaversal($50M),Volt Capital($50),SEI($50M),Bonfire Union($42M),MetaWeb($30M)14COMPANYDISCLOSED DEAL VALUE($M)#OF DEALSSELECT DEA
52、LS$1,065.914$530.07$54.25$3,600.04$68,987.13$12,695.73$215.53$143.03-3$1,500.02Source:CapIQ,Pitchbook&DSP ResearchNote:Deal value only includes publicly disclosed transaction valuesDrake Star did not act as financial advisor on transactions listed on this page15Source:CapIQ,Pitchbook&DSP Research,as
53、 of September 30,2022-75.0%-25.0%25.0%75.0%125.0%175.0%225.0%275.0%Jan-20Mar-20May-20Jul-20Sep-20Nov-20Jan-21Mar-21May-21Jul-21Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22Embracer,79%Nexon,73%Konami,51%Activision,25%Netease,23%EA,8%Take2,-11%Tencent,-29%Stillfront,-34%Netmarble,-43%Roblox,-48%Unity,-5
54、3%Ubisoft,-54%CD Projekt,-65%Applovin,-70%Playtika,-70%CompanyAnnouncedClosedSegmentExchangeAmount Raised($M)Listing Valuation($M)EV/Rev at ListingCurrent M-Cap($M)Listing DayReturnReturn Since ListingJul-22-PC/consoleKOSDAQ-$3,540-Sep-22-MobileNYSE$350$2,500-Oct-21Jul-22EsportsNASDAQ$232$72518.9x$3
55、94.4-4.9%-4.0%16COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REV North America/Europe-Mobile FocusedLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMPlaytikaPLTKIL30-Jun-22$9.39$3,874.7$5,164.6$2,621.4$610.82.0 x1.9x8.1x5.5x12.9x13.0 x5
56、%1%-19%53%23.3%Stillfront GroupSFSE30-Jun-22$2.16$1,110.9$1,416.9$662.3$162.32.3x2.1x9.2x5.6x17.8x7.0 x30%12%16%68%24.5%Modern Times GroupMTG BSE30-Jun-22$6.66$833.6$179.5$630.8$84.30.3x0.3x2.2x1.3xNM38.9x82%-7%42%72%13.4%AzerionAZRNNL30-Jun-22$6.86$767.0$939.7$426.6$8.52.3x1.9x73.6x12.7xNM74.9x108%
57、25%36%NM2.0%RovioROVIOFI30-Jun-22$5.58$421.1$247.5$328.0$47.30.8x0.8x5.3x5.7x13.0 x12.5x15%0.2%22%1%14.4%HuuugeHUGUS30-Jun-22$4.62$367.4$210.2$343.9$54.10.7x0.6x4.0 x3.4x11.7x9.1x-5%-4%104%13%15.7%SciPlaySCPLUS30-Jun-22$11.76$277.9$441.8$619.1$172.60.7x0.6x2.6x2.1x16.1x11.3x3%13%4%21%27.9%Media and
58、Games InvestM8GMT30-Jun-22$1.55$246.6$597.9$326.6$50.72.0 x1.9x11.8x6.6x14.9x10.6x48%4%23%90%15.5%Ten Square GamesTENPL30-Jun-22$19.74$143.4$127.3$126.7$29.11.1x1.2x4.8x6.1x7.4x8.4x-13%-9%-36%21%23.0%G5 EntertainmentG5ENSE30-Jun-22$17.12$150.4$129.2$129.7$30.71.1x1.0 x4.4x4.0 x10.7x8.5x0%10%41%15%23
59、.7%East Side Games GroupEAGRCA30-Jun-22$1.27$103.9$97.2$87.7$2.21.2x0.8x44.2x18.5x8.9x19.4x36%42%-76%152%2.5%Flexion MobileFLEXMGB30-Jun-22$1.42$73.0$63.7$59.1$0.01.2x0.7x47.8x6.9xNM21.3x0%62%NANANAPopreachPOPRCA31-Dec-20$0.23$62.8$76.8$18.0$2.54.6x0.6x30.1x5.0 xNM48.5xNANMNANM13.7%MAG InteractiveMA
60、GISE31-May-22$1.73$45.9$37.9$34.8$4.21.2x1.3x8.2x5.1x18.4x20.9x11%-6%NM100%12.2%Average1.5x1.1x18.3x6.3x13.2x21.8x27%11%13%55%15.1%Median1.2x0.9x8.1x5.6x12.9x12.8x15%4%19%53%15.0%North America/Europe PC/console FocusedActivision BlizzardATVIUS30-Jun-22$74.34$58,156.7$51,032.7$7,644.0$2,503.06.7x5.7x
61、19.6x13.8x31.1x21.9x-14%17%-26%47%32.7%Electronic ArtsEAUS30-Jun-22$115.71$32,172.6$32,000.6$7,207.0$1,762.04.4x3.9x17.0 x10.3x36.7x15.3x26%14%54%77%24.4%Take-Two InteractiveTTWOUS30-Jun-22$109.00$18,169.3$20,544.8$3,793.9$752.55.4x3.2x25.6x15.7x69.8x21.8x13%68%-11%74%19.8%Embracer GroupEMBRAC BSE30
62、-Jun-22$5.98$7,423.8$8,571.9$2,297.9$453.84.0 x2.3x18.7x6.6xNM10.4xNA73%NA63%19.7%UbisoftUBIFR31-Mar-22$27.77$3,409.8$4,017.4$2,360.8$466.91.9x1.7x8.7x3.7x43.6x13.5x-4%15%-53%138%19.8%CD ProjektCDRPL30-Jun-22$20.25$2,039.5$1,847.3$177.0$66.111.5x11.2x30.5x20.7x46.5x32.4x-65%2%-74%48%37.4%Keyword Stu
63、diosKWSIE30-Jun-22$25.61$1,970.0$1,888.1$621.7$107.73.3x2.8x17.2x14.4x45.4x24.6x36%14%51%30%17.3%Paradox InteractivePDXSE30-Jun-22$16.00$1,689.6$1,649.7$157.6$85.011.3x8.9x20.2x14.1x44.6x30.9x-5%27%30%49%53.9%Team17 GroupTM17GB30-Jun-22$4.15$595.5$541.8$125.9$41.84.7x3.7x13.9x10.5x23.4x15.6x23%28%14
64、%34%33.2%Frontier DevelopmentsFDEVGB31-May-22$14.91$580.7$560.7$143.7$17.94.4x3.7x35.4x10.3x56.5x27.4x26%19%-33%242%12.5%PlayWayPLWPL31-Mar-22$56.57$373.4$330.7$58.8$39.16.7x6.0 x9.6x9.5x13.8x13.1x41%12%32%6%66.4%Devolver DigitalDEVOUS30-Jun-22$0.82$362.2$294.2$104.7$20.03.1x2.1x14.7x9.4xNM17.0 xNA3
65、7%NA58%19.1%NaconNACONFR31-Mar-22$4.01$348.2$366.4$173.2$16.52.4x1.5x22.2x4.0 x35.1x9.5x-12%60%-46%522%9.6%Digital BrosDIBIT30-Jun-22$22.18$316.3$332.3$138.2$56.62.6x2.3x6.3x5.5x11.5x11.7x-11%12%-6%14%40.9%tinyBuildTBLDUS30-Jun-22$1.35$274.4$235.8$62.3$21.54.1x3.4x11.9x8.6x23.0 x14.4x65%12%110%27%34
66、.5%Focus Home InteractiveALFOCFR31-Mar-22$40.65$262.0$267.0$158.4$46.91.9x1.5x6.5x4.4x0.0 x14.7x-17%31%-14%46%29.6%Media and Games InvestM8GMT30-Jun-22$1.55$246.6$597.9$326.6$50.72.0 x1.9x11.8x6.6x14.9x10.6x48%4%23%90%15.5%Remedy EntertainmentREMEDYFI30-Jun-22$17.93$241.1$192.7$60.4$15.83.4x4.6x13.0
67、 x60.2x28.3xNM29%-26%21%78%26.2%Technicolor CreativeTCHCSFR30-Jun-22$1.91$1,045.3$1,260.9$837.8$146.4 1.5x1.4x8.6x8.6xNM38.2x47%7%NA0%17.5%EG7EG7SE30-Jun-22$1.35$119.3$121.4$203.3$8.20.6x0.7x9.9x2.8xNM4.6x112%-2%-7%465%4.0%Skonec EntertainmentA276040KR30-Jun-22$9.05$111.9$94.8$4.4-$2.024.0 xNANMNANM
68、NANANANANA-45.2%Thunderful GroupTHUNDRSE30-Jun-22$1.35$95.0$130.3$319.7$31.60.4x0.4x4.2x3.7x13.5x4.7x4%0.2%8%21%9.9%CI GamesCIGPL30-Jun-22$0.50$91.3$88.9$19.3$5.95.1x7.7x16.0 x13.4x12.4x36.9x27%-34%20%24%30.5%Bloober TeamBLOPL30-Jun-22$3.08$59.5$54.3$14.9$5.34.0 xNA11.7xNA18.9xNA12%NA-16%NA35.3%Star
69、breeze ABSTAR BSE30-Jun-22$0.08$57.7$96.5$11.8$6.48.9xNA13.2xNANMNA-3%NANANA54.5%ZordixZORDIX BSE30-Jun-22$1.38$56.3$59.8$86.9$10.40.7x0.5x6.2x3.3xNM4.9xNM60%NM86%12.0%Motorsport GamesMSGMUS30-Jun-22$0.57$6.7$3.2$15.7-$25.40.2x0.2xNMNMNMNM-6%NANANA-162.0%Average4.8x3.4x14.9x11.3x28.4x17.8x16%19%5%10
70、0%17.4%Median4.0 x2.6x13.2x8.8x25.9x15.0 x12%14%0%49%19.8%Source:CapIQ,As of September 30,2022,in$M except share price,EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM17COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEB
71、ITDA GROWTHEBITDA/REVJapan/KoreaLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMSony6758JP30-Jun-22$64.18$79,269.5$97,457.6$73,413.5$14,367.21.4x1.2x6.8x7.5x13.1x13.1x7%15%20%4%19.6%Nintendo7974JP30-Jun-22$40.46$47,104.2$36,291.0$12,364.1$4,305.83.1x3.0 x8.7x9.1x13.6x17.9x-3%4%-7%1%34.8%NEXON3659JP30-Jun-22$
72、17.64$15,272.3$11,692.7$2,246.6$790.05.5x4.4x16.7x12.3x18.3x19.9x5%26%-10%28%35.2%KraftonA259960KR30-Jun-22$146.24$6,859.3$4,808.6$1,476.2$608.93.6x3.2x8.9x7.2x15.8x13.7x17%12%10%21%41.2%Konami Holdings9766JP30-Jun-22$46.17$6,199.5$5,065.2$2,230.5$648.92.4x2.2x8.3x7.4x17.2x15.5x5%10%41%12%29.1%Capco
73、m9697JP30-Jun-22$25.16$5,361.4$4,717.1$639.2$256.97.9x5.5x19.6x12.1x32.1x21.6x-28%44%-31%61%40.2%Square Enix9684JP30-Jun-22$43.06$5,152.0$4,147.1$2,587.0$470.91.7x1.7x9.4x8.9x13.2x15.4x5%-1%35%5%18.2%NcsoftA036570KR30-Jun-22$240.95$4,893.0$3,696.5$2,066.5$516.52.0 x2.1x8.0 x7.4x13.9x26.3x22%-4%8%7%2
74、5.0%Sega Sammy6460JP30-Jun-22$13.61$3,003.2$2,509.1$2,410.9$323.31.1x0.9x8.8x6.1x12.2x13.9x13%17%45%35%13.4%NetMarbleA251270KR30-Jun-22$35.72$2,927.1$4,133.3$2,046.4$166.92.2x2.0 x14.1x18.3xNM21.9x10%11%-38%50%8.2%Kakao GamesA293490KR30-Jun-22$29.70$2,419.6$3,096.9$1,048.2$222.53.3x2.7x4.7x10.8x7.5x
75、15.0 x146%20%244%42%21.2%Pearl AbyssA263750KR30-Jun-22$32.49$1,990.6$1,866.3$308.6$47.76.7x4.7x38.1x16.8x38.8x22.6x-3%42%-31%159%15.5%DeNA2432JP30-Jun-22$12.64$1,471.2$816.7$968.3$118.60.9x0.8x5.7x6.5x9.3x15.6x-7%8%-18%13%12.3%WeMade EntertainmentA112040KR30-Jun-22$31.89$1,066.9$1,088.3$331.9$18.83.
76、6x2.4x89.6x23.8x6.7x40.1x99%51%-46%170%5.7%Gree3632JP30-Jun-22$6.09$1,054.6$732.7$551.2$89.21.4x1.4x8.8x10.1x16.3x20.5x32%-0.2%96%13%16.2%GungHo Online3765JP30-Jun-22$15.38$951.8$225.3$737.5$219.00.3x0.3x1.1x1.1x7.9xNA-7%-4%-21%3%29.7%Com2uSA078340KR30-Jun-22$53.83$639.6$724.1$475.3$39.01.7x1.2x11.2
77、x12.4x7.8x13.6x16%39%-44%67%8.2%DOUBLEUGAMESA192080KR30-Jun-22$30.57$519.0$467.6$464.0$148.81.1x1.0 x3.5x3.2x11.8x8.6x-8%8%-18%7%32.1%NHN EntertainmentA181710KR30-Jun-22$14.97$493.0$146.7$1,582.3$112.90.1x0.1x1.4x1.3x14.3x16.0 x16%13%0.4%10%7.1%DoubleDown InteractiveDDIKR30-Jun-22$9.23$457.1$217.5$3
78、39.4$36.40.6x0.7x5.8x2.3x18.1x0.6x-9%-6%-70%162%10.7%GAMEVIL Inc.A063080KR30-Jun-22$30.22$198.9$290.8$102.5$20.73.1x2.3x15.6x11.6xNM17.1x11%35%17%35%20.2%JOYCITYA067000KR30-Jun-22$2.48$169.9$217.8$135.4$10.91.8x1.6x22.6x14.7xNM22.7x-12%11%-45%50%8.1%Me2onA201490KR30-Jun-22$3.07$96.1$97.1$84.9$25.01.
79、3x1.4x4.3xNA16.4xNA-8%-10%-31%NA29.5%VespaA299910KR30-Jun-22$2.20$17.2$24.6$17.6-$18.91.6xNANMNANMNA-63%NANANA-107.5%Average2.4x2.0 x14.0 x9.6x15.2x17.7x11%15%5%43%15.6%Median1.7x1.7x8.8x9.0 x13.8x16.0 x5%11%-10%24%18.9%EsportsFaZe Holdings Inc.FAZEUS30-Jun-22$9.68$701.9$824.1$62.2-$32.713.2xNANMNAN
80、MNANANANANA-52.5%SkillzSKLZUS30-Jun-22$1.02$427.6$135.1$377.7-$343.40.4x0.6xNMNMNMNM26%-39%NA64%-90.9%Enthusiast Gaming Holdings Inc.EGLXCA30-Jun-22$0.86$129.1$126.6$154.2-$34.50.9x0.7xNMNMNMNM58%26%NA87%-22.4%Super League Gaming,Inc.SLGGUS30-Jun-22$0.68$25.3$22.2$17.8-$25.61.2x0.9xNMNMNMNMNM35%NA11
81、%-143.3%Esports TechnologiesEBETUS30-Jun-22$1.22$20.1$47.2$44.4-$22.41.1x0.6xNM67.4xNMNMNM69%NM103%-50.5%AstralisASTRLSDK30-Jun-22$0.27$15.8$13.9$11.3-$1.01.3xNANMNANANANMNANANA-9.1%Guild Esports PlcGILDGB31-Mar-22$0.02$12.4$6.2$3.4-$12.52.1xNANMNANMNANMNA-48%NA-361.8%Esports Entertainment GroupGMBL
82、MT31-Mar-22$0.12$8.7$64.7$55.4-$28.01.2x1.4xNMNMNMNMNM-15%NA54%-50.6%Average2.7x0.8xNANANANA42%15%0%64%-97.6%Median1.2x0.7xNANANANA42%26%0%64%-51.5%Source:CapIQ,As of September 30,2022,in$M except share price,EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM18COMPANY NAM
83、ETICKERCOUNTRY LTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REVChina,South East Asia(US and HKG listed)&IndiaLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMTencent Holdings700CN30-Jun-22$33.94$319,767.6$338,561.1$83,002.9$23,085.74.1x4.0 x16.7x13.5x12.5x17.9x
84、4%7%-16%15%27.8%NetEaseNTESCN30-Jun-22$75.60$46,892.5$35,535.2$13,923.7$3,262.12.6x2.5x10.9x9.3x18.8x16.1x17%8%25%24%23.4%Sea LimitedSESG30-Jun-22$56.05$31,485.4$28,921.0$11,753.2-$1,718.82.5x1.9xNMNMNMNM72%27%NA20%-14.6%G-bits Network603444CN30-Jun-22$34.93$2,510.4$2,103.5$707.9$283.23.2x2.7x7.9x6.
85、5x14.2x10.4x27%18%20%21%40.0%YYYYCN30-Jun-22$26.00$1,854.5-$1,165.1$2,534.1$283.0NMNMNMNM31.0 x42.4x-0.2%-4%NA0.4%11.2%XD Inc.2400CN30-Jun-22$2.04$962.0$695.6$435.6-$143.21.6x1.3xNMNMNMNM5%30%NA88%-32.9%NetDragon777CN30-Jun-22$1.82$982.5$626.1$1,182.2$279.90.5x0.5x2.2x2.3x5.6x5.0 x19%12%-1%2%23.7%iD
86、reamSky1119CN30-Jun-22$0.46$636.4$879.3$395.9$12.92.2x2.1x54.7x27.1xNM36.4x-11%14%-71%168%3.3%HUYAHUYACN30-Jun-22$2.22$531.1-$1,058.3$1,570.9-$64.7NMNMNMNM19.0 xNM-7%-12%NA16%-4.1%Nazara543280CN30-Jun-22$8.03$527.8$457.6$90.3$11.85.2x3.4x39.8x22.8xNM56.7x44%56%-1%75%13.1%Archosaur Games Inc.9990CN30
87、-Jun-22$0.36$288.0-$35.7$104.0-$78.8NMNMNMNMNMNM-40%125%NA60%-75.8%Ourgame6899KY30-Jun-22$0.03$30.2-$0.7$23.6-$16.1NMNANMNANMNA47%NANANA-68.5%FingerTango6860CN30-Jun-22$0.01$23.0-$79.2$108.0-$94.9NMNANMNANMNA20%NANANA-87.9%Digital Hollywood2022CN30-Jun-22$0.01$16.8-$8.3$12.9-$2.5NMNANMNANMNA-7%NANAN
88、A-19.5%Average2.7x2.3x22.0 x13.6x16.8x26.4x14%26%-7%44%-11.5%Median2.5x2.3x13.8x11.4x16.5x17.9x11%14%-1%21%-0.4%China(Shenzhen listed)Quihoo 360601360CN30-Jun-22$0.91$6,395.2$3,449.5$1,506.1$87.02.4x2.2x33.0 x19.9xNM48.2x-18%9%6%117%5.8%37Games002555CN30-Jun-22$2.45$5,430.6$4,560.3$2,503.2$604.61.9x
89、1.7x8.0 x8.2x10.3x12.2x20%16%100%3%24.2%Perfect World002624CN30-Jun-22$1.75$3,459.7$3,532.6$1,229.2$126.23.1x2.6x25.8x11.6x18.9x13.4x-11%17%-2%156%10.3%Beijing Kunlun300418CN30-Jun-22$1.74$2,048.2$2,310.4$716.1$132.13.4x2.8x17.2x10.3x12.4x9.5x9%21%NA80%18.5%Kingnet Network002517CN30-Jun-22$0.92$1,93
90、9.6$1,722.9$507.1$193.23.6x3.1x9.4x8.3x15.0 x14.2x98%16%38%14%38.1%Giant Network002558CN30-Jun-22$1.06$1,536.7$1,330.0$321.3$100.44.4x4.4x13.9x8.6x15.1x17.2x6%0.04%32%63%31.2%Ourpalm300315CN30-Jun-22$0.39$1,071.3$729.5$194.2$6.24.0 x4.0 xNM13.5xNM29.4x-23%-1%3%828%3.2%Youzu Interactive002174CN30-Jun
91、-22$1.05$948.5$868.2$367.4$59.72.5x2.0 x14.6x6.7xNM17.6x-38%23%16%130%16.3%Dalian Zeus002354CN30-Jun-22$0.47$774.5$672.0$297.1-$6.62.4xNANMNANMNA74%NANANA-2.2%ZQ Games300052CN30-Jun-22$2.39$627.0$635.5$52.5$4.612.9x12.4x87.8x89.4xNMNM8%4%9%64%8.8%Average4.1x3.9x26.2x19.6x14.3x20.2x13%12%25%162%15.4%
92、Median3.2x2.8x15.9x10.3x15.0 x15.7x7%16%12%80%13.3%Hardware,Platforms,Advertising&ToolsNVIDIANVDAUS31-Jul-22$121.39$302,139.7$296,939.7$29,738.0$10,680.010.0 x11.3x27.4x36.4x39.6x34.9x36%-12%26%24%35.9%DellDELLUS29-Jul-22$34.17$25,045.2$47,480.2$106,957.0$8,754.00.4x0.5x5.2x4.6x5.1x5.2x20%-7%8%19%8.
93、2%RobloxRBLXUS30-Jun-22$35.84$21,388.1$19,760.9$2,206.4-$455.09.0 x6.6xNM58.9xNMNM57%36%NA174%-20.6%Hewlett PackardHPEUS31-Jul-22$11.98$15,414.7$26,643.7$27,979.0$4,655.01.0 x0.9x5.3x4.9x4.3x5.8x1%2%-2%17%16.6%UnityUUS30-Jun-22$31.86$9,572.9$9,635.3$1,219.4-$502.07.9x6.4xNMNMNMNM31%23%NA101%-41.2%Lo
94、gitechLOGNCH30-Jun-22$46.82$7,661.0$6,625.2$5,328.9$813.11.3x1.3x8.2x8.0 x14.6x13.6x-8%-3%-40%2%15.3%ApplovinAPPUS30-Jun-22$19.49$7,223.0$9,564.5$2,922.1$566.13.3x2.9x15.7x7.4xNM22.7x35%13%33%128%19.4%ASUS2357TW30-Jun-22$7.36$5,467.5$6,152.1$18,696.8$1,340.70.4x0.4x4.5x8.5x4.9x9.3x13%-8%-11%42%7.2%I
95、ronSourceISIL30-Jun-22$3.44$3,496.7$3,148.6$671.2$108.34.7x3.7x27.3x11.7x60.5x15.6x49%27%28%149%16.1%MSI2377TW30-Jun-22$3.38$2,857.0$2,432.4$7,008.3$661.80.4x0.5x3.9x6.0 x5.7x9.3x18%-18%21%34%9.4%Acer2353TW30-Jun-22$0.69$2,067.5$1,862.1$10,699.4$439.50.2x0.2x4.3x5.9x7.2x11.4x1%-10%-8%23%4.1%Corsair
96、GamingCRSRUS30-Jun-22$11.35$1,087.2$1,388.3$1,566.3$30.50.9x0.9x24.7x13.8xNM17.0 x-22%1%2%230%1.9%Average3.3x3.0 x12.6x15.1x17.7x14.5x19%4%6%79%6.0%Median1.1x1.1x6.7x8.0 x6.5x12.5x19%-1%5%38%8.8%Source:CapIQ,As of September 30,2022,in$M except share price,EV/EBITDA and P/E multiples less than 0 and
97、greater than 100 are denoted as NM19 2022 has been a record year of consolidation,diversification and investments in the industry,and we believe that we will continue to see strong M&A and financing activity towards the tail end of this year and beyond.With a bumper Q1,and a quieter Q2,we saw a nota
98、ble rebound in Q3 in M&A and financing activity.Microsoft and Tencent,two of the largest strategics,publicly reiterated their intention to continue acquiring companies and Savvy Group(backed by PIF)plans to heavily invest in gaming companies,we are hopeful to see more mega deals in Q4.Considering th
99、e lower valuation levels of the public companies across global markets,many of the public gaming strategics are now more focused on higher quality targets that exhibit strong profitability.Listed companies are now under even more pressure to show growth and profitability,and we expect a strong volum
100、e of smaller and mid-sized M&A deals and a few mega deals going forward.The large number of new dedicated gaming and blockchain funds continue to invest aggressively in private gaming companies,with about half the gaming deal volume in the blockchain segment.Valuations for top deals will likely stay
101、 high,while overall valuations will continue to adjust down.IPO/SPAC market for gaming companies has been quiet in the 1H22 and we saw first activities again up in Q3 with Faze Clan SPAC deal,the Valofe and Asia Innovations Group SPAC announcement and Technicolor directly listing its gaming and VFX
102、division.As we are only left with a quarter in the year,we do not see many new listings in the market but there might be some surprise take-private events as private equity firms are attracted by the current lower valuations of listed companies.A LEADING GLOBAL MEDIA AND TECH M&A INVESTMENT BANKTRAN
103、SACTIONS COMPLETED400+TRANSACTIONS COMPLTETED IN 2021 50CROSS-BORDER DEALS70%BANKERS100+NEW YORKLOS ANGELESSAN FRANCISCOMUNICHLONDONPARISBERLINSINGAPORE*DUBAI*OFFICES GLOBALLY9*Including partner offices20DrakeStar is the marketing name for the global investment bank DrakeStar Limited and its subsidi
104、aries 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 Kession Capital Ltd(FRN582160),which is authorized and
105、 regulated by the Financial Conduct Authority.2022 DrakeStar Limited.This report is published solely for informational 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 is based on sources we believe to be reliable but
106、is not guaranteed by us,and we assume no liability for its use.Any opinions expressed herein are statements of 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.