1、Digital Mediasector update Important disclosures appear at the end of this reportGP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management Limited are authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGP Bullhound Luxembourg S.R.L.is regulate

2、d by the CSSF in LuxembourgQualitative insights into broader Digital Media trends and public and private valuations across the transaction spectrum,and interviews with todays leaders transforming the sector.Q4 20222THE VIEWQ4 Digital Media perspectives from GP BullhoundElon Musks takeover of Twitter

3、 was a rocky process filled with legal battles and a shake-up in the tech firms cultureA number of competitors have risen to take advantage of Twitters challenging period seeking to capture its market shareIts biggest rival,Mastodon,has grown eight-fold but Twitter remains far larger at almost 100 x

4、 Mastodons sizeHypercasual games have become a staple on the mobile app storesWhile activity in the space has fluctuated,2022 saw increased global revenue growth of 21%and 200 M&A deals worldwideFactors like lower development costs,high user acquisition,and engagement make hypercasual games an attra

5、ctive advertising mediumUS regulators and government officials have begun cracking down on major digital media companiesIncreasing concerns over user privacy,homeland security,and anticompetitive transactions have caused backlashWhile the US Federal Trade Commission(FTC)has fined Epic Games and seek

6、s to block the Microsoft/Activision deal,several government officials call for a ban on TikTokUS AGENCIES TIGHTEN REGULATIONSNEW PLAYERS VIE FOR TWITTERS SPOTHYPERCASUAL GAMING REMAINS ACTIVETakeawaysNote:Please see following slides for sources3GP Bullhound Fund IVINVESTED INACTIVE(DIRECT LISTING)Un

7、ityGP Bullhound Fund VINVESTED INACTIVEDiscordGP Bullhound Fund IVINVESTED INREALISED(ACQUIRED BY EPIC GAMES)QuixelGP Bullhounds recent Digital Media activityA LEADING TECHNOLOGY ADVISORY AND INVESTMENT FIRM,PROVIDING TRANSACTION ADVICE AND CAPITALInvestment Banking Investment Management GP Bullhoun

8、d Fund IIIINVESTED INREALISED(DIRECT LISTING)SpotifyTakeawaysSpeedTreeACQUIRED BYUnityUNDISCLOSEDPhoton(Exit Games)INVESTMENT BYSkillz$50MAstragon EntertainmentACQUIRED BYTeam17100MBusuuACQUIRED BYChegg$436MWiztiviACQUIRED BYLumine GroupUNDISCLOSEDPinkbikeACQUIRED BYOutsideUNDISCLOSEDPixlyACQUIRED B

9、YUNDISCLOSEDAcceleration Community of Companies(ACC)NutracheckACQUIRED BYImmediate MediaUNDISCLOSED4The US Government focuses on major digital media playersGP BULLHOUNDS SECTOR TAKEAWAYS Sources:Axios,Wall Street Journal,The New York Times,Reuters,Public Filings(as of 31 December 2022)TakeawaysOverv

10、iewSelect digital media developmentsDiscussionThe scope of major digital media companies has sparked the attention of US regulating entities and the ramifications of their growing influence have begun to materialise.This last quarter of 2022 is a great exampleAcross digital media verticals,and in ga

11、ming and social media in particular,regulators are increasing scrutiny on industry consolidation and privacy concerns.They have begun blocking and fining the actions of major playersIn this report,well explore the three breaking headlines of Q4 2022:TikTok sparks national security concerns in the US

12、 and faces backlash from state officials and federal regulators The FTC seeks to block Microsofts acquisition of Activision Blizzard,citing monopolistic concernsEpic Games must pay up to$520m for an FTC ruling on privacy violations and unwanted chargesTalks of a US ban continue as state officials an

13、d regulators have privacy concernsThe FTC is seeking to block the monumental gaming dealFined by the FTC after ruling of privacy violations and unwanted chargesTikTokThe social media giant has seen explosive growth in recent years.This,coupled with its ownership by the Chinese-based ByteDance,has gi

14、ven rise to national security and privacy concerns in the US.Talks of a national ban on TikTok are nothing new.In August 2020,former US President Donald Trump signed an executive action to ban the company from US devices.Recently,this movement has gained new-found tractionIn November 2022,the US Fed

15、eral Communications Commission proposed that the government should ban the social media app.Other government officials have taken matters into their own hands.Maryland governor banned the use of TikTok on state devices in December and the state of Indiana sued the app for targeting youth with inappr

16、opriate content.Shortly after,President Joe Biden approved a limited TikTok ban which prohibits the use of the app on federally-owned devicesMicrosoft/ActivisionMicrosofts January 2022 bid to acquire Activision Blizzard for$68.7bn faces new roadblocks.In early December 2022,the FTC asked a judge to

17、block the transaction,on grounds of anti-competitive concerns.According to Reuters,no substantive settlements have been reached despite significant concessions by Microsoft.An FTC judge will rule on the deal in August 2023 and the European Union is set to decide by March 2023Epic GamesIn December,Ep

18、ic Games was fined a$275m penalty for violating childrens privacy laws in the US.The FTC also required the company to pay$345m in refunds for tricking users into making unwanted charges.Bringing its total fine to$520m5Twitters new ownership gives rise to competitorsGP BULLHOUNDS SECTOR TAKEAWAYS Sou

19、rces:Wall Street Journal,The Verge,The New Yorker,Public Filings(as of 31 December 2022)TakeawaysOverviewIn April 2022,Elon Musk submitted an offer for the takeover of Twitter for$44bn.What followed was a tumultuous road to finalising the deal.The transaction was put on pause as Musk and Twitters ex

20、ecutives could not come to an agreement over the accuracy of disclosures.Eventually,both parties sue one another until the deal is eventually completed in October 2022With such a rocky exchange of ownership,it is no surprise that the social media company has struggled to regain its footing and re-es

21、tablish its identity.New initiatives like Twitter Blue,which charges$7.99 a month for special privileges,and Musks leadership style,have cast doubts on the prospects for the future of TwitterThis transformational period has provided an opportunity for competitors to arise and challenge Twitters plac

22、e as the worlds digital public forumWhile Elon Musks takeover was based on grounds of prioritising free speech and unmoderated content,such a strategy has proven difficultServices like Donald Trumps Truth Social,as well as Gettr and Parler,spouted an open and unmoderated forum but all found themselv

23、es banning accounts which posted harmful hate speech.With their far-right audiences feeling alienated,these services have been unsuccessful in replacing TwitterSeveral alternatives have gained more traction as users flee Twitter.The majority emulate Twitters open-forum platform such as Mastodon,Co-h

24、ost,and Counter Social.Clubhouse has re-emerged as a growing platform,which inspired Twitters live audio feature,Twitter SpacesPerhaps the most successful Twitter rival has been Mastodon.The service has exploded,growing 8x from 300k users in October to 2.5 million in November.At the surface level,Ma

25、stodon appears similar to Twitter with its micro-blogging focus.However,its most important distinction is its decentralised approach giving users the ability to control their own experienceGP Bullhound Perspective:While the rise of Twitters competitors proves a clear disapproval for Musks inaugural

26、policies,replacing Twitter remains a difficult feat.The platform still boasts 238 million users.An exodus of its entire user base isunlikely.Meanwhile,Musk has already demonstrated leniency in his no-moderating approach.As the company faces backlash,Musk is likely to pivot and prioritise user experi

27、ence,which would cement Twitter as the leading micro-blogging platformSelect Twitter competitorsA bird in the hand,two in the bushMastodonCo-hostMighty NetworksClubhouseCounter Social6Hypercasual gaming:Continued interest and consolidationGP BULLHOUNDS SECTOR TAKEAWAYS Sources:Statista,Pitchbook,App

28、Magic,Global Newswire,Market Research,Company Public Releases(as of 31 December 2022)TakeawaysOverviewSelect relevant transactionsMajor players and future outlookHypercasual games have become a staple in mobile app marketplaces with both the iOS and Android app stores highlighting the latest casual

29、games in their own dedicated section Interest in these games skyrocketed in 2020 as people turned to entertainment outlets while under pandemic lockdowns.However,as lockdown restrictions prohibited developers from creating new games,global revenues took a dip of 19%Activity in the space has fluctuat

30、ed since its advent in 2013.In 2022,interest in the space revitalised:There were roughly 200 hypercasual M&A deals in 2022,according to Pitchbook.Global hypercasualgames continue to generate$100m+in revenues,per AppMagic dataThe hypercasual gaming sector saw increased M&A activity in Q4 2022.Marquee

31、 transactions include:Netflixs acquisition of US game developer Spry Fox is a sign of their continued bet on gaming.The company will be a pivotal asset for Netflix as it continues to integrate games into its video-streaming platform.The terms of the deal were undisclosedZyngas hypercasual division,R

32、ollic,acquired Popcore for an undisclosed sum.The company is an indie game developer based in Germany.Rollic has tacked on six additional companies since being acquired by Zynga in 2020Zen Match,a Turkey-based gaming developer,was acquired at a$100m valuation by the Israeli gaming unicorn,Moon Activ

33、eGP Bullhound Perspective:Hypercasual gaming is efficient.By design,the games are simple,easy to learn and play.They often include incentive structures that keep players returning.This is a recipe for high ROIs,especially when compared to their non-casual game counterparts,which require higher upfro

34、nt investmentThese games are designed with highly addictive fun in mind,driving up user acquisition,and engagement.This is great news for advertisers,which make up about 50%of the markets revenue.The remainder of which is derived from in-app purchases.With these factors in mind,coupled with broader

35、industry tailwinds in gaming,we can expect growth in the space to continue.The biggest challenge will be navigating third-party data limitations on iOS and raising funding for new games during an economic downturnDEAL DATE:NOV-22TYPE:M&ADEAL SIZE:UNDISC.DEAL DATE:DEC-22TYPE:M&ADEAL SIZE:$100MDEAL DA

36、TE:OCT-22TYPE:M&ADEAL SIZE:UNDISC.15.416.422.359.577.852.948.569.72.821.831.849.149.650.146.845.518.238.254.1108.6127.4103.095.3115.2110%42%101%17%(19%)(8%)21%-100%-50%0%50%100%150%0.020.040.060.080.0100.0120.0140.02000212022WesternEasternGrowth%Global hypercasual gaming market

37、(Revenue in$millions)7Notable digital media M&A dealsDateTargetBuyerTarget descriptionValue($m)Implied EV/LTM Rev21-DecGamepiresJagexTurkey-based game designer100n/a14-DecGamepiresJagexCroatia-based game development studion/an/a12-Dec440 DigitalQuickplay Cloud-based digital media supply chain servic

38、es providern/an/a9-DecBulkheadSplash DamageUK-based video game developern/an/a8-DecVRX MediaZillowReal estate marketing firmn/an/a7-DecArtforum International MagazinePenske MediaContemporary art magazinen/an/a6-DecPIXELYNXAnimoca BrandsMusic and gaming metaverse platform500n/a5-DecHelpshiftKeywords

39、Studios Customer support automation SaaS developer75n/a29-NovBAMTechWalt Disney Co Video streaming platform900n/a22-NovStremiumFireside Content streaming TV platformn/an/a17-NovPopcoreRollicGermany-based mobile game companyn/an/a1-NovComplex GamesFrontier Developments plcCanadian video game develope

40、r13n/a31-OctSpry FoxNetflixGame developern/an/a26-OctPixomondoSony Pictures EntertainmentEsports and entertainment company n/an/aTransaction trendsNOTABLE DIGITAL MEDIA M&A DEALSSources:Capital IQ,Merger Market,Public information and press releases(as of 31 December 2022)8DateIssuerLead investorIssu

41、er descriptionValue($m)15-DecOnline casino focused on personalization and player engagement1513-DecBlockchain gaming platform using NFT1029-NovGame studio that creates free-to-play games for Web2 and Web31524-NovDubai-based web gaming developer15016-NovGame developer focused on creating multiplayer

42、action-adventure games159-NovHigh-performance gaming hardware providern/a8-NovPremium casual mobile gaming developer152-NovSouth Korean game developer focused on blockchain technology4627-OctCasual VR gaming developer1021-OctIndependent game development studio1917-OctUK-based open-source music-and i

43、mage-generator10113-OctProduction company that develops and publishes games and entertainment programs40012-OctFrance-based data-oriented gaming developer1006-OctProminent music publisher2,000Notable digital media investmentsNOTABLE DIGITAL MEDIA INVESTMENTS Sources:Capital IQ,Public information and

44、 press releases(as of 31 December 2022)The pace and size of investments in the sector start decreasing as the Fed continues to tighten money supply in the economy Transaction trends9Select digital media IPOsSELECT DIGITAL MEDIA IPOSSources:SEC,PitchBook,Capital IQ(as of 31 December 2022)Transaction

45、trendsDescription(NASDAQ:SNAL):Chinese online gaming developer and security providerListing date:10-Nov-2022Offering amount:$15.0mOffering price/Share:$5.0Market cap:$85.5m%Change/IPO price:(122.2%)Selected metrics:Revenue in FY2021 was$106.7m,a decrease of 14.6%over FY 2020EBITDA for FY2021 was$25.

46、5m,compared to$39.2m in FY2020-34.7%in price since IPODescription(SEHK:6698):Largest entertainment program IP creator and operator in ChinaListing date:29-Dec-2022Offering amount:$50.1mOffering price/Share:$3.4Market cap:$2.3bn%Change/IPO price:70.6%Selected metrics:Revenue in FY2021 was$174.7m,a de

47、crease of 27.8%over FY 2020EBITDA for FY2021 was$14.8m,compared to$60.0m in FY202011.4%in price since IPODescription(KOSDAQ:A419530):Korean animated film and game producerListing date:6-Dec-2022Offering amount:$17.9mOffering price/Share:$12.8Market cap:$152.7m%Change/IPO price:38.8%Selected metrics:

48、N/A75.8%in price since IPO10Select digital media SPAC IPOsSELECT DIGITAL MEDIA SPAC IPOS IN Q4 2022Source:SPAC Research(as of 31 December 2022)(1)Reflects closing price on first day post SPAC mergerTransaction trendsDescription(NYSE:GRND):Social network platform and online dating app for the LGBTQ c

49、ommunitySPAC merger date:18-Nov-2022IPO offering amount:$1.6bnPrice/Share(1):$10.16Merged SPAC:Tiga Acquisition Corp 11GP Bullhound Digital Media indicesGP BULLHOUND DIGITAL MEDIA INDICESSource:Capital IQ(as of 31 December 2022)Companies2021/2022E avg.rev growth2022E avg.EBITDA margin2022E avg.EV/re

50、venue2022E avg.EV/EBITDAMusic,video,photosDiversified online content and social media15.8%10.9x2.4x1.8%Western gaming(4.6%)21.9%13.2x3.2xAsian gaming14.2%13.3x2.2x(2.4%)14.2%32.1%12.3x4.3xPublic company analyses12-80.0%-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%Diversified online contentMusic,video,p

51、hotosWestern GamingAsian GamingS&P 500Dow Jones Industrial AverageGP Bullhound Digital Media indicesGP BULLHOUND DIGITAL MEDIA INDICES-LAST 12 MONTHSSource:Capital IQ(as of 31 December 2022)LTM share price performance(rebased to 0%as of 31 December 2021)A year in review of the digital media indices

52、reveals the overall underperformance for the sector in 2022.As weve discussed in previous iterations,fears of macroeconomic instability and inflation drove investor money to safer assets.The fourth quarter did experience an uptick in equity performance with the indices rising by 2-10%.Western gaming

53、 was the best performer and remained relatively flat throughout the year,typically outperforming the Dow and S&P Q1-22Q2-22Q3-22-61.0%-40.7%-20.6%-3.7%-33.1%-15.3%-27.3%-34.9%-19.7%-4.6%+3.3%Q4-22-11.4%-51.7%-24.8%-57.3%-42.7%-21.0%-9.9%-46.8%-48.6%-39.9%-8.8%-5.0%-19.4%Public company analyses13GP B

54、ullhound Digital Media indices market capitalisationGP BULLHOUND DIGITAL MEDIA INDICES MARKET CAPITALIZATION VALUATIONS Diversified online content and social media Music,video,photos Western gaming Asian gaming 131.222.718.016.515.214.09.35.74.42.20.90.40.359.933.717.55.73.52.62.20.90.80.548.845.129

55、.219.413.97.26.76.1 5.85.75.64.5 4.53.9 3.6 3.32.5 2.21.5 1.2010,00020,00030,00040,00050,00060,00070,000The GP Bullhound diversified Digital Media indices had a positive quarter,rising by 2-5%compared to Q3.The best performers were the Music,video,photos stocks rising by 22.3%.Its peers up-ticked as

56、 follows:Diversified content(+4.9%),Western gaming(+1.6%),and Asian gaming(+5.1%).This outperformance comes in the wake of broader market increases,as the S&P rose by 10%in Q4.As inflation fears calm,digital media indices will benefit,though the macroenvironment remains uncertainSource:Capital IQ(as

57、 of 31 December 2022);Note:All values are shown in USD billion403.0315.629.414.47.64.72.51.91.70.5MetaGroupTencentNaspersSnapchatZillowWeiboTripAdvisorYelpMomoYallaPublic company analyses140.0 x2.0 x4.0 x6.0 x8.0 x10.0 xDiversified online content and social mediaMusic,video,photosWestern gamingAsian

58、 gamingEvolution of GP Bullhound Digital Media indices valuation NTM EV/REVENUE TRENDS LAST FIVE YEARS OVERVIEWSource:Capital IQ(as of 31 December 2022)NTM revenue multiples reveal continued investor skepticism in the sector.Recent volatility shows that investors are still forming a consensus around

59、 the future of these companies.Still,multiples ticked down with diversified content being the biggest loser with its 5-year multiple decreasing by 0.7x and its short-term valuation by 0.3x.Music,video,photos was the only gainer as its current multiple rose by 0.4x compared to last quarterMedian EV/N

60、TM Revenue5Y3Y1Y31-Dec-22Diversified online content5.2x 4.5x 2.9x 2.5x Music,video,photos3.8x 3.5x 2.1x 2.3x Western gaming4.5x 4.7x 3.3x 3.2x Asian gaming3.4x 3.6x 2.6x 2.5x Public company analyses15Activision BlizzardElectronic ArtsTake-Two InteractiveUbisoft Entertainment Embracer GroupStillfront

61、 GroupParadox Interactive Keyword StudiosTeam17Rovio EntertainmentNetEaseNintendoSeaNEXONNcsoft37GamesBANDAI NAMCOPerfect World NetmarbleKingsoft CyberAgentG-bits Konami Koei TecmoBeijing Kunlun TechCapcom YOOZOODeNAy=905.45%x+75.84%R=39.84%0 x2x4x6x8x10 x12x-20%-10%0%10%20%30%40%50%60%70%Gaming:NTM

62、 valuation/growth+margin regressionGAMING REGRESSION ANALYSISValuation is often seen as a function of a companys growth and profitability.An exemplary regression analysis of forward-looking sales multiples and expected revenue growth,combined with profitability rates for the gaming companies in resp

63、ective indices,demonstrates that there is a relatively strong dependence between these parametersSource:Capital IQ(as of 31 December 2022)2022E revenue growth+2022E EBITDA marginNTM sales(x)Western gamingAsian gamingR=45.8%Public company analyses16Digital media 2022E EBITDA margin benchmarking GP BU

64、LLHOUND DIGITAL MEDIA INDICES 2022E EBITDA MARGIN BENCHMARKING Source:Capital IQ(as of 31 December 2022)Average profitability for the diversified content and Western gaming indices remained flat quarter-over-quarter.The Music,video,photos index picked up 500bps in average EBITDA margins while Asian

65、gaming decreased by 400bps31.7%43.9%(8.5%)7.5%9.3%25.8%19.3%22.5%14.1%31.4%TencentMetaGroupNaspersSnapchatZillowWeiboTripAdvisorYelpMomoYallaDiversified online content and social media Music,video,photos Western gaming Asian gaming 20.0%30.9%19.4%15.5%(4.6%)16.6%(22.5%)(3.9%)59.5%11.9%(5.8%)(0.8%)(1

66、.1%)37.4%36.9%0.0%29.1%46.8%20.8%69.0%34.3%34.3%16.0%41.5%24.5%(14.9%)31.6%16.2%27.8%52.1%28.1%20.6%56.2%18.2%27.7%10.4%5.6%22.7%39.5%25.1%51.0%11.2%20.6%Average:10.4%Average:34.3%Average:19.7%Public company analysesAverage:25.8%17-40%0%40%80%120%160%Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21M

67、ar-22Jun-22Sep-22FacebookTencentWeiboNetflixSpotifyRokuPinterestSnapchatRule of 60 for non-gaming digital mediaDIGITAL MEDIA:USER GROWTH+REVENUE GROWTH+EBITDA MARGIN(%)Source:Capital IQ(as of 31 December 2022)A common way to look at the“health”of a consumer internet company is by using the“Rule of 6

68、0”:a combination of user growth,revenue growth and profitability.Consumer internet companies that fall above the“Rule of 60”line demonstrate the healthiest characteristics.In this analysis,we looked at YoY growth in MAUs and quarterly revenue,as well as quarterly EBITDA margins.Despite an uptick in

69、valuation performance,the digital media players all failed the rule of 60 once more.While MAU growth and EBITDA margins have experienced growth,the rule of 60 metric was weighed down by subpar and even negative revenue growth.This quarter,Spotify lead the pack landing at 34%,while Tencent(32%)and Ne

70、tflix(31%)followed closely.60%Public company analyses18“I was fortunate enough to start my career by fulfilling my childhood dream of becoming a journalist.In 2022,I decided to take the dream to the next level by building a maverick media pure-player that would also reflect my values and my deepest

71、convictions:plurality and diversity in opinions.DC Company brings together intrepid entrepreneurs,talented content creators and passionate journalists who inspire and change the world:women and men who have always been committed to freedom of speech and plurality in opinions,who love differences and

72、 support the singularities that have always enlightened the culture of our civilisation.Just one year after our launch,we assemble four distinctive media brands that reach 10 million active users across websites and social media platforms.Thanks to the high quality of their content,our brands enjoy

73、industry-leading engagement rates of 5%on average.In 2023,we will continue building a media platform for brands that want to reach and engage with new audiences and rethink the way they communicate.We are building the future of media and brands in a more open and safer environment that welcomes diff

74、erences.”Geoffrey La Rocca,Founder&CEOLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORDC Company is a pure player media that brings together entrepreneurs,content creators and journalists and supports their digital transition.It enables them to enhance their business modelsby optimising their mone

75、tisation levers,diversifying their revenue lines and placing data at the centre of their businesses.It was founded in 2021 and is the parent company to media outlets Les Eclaireuses and Le Gorafi.It also holds stakes in affinity media group I/O Media and training platform Eduformaction,a company lis

76、ted on Euronext.CEO,DC COMPANYGEOFFREY LA ROCCACEO commentarySelect brands19Public comparables Diversified online content and social mediaPUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 31 December 2022)Public comparablesShare priceMarketcapEVCashEV/RevenueEV/EBITDACY revenue growthCompany nam

77、eHQEmployee31-12-22LTML6ML1M(m)(m)(m)LTMCY21ACY22ELTMCY21ACY22E22/21GrossEBITDADiversified online content and social mediaMeta GroupUS87,314120.34(64.2%)(25.4%)1.9%315,555300,26041,7762.5x2.6x2.6x6.8x4.7x5.9x(1.2%)80.0%43.9%TencentCN108,83642.84(26.9%)(5.2%)16.4%403,029422,44941,1045.5x4.7x5.2x19.6x

78、13.4x16.6x(9.5%)43.0%31.7%NaspersZA35,276166.137.3%14.9%6.9%29,35254,10916,0686.4x7.1x6.7x NM NM NM 6.9%NA(8.5%)SnapchatUS5,6618.95(81.0%)(31.8%)(13.2%)14,43714,1924,4293.1x3.5x3.1x NM 30.9x41.0 x14.7%61.1%7.5%ZillowUS5,83031.21(49.8%)(1.9%)(16.6%)7,5935,9793,4890.7x0.8x1.0 x NM NM 10.4x(18.1%)29.4%

79、9.3%WeiboCN6,14719.12(38.3%)(17.3%)19.9%4,6524,2012,9602.1x1.9x2.2x7.4x5.7x8.7x(16.8%)78.8%25.8%MomoCN2,0518.980.0%77.8%56.4%1,7308211,3120.4x0.4x0.4x3.4x2.4x3.2x(20.1%)41.4%14.1%TripAdvisorUS3,00017.98(34.0%)1.0%(11.8%)2,5282,3951,0661.7x2.6x1.6x22.4x21.1x8.4x62.9%92.4%19.3%YelpUS4,40027.34(24.6%)(

80、1.5%)(11.7%)1,9061,6094321.4x1.6x1.4x21.2x6.7x6.0 x15.6%91.4%22.5%YallaAE3743.50(47.8%)(10.3%)0.3%5191044170.4x0.4x0.3x1.2x1.0 x1.1x11.4%62.2%31.4%FutureGB2,98515.27(70.6%)(27.1%)(8.9%)1,8382,430332.6x2.7x2.4x7.7x7.6x6.8x11.2%NA 35.8%TechtargetUS1,00044.06(53.9%)(33.0%)(3.5%)1,2921,3883844.6x5.2x4.7

81、x16.9x13.4x11.5x11.3%75.2%40.8%QutoutiaoCN1,1100.69(75.2%)(28.1%)46.9%20307920.5x NA NA NM NA NA NA NA NACookpadJP4871.49(33.9%)(0.0%)(2.3%)155251270.4x0.3x0.4x NM NM NM(21.3%)95.3%(28.7%)GurunaviJP1,2862.97(19.3%)4.4%(1.1%)163113611.3x1.0 x1.2x NM NM NM(21.5%)NA(23.6%)Mean17,71734.06(40.8%)(5.6%)5.

82、3%52,31854,0257,5832.2x2.5x2.4x11.9x10.7x10.9x1.8%68.2%15.8%Median3,00017.98(38.3%)(5.2%)(1.1%)1,9062,3951,0661.7x2.2x1.9x7.7x7.2x8.4x2.9%75.2%20.9%Share price performanceCY22Emargins20Public comparables Music,videos and photosPUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 31 December 2022)Pu

83、blic comparablesShare priceMarketcapEVCashEV/RevenueEV/EBITDACY revenue growthCompany nameHQEmployee31-12-22LTML6ML1M(m)(m)(m)LTMCY21ACY22ELTMCY21ACY22E22/21GrossEBITDAMusic,video,photosNetflixUS11,300294.88(51.1%)68.6%(3.5%)131,228141,5466,1144.5x4.8x4.5x23.5x21.1x22.4x6.4%39.5%20.0%SpotifyLU6,6177

84、8.95(66.3%)(15.9%)(0.6%)15,24813,4803,5951.2x1.2x1.1x NM NM NM 14.9%24.7%(4.6%)RokuUS3,00040.70(82.2%)(50.5%)(31.4%)5,6684,3522,0191.4x1.6x1.4x NM 9.6x NM 9.7%46.2%(3.9%)PinterestUS3,97524.28(33.2%)33.7%(4.5%)16,46713,9852,6655.0 x5.5x5.0 x NM 17.8x32.2x9.9%75.9%15.5%SiriusXMUS5,5905.84(8.0%)(4.7%)(

85、10.0%)22,71532,835393.7x3.8x3.6x12.8x11.9x11.8x4.2%54.1%30.9%Tencent MusicCN5,9668.2820.9%64.9%18.1%14,03512,3832,6583.1x2.5x3.0 x23.0 x19.7x18.2x(16.7%)30.9%16.6%BilibiliCN12,28123.69(48.9%)(7.5%)36.5%9,3308,6723,3652.9x2.8x2.7x NM NM NM 4.4%17.5%(22.5%)Warner Music GroupUS6,20035.02(18.9%)43.8%2.2

86、%18,03021,4735863.6x3.9x3.6x20.3x19.5x18.7x8.2%NA 19.4%iQIYICN5,8565.3016.2%26.2%78.5%4,3646,4227071.8x1.3x1.5x4.9x3.4x2.6x(12.8%)21.8%59.5%YYSG7,44931.59(30.5%)5.8%3.7%2,238-5313,927(0.2x)(0.2x)(0.2x)(1.8x)(8.4x)(1.9x)(8.7%)35.2%11.9%HUYACN2,0673.95(43.1%)1.8%44.7%946-5451,497(0.4x)(0.3x)(0.4x)NM(1

87、1.1x)NM(25.1%)6.4%(5.8%)DouYu InternationalCN2,1551.40(47.0%)16.7%6.9%(0.5x)(0.4x)(0.5x)NM NM NM(27.1%)14.7%(0.8%)ShutterstockUS1,14852.72(52.5%)(8.0%)(2.0%)1,8881,898762.3x2.5x2.3x13.6x10.0 x8.8x5.9%64.9%26.5%Guangdong SouthCN3385.46(42.2%)(3.3%)12.8%1,2517774613.7x3.5x3.5x7.0 x6.7x6.7x2.

88、1%51.2%51.8%StorytelSE6484.24(76.8%)(11.1%)5.5%327413411.5x1.2x1.3x NM NM NM(11.3%)38.5%(1.1%)Mean4,97341.09(37.6%)10.7%10.5%16,27917,1101,9142.2x2.3x2.2x12.9x9.1x13.3x(2.4%)37.2%14.2%Median5,59023.69(43.1%)1.8%3.7%5,6686,4221,4972.3x2.5x2.3x13.2x10.0 x11.8x4.2%36.8%15.5%Share price performanceCY22E

89、margins21Public comparables Western gaming PUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 31 December 2022)Public comparablesShare priceMarketcapEVCashEV/RevenueEV/EBITDACY revenue growthCompany nameHQEmployee31-12-22LTML6ML1M(m)(m)(m)LTMCY21ACY22ELTMCY21ACY22E22/21GrossEBITDALeading Western

90、gamingActivision BlizzardUS9,80076.5515.1%(1.7%)3.5%59,91052,61210,9087.2x6.0 x6.5x24.2x14.2x17.3x(6.9%)70.8%37.4%Electronic ArtsUS12,900122.18(7.4%)0.4%(6.6%)33,73134,0811,8744.7x4.6x4.7x18.1x12.3x12.6x(0.6%)NA 36.9%Take-Two InteractiveUS7,799104.13(41.4%)(15.0%)(1.5%)17,47519,8421,3044.6x5.9x4.1x2

91、5.8x25.3x NA 44.0%NA 0.0%Ubisoft Entertainment FR20,72928.22(42.4%)(35.6%)3.0%3,4984,2201,5002.0 x1.4x1.8x42.8x3.4x3.8x(19.4%)NA 46.8%Mean12,80782.77(19.0%)(13.0%)(0.4%)28,65427,6893,8974.6x4.5x4.3x27.7x13.8x11.3x4.3%70.8%30.3%Median11,35090.34(24.4%)(8.3%)0.7%25,60326,9621,6874.6x5.3x4.4x25.0 x13.2

92、x12.6x(3.7%)70.8%37.2%Emerging Western gamingEmbracer GroupSE15,7314.54(57.5%)(40.4%)8.5%5,7106,9398002.6x4.7x2.2x12.0 x10.8x7.5x117.5%NA 29.1%CD ProjektPL49329.61(38.1%)39.1%2.4%2,9842,79318215.4x12.3x13.8x36.8x28.9x27.1x(10.7%)71.8%50.9%Kahoot!NO4591.97(62.7%)8.7%(11.9%)972881876.3x9.6x6.0 x NM 47

93、.6x32.2x59.8%95.2%18.6%Stillfront GroupSE1,6121.68(68.5%)(23.7%)10.9%8631,2321221.9x2.0 x1.8x7.8x5.7x5.2x13.8%77.9%34.3%Paradox Interactive SE65420.363.1%16.9%9.7%2,1502,1016013.1x12.4x11.1x24.9x20.4x16.1x11.5%55.7%69.0%Keywords StudiosIE10,50932.82(17.6%)23.1%(6.8%)2,5552,4671274.0 x4.3x3.4x22.9x20

94、.7x16.4x24.7%38.5%20.8%Frontier DevelopmentsGB79211.58(52.0%)(30.9%)(15.0%)451430493.0 x3.2x2.9x27.0 x8.9x8.1x10.0%NA 35.6%Team17 GB3455.30(49.8%)13.3%(1.3%)762704625.6x5.7x4.6x16.8x15.4x13.4x24.7%48.2%34.3%Ten Square Games PL23528.91(66.6%)15.0%(3.0%)210187231.7x1.1x1.5x8.0 x4.1x7.1x(28.2%)87.3%21.

95、4%Rovio EntertainmentFI5336.49(13.2%)(5.8%)7.2%4942961880.9x0.9x0.9x6.7x5.1x5.4x7.0%NA 16.0%G5 EntertainmentSE91320.18(54.0%)8.5%8.8%177159171.3x1.1x1.2x26.0 x4.1x5.7x(10.3%)67.0%20.5%Digital Bros IT39323.96(29.6%)(9.4%)4.5%34237893.0 x2.3x2.5x7.5x6.1x6.1x(9.2%)NA 41.5%Mean2,72215.62(42.2%)1.2%1.2%1

96、,4731,5471444.9x5.0 x4.3x17.9x14.8x12.5x17.5%67.7%32.7%Median59415.88(50.9%)8.6%3.5%812792753.0 x3.7x2.7x16.8x9.8x7.8x10.8%69.4%31.7%Mean5,24432.41(36.4%)(2.3%)0.8%8,2688,0831,0824.8x4.9x4.3x20.5x14.5x12.3x14.2%68.0%32.1%Median85322.16(41.9%)(0.6%)2.7%1,5611,6661243.5x4.4x3.1x22.9x11.5x8.1x8.5%70.8%

97、34.3%Share price performanceCY22Emargins22Public comparables Asian gaming(1/2)PUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 31 December 2022)Public comparablesShare priceMarketcapEVCashEV/RevenueEV/EBITDACY revenue growthCompany nameHQEmployee31-12-22LTML6ML1M(m)(m)(m)LTMCY21ACY22ELTMCY21ACY

98、22E22/21GrossEBITDAAsian gamingSeaSG67,30052.03(76.7%)(22.2%)(10.9%)29,22727,3507,2962.2x2.9x2.3x NM NM NM 26.3%38.3%(14.9%)NintendoJP6,71741.95(10.0%)(2.9%)(0.8%)48,83936,29311,4363.0 x2.6x2.8x8.7x6.8x6.7x(6.8%)NA 41.5%NetEaseCN32,06472.63(28.6%)(22.2%)2.1%45,05033,39016,3382.5x2.4x2.4x10.5x11.4x9.

99、7x2.2%55.3%24.5%NEXONJP6,68322.4616.3%9.9%8.2%19,40115,0174,1646.6x6.2x5.7x20.6x16.4x17.9x10.0%72.0%31.6%BANDAI NAMCOJP9,88663.05(19.3%)(10.6%)(2.9%)13,87112,0961,7671.8x1.7x1.6x10.1x10.3x9.9x7.5%NA 16.2%NcsoftKP4,524356.23(34.0%)32.1%(0.3%)7,2345,7341,7593.0 x2.9x2.8x11.4x12.0 x10.0 x4.0%99.9%27.8%

100、NetmarbleKP41748.03(54.2%)(9.7%)29.2%3,9355,3796282.8x2.5x2.5x43.7x19.9x44.7x0.7%62.0%5.6%37GamesCN3,9962.62(38.3%)(17.2%)5.1%5,8204,9701,0262.2x1.8x2.1x9.5x10.0 x10.3x(12.6%)84.0%20.6%Zhejiang Century HuatongCN7,3300.55(58.2%)(23.2%)(0.7%)4,0633,9534072.3x1.7x1.9x44.0 x8.0 x11.6x(12.6%)51.8%16.6%Pe

101、rfect World CN5,6651.84(42.3%)(14.0%)(3.9%)3,6493,6954153.6x2.5x3.0 x40.6x18.3x13.4x(19.2%)66.3%22.7%CyberAgentJP6,3378.86(46.7%)(10.9%)0.4%4,4814,1571,1470.8x0.7x0.8x7.7x4.5x7.4x(12.4%)NA 10.4%Koei TecmoJP2,06318.14(7.7%)12.6%6.4%5,7145,88632612.1x9.7x11.4x22.4x20.8x20.2x(14.5%)NA 56.2%Kingsoft HK7

102、,0543.35(23.8%)(14.2%)6.6%4,5272,7392,7902.7x2.8x2.5x17.4x9.5x9.0 x10.7%80.6%27.7%Konami JP4,89445.27(5.6%)(18.1%)(2.2%)6,1345,0351,5782.4x2.0 x2.1x8.8x6.9x7.4x(6.3%)NA 28.1%Capcom JP3,20631.9235.7%31.7%6.6%6,6765,9137279.6x5.6x7.6x21.9x15.5x14.6x(26.4%)NA 52.1%Square Enix JP4,63246.48(9.3%)5.1%4.6%

103、5,5654,1291,3111.7x1.4x1.6x9.4x7.6x8.6x(10.8%)NA 18.2%Giant CN1,4131.15(38.8%)(15.5%)0.8%2,2141,9803256.6x5.8x6.3x18.8x9.9x12.4x(7.9%)NA 51.0%G-bits CN94545.36(31.7%)(21.7%)(1.3%)3,2602,7815394.0 x3.9x3.8x10.4x8.4x9.5x4.0%87.1%39.5%Beijing Kunlun TechCN1,7712.09(42.7%)(12.5%)4.8%2,4702,7682664.2x3.6

104、x3.8x17.0 x7.6x15.1x(5.1%)77.9%25.1%Pearl Abyss KP76933.36(71.3%)(15.4%)1.0%2,0441,9133686.9x5.8x6.3x42.8x38.3x51.1x(8.9%)NA 12.4%Share price performanceCY22Emargins23Public comparables Asian gaming(2/2)PUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 31 December 2022)Public comparablesShare pr

105、iceMarketcapEVCashEV/RevenueEV/EBITDACY revenue growthCompany nameHQEmployee31-12-22LTML6ML1M(m)(m)(m)LTMCY21ACY22ELTMCY21ACY22E22/21GrossEBITDAAsian gamingYOOZOOCN1,7261.34(44.0%)(7.9%)8.1%1,2111,1122183.7x2.0 x3.9x20.1x12.8x19.0 x(50.0%)45.1%20.6%OurpalmCN1,3840.47(39.2%)(6.6%)1.1%1,2718953745.2x3

106、.0 x4.9x NM 7.5x18.9x(39.3%)79.6%25.9%DeNAJP2,19413.39(12.9%)(3.7%)0.9%1,5151,0617711.1x0.9x1.0 x13.6x4.9x9.2x(13.7%)NA 11.2%Com2uSKP1,20547.39(64.3%)(14.4%)0.3%5636343181.3x1.4x1.1x20.7x9.9x24.8x27.9%59.3%4.5%GravityKP33540.32(40.8%)(20.9%)(3.0%)280832050.3x NA NA 1.5x NA NA NA NA NAIGGSG2,7630.37(

107、58.2%)(14.2%)7.1%4412392140.4x0.3x0.4x NM 2.5x NM(16.8%)68.3%(1.9%)NetDragonCN4,7842.15(8.5%)(0.1%)8.8%1,1598015830.7x0.7x0.7x2.9x3.0 x3.3x9.6%56.3%20.3%ThinkingdomCN4802.88(37.9%)4.7%5.6%4573141472.4x2.2x2.3x14.3x NA 8.8x(3.5%)46.8%26.2%iDreamSkyCN1,0810.50(38.1%)(32.8%)(2.4%)687931392.4x2.1x1.6x72

108、.3x10.1x6.3x29.2%40.9%25.3%GungHoJP1,39116.17(28.1%)(8.3%)8.3%1,0012228010.3x0.2x0.3x1.2x0.7x1.1x(23.9%)58.7%28.7%COLOPLJP1,3484.76(16.5%)(1.2%)(3.3%)6111534170.7x0.5x0.6x4.8x2.8x4.5x(21.7%)NA 13.8%mixiJP1,45218.706.9%12.8%5.8%1,3645348230.6x0.5x0.5x3.2x3.0 x3.9x(1.4%)NA 13.7%GREEJP1,5605.28(28.3%)(

109、13.0%)(4.2%)9156823211.3x1.4x1.2x8.2x8.9x8.0 x17.0%NA 14.9%SHENZHEN ZQGAMECN4982.91(43.5%)(14.1%)(0.8%)761773717.3x14.8x14.6x NM 70.7x NM 1.7%NA 13.8%NEOWIZKP95329.38(3.1%)64.8%(4.4%)6144371642.2x2.0 x1.8x13.6x14.2x12.2x7.8%NA 15.2%Mean5,73830.95(29.8%)(5.5%)2.3%6,7725,5441,7153.4x3.0 x3.2x17.8x12.3

110、x13.2x(4.6%)64.7%21.9%Median2,06316.17(34.0%)(10.9%)0.9%2,4702,7395392.4x2.1x2.3x13.6x9.7x9.9x(5.7%)62.0%20.6%Share price performanceCY22Emargins24MethodologyThis report is based on the expert insights of GP Bullhounds worldwide team alongside detailed analysis of investment trends across the global

111、 technology landscape.GP Bullhounds Digital Media sector comprises companies in the following sectors:Diversified online content and social media(Meta,Tencent,Naspers,Snapchat,Zillow,Weibo,Yalla,Momo,TripAdvisor,Yelp),Music,videos and photos(Netflix,Spotify,SiriusXM,Tencent Music,iQIYI,Bilibili,Roku

112、,Pinterest,YY,HUYA,DouYuInternational,Storytel,Warner Music Group),Western gaming(Activision Blizzard,Electronic Arts,Keyword Studios,Take-Two Interactive,Ubisoft Entertainment,Embracer Group,Stillfront Group,Paradox Interactive,Team17,Rovio Entertainment),and Asian gaming(NetEase,Nintendo,Sea,NEXON

113、,Ncsoft,37Games,BANDAI NAMCO,Perfect World,Netmarble,Kingsoft,CyberAgent,Square Enix,G-bits,Giant,Konami,Koei Tecmo,Beijing Kunlun Tech,Capcom,YOOZOO,DeNA).GP Bullhounds Digital Media teamOur Digital Media practice is led by our San Francisco-based Partner,Alec Dafferner,who has over 20 years of exp

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