Global Gaming Report Q1 2024

May, 2024 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 FCA
SALE TO
Mobile / Online Gaming
Video Game / Content Streaming
SALE TO
AAA Game Developer
Power Rangers
Mobile / Console Games
Mobile Games
Game Review and Advertising
SALE TO
* Transactions executed by current Drake Star Partners employees while employed at other firms
2
* * *
+1 310 696 4011 michael.metzger@drakestar.com
+49 172 661 5759 julian.riedlbauer@drakestar.com
+1 310 625 9876 mohit.pareek@drakestar.com
* * *

47
188
9
3
Note: Public Markets include IPOs, SPACs, and Public FinancingsSource: CapIQ , Pitchbook & DSP Research Note: 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
• With a strong start of the year, we expect M&A activity to 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 take -private deals to be led by PE firms in the coming quarters
• With 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 in mid / late -stage deals . AI, mixed reality, platform and tools continue to be hot segments
• We 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 2024 or 2025
• 2024 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 (A16 Z’s Gaming Fund II: $600 M and BITKRAFT III: $275 M) and 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
($460 M) . Volume in the mid to small size deals segment with mostly undisclosed deal value increased
significantly
• Private 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 $110 M and True Gamers raised $45 M
• Early -stage financings continue to be the major portion of total deals while the mid to late -stage deal activity
remained low . W ith the recent upswing in the blockchain market, early -stage blockchain deals were 40 % of the
total deal volume . For investments over the last 12 months, BITKRAFT led the VC league table, followed by
Andreessen Horowitz, Griffin Gaming, Play Ventures and Vgames
Public Markets PP M&A
$2.4
$2.4
$0.5

4
M&A
Public
Markets
• Goddess of Victory: Nikke developer Shift Up with over $80M in EBITDA for FY2023 has filed to go public at a valuation of over $2B
• Take -Two raised $350M through senior notes for general corporate purposes and retirement of certain senior notes due this year
• Stillfront 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, received over $30M from existing investors as part of its M&A strategy across mobile and PC games
Fundraising
• Epic 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 and open games and entertainment universe connected to Fortnite
• Build 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 Growth and others
• True Gamers, esports lounge creator, secured a $45M investment to create more than 150 esports clubs across Saudi Arabia
• Gunzilla Games, a cyberpunk battle royal third -person shooter developer, raised $30M from Avalanche Fund, CoinFund , Republic Capital,
and Morningstar Ventures to support the development 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 others
Note: Drake Star did not act as financial advisor on transactions listed on this page
• CVC & Haveli Investments acquired Jagex for $1.1B from the Carlyle Group and will help build on the existing portfolio of games
• Tencent acquired controlling stake in Swords of Legends developer W angyuan Shengtang , increasing its 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 projects
• Beacon Interactive acquired selected assets of Saber Interactive in a $247M deal The combined company will remain partners with
Embracer on several ongoing and future projects
• Turtle Beach acquired PDP, developer of gamepads and other accessories, for $118M further strengthening its position in the gaming
hardware segment
• Kadokawa Corporation , the parent company of Elden Rings developer FromSoftware , purchased ACQUIRE that developed Octopath
Traveler, to further strengthen its IP development capabilities and enhancing the lineup of console games
• Sensor 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 globe

16
17
14
North America Europe Asia and others
10
10
12
2
4
2
7
PC/Console Mobile
Platform/Tools Hardware
Esports Blockchain
Others
5
71
84
77
43 44
33
43
47
–
1 0
2 0
3 0
4 0
5 0
6 0
7 0
8 0
9 0
$0
$1
$2
$3
$4
$5
$6
$7
Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124
Value ($B) Deal Count
Source: CapIQ , Pitchbook & DSP Research

6
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• Kadokawa , owner of FromSoftware , purchases
Acquire, the developer behind Octopath Traveler
• The acquisition aims to bolster Kadokawa’s game
business strategy by enhancing its ability to create
intellectual property (IP) in games
• It is anticipated to generate synergies, improve
planning and development capabilities, and offer a
wider range of console games for players to enjoy
• Turtle Beach acquires Performance Designed
Products (PDP) for $118 million, leading provider of
gaming controllers and other accessories
• PDP further strengthens Turtle Beach’s position in
gaming hardware landscape and provides additional
scale along with future expansion opportunities
• Significant financial synergies will be realized by
both companies as a result of the acquisition
• Take -Two Interactive Software, Inc. acquires
Gearbox Entertainment for $460M, enhancing its
portfolio with franchises like Borderlands
• The acquisition strengthens the partnership between
Take -Two and Gearbox, offering financial benefits
and integrating Gearbox’s intellectual property
• Management expects increased creativity while
highlighting the ongoing development between 2K &
Gearbox for the next Borderland installment
• CVC Capital Partners and Haveli Investments
acquired Jagex , games developer best known for
famous MMORPG “ Runescapes ”
• The acquisition will provide crucial support for
Jagex’s flagship franchise, RuneScape, fueling its
growth and nurturing its dedicated community
• In addition, Jagex plans to diversify its game
portfolio, through new game development
• Sensor Tower, leading app analytics firm, acquired
Data.ai, AI app analytics platform
• The acquisition creates a powerhouse that could
dominate the sector and provide aggressively
competitive insights into the app economy
• The deal bolsters Sensor Tower’s digital marketing
and mobile position, aiming to expand its offerings
and customer reach globally
• Beacon Interactive, new company founded by
Saber’s co -founder Matthew Karch , acquired “core”
Saber Interactive assets for $247 million
• This transaction puts Saver Interactive into a
stronger position to grow further while maintaining
existing and future partnerships with Embracer
• The deal also includes the option for Beacon to
acquire 4A Games and Zen Studios

195
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
$7.0
Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124
Value ($B) Deal Count
$0.3B $0.0B
$1.6B
$0.0B
$0.1B
$0.0B $0.3B
$0.1B
28
24
30
11
74
12
$0.6B
$0.1B
$1.7B
Hardware Others Platform/Tools
7
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
Late Mid Early
VR / AR Esports Mobile PC / Console Blockchain
165
20
2

Platform/Tools Feb -24 $1,500.0 – The Walt Disney, Dualcore
PC/Console Jan -24 $110.0 – RedBird Capital, Galaxy Interactive, NetEase, Endeavor,
Alignment Growth, Woodline Partners, GTAM Partners
eSports Jan -24 $45.0 – Falak Investment Hub
PC/Console Mar -24 $30.0 – CoinFund, Blizzard fund, Republic Capital,
Morningstar Ventures
Others Feb -24 $30.0 $156.0 Greylock, DST Global Partners, Google Ventures, Octopus
Ventures, Speedinvest
PC/Console Jan -24 $30.0 – Abstract, Andreessen Horowitz, Anthos Capital, BoxGroup ,
Rx3 Growth Partners, Spark Capital, vgames
Blockchain Feb -24 $27.0 – Founders Fund, Dragonfly, Figment Capital, Nomad
Capital, SevenX Ventures
Others Mar -24 $23.0 – Alpha W ave, Hashed Emergent
Platform/Tools Jan -24 $23.0 – Webzen
Blockchain Mar -24 $20.3 – Undisclosed
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
8

9
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• Investors – RedBird Capital, Galaxy Interactive,
NetEase, Endeavor, Alignment Growth, W oodline
Partners, GTAM Partners
• The new funding round will support the trio of
projects, user -generated Arcadia tools, action –
adventure game MindsEye , and the open -world
experience and creation tool Everywhere
• Investors – Falak Investment Hub
• The 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 used to host local and
international esports tournaments
• Investors – The Walt Disney
• The 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 experiences
within Fortnite universe
• Investors –Greylock, DST Global Partners,
Google Ventures, Octopus Ventures, Speedinvest
• Lapse has been a hot app with exponential growth
in 2023, becoming the most downloaded app on
both the Apple U.S. and UK app stores
• The funding will enable Lapse to expand the team
of engineers and technical staff
• Investors – Abstract, Andreessen Horowitz,
Anthos Capital, BoxGroup , Rx3 Growth Partners,
Spark Capital, vgames , multiple esports players
• Mountaintop plans to leverage these esports
relationships to validate the studio’s concept and
progress. The funding will be used to deliver a
better experience for the players including the
announcement of the title in 2024
• Investors –CoinFund , Avalanche Blizzard’s fund,
Republic Capital, Morningstar Ventures
• The funding will be used to continue developing
web3 battle royale third -person shooter set in a
dystopian cyberpunk future, Off the Grid and to
support development of its blockchain -based
platform Gunz which offers full ownership of
assets and an NFT marketplace

VC DEALS SELECT INVESTMENTS LOCATION
10
10
9
8
8
8
8
8
7
6
10
VC DEALS SELECT INVESTMENTS LOCATION
19
11
9
8
6
5
5
3
3
2
Source: CapIQ, Pitchbook & DSP ResearchNote: The league tables above do not include accelerator investments
Iliad

11
COMPANY DISCLOSED DEAL
VALUE ($M) # OF DEALS SELECT DEALS
$1,580.0 6
– 3
– 3
$4,900.0 2
$460.0 2
$465.0 2
$112.1 2
$110.0 2
$40.0 2
$775.0 1
Source: CapIQ, Pitchbook & DSP ResearchNote: Deal value only includes publicly disclosed transaction valuesDrake Star did not act as financial advisor on transactions listed on this page

12
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV North America / Europe – Mobile Focused LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Light & W onder LNW US 31-Dec -23 $102.09 $9,170.7 $12,677.7 $2,902.0 $956.0 4.4x 4.1x 12.9x 10.5x 58.3x 27.3x 16% 7.9% 15% 26% 32.9% Playtika PLTK IL 31-Dec -23 $7.05 $2,613.1 $4,086.6 $2,567.0 $688.9 1.6x 1.6x 5.7x 5.4x 11.0x 10.6x -2% 0.2% 8% 9% 26.8% Modern Times Group MTG B SE 31-Dec -23 $7.82 $951.3 $741.1 $579.6 $147.0 1.4x 1.3x 5.4x 5.1x 20.5x 17.3x 5% 6% 26% 6% 25.4% Stillfront Group SF SE 31-Dec -23 $0.89 $456.0 $842.7 $754.1 $176.1 1.2x 1.3x 5.1x 3.6x NM 4.3x -1% -7% -4% 43% 23.4% Huuuge HUG US 31-Dec -23 $6.78 $427.7 $288.0 $283.4 $97.2 1.0x 1.1x 2.9x 3.6x 6.0x 6.6x -11% -8% 39% 18% 34.3% GDEV GDEV CY 31-Dec -23 $2.28 $412.4 $266.3 $464.5 $44.6 0.6x NA 6.0x NA 9.9x NA -3% NA -49% NA 9.6% Media and Games Invest M8G SE 31-Dec -23 $1.75 $279.4 $594.7 $384.6 $63.0 1.6x 1.5x 9.7x 5.5x 6.3x 21.2x -2% 4% -6% 76% 16.4% Ten Square Games TEN PL 31-Dec -23 $24.22 $175.9 $143.8 $103.7 $28.2 1.4x 1.3x 5.1x 5.2x 73.7x 8.8x -17% -6% -40% 15% 27.2% G5 Entertainment G5EN SE 31-Dec -23 $12.15 $98.0 $81.1 $131.2 $13.0 0.7x 0.7x 6.6x 2.9x 8.2x 7.9x -6% -0.2% -18% 126% 9.9% East Side Games EAGR CA 31-Dec -23 $0.47 $37.9 $35.3 $65.9 $9.2 0.5x 0.5x 5.0x 2.7x NM 12.3x -25% 2% 149% 45% 13.9% MAG Interactive MAGI SE 30-Nov -23 $0.89 $23.5 $14.0 $36.0 $3.1 0.4x NA 3.5x NA 15.6x NA -3% NA NM NA 8.6% Average 1.3x 1.5x 6.2x 4.9x 23.3x 12.9x -4% 0% 12% 40% 20.8% Median 1.2x 1.3x 5.4x 5.1x 11.0x 10.6x -3% 0.2% 2% 26% 23.4%
North America / Europe – PC / Console Focused
Electronic Arts EA US 31-Dec -23 $132.67 $35,469.4 $34,582.4 $7,657.0 $1,933.0 4.5x 4.5x 16.2x 12.6x 33.6x 18.0x 4% 0.1% -4% 42% 25.2%
Take -Two Interactive TTWO US 31-Dec -23 $148.49 $25,330.4 $27,934.3 $5,396.4 $1,415.9 5.2x 4.8x 17.7x 31.2x NM 46.8x 12% 8% 167% 37% 26.2% CD Projekt CDR PL 31-Dec -23 $29.37 $2,934.0 $2,709.8 $292.7 $178.9 9.3x 14.1x 15.1x 30.8x 25.6x 51.8x 37% -33% 65% NM 61.1% Embracer Group EMBRAC B SE 31-Dec -23 $2.18 $2,924.7 $4,588.6 $4,248.3 $833.7 1.1x 1.1x 5.5x 3.7x 38.2x 10.0x NA 3% NA 58% 19.6% Ubisoft UBI FR 30-Sep -23 $21.04 $2,681.5 $3,962.4 $2,031.2 $640.9 1.9x 1.6x 6.2x 3.4x NM 10.2x -9% 20% NA -4% 31.6% Paradox Interactive PDX SE 31-Dec -23 $17.59 $1,858.1 $1,747.1 $262.7 $135.0 7.1x 6.6x 13.6x 9.5x 37.7x 24.6x 34% 6% 42% 44% 51.4% Keyword Studios KW S IE 31-Dec -23 $16.44 $1,297.4 $1,422.9 $862.7 $136.1 1.7x 1.5x 9.5x 7.2x 13.6x 12.2x 13% 15% 8% 48% 15.8% PlayW ay PLW PL 30-Sep -23 $72.10 $475.8 $441.5 $57.5 $35.6 7.0x 5.4x 11.6x 8.4x 20.6x 8.9x -9% 30% -16% 34% 61.9% Team17 Group TM17 GB 30-Jun-23 $2.97 $427.2 $376.0 $195.6 $47.1 1.9x 2.0x 7.9x 8.5x 17.0x 13.1x 48% -3% 8% 5% 24.1% Remedy Entertainment REMEDY FI 31-Dec -23 $17.63 $238.3 $212.6 $37.5 -$21.9 5.8x 3.9x NM NM NM NM -22% 49% NA 87% -58.3% People Can Fly PCF PL 30-Sep -23 $5.55 $199.5 $155.2 $35.0 $0.3 4.4x 3.6x NM NA NM NA 15% -5% 8% NA 0.9% Digital Bros DIB IT 31-Dec -23 $8.76 $125.0 $176.3 $116.3 $39.1 1.6x 1.3x 4.6x 3.6x NM 9.7x -23% 21% -33% 28% 33.6% Nacon NACON FR 30-Sep -23 $1.38 $121.2 $225.4 $154.8 $11.5 1.4x 1.1x 15.7x 3.1x 16.0x 7.5x -9% 26% -50% NM 7.5% Bloober Team BLO PL 30-Sep -23 $6.20 $119.8 $113.1 $19.8 $5.6 5.2x NA 18.4x NA 48.7x NA 20% NA -22% NA 28.3% EG7 EG7 SE 31-Dec -23 $1.35 $119.5 $82.1 $207.6 $46.2 0.4x 0.5x 1.9x 2.1x 8.2x 9.0x 11% -13% 5% 11% 22.3% Devolver Digital DEVO US 30-Jun-23 $0.25 $109.6 $45.1 $125.4 -$31.1 0.4x 0.5x NM NM NM NM 20% -28% NA 101% -24.8% CI Games CIG PL 31-Dec -23 $0.40 $73.5 $89.6 $58.0 $24.9 1.5x 2.6x 3.6x 4.5x NM 11.5x 356% -40% 592% -20% 42.9% Skonec Entertainment A276040 KR 31-Dec -23 $5.77 $72.5 $56.0 $4.8 -$4.1 12.0x NA NM NA NM NA 71% NA NA NA -84.6% Frontier Developments FDEV GB 30-Nov -23 $1.78 $68.7 $71.1 $120.4 -$32.0 0.6x 0.6x NM 2.5x NM NM -22% -9% NA NM -26.6% Focus Entertainment ALPUL FR 30-Sep -23 $9.84 $60.8 $192.6 $226.1 $67.3 0.8x 0.8x 2.8x 2.5x NM 5.7x 74% -1% 105% 11% 29.8% Snail Games SNAL US 31-Dec -23 $0.99 $36.3 $42.8 $60.9 -$8.5 0.9x 0.5x NM 3.5x NM 4.5x -18% 48% NA NM -13.9% Starbreeze AB STAR B SE 31-Dec -23 $0.02 $33.5 $1.7 $63.0 $43.7 0.0x 0.1x 0.04x 0.3x 1.3x NM NM -73% NM 86% 69.4% tinyBuild TBLD US 30-Jun-23 $0.07 $29.3 $15.5 $57.8 -$21.6 0.3x 0.3x NM 3.0x NM 3.8x -7% -17% NA 124% -37.4% Thunderful Group THUNDR SE 31-Dec -23 $0.38 $26.4 $64.0 $295.4 $22.8 0.2x 0.3x 2.9x 2.3x NM 1.6x -5% -14% -25% 31% 7.7% Zordix MAXENT B SE 31-Dec -23 $0.21 $10.9 $44.6 $123.1 $9.9 0.4x 0.4x 4.8x 2.8x NM 3.0x 4% 1% NM 71% 8.1%
Average 3.0x 2.5x 8.8x 7.3x 23.7x 14.0x 26% -0.2% 57% 44% 12.9% Median 1.6x 1.3x 7.0x 3.6x 20.6x 9.8x 11% 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 a re denoted as NM

13
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV Japan/Korea LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Sony 6758 JP 31-Dec -23 $85.85 $105,303.4 $129,036.0 $93,260.0 $10,181.6 1.5x 1.6x 12.7x 9.1x 18.8x 18.4x 29% -6% -13% 49% 10.9% Nintendo 7974 JP 31-Dec -23 $54.19 $63,086.2 $49,803.4 $12,069.2 $4,041.3 4.4x 5.2x 12.6x 16.2x 19.3x 29.6x 2% -16% 5% 19% 33.5% NEXON 3659 JP 31-Dec -23 $16.59 $13,927.7 $9,972.0 $3,003.3 $1,016.9 3.6x 3.3x 10.8x 12.2x 30.5x 21.4x 20% 7% 24% 14% 33.9% Konami Holdings 9766 JP 31-Dec -23 $67.87 $9,199.7 $8,020.2 $2,415.8 $637.1 3.6x 3.2x 13.4x 11.5x 26.9x 23.8x 9% 10% 19% 18% 26.4% Krafton A259960 KR 31-Dec -23 $183.79 $8,493.6 $6,336.5 $1,473.3 $675.5 4.5x 3.9x 10.2x 9.5x 19.4x 17.9x 3% 13% 2% 2% 45.8% Capcom 9697 JP 31-Dec -23 $18.48 $7,728.5 $7,064.2 $1,081.4 $490.8 7.0x 7.5x 15.4x 14.9x 24.5x 24.5x 50% -7% 55% 4% 45.4% Square Enix 9684 JP 31-Dec -23 $38.88 $4,663.9 $3,357.6 $2,449.3 $314.6 1.5x 1.4x 11.5x 8.0x 23.8x 17.9x -1% 4% -24% 42% 12.8% CyberAgent 4751 JP 31-Dec -23 $7.44 $3,767.1 $3,691.5 $5,290.1 $283.3 0.7x 0.7x 14.1x 12.2x 62.7x 36.6x 5% 8% -29% 15% 5.4% Koei Tecmo 3635 JP 31-Dec -23 $10.71 $3,382.7 $3,311.1 $639.3 $270.7 5.6x 4.9x 13.1x 12.0x 13.1x 15.0x 35% 14% 19% 9% 42.3% NetMarble A251270 KR 31-Dec -23 $46.21 $3,786.0 $4,850.3 $1,929.5 $67.4 2.6x 2.3x 12.8x 23.5x NM 61.9x -6% 11% -20% NM 3.5% NCSoft A036570 KR 31-Dec -23 $147.92 $3,003.9 $1,908.3 $1,372.5 $192.1 1.4x 1.4x 10.2x 10.0x 19.0x 22.3x -31% 2% -63% 3% 14.0% Sega Sammy 6460 JP 31-Dec -23 $13.31 $2,874.9 $2,607.8 $3,317.1 $533.5 0.8x 0.8x 5.1x 6.2x 9.2x 11.5x 31% -1% 53% 15% 16.1% W eMade Entertainment A112040 KR 31-Dec -23 $44.79 $1,503.0 $1,493.0 $466.7 -$69.1 3.3x 2.1x NM 18.3x NM 16.7x 31% 58% NA NM -14.8% Kakao Games A293490 KR 31-Dec -23 $17.11 $1,398.8 $1,940.0 $790.5 $129.5 2.5x 2.3x 15.3x 13.1x NM 24.9x -11% 13% -38% 18% 16.4% MIXI 2121 JP 31-Dec -23 $17.67 $1,242.4 $645.5 $1,044.8 $146.7 0.7x 0.7x 5.3x 5.9x 24.8x 16.7x 4% -2% -32% 21% 14.0% Pearl Abyss A263750 KR 31-Dec -23 $22.32 $1,371.0 $1,177.6 $257.2 $7.4 4.7x 4.8x NM NM NM NM -14% -1% -77% 16% 2.9% DeNA 2432 JP 31-Dec -23 $10.03 $1,116.8 $977.8 $976.6 -$148.9 1.1x 1.0x NM 14.2x NM 60.6x 3% 5% NA NM -15.2% GungHo Online 3765 JP 31-Dec -23 $16.20 $952.9 $164.1 $889.0 $203.6 0.2x 0.2x 0.9x 0.9x 9.1x 11.8x 19% -5% 1% 1% 22.9% NHN Entertainment A181710 KR 31-Dec -23 $18.38 $620.6 $463.9 $1,750.2 $102.4 0.3x 0.2x 4.5x 3.2x NM 10.7x 7% 12% 16% 45% 5.9% DOUBLEUGAMES A192080 KR 31-Dec -23 $30.77 $599.9 $496.9 $449.1 $171.2 1.1x 1.1x 3.0x 2.7x 4.6x 5.3x -6% 8% 13% 10% 38.1% Gree 3632 JP 31-Dec -23 $3.21 $549.2 $335.3 $512.9 $82.3 0.7x 0.8x 4.4x 8.7x 9.3x 23.7x -3% -16% 3% 50% 16.0% DoubleDown Interactive DDI KR 31-Dec -23 $10.88 $539.1 $310.9 $308.9 $118.9 1.0x 1.0x 2.6x 2.7x 5.4x 5.3x -4% 6% 17% 2% 38.5% Devsisters A194480 KR 31-Dec -23 $35.64 $383.5 $355.4 $124.3 -$29.1 3.0x 1.5x NM 6.8x NM 10.9x -25% 97% NA 286% -23.4% Com2uS A078340 KR 31-Dec -23 $30.69 $350.4 $419.1 $570.4 -$8.8 0.8x 0.7x NM 11.0x 26.7x 15.5x 9% 13% NA NM -1.5% Vespa A299910 KR 31-Dec -23 $70.65 $332.6 $340.6 $0.5 -$1.5 55.2x NA NM NA NM NA -88% NA NA NA NM GAMEVIL A063080 KR 31-Dec -23 $26.01 $171.2 $273.0 $118.1 $4.2 2.4x 2.1x NM 21.3x NM NM 32% 16% NA NM 3.6% JOYCITY A067000 KR 31-Dec -23 $2.04 $142.8 $199.2 $115.4 $22.8 1.8x 1.6x 9.1x 10.6x 34.7x 12.9x -9% 14% NM 14% 19.8% T3 Entertainment A204610 KR 31-Dec -23 $0.97 $65.8 $11.1 $39.3 $6.6 0.3x NA 1.9x NA 15.2x NA -33% NA -37% NA 16.7%
Average 4.2x 2.2x 9.0x 10.6x 20.9x 21.5x 2% 10% -5% 31% 15.9% Median 1.6x 1.5x 10.2x 10.6x 19.3x 17.9x 3% 7% 2% 15% 16.0% China (Shenzhen listed)Quihoo 360 601360 CN 30-Sep -23 $1.21 $8,453.2 $5,233.3 $1,277.9 -$32.8 4.1x 3.8x NM 74.9x NM NM 0.5% NM NA NA -2.6% Beijing Kunlun 300418 CN 30-Sep -23 $5.52 $6,705.6 $6,671.7 $687.8 $76.1 9.6x 9.5x 77.3x 38.0x 67.7x 51.0x 7% 1% -51% NM 11.1% 37Games 002555 CN 30-Sep -23 $2.41 $5,335.7 $4,439.7 $2,298.5 $427.9 1.9x 1.7x 10.2x 7.7x 13.3x 8.2x 6% 14% -17% 33% 18.6% Kingnet Network 002517 CN 30-Sep -23 $1.53 $3,251.7 $2,892.1 $538.6 $195.9 5.3x 4.1x 14.3x 10.6x 19.3x 13.0x 11% 30% 4% 38% 36.4% Giant Network 002558 CN 30-Sep -23 $1.66 $3,145.4 $2,940.3 $374.5 $93.8 7.8x 5.8x 30.5x 13.3x 19.0x 15.7x 27% 35% -13% NM 25.1% Perfect W orld 002624 CN 30-Sep -23 $1.46 $2,885.2 $2,822.2 $1,117.6 $80.6 2.5x 2.3x 28.0x 13.9x 37.0x 28.5x 9% 10% -29% NM 7.2% Ourpalm 300315 CN 30-Sep -23 $0.76 $2,084.6 $1,688.4 $133.1 $2.0 12.6x 12.0x NM 33.6x NM 56.5x -22% 5% 94% NA 1.5% Youzu Interactive 002174 CN 30-Sep -23 $1.39 $1,252.0 $1,185.3 $232.7 $4.3 5.0x 4.7x NM 19.9x NM 36.1x -21% 6% -92% NM 1.9% Dalian Zeus 002354 CN 30-Sep -23 $0.67 $1,109.1 $1,043.6 $245.2 -$4.9 4.2x 3.5x NM NM NM NM -6% 22% NA NM -2.0% ZQ Games 300052 CN 30-Sep -23 $2.13 $558.9 $573.0 $33.6 -$3.6 16.9x 13.9x NM NM NM NM -19% 21% NA NM -10.7%
Average 7.0x 6.1x 32.1x 26.5x 31.2x 29.9x -1% 16% -15% 36% 8.6% Median 5.2x 4.4x 28.0x 16.9x 19.3x 28.5x 3% 14% -17% 36% 4.5% 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 a re denoted as NM

14
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV China, South East Asia (US and HKG listed) & India LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Tencent Holdings 700 CN 31-Dec -23 $38.82 $361,490.2 $369,538.8 $85,886.8 $26,173.3 4.3x 4.0x 13.3x 10.5x 23.2x 14.5x 10% 10% 63% 38% 30.5% NetEase NTES CN 31-Dec -23 $103.47 $64,712.4 $50,150.8 $14,591.7 $4,338.6 3.4x 3.2x 11.6x 10.3x 16.2x 14.3x 7% 11% 37% 14% 29.7% Sea Limited SE SG 31-Dec -23 $53.71 $30,440.6 $29,633.5 $13,063.6 $783.5 2.3x 2.0x 28.0x 21.6x NM 32.0x 5% 14% NA 75% 6.0% International Games System 3293 TW 31-Dec -23 $35.66 $5,023.8 $4,693.8 $462.7 $249.3 10.6x 8.8x 19.6x NA 25.6x 19.8x 19% 20% 25% NA 53.9% G-bits Network 603444 CN 31-Dec -23 $26.42 $1,903.4 $1,529.4 $590.2 $231.1 2.6x 2.6x 6.7x 5.5x 12.2x 11.8x -19% 1% -27% 23% 39.2% YY YY CN 31-Dec -23 $30.75 $1,871.7 -$815.6 $2,267.9 $183.6 NM NM NM NM 6.5x 10.8x -6% 0.5% -14% 8% 8.1% HUYA HUYA CN 31-Dec -23 $4.55 $1,060.5 $33.4 $986.4 -$51.1 0.0x 0.0x NM NM NM 40.6x -24% -5% NA 61% -5.2% XD Inc. 2400 CN 31-Dec -23 $2.03 $959.0 $756.5 $478.0 $12.2 1.6x 1.2x 50.6x 9.9x NM 20.6x -1% 30% NA 537% 2.5% NetDragon 777 CN 31-Dec -23 $1.40 $744.0 $665.0 $1,001.4 $153.7 0.7x 0.6x 4.4x 3.4x 9.7x 5.7x -10% 17% -30% 30% 15.3% Nazara Nazara IN 31-Dec -23 $8.05 $616.8 $571.0 $139.5 $13.2 4.1x 3.4x 41.0x 26.3x 0.0x NA 19% 20% 32% 65% 9.4% iDreamSky 1119 CN 31-Dec -23 $0.33 $507.7 $656.9 $270.3 $12.6 2.4x 1.5x 45.0x NA NM 6.8x -30% 62% NA NA 4.7% Zengame Technology Holding 2660 CN 31-Dec -23 $0.45 $454.2 $184.3 $290.4 $114.7 0.6x NA 1.6x NA 4.5x NA 17% NA 13% NA 39.5% CMGE Technology Group 302 CN 31-Dec -23 $0.15 $404.5 $419.3 $367.5 $12.7 1.1x 0.8x 31.8x 3.7x NM 4.7x -4% 49% -39% 814% 3.5% Gamania Digital Entertainment 6180 TW 31-Dec -23 $2.28 $399.6 $318.0 $319.6 $39.1 1.0x 0.8x 8.4x 4.5x 22.4x 13.0x -14% 24% -47% 90% 12.2% FriendTimes. 6820 CN 31-Dec -23 $0.12 $262.8 $150.0 $148.9 -$10.4 1.0x 0.8x NM 6.3x NM 12.5x -31% 35% NA 333% -7.0% Archosaur Games Inc. 9990 CN 31-Dec -23 $0.18 $140.8 -$131.7 $128.1 -$37.0 NM NM NM NM NM 42.4x 56% 32% NA 119% -28.8% Ourgame 6899 KY 30-Jun-23 $0.02 $26.2 -$0.6 $42.4 -$6.7 NM NA NM NA NM NA 95% NA NA NA -15.8% FingerTango 6860 CN 31-Dec -23 $0.01 $19.1 -$73.4 $91.1 $2.5 NM NA NM NA 19.7x NA -22% NA NA NA 2.8%
Average 2.6x 2.3x 21.8x 10.2x 14.0x 17.8x 4% 21% 1% 170% 11.1% Median 1.9x 1.5x 16.5x 8.1x 14.2x 13.6x -3% 20% 0% 65% 7.0% Hardware, Platforms, Advertising & ToolsNVIDIA NVDA US 28-Jan-24 $903.56 $2,223,841.9 $2,208,913.9 $60,922.0 $34,480.0 36.3x 19.8x 63.6x 31.4x 75.7x 36.4x 126% 83% 384% 104% 56.6% Dell DELL US 2-Feb -24 $114.11 $81,450.6 $101,030.6 $88,425.0 $8,746.0 1.1x 1.1x 11.1x 9.2x 26.2x 15.1x -14% 6% -4% 26% 9.9% Roblox RBLX US 31-Dec -23 $38.18 $24,115.9 $23,677.8 $2,799.3 -$1,043.9 8.5x 5.6x NM 42.0x NM NM 26% 51% NA NM -37.3% Hewlett Packard HPE US 31-Jan-24 $17.73 $23,046.0 $33,013.0 $28,081.0 $4,998.0 1.2x 1.1x 6.1x 5.9x 12.2x 9.4x -4% 6% 1% 13% 17.8% Applovin APP US 31-Dec -23 $69.22 $22,802.5 $25,641.6 $3,283.1 $1,138.3 7.8x 6.3x 22.1x 12.3x 70.7x 28.1x 17% 24% 116% 83% 34.7% Logitech LOGN CH 31-Dec -23 $89.53 $13,860.9 $12,614.8 $4,247.1 $614.3 3.2x 2.9x 21.2x 18.0x 31.4x 26.9x -12% 3% -9% 14% 14.5% Unity U US 31-Dec -23 $26.70 $10,304.7 $11,808.6 $2,187.3 -$198.5 5.4x 6.5x NM 28.4x NM 38.0x 57% -17% NA NM -9.1% ASUS 2357 TW 31-Dec -23 $13.43 $9,977.7 $8,565.1 $15,742.4 $421.4 0.6x 0.5x 18.6x 11.2x 20.1x 14.2x -10% 15% -12% 90% 2.7% MSI 2377 TW 31-Dec -23 $5.30 $4,478.9 $3,691.5 $5,971.9 $321.9 0.6x 0.6x 11.6x 9.4x 19.1x 13.2x 1% 12% -16% 27% 5.4% Acer 2353 TW 31-Dec -23 $1.46 $4,400.3 $3,297.5 $7,876.1 $164.2 0.4x 0.4x 18.1x 12.1x 28.5x 23.6x -12% 8% -34% 73% 2.1% Corsair Gaming CRSR US 31-Dec -23 $12.34 $1,274.8 $1,372.1 $1,459.9 $60.4 0.9x 0.9x 17.0x 11.7x NM 17.2x 6% 5% NA 95% 4.1% Skillz SKLZ US 31-Dec -23 $6.49 $113.1 -$54.2 $150.1 -$114.0 NM NM NM NM NM NM -44% -20% NA 61% -75.9% Atari ALATA FR 30-Sep -23 $0.14 $62.0 $85.9 $12.9 -$10.5 6.5x NA NM NA NM NA -8% NA NA NA -81.1% Flexion Mobile FLEXM GB 31-Dec -23 $0.83 $46.9 $33.9 $90.2 $3.1 0.4x 0.3x 11.7x 4.4x NM 22.0x 3% 20% -43% 149% 3.4% Popreach INIK CA 30-Sep -23 $0.14 $40.2 $95.5 $161.8 $12.4 0.6x 0.5x 7.3x 4.4x NM NM 111% 16% 41% 74% 7.7% W ellplayed Rizest Inc. 9565 JP 31-Oct-23 $11.79 $32.3 $31.7 $14.9 $0.4 2.1x NA NM NA NM NA NM NA NM NA 2.5% Enthusiast Gaming Holdings Inc. EGLX CA 31-Dec -23 $0.15 $23.0 $33.1 $134.9 -$18.7 0.2x 0.2x NM NM NM NM -12% 10% NA 90% -13.8%
Average 4.7x 3.3x 18.9x 15.4x 35.5x 22.2x 14% 15% 42% 69% -3.3% Median 1.2x 1.0x 17.0x 11.7x 27.4x 22.0x -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 a re 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-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
Wemade, 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, -11.1%
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%
15
Jan 1, 2023 Source: CapIQ, Pitchbook & DSP Research, as of March 31, 2024Note: Compared to last quarter, removed Applovin and Stillfront and added Sony, Nintendo, W eMade , 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,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 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 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 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 transactions 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 www.drakestar.com.
*Partner Office
For Institutional Use Only.
© Copyright 2024 Drake Star