Global Gaming Report Q2 2023

Jul, 2023 WIP

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2

$6.4
$1.9
$1.9
M&A PP Public Markets
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
• Q3 started on a positive note with the closing of the Savvy Gaming / Scopely deal, U.S. court ruling in favor of the
Microsoft / Activision deal and Goldman Sachs along with General Atlantic and Lego acquired Kahoot, an
educational games platform for $1.7B in a take private deal .
• We expect a steady increase in M&A deal activity in the second half of the year . Savvy Gaming continues to be
very active on acquisitions as well as minority investments in public companies (eg . EA) . Savvy might acquire a
large PC / console publisher and we anticipate Scopely to be very active . Embracer will likely divest some of its
studios while acquiring others .
• As public markets continue to recover, several IPO ready gaming companies have started exploring IPOs again .
At the same time, there is increasing interest from PE firms to acquire publicly traded gaming companies .
Playtika is rumored to be one such candidate .
• While a large pool of capital was raised by gaming / blockchain funds last year, investors have been cautious this
year . We expect a healthy number of early -stage rounds and significantly less later stage rounds . AI and tools
continue to be hot segments .
• With over $6B in disclosed deal value, Q2 saw healthy M&A activity beginning with Savvy Gaming’s acquisition
of Scopely to enter mobile gaming / publishing space and SEGA announcing the acquisition of Rovio . Sony,
Keyword Studios, Focus Entertainment and Team 17 were some of the other strategics that were active in Q2.
M&A deal value increased significantly in Q2 over Q1.
• Public markets continued to recover with Drake Star Gaming Index rising 15 % during the first half of the year,
closely mirroring the S&P 500 index, while the VanEck Video Game Tech ETF was up over 30 %. Embracer
announced a broader restructuring following a significant valuation drop in Q2.
• There were 196 announced private financings with $700 M in announced value in Q2, a slight decline from Q1.
Over 80 % of the financings were for early -stage companies . Some of the notables raises were Everdome
($50 M), Anzu .io ($48 M), Mythical Games ($37 M), and Nodwin Gaming ($28 M) . Investments in Blockchain saw
an uptick in Q2 (52 deals vs 42 in Q1) while mobile and PC/Console remained the other top categories .
• BITKRAFT led the VC league table for the first half of the year, followed by Andreessen Horowitz, Griffin Gaming,
Makers Fund and Play Ventures .
000 87
401
19 87
406
19

4
M&A
Public
Markets
• Chinese metaverse, advertisement and online gaming company Glory Star New Media Group raised $60M from two institutional
investors in a PIPE deal
• Starbreeze raised $43.5M through a rights issue to accelerate investments in game development / publishing and debt repayment
• Super League Gaming raised $23.8M to pay down company’s debt and fund growth initiatives
Fundraising
• Everdome , blockchain -based metaverse platform, raised $50M in a new investment round led by GEM Digital Limited
• Anzu, operator of an in -game advertising platform, raised $48M in a Series B funding round led by Emmis Communications
• Nodwin gaming, India -based esports company, has raised $28M from investors including Sony, Krafton , JetSynthesys , and Nazara
• Japanese esports company TEG, inc. raised $27.8M in Series A financing round from investors including Media Create
Communications Inc., Saifu Corporation, GCI Ventures
• Goals raised $20M in Series A round led by Seven Seven Six for developing esports ready soccer game
• Mayhem Studios, owned by online gaming unicorn Mobile Premier League, raised $20M in Series A round led by Sequoia Capital
• Karate Combat announced an $18M funding round led by BITKRAFT Ventures to build W eb3, mixed reality live sports
Note: Drake Star did not act as financial advisor on transactions listed on this page
• Savvy Gaming Group, announced its acquisition of the leading mobile games developer and publisher Scopely for $4.9B
• SEGA Corporation acquired Rovio, Finnish mobile game company behind the Angry bird title, for $775M after the talks between Playtika
and Rovio ended
• Light & Wonder announced acquisition of the remaining 17% shares of Sciplay for $422M . Sciplay will be fully owned by Light & Wonder
• Focus Entertainment acquired the U.K. based train simulation developer Dovetail Games
• Sony Interactive Entertainment announced acquisition of Firewalk Studios, multiplayer studio created by ProbablyMonsters
• Scopely acquired Scottish mobile games developer Tag Games, studio behind titles including Angry Birds Action, Scrabble Go, and
Pocket Mortys
• Astragon Entertainment , a subsidiary of Team 17, acquired Independent Arts, one of the oldest German game development studio
• Neowiz Games acquired Korean mobile MMORPG developer Fow Games to strengthen development capabilities and acquire new IP

-5%
0%
5%
10%
15%
20%
25%
30%
35%
Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23
VanEck Video Game Tech ETF, 30.1% Drake Star Gaming Index, 14.6% S&P 500, 15.9% Wedbush ETFMG Video Game Tech, 9.7%
5
Source: CapIQ, Pitchbook & DSP Research, as of Jun 30, 2023
Note: Drake Star Gaming Index represents top 25 select gaming companies with ~1B or higher market cap and is an equal weighte d index Refer page 5 for list of Drake Star Gaming Index constituents
Jan 1, 2023

-70.0%
-20.0%
30.0%
80.0%
130.0%
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23
Applovin, 144.3%
Sega, 53.8%
Unity, 51.9%
Roblox, 41.6%
Take2, 41.3%
Playtika, 36.3%
Capcom, 35.3%
Netease, 33.1%
Paradox, 28.3%
Konami, 26%
Pearl Abyss, 25.4%
CD Projekt, 19.4%
Krafton, 16%
S&P 500, 15.9%
Drake Star Gaming Index, 14.6%
Activision, 10.1%
Square Enix, 9.1%
EA, 6.2%
Stillfront, 2.9%
Tencent, -0.7%
Ubisoft, -2%
NEXON, -7.3%
Netmarble, -18.7%
Kakao Games, -26.4%
Keyword Studios, -33.6%
Ncsoft, -34.2%
Embracer, -43%
6
Source: CapIQ, Pitchbook & DSP Research, as of Jun 30, 2023
Jan 1, 2023 Jun 30, 2023

9
12
7
1
6
7
2
PC/Console Mobile
Platform/Tools Hardware
Esports Blockchain
Others
15
18
11
North America Europe Asia and others
89
76
61 69
83
71
84
77
43 44
–
2 0
4 0
6 0
8 0
1 0 0
1 2 0
1 4 0
1 6 0
1 8 0
2 0 0
$0
$5
$10
$15
$20
$25
$30
Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223
Value ($B) Deal Count
7
$20
$85

8
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• Sony Entertainment Interactive announced the
acquisition of Firewalk Studios for its PlayStation
Studios. Firewalk is created and managed by
ProbablyMonsters
• The studio will collaborate with Bungie and Haven
Interactive teams as it develops a AAA title focused
towards PS5 and PC
• Focus entertainment acquired the U.K. -based train
simulation developer Dovetail Games. The upfront
payment was made mostly in cash with performance
based earnout.
• The acquisition includes the fully -owned IP of
dovetail along with the senior management whose
expertise in the simulation space complements
Focus’ strategy for growing upon its success in
publishing games in the space.
• Sega acquired the Angry Birds -maker, mobile
studio, Rovio in an all -cash deal for $775M
• Sega plans to utilize Rovio’s expertise in “live
service” to accelerate the development of its own
existing games, as well as generate synergies
between Sega and Rovio’s brands
• At the same time, Sega’s cross -platform expertise
would enable Rovio to expand beyond mobile
gaming
• Savvy Gaming Group, wholly owned subsidiary of
Saudi Arabia’s PIF, acquired Scopely for $4.9B
• Savvy acquired the company with the goal to
strengthen its ability to deliver new products for the
global gaming community
• The deal would enable Scopely to extend its live
services expertise to new segments like PC,
console, and other genres of gameplay
• Scopely acquired Scotland -based mobile games
developer Tag Games
• Both Scopely and Tag Games are expected to
benefit from Scopely’s publishing infrastructure and
operating system.
• The 60 people team at Tag games will join Scopely
• Light & Wonder announced a proposal to acquire
the remainder 17% Sciplay for $422M
• The acquisition would unify Light & Wander’s
businesses, enabling improved collaboration. It
would also combine the balance sheets of the two
companies providing more flexibility to invest cash in
Sciplay

159
22
15
Hardware
196 195
130
202
310
183
233
212 210
196
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223
Value ($B) Deal Count
Others Platform/Tools
9
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
$353M
$205M
$105M
33
43
27
25
13
52
$92M
$131M
$95M $87M
$236M

eSports Feb -23 $265 .0 – Savvy Gaming Group
PC/Console Mar -23 $55 .0 – Lightspeed Venture Partners, Riot Games, Bitkraft
Ventures, Andreessen Horowitz
Hardware Feb -23 $50 .0 $180 NCSoft, Samsung Electronics, Verizon Ventures
Blockchain Apr -23 $50.0 – GEM Digital, OKX, Binance, Epic Games
Platform/Tools Jun -23 $48.0 –
Emmis Communications, Sony Innovation Fund, HBSE
Ventures, NBCUniversal, PayPal Ventures, Bandai Namco
(021fund), BITKRAFT Ventures, Digital Ventures,
Samsung NEXT Ventures, Simon Equity Partners
PC/Console Mar -23 $40 .0 – Andreessen Horowitz, Nexon, Makers Fund, BITKRAFT,
Kingsway Capital, Hashed
Blockchain Jun -23 $37.0 –
Scytale Digital, Animoca Brands, ARK Invest, MoonPay ,
Proof VC, Stanford Athletics, Andreessen Horowitz,
WestCap , Gaingels , Signum Growth, Struck Capital
Blockchain Feb -23 $32.0 – Andreessen Horowitz
Mobile Jan -23 $30.0 $2,010 Turenne Capital Partenaires
eSports May -23 $28.0 – Nazara, Krafton , JetSynthesys
eSports Apr -23 $27. 8 –
Imagica Group, Saifu Corporation, GCI Ventures, Japan
Tobacco, Property Agent, inc., Maruichi Corporation,
Media Create Communications, Robot home
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
10

11
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• Investors – Nazara, Krafton , JetSynthesys , Sony,
Inno Park
• The funding will be used to develop NODWIN’s
gaming and esports ecosystem, including new IPs,
expanding into emerging markets and making
strategic acquisitions.
• Investors – Imagica Group, Saifu Corporation, GCI
Ventures, Japan Tobacco, Property Agent, inc.,
Maruichi Corporation, Media Create
Communications, Robot home
• The company plans to utilize the funds increase
the efforts for further growth, including the
development of overseas facilities mainly in Asia,
strengthening the online business, and enhancing
the esports business.
• Investors – Emmis Communications, Sony
Innovation Fund, Bandai Namco, BITKRAFT
Ventures, PayPal Ventures, Simon Equity Partners
• The funding will be used to further buildout the
global leadership team and expand the U.S.
footprint by developing teams across the country
• Investors – Scytale Digital, Animoca Brands,
Andreessen Horowitz, Gaingels , ARK Invest,
MoonPay , Proof VC, Stanford Athletics, WestCap ,
Signum Growth, Struck Capital
• The funding will enable Mythical to scale its games
and infrastructure to a larger mainstream
audience.
• Investors – Seven Seven Six (Lead), Northzone
Ventures, Moonfire , Cassius Capital
• Company will use the fund to further developing a
new soccer game
• Investors – GEM Digital, OKX, Binance, Epic
Games
• The funding will be used to improve core product
delivery, boost infrastructure, expand the tools for
users to create and build inside Everdome , and
grow users and partners.

VC DEALS SELECT INVESTMENTS STAGE LOCATION
7 Seed to
Early
6 Seed to
Early
6 Seed to
Early
5 Seed to
Early
5 Seed to
Early
4 Seed to
Early
4 Seed
4 Seed to
Early
3 Seed to
Early
3 Seed to
Early
12
VC DEALS SELECT INVESTMENTS STAGE LOCATION
15 Seed to
Late
10 Early to
Late
9 Seed to
Late
8 Seed to
Late
7 Seed to
Late
4 Seed to
Late
4 Seed to
Late
4 Seed to
Late
3 Early to
Late
3 Early to
Late
Source: CapIQ, Pitchbook & DSP Research

13
COMPANY DISCLOSED DEAL
VALUE ($M) # OF DEALS SELECT DEALS
$865.0 13
$228.3 7
– 4
$4,900.0 3
– 3
– 3
– 3
$106.0 2
$45.0 2
– 2
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

14
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 Playtika PLTK IL 31-Mar -23 $11.60 $4,242.5 $5,989.0 $2,594.8 $649.2 2.3x 2.3x 8.9x 7.4x 16.3x 14.7x -1% 1% -1% 25% 25.0% GDEV GDEV CY 31-Dec -22 $6.33 $1,248.7 $1,112.8 $479.7 $88.6 2.3x NA 14.2x NA NM NA 11% NA NM NA 18.5% Stillfront Group SF SE 31-Mar -23 $1.67 $843.2 $1,198.2 $752.3 $173.2 1.7x 1.7x 7.0x 4.7x 19.7x 5.9x 23% -5% 10% 53% 23.0% Modern Times Group MTG B SE 31-Mar -23 $6.37 $798.8 $475.1 $529.8 $113.8 0.9x 0.9x 4.2x 4.0x 19.5x 20.4x 21% 2% 9% 8% 21.5% Rovio ROVIO FI 31-Mar -23 $9.97 $759.3 $591.9 $335.4 $41.6 1.8x 1.7x 11.1x 10.3x 24.5x 21.6x 2% 4% -10% 38% 12.4% Huuuge HUG US 31-Mar -23 $6.56 $522.1 $283.8 $306.4 $83.3 0.9x 1.0x 3.1x 3.2x 10.9x 9.2x -15% -9% 57% 8% 27.2% SciPlay SCPL US 31-Mar -23 $19.68 $418.1 $605.9 $699.4 $180.4 0.9x 0.8x 3.3x 2.9x 17.5x 18.2x 14% 4% 2% 14% 25.8% Media and Games Invest M8G SE 31-Mar -23 $1.01 $160.1 $562.2 $387.9 $95.3 1.4x 1.5x 5.6x 5.4x NM 13.5x 23% -2% 47% 9% 24.6% G5 Entertainment G5EN SE 31-Mar -23 $18.49 $149.9 $129.5 $136.4 $14.3 1.0x 1.0x 9.3x 4.2x 11.1x 9.6x 7% -1% -30% 124% 10.5% Ten Square Games TEN PL 31-Mar -23 $19.38 $140.8 $108.3 $117.4 $25.3 0.9x 0.8x 4.1x 4.0x 8.4x 7.9x -17% 4% -40% 2% 21.5% Flexion Mobile FLEXM GB 31-Mar -23 $1.32 $73.9 $60.0 $91.8 $5.4 0.7x 0.5x 11.6x 5.8x NM 12.4x 91% 25% NA 88% 5.9% Popreach POPR CA 31-Mar -23 $0.17 $49.6 $91.7 $131.3 $11.0 0.7x 0.5x 7.8x 4.9x NM NM NA 38% NA 71% 8.4% East Side Games EAGR CA 31-Mar -23 $0.49 $40.0 $38.2 $77.6 $1.0 0.5x 0.4x 34.9x 3.1x 5.4x NM -1% 14% -79% NM 1.3% MAG Interactive MAGI SE 31-May -23 $1.35 $35.7 $28.4 $37.0 -$0.8 0.8x 0.7x 10.9x 6.5x NA NM 17% 3% NA NM -2.1%
Average 1.2x 1.1x 9.7x 5.1x 14.8x 13.3x 13% 6% -3% 40% 16.0% Median 0.9x 0.9x 8.3x 4.7x 16.3x 13.0x 11% 3% 1% 25% 20.0%
North America / Europe – PC / console Focused Activision Blizzard ATVI US 31-Mar -23 $84.30 $66,273.2 $57,321.2 $8,143.0 $2,091.0 7.0x 6.0x 26.1x 14.8x 27.4x 20.5x -2% 18% -32% 85% 25.7% Electronic Arts EA US 31-Mar -23 $129.70 $35,293.6 $34,749.6 $7,426.0 $1,910.0 4.7x 4.6x 16.7x 13.8x 30.2x 19.0x 6% 2% 18% 32% 25.7% Take -Two Interactive TTWO US 31-Mar -23 $147.16 $24,919.1 $27,391.7 $5,349.9 $1,167.4 5.1x 4.9x 21.4x 27.2x NM 43.6x 53% 4% 74% 14% 21.8% CD Projekt CDR PL 31-Mar -23 $38.10 $3,806.4 $3,586.6 $211.6 $95.4 16.0x 16.7x 25.6x 26.3x 37.2x 44.9x 0% -4% 27% 35% 45.1% Ubisoft UBI FR 31-Mar -23 $28.25 $3,495.9 $4,560.2 $1,971.2 $889.9 2.3x 1.9x 5.1x 7.1x 27.7x 15.2x -15% 19% NA NM -15.9% Embracer Group EMBRAC B SE 31-Mar -23 $2.50 $3,146.8 $4,735.5 $3,640.8 $583.7 1.4x 1.2x 7.6x 4.8x 6.5x 6.0x NA 11% NA 75% 16.0% Paradox Interactive PDX SE 31-Mar -23 $25.23 $2,664.9 $2,602.0 $191.2 $88.7 14.2x 11.0x 29.4x 15.3x 43.4x 32.7x 27% 29% 33% 99% 46.4% Keyword Studios KW S IE 31-Dec -22 $23.00 $1,816.8 $1,772.5 $738.2 $122.2 2.3x 1.9x 12.5x 9.7x 34.6x 17.2x 35% 22% 37% 46% 16.5% Team17 Group TM17 GB 31-Dec -22 $4.57 $658.5 $597.7 $165.6 $49.7 3.4x 3.3x 11.2x 9.6x 22.0x 14.1x 52% 2% 22% 19% 30.0% PlayW ay PLW PL 30-Sep -22 $97.55 $643.8 $597.7 $54.8 $37.5 9.0x 7.4x 13.1x 11.2x 18.1x NA 38% 21% 44% 17% 68.4% Remedy Entertainment REMEDY FI 31-Dec -22 $26.97 $363.4 $309.0 $46.6 $1.0 6.5x 7.5x NM NM NM NM -3% -13% -92% NM 2.2% Focus Interactive ALFOC FR 31-Mar -23 $46.94 $304.5 $322.6 $210.9 $64.3 1.5x 1.2x 5.0x 3.6x NM 10.6x 36% 27% 40% 39% 30.5% Frontier Developments FDEV GB 30-Nov -22 $7.50 $289.4 $260.6 $145.6 $25.0 1.7x 1.9x 9.1x 5.9x 13.6x NM 19% -11% 43% 66% 17.2% Digital Bros DIB IT 31-Mar -23 $19.96 $284.7 $334.6 $150.5 $57.6 2.2x 2.1x 5.8x 5.4x 9.7x 9.3x 17% 4% 22% 6% 38.3% CI Games CIG PL 31-Mar -23 $1.24 $227.3 $235.0 $12.5 $1.3 17.8x 3.5x NM 4.6x NM 8.9x -51% NM -87% NM 10.6% EG7 EG7 SE 31-Mar -23 $2.53 $223.8 $186.0 $197.9 $52.9 1.0x 0.9x 3.5x 3.7x NM NA 32% 5% 117% 2% 26.7% Nacon NACON FR 31-Mar -23 $2.16 $187.7 $266.1 $169.5 $18.3 1.6x 1.4x 14.5x 3.8x 8.2x 9.9x 0% 15% 13% 276% 10.8% Devolver Digital DEVO US 31-Dec -22 $0.29 $127.2 $43.2 $134.6 -$23.0 0.3x 0.4x NM 2.4x NM 10.3x 37% -14% NA 177% -17.1% Skonec Entertainment A276040 KR 31-Mar -23 $9.38 $116.8 $97.4 $2.8 -$3.0 35.6x 18.6x NM NA NM NM -40% 91% NA NA -109.7% Bloober Team BLO PL 31-Mar -23 $6.00 $115.9 $109.5 $17.3 $6.1 6.0x NA 17.1x NA 25.8x NA -1% NA -21% NA 35.4% Starbreeze STAR B SE 31-Mar -23 $0.08 $106.3 $137.2 $12.6 $0.0 11.3x 2.3x NM 3.0x NM 4.0x 8% NM NA NM -0.4% Thunderful Group THUNDR SE 31-Mar -23 $1.41 $99.3 $139.2 $304.5 $31.8 0.5x 0.5x 4.2x 3.3x 8.0x 3.8x -2% NA 2% 37% 10.4% Snail Games SNAL US 31-Mar -23 $1.59 $58.3 $68.7 $59.8 -$5.3 1.1x 0.6x NM 2.6x NM 3.4x -43% 88% NA NM -8.9% Zordix ZORDIX B SE 31-Mar -23 $1.13 $57.8 $76.8 $110.7 $1.5 0.7x 0.7x 9.6x 6.5x NM NM 52% 2% -80% NM 1.4% tinyBuild TBLD US 31-Dec -22 $0.12 $24.0 -$3.6 $63.3 $10.9 NM NM NM NM 2.0x NA 21% -20% -42% 52% 17.2% Average 6.4x 4.4x 13.2x 8.8x 21.0x 16.1x 12% 14% 7% 63% 13.8% Median 2.9x 2.1x 11.8x 5.9x 22.0x 10.6x 12% 5% 22% 39% 17.2% Source: CapIQ, As of June 30, 2023, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 100 ar e denoted as NM

15
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-Mar -23 $89.67 $110,649.5 $133,178.3 $86,808.8 $11,190.8 1.7x 1.6x 12.0x 9.3x 17.2x 17.1x 16% 3% 9% 39% 12.9% Nintendo 7974 JP 31-Mar -23 $45.25 $52,677.6 $39,680.8 $12,048.7 $3,877.2 3.6x 3.8x 10.6x 12.1x 17.6x 20.9x -6% -5% -15% 8% 32.2% NEXON 3659 JP 31-Mar -23 $19.00 $16,208.0 $12,592.6 $2,909.5 $1,004.8 4.7x 4.3x 14.7x 12.6x 21.3x 20.8x 40% 10% 37% 8% 34.5% Capcom 9697 JP 31-Mar -23 $39.39 $8,236.6 $7,611.7 $947.3 $408.1 8.7x 7.6x 20.3x 17.3x 32.6x 28.7x 14% 15% 17% 17% 43.1% Konami Holdings 9766 JP 31-Mar -23 $52.02 $7,051.5 $6,108.2 $2,364.5 $578.6 2.8x 2.5x 11.5x 9.4x 29.2x 20.4x 5% 10% -16% 22% 24.5% Krafton A259960 KR 31-Mar -23 $147.90 $6,828.9 $4,410.5 $1,434.0 $639.4 3.1x 3.1x 7.3x 6.9x 17.2x 17.0x -4% -1% 3% 0% 44.6% Square Enix 9684 JP 31-Mar -23 $46.26 $5,538.2 $4,201.4 $2,582.2 $385.6 1.8x 1.6x 11.9x 8.6x 16.3x 17.7x -6% 10% -23% 37% 14.9% Sega Sammy 6460 JP 31-Mar -23 $21.25 $4,690.4 $3,845.6 $2,931.0 $448.6 1.4x 1.3x 9.4x 7.8x 14.8x 15.4x 21% 10% 30% 20% 15.3% Ncsoft A036570 KR 31-Mar -23 $223.98 $4,548.5 $3,215.2 $1,733.5 $390.3 1.9x 1.8x 8.3x 8.0x 15.7x 17.6x -13% 4% -23% 4% 22.5% NetMarble A251270 KR 31-Mar -23 $37.28 $3,054.5 $4,475.3 $2,028.2 $70.0 2.2x 2.0x 33.7x 20.4x NM 78.9x 3% 13% -62% 216% 3.4% Pearl Abyss A263750 KR 31-Mar -23 $39.94 $2,447.7 $2,305.8 $291.4 $29.1 8.0x 5.6x 38.8x 40.0x NM 26.4x -4% 43% -36% 100% 10.0% Kakao Games A293490 KR 31-Mar -23 $24.94 $2,035.1 $2,677.0 $867.0 $183.6 3.1x 2.5x 37.8x 11.9x NM 16.4x -2% 23% 21% 23% 21.2% DeNA 2432 JP 31-Mar -23 $12.93 $1,440.0 $1,170.6 $1,014.9 $77.0 1.3x 1.2x 14.1x 12.7x 24.4x 19.9x 3% 5% -32% 30% 7.6% GungHo Online 3765 JP 31-Mar -23 $19.54 $1,170.3 $417.7 $844.6 $222.8 0.5x 0.5x 2.0x 1.9x 9.1x 8.1x 13% 4% -2% 7% 26.4% W eMade Entertainment A112040 KR 31-Mar -23 $29.65 $991.8 $1,048.0 $327.0 -$89.4 3.2x 1.7x NM NM NM NM 9% 89% NA 99% -27.3% Gree 3632 JP 31-Mar -23 $4.41 $752.4 $539.8 $573.2 $89.1 1.0x 1.1x 6.6x 9.2x 14.5x 18.5x 12% -8% 18% 29% 15.6% NHN Entertainment A181710 KR 31-Mar -23 $18.68 $629.5 $362.1 $1,643.4 $91.9 0.2x 0.2x 4.4x 2.7x NM 22.6x 8% 14% -25% 47% 5.6% Com2uS A078340 KR 31-Mar -23 $46.01 $537.2 $641.0 $595.5 $3.0 1.1x 0.9x NM 10.7x 11.1x 10.6x 35% 24% -92% 1890% 0.5% DOUBLEUGAMES A192080 KR 31-Mar -23 $32.00 $528.9 $372.6 $469.9 $151.1 0.8x 0.8x 2.5x 2.4x NM 6.0x 0% 4% -4% 3% 32.2% DoubleDown Interactive DDI KR 31-Mar -23 $9.57 $474.2 $211.6 $313.1 $100.1 0.7x 0.7x 2.1x 2.1x NM 5.7x -11% 3% -9% 3% 32.0% JOYCITY A067000 KR 31-Mar -23 $2.99 $205.0 $269.3 $122.1 $9.4 2.2x 2.1x 24.6x 12.9x NM 18.2x -16% 5% -40% 125% 7.7% GAMEVIL A063080 KR 31-Mar -23 $28.62 $188.4 $295.6 $98.6 $6.9 3.0x 1.9x NM 16.9x NM 37.6x -4% 57% -71% 157% 7.0% T3 Entertainment A204610 KR 31-Mar -23 $1.29 $86.2 $25.4 $57.2 $9.5 0.4x NA 3.0x NA 8.8x NA 9% NA 19% NA 16.6% Me2on A201490 KR 31-Mar -23 $2.49 $77.8 $92.7 $83.7 $23.7 1.1x NA 3.9x NA 13.7x NA -1% NA -13% NA 28.3% Vespa A299910 KR 31-Mar -23 $2.64 $20.5 $29.5 $2.1 -$3.3 12.9x NA NM NA NM NA -92% NA NA NA -158.5%
Average 2.9x 2.2x 13.3x 11.2x 17.6x 21.2x 1% 15% -13% 131% 10.9% Median 1.9x 1.8x 10.6x 9.4x 16.3x 18.2x 3% 10% -13% 26% 15.6% EsportsSkillz SKLZ US 31-Mar -23 $9.10 $192.6 -$39.9 $222.2 -$105.7 NM NM NM NM NM NM -43% -15% NA 66% -47.6% Enthusiast Gaming Holdings EGLX CA 31-Mar -23 $0.49 $74.5 $85.8 $146.7 -$30.0 0.6x 0.5x NM NM NM NM 8% 5% NA 92% -20.4% W ellplayed Rizest 9565 JP NA $20.82 $56.5 $0.0 $0.0 $0.0 0.0x NA NA NA NA NA 0% NA 0% NA NA FaZe Holdings FAZE US 31-Mar -23 $0.49 $37.0 $12.4 $66.8 -$51.3 0.2x NA NM NA NM NA 14% NA NA NA -76.8% Astralis ASTRLS DK 31-Dec -22 $0.26 $15.1 $13.7 $12.6 $0.4 1.1x NA NM NA NM NA 17% NA NA NA 2.8% Super League Gaming SLGG US 31-Mar -23 $0.38 $14.4 $13.8 $19.2 -$24.5 0.7x 0.5x NM NM NM NM NM 49% NA 40% -127.2% Guild Esports GILD GB 31-Mar -23 $0.01 $4.9 $7.9 $8.7 -$6.8 0.9x NA NM NA NM NA NM NA NA NA -78.1% Esports Entertainment Group GMBL MT 31-Mar -23 $1.18 $3.9 $28.1 $31.9 -$18.9 0.9x 1.9x NM NM NM NM NM -53% NA 18% -59.4%
Average 0.6x 1.0x NM NM NM NM -1% -4% 0% 54% -52.6% Median 0.6x 0.5x NM NM NM NM 8% -5% 0% 53% -53.5%
Source: CapIQ, As of June 30, 2023, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 100 ar e denoted as NM

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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-Mar -23 $42.32 $401,040.3 $413,536.8 $82,843.3 $18,347.4 5.0x 4.7x 23.1x 13.9x 14.8x 18.9x 2% 12% -7% 71% 22.1% NetEase NTES CN 31-Mar -23 $96.69 $60,472.0 $48,055.6 $14,264.6 $3,569.0 3.4x 3.3x 13.2x 12.0x 19.8x 18.4x 8% 9% 17% 18% 25.0% Sea Limited SE SG 31-Mar -23 $58.04 $32,894.7 $30,921.8 $12,591.2 $67.5 2.5x 2.2x 79.6x 13.7x NM 19.3x 14% 10% NA NM 0.5% G-bits Network 603444 CN 31-Mar -23 $67.72 $4,878.3 $4,514.5 $739.9 $302.9 6.4x 5.5x 15.7x 13.1x 24.9x 21.3x 7% 18% 7% 20% 40.9% YY YY CN 31-Mar -23 $30.71 $2,123.5 -$649.7 $2,371.4 $203.5 NM NM NM NM 13.4x 27.5x -9% 0% 44% 9% 8.6% XD 2400 CN 31-Dec -22 $2.51 $1,186.6 $974.9 $497.4 -$76.0 2.0x 1.7x NM 22.9x NM 84.3x 27% 22% NA 159% -15.3% NetDragon 777 CN 31-Dec -22 $1.88 $998.7 $695.3 $1,140.5 $225.3 0.6x 0.6x 3.0x 3.4x 8.5x 6.0x 12% 7% -13% 3% 19.8% HUYA HUYA CN 31-Mar -23 $3.58 $858.9 -$559.2 $1,267.3 -$82.1 NM NM NM NM NM NM -22% -4% NA 32% -6.5% iDreamSky 1119 CN 31-Dec -22 $0.44 $614.7 $842.4 $396.4 -$184.7 2.1x 1.4x NM 5.1x NM 7.0x 4% 63% NA 195% -46.6% Nazara Nazara IN 31-Mar -23 $8.82 $584.3 $542.1 $132.9 $13.4 4.1x 3.1x 30.3x 27.8x NM NM 75% 30% 18% 46% 10.1% Archosaur Games 9990 CN 31-Dec -22 $0.52 $412.1 $134.3 $84.7 -$103.0 1.6x 0.6x NM 3.6x NM 34.0x -37% NM NA 138% NM Ourgame 6899 KY 31-Dec -22 $0.03 $37.1 $11.0 $31.6 -$10.8 0.4x NA NM NA NM NA 51% NA NA NA -34.2% FingerTango 6860 CN 31-Dec -22 $0.01 $24.5 -$81.1 $120.7 -$9.1 NM NA NM NA NM NA 36% NA NA NA -7.6% Digital Hollywood 2022 CN 31-Dec -22 $0.01 $10.7 -$13.0 $11.1 -$5.4 NM NA NM NA NM NA -13% NA NA NA -48.1% Average 2.8x 2.6x 27.5x 12.8x 16.3x 26.3x 11% 17% 11% 69% -2.4% Median 2.3x 2.2x 19.4x 13.1x 14.8x 19.3x 8% 11% 12% 39% 0.5%
China (Shenzhen listed)Quihoo 360 601360 CN 31-Mar -23 $1.73 $12,103.0 $8,940.2 $1,304.5 -$121.7 7.2x 6.1x NM NM NM NM -17% NM NA NA -9.3% 37Games 002555 CN 31-Mar -23 $4.81 $10,643.0 $9,559.0 $2,341.1 $463.3 4.3x 3.6x 21.6x 17.6x 26.0x 24.4x -2% 19% -17% 24% 19.8% Beijing Kunlun 300418 CN 31-Mar -23 $5.55 $6,640.6 $6,629.8 $693.0 $141.3 10.1x 9.2x 46.3x 33.0x 48.3x 35.3x -4% 10% 27% 50% 20.4% Giant Network 002558 CN 31-Mar -23 $2.47 $4,724.4 $4,525.6 $286.0 $67.2 16.7x 8.6x 69.5x 15.6x 39.9x 19.6x -8% 95% -28% NM 23.5% Perfect W orld 002624 CN 31-Mar -23 $2.33 $4,607.5 $4,524.5 $1,083.9 $136.7 4.4x 3.6x 30.4x 16.9x 41.2x 21.3x -12% 22% 36% 106% 12.6% Kingnet Network 002517 CN 31-Mar -23 $2.17 $4,544.5 $4,176.0 $531.6 $197.9 8.3x 6.3x 22.0x 15.9x 30.9x 24.2x 24% 32% 26% 40% 37.2% Ourpalm 300315 CN 31-Mar -23 $1.08 $2,938.1 $2,557.4 $164.5 $17.8 16.4x 18.2x NM 51.8x NM 88.2x -22% -10% 44% NA 10.8% Youzu Interactive 002174 CN 31-Mar -23 $2.32 $2,089.9 $1,987.4 $278.0 $21.8 7.5x 7.8x 84.1x 32.0x NM 68.0x -32% -4% -57% 200% 7.8% Dalian Zeus 002354 CN 31-Mar -23 $0.97 $1,599.3 $1,551.9 $250.3 -$8.3 6.5x NA NM NA NM NA -13% NA NA NA -3.3% ZQ Games 300052 CN 31-Mar -23 $2.79 $730.1 $736.5 $39.1 -$2.7 19.9x 13.2x NM 75.7x NM NM -18% 51% NA NM -6.9% Average 10.1x 8.5x 45.6x 32.3x 37.3x 40.1x -10% 27% 5% 84% 11.3% Median 7.9x 7.8x 38.4x 24.8x 39.9x 24.4x -12% 21% 26% 50% 11.7%
Hardware, Platforms, Advertising & ToolsNVIDIA NVDA US 30-Apr-23 $423.02 $1,046,183.2 $1,042,943.2 $25,878.0 $6,090.0 40.3x 21.7x NM 52.1x NM 47.2x -12% 86% -51% 229% 23.5% Dell DELL US 5-May -23 $54.11 $39,351.1 $60,971.1 $97,107.0 $7,409.0 0.6x 0.7x 7.8x 6.7x 7.5x 9.7x -7% -10% -12% 23% 7.6% Roblox RBLX US 31-Mar -23 $40.30 $24,610.4 $23,904.6 $2,343.3 -$909.0 10.2x 6.7x 67.2x 62.7x NM NM 13% 51% NA 142% -38.8% Hewlett Packard HPE US 30-Apr-23 $16.80 $21,697.5 $33,271.5 $29,604.0 $5,099.0 1.1x 1.1x 6.0x 6.2x 11.3x 8.6x 6% -2% 7% 5% 17.2% Unity U US 31-Mar -23 $43.42 $16,441.3 $17,945.5 $1,571.3 -$644.7 11.4x 7.9x NM 47.3x NM 79.2x 31% 44% NA 159% -41.0% Logitech LOGN CH 31-Mar -23 $59.50 $9,444.2 $8,344.8 $4,538.8 $599.2 1.8x 2.1x 13.2x 13.8x 26.2x 24.2x -17% -10% -34% 1% 13.2% Applovin APP US 31-Mar -23 $25.73 $8,951.7 $10,967.7 $2,907.0 $754.5 3.8x 3.6x 14.3x 8.9x NM 67.9x 3% 4% 47% 63% 26.0% ASUS 2357 TW 31-Mar -23 $10.09 $7,494.6 $6,760.6 $16,723.5 $28.8 0.4x 0.4x 23.7x 13.5x 91.0x 14.5x -8% 1% -98% NM 0.2% MSI 2377 TW 31-Mar -23 $5.66 $4,784.1 $3,795.6 $5,604.6 $321.6 0.7x 0.6x 11.7x 8.9x 19.7x 12.8x -17% 10% -53% 35% 5.7% Acer 2353 TW 31-Mar -23 $1.01 $3,018.5 $2,256.6 $8,178.8 $162.7 0.3x 0.3x 12.2x 9.8x 29.0x 20.3x -23% 1% -67% 45% 2.0% Corsair Gaming CRSR US 31-Mar -23 $17.74 $1,810.5 $1,946.2 $1,348.4 $2.1 1.4x 1.3x NM 18.2x NM 27.7x -23% 12% -98% NM 0.2% Flexion Mobile FLEXM GB 31-Mar -23 $1.32 $73.9 $60.0 $91.8 $5.4 0.7x 0.5x 11.6x 5.8x NM 12.4x 91% 25% 0% 88% 6% Bidstack BIDS GB 31-Dec -22 $0.01 $13.2 $2.2 $6.3 -$10.5 0.3x 0.1x NM NM NM NM 101% NM NA 2% NM Versus Systems VS CA 31-Mar -23 $0.43 $4.6 -$4.5 $0.9 -$11.4 NM NM NM NM NM NM -14% NM NA 24% NM Average 5.6x 3.6x 18.6x 21.2x 30.8x 29.5x 9% 18% -36% 68% 1.8% Median 1.1x 1.1x 12.2x 11.7x 22.9x 20.3x -8% 7% -43% 40% 5.8% Source: CapIQ, As of June 30, 2023, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 100 ar e denoted as NM

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