Avista
Video Game Briefing Partners
Highlights:
• Market Cap for all public companies in global game sector is over $136 billion
• Public PC/Console Game company index has outperformed all other groups including online and mobile (LTM)
• Almost $12 billion of M&A deals in global sector (LTM)
• Online game sector is most active for fundraising with over $1.5 billion raised (LTM)
Game Index Performance by sub-sector (LTM)
The PC/Console Game Index is up 30% while all the other indexes are down.
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'Mobile Game Index' 'Online Game Index'
'Distributor/ Accessory Index 'PC/Console Game Index'
S&P 500 Index (^SPX) - Index Level
Note: the companies making up each index are those listed in the corresponding comps in the following pages. The indexes are based on a weighted market cap
and are rebased to 100 at the start.
Game Index Performance by region (LTM)
The Asia Game Index is up 30.1% with Europe up 14.4% and the US up 10.8%.
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Asia Game Index US Game Index
Euro game Index S&P 500 Index (^SPX) - Index Level
June 2008 1
Avista
Video Game Briefing Partners
Stock Comps (by sector & ranked by enterprise value):
Stock Price Market Enterprise
(local currency) % of LTM Cap Value EV/Revenue EV/EBITDA P/E
6/3/08 High Low (USD m) (USD m) LTM CY 2007 CY 2008 CY 2009 LTM CY 2007 CY 2008 CY 2009 LTM CY 2007 CY 2008 CY 2009
PC/Console Game Publishers/ Developers
Nintendo Co. Ltd. 56800.00 77.6 139.7 69,509.9 57,527.5 3.6x 3.4x 3.4x 3.7x 12.1x 10.3x 9.8x 9.0x 28.2x 22.1x 19.5x 20.0x
Electronic Arts Inc. 49.04 79.6 112.4 15,531.7 12,515.7 3.4x 2.7x 2.2x 2.1x NM 19.4x 12.1x 10.3x NM 34.2x 22.6x 17.2x
Activision, Inc. 33.54 98.6 198.0 9,961.9 8,512.7 2.9x 2.8x 2.6x 2.3x 11.2x 16.0x 12.7x 10.5x 30.6x 26.2x 22.9x 22.2x
Konami Corp. 3660.00 83.0 141.9 4,809.3 4,770.3 1.7x 1.6x 1.6x 1.5x 11.2x 9.2x 9.4x 10.3x 28.3x 22.6x 21.3x 20.3x
UBI Soft Entertainment SA 61.63 86.2 171.6 4,382.0 4,270.0 3.6x 2.7x 2.4x 2.1x 8.6x 6.7x 5.9x 5.1x 38.6x 29.2x 29.0x 23.5x
Square Enix Co. Ltd. 3210.00 80.7 118.5 3,534.9 2,900.6 1.9x 1.9x 1.7x 1.6x 8.8x 7.7x 6.9x 7.4x 30.3x 25.6x 20.3x 19.6x
Sega Sammy Holdings Inc. 1084.00 44.9 130.3 2,613.0 2,448.8 0.5x 2.1x 2.0x NA 16.2x 8.9x 9.5x NA 44.0x 23.4x 21.3x NA
Namco Bandai Holdings Inc. 1301.00 60.4 125.1 3,166.0 2,060.3 0.5x 0.5x 0.5x NA 3.7x 4.1x 3.9x NA 10.4x 13.9x 14.3x NA
Take-Two Interactive Software Inc. 26.89 97.4 227.5 2,075.4 2,057.0 2.2x 0.6x 0.6x NA 6.7x 6.2x 5.7x NA NM NM 30.5x NA
Capcom Co. Ltd. 3420.00 94.0 177.3 1,969.7 1,869.1 2.6x 1.4x 1.4x NA 51.6x 11.7x 15.4x NA NM 14.3x 18.4x NA
THQ Inc. 21.25 62.3 129.9 1,385.1 1,067.6 1.0x 1.0x 0.8x 0.8x 5.4x 16.5x 8.6x 7.8x NM 30.1x 15.5x 14.6x
Koei Co. Ltd. 1476.00 61.4 101.4 954.1 891.7 3.1x 3.3x 3.1x 2.9x 11.1x 13.1x 12.4x 12.1x 14.2x 17.1x 15.8x 15.3x
Soft-World International Corp. 106.00 85.8 157.0 421.2 349.1 2.5x 2.2x 1.9x NA 8.8x 23.3x 19.9x NA 21.4x 11.8x 9.3x NA
Infogrames Entertainment SA 11.85 47.4 131.7 227.2 337.9 0.8x na 0.7x NA NM 3.6x 2.5x NA NM NA NM NA
Midway Games Inc. 2.24 30.8 128.0 208.4 299.1 1.7x 1.4x 1.2x NA NM NM NM NA NM NM NM NA
SCI Entertainment Group plc 0.50 9.3 166.4 251.6 262.8 0.9x 0.7x 0.6x NA NM NA NA NA NM NM 3.5x NA
Tecmo Ltd. 1102.00 61.2 113.3 255.8 137.5 1.3x NA NA NA 6.9x NA NA NA 28.0x NA NA NA
D3 Inc. 228000.00 57.1 111.8 45.8 72.9 0.7x 0.5x NA NA 36.0x NA NA NA NM 9.8x NA NA
Jowood Productions Software AG 14.60 70.2 131.5 62.1 69.9 2.1x NA NA NA 14.0x NA NA NA 2.0x NA NA NA
Yuke's Co Ltd 488.00 87.1 126.1 50.6 44.5 0.8x NA NA NA 2.8x NA NA NA 6.6x NA NA NA
CDV Software Entertainment AG 12.00 59.3 105.1 32.2 37.8 1.6x NA NA NA 9.1x NA NA NA 13.8x NA NA NA
Majesco Entertainment Co. 1.35 52.5 157.0 37.7 29.4 0.5x 0.5x NA NA 5.8x NA NA NA NM 33.0x NA NA
SilverBirch Inc. 0.39 76.5 312.0 23.5 23.6 13.9x NA NA NA NM NA NA NA NM NA NA NA
Softstar Entertainment Inc. 14.45 47.0 130.2 12.2 20.7 2.3x NA NA NA NM NA NA NA NM NA NA NA
Silverstar Holdings Ltd. 0.69 12.6 111.6 13.8 20.5 0.6x NA NA NA 3.0x NA NA NA NM NA NA NA
Starbreeze AB 0.34 50.7 147.8 21.1 14.6 1.8x NA NA NA 26.9x NA NA NA 61.4x NA NA NA
Softmax Co. Ltd. 2500.00 42.4 113.4 15.0 8.5 2.5x NA NA NA NM NA NA NA NM NA NA NA
eGames Inc. 0.68 43.9 147.8 8.0 7.7 2.2x NA NA NA NM NA NA NA NM NA NA NA
Deadline Games A/S 23.00 24.3 102.2 6.8 7.6 2.0x NA NA NA NM NA NA NA NM NA NA NA
Conspir