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1. Company Snapshot

1.a. Company Description

Embracer Group AB (publ), together with its subsidiaries, develops and publishes PC, console, mobile, VR, and board games for the games market worldwide.The company has a catalogue of approximately 850 owned franchises, such as Saints Row, Goat Simulator, Dead Island, Darksiders, Metro, MX vs ATV, Kingdoms of Amalur, TimeSplitters, Satisfactory, Wreckfest, Insurgency, World War Z, and Borderlands, and others.It also publishes films and comics.


It distributes games through retailers and digital distributors.The company was formerly known as THQ Nordic AB (publ) and changed its name to Embracer Group AB (publ) in October 2019.Embracer Group AB (publ) was incorporated in 1999 and is headquartered in Karlstad, Sweden.

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1.b. Last Insights on EMBRAC

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.32%)

6. Segments

PC/Console Games

Expected Growth: 5%

Embracer Group's PC/Console Games segment growth is driven by increasing demand for immersive gaming experiences, strategic acquisitions, and expansion into new markets. The company's diverse portfolio of popular franchises, such as Saints Row and Metro, also contributes to growth. Additionally, the shift towards digital distribution and online gaming platforms, like Steam and Epic Games Store, provides further opportunities for revenue growth.

Tabletop Games

Expected Growth: 3%

Embracer Group AB's Tabletop Games segment growth is driven by increasing popularity of board games, strategic acquisitions, and expansion into digital platforms. The company's focus on IPs such as Warhammer and Dungeons & Dragons, as well as its growing e-commerce presence, contribute to its 3% growth rate.

Mobile Games

Expected Growth: 6%

Embracer Group AB's mobile games segment growth is driven by increasing demand for interactive entertainment, successful game titles, and strategic acquisitions. The company's focus on developing engaging games, expanding its user base, and leveraging emerging trends such as cloud gaming and esports also contribute to its growth.

Entertainment & Services

Expected Growth: 4%

Embracer Group's Entertainment & Services segment growth is driven by increasing demand for gaming content, strategic acquisitions, and expansion into new markets. The company's focus on developing and publishing engaging games, as well as its growing esports and gaming communities, contribute to its 4% growth rate.

7. Detailed Products

THQ Nordic Games

THQ Nordic is a global video game publisher and developer, known for titles such as Darksiders, Saints Row, and MX vs. ATV.

Deep Silver Games

Deep Silver is a global video game publisher and developer, known for titles such as Dead Island, Saints Row, and Metro.

Coffee Stain Studios Games

Coffee Stain Studios is a Swedish video game developer, known for titles such as Goat Simulator and Sanctum.

Saber Interactive Games

Saber Interactive is a global video game developer and publisher, known for titles such as World War Z and NBA Playgrounds.

Koch Media Services

Koch Media is a global distributor of video games, known for its physical and digital distribution services.

Embracer Merchandise

Embracer Merchandise offers a range of merchandise products, including apparel, accessories, and collectibles.

8. Embracer Group AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Embracer Group AB (publ) operates in a niche market with few substitutes, but the threat of substitutes is still present due to the evolving nature of the gaming industry.

Bargaining Power Of Customers

Embracer Group AB (publ) has a diverse customer base, and no single customer has significant bargaining power, reducing the threat of customer bargaining power.

Bargaining Power Of Suppliers

Embracer Group AB (publ) relies on a few key suppliers for game development and publishing, giving them some bargaining power, but the company's size and diversification mitigate this threat.

Threat Of New Entrants

The gaming industry is highly competitive, and new entrants can easily disrupt the market, posing a significant threat to Embracer Group AB (publ)'s market share.

Intensity Of Rivalry

The gaming industry is highly competitive, with many established players and new entrants vying for market share, leading to intense rivalry and competition for Embracer Group AB (publ).

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 27.77%
Debt Cost 6.46%
Equity Weight 72.23%
Equity Cost 6.48%
WACC 6.48%
Leverage 38.45%

11. Quality Control: Embracer Group AB (publ) passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
CD Projekt

A-Score: 5.1/10

Value: 0.0

Growth: 7.6

Quality: 8.4

Yield: 1.2

Momentum: 10.0

Volatility: 3.7

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Playtika

A-Score: 4.5/10

Value: 8.4

Growth: 3.7

Quality: 5.2

Yield: 8.1

Momentum: 0.0

Volatility: 1.7

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Embracer Group

A-Score: 4.3/10

Value: 7.5

Growth: 9.9

Quality: 7.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

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Keywords Studios

A-Score: 3.8/10

Value: 1.5

Growth: 7.9

Quality: 4.8

Yield: 3.1

Momentum: 5.0

Volatility: 0.3

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Cellebrite DI

A-Score: 3.5/10

Value: 2.2

Growth: 5.2

Quality: 5.2

Yield: 0.0

Momentum: 5.0

Volatility: 3.0

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Ubisoft

A-Score: 3.4/10

Value: 7.8

Growth: 3.1

Quality: 2.7

Yield: 0.0

Momentum: 5.5

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

85.49$

Current Price

85.49$

Potential

-0.00%

Expected Cash-Flows