2024-11-03-PitchBook-PitchBook年三季度博彩公共资产负债表和估值指南（英）_10页_2mb.docxVIP

EMERGINGTECHRESEARCH

GamingPublicCompSheetandValuationGuide

Q3

2024

PitchBookData,Inc.

NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligence

PaulCondraHeadofEmergingTechnologyResearch

InstitutionalResearchGroup

Analysis

EricBellomo

Analyst,EmergingTechnologyeric.bellomo@

pbinstitutionalresearch@PublishedonOctober21,2024

Contents

Keytakeaways

2

Stockreturns

4

Valuations

5

Revenue

6

EBITDA

8

The

ThefullExceldatapackincludingforward-lookingestimatesisavailabletoPitchBookclients.

Keytakeaways

USequitymarketspostedamodestQ3withtheexceptionoftheRussell2000,whichposteda10%gain.Yeartodate,alltrackedgamingcategoriesareunderperformingmajorindexeswiththeexceptionofgambling,withamedianreturnof17%outpacingtheRussell2000at11%.Nevertheless,categoryperformancesimprovedinQ3.Monetizationplatformspostedthestrongestmedianreturn(+49%)duringthequarter,followedbyfast-growthcontentdevelopers(+19%).Allcategoriesexceptforesportspostedpositivereturnsonthequarter.

Ofthe31trackedcontentdevelopers,approximatelytwo-thirdsfinishedQ3withpositivegains,ledbyG-bits(+44%),37Games(42%),andKonami(+41%).YTD,Seahaspostedthehighestreturnsat+145%,despitefalling70%overthepastthreeyears.KeywordsStudios,thelargestlocalizationandthird-partyserviceproviderintheindustry,hasfallen17%since2021butisup60%YTDandrecentlyfinalizedanacquisitionwithPEfirmEQT.Apartfromtheesportscategory,whichhasshednearlyallofitsvalue,Ubisofthasfacedthestiffestheadwinds,shedding57%ofitsmarketcapitalizationYTDasitstruggleswithbloatanddelayedtimelines.Unity,down42%YTD,continuestoseekprofitablegrowth,thoughthecompanyrecentlyannouncedplanstoabandonitsruntimefeeincreases.

Theindustry’sstateofausterityislikelytopersistintheneartermasthecurrentconsolecyclema