Netmarble may be paying too much for SpinX Some say takeover price too high given its financial performance
Translated by Kim So-in 공개 2021-08-10 07:58:22
이 기사는 2021년 08월 10일 07:57 thebell 에 표출된 기사입니다.
An acquisition price of DoubleDown Interactive (DDI), a social casino game developer, is drawing attention after Netmarble recently agreed to acquire Hong Kong-based social casino game developer SpinX.According to Netmarble on Friday, Leonardo Interactive Holdings Limited, a holding company of SpinX, recorded revenue of around $141 million (approximately 161 billion won) in the first quarter, with earnings before interest, taxes, depreciation and amortization (EBITDA) of $28.9 million. It recorded revenue of $432 million in 2020. Netmarble didn’t disclose an operating profit, but accounting firm Samil PwC, which has advised Netmarble on its takeover, stated that Leonardo Interactive Holdings recorded an operating profit of $102 million.
Netmarble will buy the company for 2.51 trillion won. It will make a 126 billion won down payment within five working days from the agreement date, and 80% of the deal value, including the down payment, will be paid on the expected closing date of September 17. The remaining 20% will be paid over the next four years.
Among global social casino game companies, DDI, a subsidiary of DoubleU Games, has the most similar performance to SpinX. DDI recorded revenue of 422.8 billion won with an operating profit of 98.3 billion won last year.
DDI posted revenue of 318.8 billion won and an operating profit of 80 billion won in 2019, which is better than SpinX’s revenue of $190 million (216.8 billion won) and an operating profit of $42.7 million (48.8 billion won) during the same period. In the first quarter of this year, DDI recorded revenue of 107.7 billion won and an operating profit of 28 billion won.
DDI, which will list its shares on the Nasdaq, is valued at a range of 1.02 trillion won and 1.13 trillion won, which is less than half the valuation of SpinX.
DDI’s valuation was estimated by comparing it with Playstudios, a social casino developer backed by games titan Activision Blizzard. Playstudios recorded revenue of around $270 million in 2020 and adjusted EBITDA of $32.4 million in 2020. Although Playstudios’ performance is slightly poorer than that of DDI, its market capitalization stands at around 1 trillion won, which is similar to DDI’s. Industry watchers said the DDI’s valuation is reasonable compared to its peer companies.
SciPlay, whose market capitalization is between 2.4 trillion won and 2.5 trillion won, recorded revenue of $582 million and adjusted EBITDA of $189 million won last year. SciPlay’s revenue and profit is much better than SpinX’s although its market capitalization is similar to SpinX’s.
Netmarble’s acquisition of SpinX is to diversify its game portfolio and strengthen global business competitiveness. Samil PwC estimated SpinX to record revenue of $856 million and an operating of $187 million next year and its revenue to exceed 1 billion won in 2024. (Reporting by Sang-woo Seong)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- '재무개선' AJ네트웍스, 조달비용 '확' 낮췄다
- '9년만에 엑시트' 한앤코, 한온시스템 거래구조 살펴보니
- 한국타이어앤테크놀로지, 한온시스템 인수한다
- [수술대 오른 커넥트웨이브]2대주주 지분매입 나선 MBK, 주식교환 카드 꺼냈다
- [이사회 모니터]이재용 에이비프로바이오 대표, 바이오·반도체 신사업 '드라이브'
- 와이투솔루션, 주인 바뀌어도 '신약' 중심엔 美 합작사 '룩사'
- 아이티센, 부산디지털자산거래소 본격 출범
- 아이에스시, AI·데이터센터 수주 증가에 '날개'
- [이사회 모니터]서정학 IBK증권 대표, ESG위원회도 참여 '영향력 확대'
- SW클라우드 '10주년' 폴라리스오피스, “초격차 밸류업”