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G5 Entertainment

G5 Entertainment

Free-to-play games for mobile devices

G5 Entertainment develops and publishes free-to-play games for smartphones and tablets. The games are family-friendly, easy to learn and target a wide audience of experienced and inexperienced players. Distribution is achieved digitally through the various app stores of Apple, Google, Amazon and Windows. In addition to its proprietary games, the company is also a publisher of games licensed by other developers, in which case a royalty is paid to the developer based on the game’s sales performance.

Despite the business model's stickiness, the company faces the risk that users may stop playing certain games. Risks hence arise if the main driver games, which generate most of G5's revenues, start to lose their momentum. The scenario hence requires other games to drive revenue or else a higher amount of UA costs will be necessary. Also, having its distribution through different app stores, G5 is dependent on both the relationship with the distributers as well as their standard terms and conditions.

SEKm 2022 2023e 2024e
Sales 1400 1404 1402
Sales growth (%) 6,4 0,3 -0,1
EBITDA 231 336 367
EBITDA margin (%) 16,5 23,9 26,2
EBIT adj. 166 184 227
EBIT adj. margin (%) 11,9 13,1 16,2
Pretax profit 76 197 233
EPS 8,05 21,83 25,41
EPS growth (%) -65,7 171,3 16,4
EPS adj. 17,29 21,83 25,41
DPS 7,91 10,96 13,4
EV/EBITDA (x) 5,8 3,7 3,2
EV/EBIT adj. (x) 8,1 6,8 5,1
P/E (x) 23 8,5 7,3
P/E adj. (x) 10,7 8,5 7,3
EV/sales (x) 0,96 0,9 0,83
FCF yield (%) 8,4 10,5 12,5
Le. adj. FCF yld. (%) 8,3 10,4 12,4
Dividend yield (%) 4,3 5,9 7,2
Net IB debt/EBITDA (x) -0,8 -0,8 -1
Le. adj. ND/EBITDA (x) 0,6 0,8 1,1
SEKm 2022 2023e 2024e
Sales 1400 1404 1402
COGS -464 -450 -433
Gross profit 936 954 969
Other operating items -706 -619 -602
EBITDA 231 336 367
Depreciation and amortisation -151 -151 -140
of which leasing depreciation -12 -12 -12
EBITA 79 184 227
EO Items -87 0 0
Impairment and PPA amortisation 0 0 0
EBIT 79 184 227
Net financial items -4 13 6
Pretax profit 76 197 233
Tax -9 -17 -23
Net profit 67 180 210
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 67 180 210
EPS 8,05 21,83 25,41
EPS adj. 17,29 21,83 25,41
Total extraordinary items after tax -77 0 0
Leasing payments -12 -12 -12
Tax rate (%) 11,5 8,5 10
Gross margin (%) 66,9 68 69,1
EBITDA margin (%) 16,5 23,9 26,2
EBITA margin (%) 5,7 13,1 16,2
EBIT margin (%) 5,7 13,1 16,2
Pre-tax margin (%) 5,4 14 16,6
Net margin (%) 4,8 12,8 15
Sales growth (%) 6,4 0,3 -0,1
EBITDA growth (%) -34 45,4 9,5
EBITA growth (%) -63,2 131,7 23,4
EBIT growth (%) -63,2 N/A 23,4
Net profit growth (%) -66,2 169,3 16,4
EPS growth (%) -65,7 171,3 16,4
Profitability N/A N/A N/A
ROE (%) 13,5 32,8 31,7
ROE adj. (%) 29 32,8 31,7
ROCE (%) 15 35,7 35,1
ROCE adj. (%) 32,2 35,7 35,1
ROIC (%) 21,8 52,9 60
ROIC adj. (%) 45,6 52,9 60
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 318 336 367
EBITDA adj. margin (%) 22,7 23,9 26,2
EBITDA lease adj. 306 324 355
EBITDA lease adj. margin (%) 21,8 23 25,3
EBITA adj. 166 184 227
EBITA adj. margin (%) 11,9 13,1 16,2
EBIT adj. 166 184 227
EBIT adj. margin (%) 11,9 13,1 16,2
Pretax profit Adj. 162 197 233
Net profit Adj. 144 180 210
Net profit to shareholders adj. 144 180 210
Net adj. margin (%) 10,3 12,8 15
SEKm 2022 2023e 2024e
EBITDA 231 336 367
Goodwill 0 0 0
Net financial items -4 13 6
Other intangible assets 273 281 293
Paid tax -9 -17 -23
Tangible fixed assets 17 23 29
Non-cash items 75 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 293 332 350
Total other fixed assets 17 17 17
Change in working capital 11 -12 -7
Fixed assets 306 321 339
Operating cash flow 305 320 343
Inventories 0 0 0
Capex tangible fixed assets -8 -11 -11
Receivables 15 15 15
Capex intangible fixed assets -167 -147 -140
Other current assets 159 151 151
Acquisitions and Disposals 0 0 0
Cash and liquid assets 177 257 357
Free cash flow 129 161 192
Total assets 658 744 861
Dividend paid -59 -65 -90
Shareholders equity 500 599 724
Share issues and buybacks -48 -14 0
Minority N/A N/A N/A
Leasing liability amortisation -1 -2 -2
Total equity 500 599 724
Other non-cash items 14 1 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 3 3 3
Total other long-term liabilities 1 0 0
Short-term debt N/A N/A N/A
Accounts payable 61 49 42
Other current liabilities 93 93 93
Total liabilities and equity 658 744 861
Net IB debt -191 -271 -370
Net IB debt excl. pension debt -191 -271 -370
Net IB debt excl. leasing -194 -274 -373
Capital employed 503 602 727
Capital invested 308 328 353
Working capital 20 24 31
Market cap. diluted (m) 1539 1528 1528
Net IB debt adj. -191 -271 -370
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1348 1257 1157
Total assets turnover (%) 218,1 200,3 174,7
Working capital/sales (%) 2 1,6 2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -38,3 -45,2 -51,2
Net debt / market cap (%) -12,5 -17,8 -24,4
Equity ratio (%) 76 80,5 84
Net IB debt adj. / equity (%) -38,3 -45,2 -51,2
Current ratio 2,28 2,98 3,88
EBITDA/net interest 60 25,7 61,2
Net IB debt/EBITDA (x) -0,8 -0,8 -1
Net IB debt/EBITDA lease adj. (x) -0,6 -0,8 -1,1
Interest coverage N/A N/A N/A
SEKm 2022 2023e 2024e
Shares outstanding adj. 8 8 8
Diluted shares adj. 8 8 8
EPS 8,05 21,83 25,41
Dividend per share 7,91 10,96 13,4
EPS adj. 17,29 21,83 25,41
BVPS 60,08 72,53 87,65
BVPS adj. 27,25 38,5 52,16
Net IB debt/share -22,99 -32,8 -44,85
Share price 185 185 185
Market cap. (m) 1530 1519 1519
P/E (x) 23 8,5 7,3
EV/sales (x) 0,96 0,9 0,83
EV/EBITDA (x) 5,8 3,7 3,2
EV/EBITA (x) 17 6,8 5,1
EV/EBIT (x) 17 6,8 5,1
Dividend yield (%) 4,3 5,9 7,2
FCF yield (%) 8,4 10,5 12,5
Le. adj. FCF yld. (%) 8,3 10,4 12,4
P/BVPS (x) 3,08 2,55 2,11
P/BVPS adj. (x) 6,75 4,78 3,53
P/E adj. (x) 10,7 8,5 7,3
EV/EBITDA adj. (x) 4,2 3,7 3,2
EV/EBITA adj. (x) 8,1 6,8 5,1
EV/EBIT adj. (x) 8,1 6,8 5,1
EV/CE (x) 2,7 2,1 1,6
Investment ratios N/A N/A N/A
Capex/sales (%) 12,5 11,3 10,8
Capex/depreciation 1,3 1,1 1,2
Capex tangibles / tangible fixed assets 50,5 48,9 38,5
Capex intangibles / definite intangibles 61,2 52,4 47,8
Depreciation on intang / def. intang 51 50 44
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Media

G5 Entertainment - Company presentation with Deputy CEO & CFO Stefan Wikstrand
G5 Entertainment - Company presentation with CFO Stefan Wikstrand

Main shareholders - G5 Entertainment

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 7.4 % 7.5 % 26 Apr 2023
Wide Development Ltd 7.4 % 7.5 % 26 Apr 2023
Purple Wolf Ltd 5.5 % 5.6 % 26 Apr 2023
G5 Entertainment AB (Publ) 7.2 % 5.5 % 26 May 2023
Swedbank Robur Fonder 5.0 % 5.1 % 30 Apr 2023
Tommy Svensk 4.6 % 4.7 % 26 Apr 2023
Proxima Ltd 3.3 % 3.3 % 8 Feb 2023
Argenta Asset Management SA 2.8 % 2.9 % 31 May 2023
Handelsbanken Liv Försäkring AB 2.2 % 2.2 % 26 Apr 2023
Nordnet Pensionsförsäkring 1.6 % 1.6 % 26 Apr 2023
Source: Holdings by Modular Finance AB

Insider list - G5 Entertainment

Name Quantity Code Date
Vladislav Suglobov + 824 BUY 2 Sep 2021
Vladislav Suglobov - 15 824 SELL 16 Jun 2021
Vladislav Suglobov - 10 000 SELL 20 May 2021
Aleksandr Tabunov - 10 000 SELL 20 May 2021
Aleksandr Tabunov + 10 000 ALTM 14 May 2021
Jan Stefan Wikstrand + 3 300 ALTM 14 May 2021
Vladislav Suglobov + 10 000 ALTM 14 May 2021
Aleksandr Tabunov - 782 SELL 17 Dec 2020
Aleksandr Tabunov - 19 218 SELL 16 Dec 2020
Aleksandr Tabunov - 15 509 SELL 14 Dec 2020

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