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G5 Entertainment

G5 Entertainment

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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.

Sustainability information

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.

Financials

USDm 2025 2026e 2027e
Sales 95,83 88,39 86,62
Sales growth (%) -10,8 -7,8 -2
EBITDA 12 13 18
EBITDA margin (%) 12,9 14,9 20,4
EBIT adj. 6 3 8
EBIT adj. margin (%) 5,9 3 8,8
Pretax profit 3 4 8
EPS 0,39 0,42 0,97
EPS growth (%) -73,2 8,7 N/A
EPS adj. 0,86 0,37 0,97
DPS N/A N/A N/A
Dividend per share 0,2 0,33 0,43
EV/EBITDA (x) 1,7 1,6 0,9
EV/EBIT adj. (x) 3,7 7,6 2
P/E (x) 15,08 13,88 6
P/E adj. (x) 6,8 15,7 6
EV/sales (x) 0,22 0,23 0,18
FCF yield (%) 17,2 4,1 17,1
Le. adj. FCF yld. (%) 17 3,9 17
Dividend yield (%) 3,5 5,6 7,5
Net IB debt/EBITDA (x) -2 -1,8 -1,7
Le. adj. ND/EBITDA (x) -1,6 -1,9 -1,7
USDm 2025 2026e 2027e
Sales 95,83 88,39 86,62
COGS -28 -24 -22
Gross profit 68 65 65
Other operating items -55 -52 -47
EBITDA 12 13 18
Depreciation and amortisation -10 -10 -10
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets 0 0 0
EBITA 2,39 3,11 7,62
EO Items N/A N/A N/A
Operating EO items -3 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT 2,27 3,11 7,62
Net financial items 1 1 1
Pretax profit 3 4 8
Tax 0 0 -1
Net profit 3 3 7
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 3 3 7
EPS 0,39 0,42 0,97
EPS adj. 0,86 0,37 0,97
Total extraordinary items after tax -4 0 0
Leasing payments 0 0 0
Tax rate (%) -6,9 13,4 10
Gross margin (%) 70,6 73,3 74,6
EBITDA margin (%) 12,9 14,9 20,4
EBITA margin (%) 2,5 3,5 8,8
EBIT margin (%) 2,4 3,5 8,8
Pre-tax margin (%) 2,9 4,2 9,5
Net margin (%) 3,1 3,6 8,6
Sales growth (%) -10,8 -7,8 -2
EBITDA growth (%) -48,3 6,1 34,4
EBITA growth (%) -78,8 30 144,9
EBIT growth (%) -79,5 37 N/A
Net profit growth (%) -73,3 6,8 131,5
EPS growth (%) -73,2 8,7 N/A
Profitability N/A N/A N/A
ROE (%) 6 6,5 14,3
ROE adj. (%) 13,3 5,7 14,3
ROCE (%) 6,1 7,5 16
ROCE adj. (%) 12,9 6,7 16
ROIC (%) 10,1 10,6 27,2
ROIC adj. (%) 23,9 9,2 27,2
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 16 13 18
EBITDA adj. margin (%) 16,3 14,4 20,4
EBITDA lease adj. 16 13 18
EBITDA lease adj. margin (%) 16,3 14,4 20,4
EBITA adj. 6 3 8
EBITA adj. margin (%) 5,9 3 8,8
EBIT adj. 6 3 8
EBIT adj. margin (%) 5,9 3 8,8
Pretax profit Adj. 6 3 8
Net profit Adj. 7 3 7
Net profit to shareholders adj. 7 3 7
Net adj. margin (%) 6,9 3,2 8,6
USDm 2025 2026e 2027e
EBITDA 12 13 18
Goodwill 0 0 0
Net financial items 1 1 1
Other intangible assets 19 19 19
Paid tax 0 0 -1
Tangible fixed assets 1 1 1
Non-cash items 6 -2 0
Right-of-use asset 0 0 0
Cash flow before change in WC 19 12 17
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 3 3 3
Change in working capital -2 0 0
Fixed assets 23 23 23
Operating cash flow 17 12 17
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 2 2 2
Capex intangible fixed assets -10 -10 -10
Other current assets 10 10 9
Acquisitions and Disposals 0 0 0
Cash and liquid assets 24 24 29
Free cash flow 8 2 8
Total assets 59 58 63
Dividend paid -6 -2 -2
Shareholders equity 50 49 54
Share issues and buybacks -2 -1 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 50 49 54
Other non-cash items N/A N/A N/A
Other changes in net debt -1 1 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 1 1 1
Short-term debt 0 0 0
Accounts payable 4 3 3
Other current liabilities 5 4 4
Total liabilities and equity 59 58 63
Net IB debt -24 -24 -29
Net IB debt excl. pension debt -24 -24 -29
Net IB debt excl. leasing -24 -24 -29
Capital employed 50 50 55
Capital invested 25 25 25
Working capital 4 4 4
Market cap. diluted (m) 45 45 45
Net IB debt adj. -24 -24 -29
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 21 20 15
Total assets turnover (%) 160,4 150,6 142,7
Working capital/sales (%) 2,9 4 4,1
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) -48,9 -48,9 -53,7
Net debt / market cap (%) -53,5 -54,2 -65,5
Equity ratio (%) 84 84,8 86,2
Net IB debt adj. / equity (%) -48,9 -48,9 -53,7
Current ratio 4,35 4,57 5,31
EBITDA/net interest 22,9 22 27,6
Net IB debt/EBITDA (x) -2 -1,8 -1,7
Net IB debt/EBITDA lease adj. (x) -1,6 -1,9 -1,7
Interest coverage 13,2 107,4 207,6
USDm 2025 2026e 2027e
Shares outstanding adj. 8 8 8
Diluted shares adj. 8 8 8
EPS 0,39 0,42 0,97
Dividend per share 0,2 0,33 0,43
EPS adj. 0,86 0,37 0,97
BVPS 6,39 6,47 7,12
BVPS adj. 3,92 3,96 4,62
Net IB debt/share -3,12 -3,16 -3,82
Share price 54,4 54,4 54,4
Market cap. (m) 45 45 45
Valuation N/A N/A N/A
P/E (x) 15,08 13,88 6
EV/sales (x) 0,22 0,23 0,18
EV/EBITDA (x) 1,7 1,6 0,9
EV/EBITA (x) 8,8 6,6 2
EV/EBIT (x) 9,3 6,6 2
Dividend yield (%) 3,5 5,6 7,5
FCF yield (%) 17,2 4,1 17,1
Le. adj. FCF yld. (%) 17 3,9 17
P/BVPS (x) 0,91 0,9 0,82
P/BVPS adj. (x) 1,49 1,47 1,26
P/E adj. (x) 6,8 15,7 6
EV/EBITDA adj. (x) 1,3 1,6 0,9
EV/EBITA adj. (x) 3,7 7,6 2
EV/EBIT adj. (x) 3,7 7,6 2
EV/CE (x) 0,4 0,4 0,3
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -10 -11,2 -11,3
Capex/depreciation 1 1 1
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 50,2 51,8 51,3
Depreciation on intang / def. intang 51 51 51
Depreciation on tangibles / tangibles 34,03 42,27 45,01

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Media

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

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Main shareholders - G5 Entertainment

Main shareholders Share capital % Voting shares % Verified
Wide Development Cyprus Ltd 8.6 % 8.8 % 8 May 2026
G5 Entertainment AB (Publ) 8.4 % 6.6 % 12 May 2026
Avanza Pension 5.6 % 5.7 % 28 Apr 2026
Purple Wolf Ltd 5.0 % 5.1 % 28 Apr 2026
Tommy Svensk 4.9 % 5.0 % 28 Apr 2026
LOYS AG 4.8 % 4.9 % 6 May 2026
Argenta Asset Management SA 4.5 % 4.6 % 31 Jan 2026
Proxima Ltd 2.8 % 2.8 % 30 May 2024
Nordnet Pensionsförsäkring 2.2 % 2.3 % 28 Apr 2026
Daniel Eriksson 2.0 % 2.0 % 28 Apr 2026
Source: Holdings by Modular Finance AB