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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 1416 1408
Sales growth (%) 6,4 1,1 -0,6
EBITDA 229 355 410
EBITDA margin (%) 16,4 25,1 29,1
EBIT adj. 166 212 269
EBIT adj. margin (%) 11,8 15 19,1
Pretax profit 74 214 271
EPS 7,47 22,42 28,33
EPS growth (%) -68,2 200,2 26,4
EPS adj. 16,24 22,42 28,33
DPS 7,17 7,29 7,29
EV/EBITDA (x) 6,7 4,1 3,1
EV/EBIT adj. (x) 9,2 6,8 4,8
P/E (x) 26,8 8,9 7,1
P/E adj. (x) 12,3 8,9 7,1
EV/sales (x) 1,09 1,02 0,92
FCF yield (%) 5,1 9,8 13,5
Le. adj. FCF yld. (%) 4,8 9,4 13,1
Dividend yield (%) 3,6 3,6 3,6
Net IB debt/EBITDA (x) -0,6 -0,7 -0,9
Le. adj. ND/EBITDA (x) 0,5 0,7 1
SEKm 2022 2023e 2024e
Sales 1400 1416 1408
COGS -465 -464 -449
Gross profit 935 951 959
Other operating items -705 -596 -549
EBITDA 229 355 410
Depreciation and amortisation -150 -143 -141
of which leasing depreciation -12 -12 -12
EBITA 79 212 269
EO Items -87 0 0
Impairment and PPA amortisation 0 0 0
EBIT 79 212 269
Net financial items -5 2 2
Pretax profit 74 214 271
Tax -11 -27 -34
Net profit 62 188 237
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 62 188 237
EPS 7,47 22,42 28,33
EPS adj. 16,24 22,42 28,33
Total extraordinary items after tax -73 0 0
Leasing payments -12 -12 -12
Tax rate (%) 15,4 12,5 12,5
Gross margin (%) 66,8 67,2 68,1
EBITDA margin (%) 16,4 25,1 29,1
EBITA margin (%) 5,6 15 19,1
EBIT margin (%) 5,6 15 19,1
Pre-tax margin (%) 5,3 15,1 19,2
Net margin (%) 4,5 13,2 16,8
Sales growth (%) 6,4 1,1 -0,6
EBITDA growth (%) -34,4 55,1 15,3
EBITA growth (%) -63,6 169,8 26,6
EBIT growth (%) -63,6 N/A 26,6
Net profit growth (%) -68,5 200,2 26,4
EPS growth (%) -68,2 200,2 26,4
Profitability N/A N/A N/A
ROE (%) 12 30,9 31,6
ROE adj. (%) 26,2 30,9 31,6
ROCE (%) 13,9 34,4 34,9
ROCE adj. (%) 30,2 34,4 34,9
ROIC (%) 24,6 57,3 68,5
ROIC adj. (%) 51,7 57,3 68,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 316 355 410
EBITDA adj. margin (%) 22,6 25,1 29,1
EBITDA lease adj. 304 343 398
EBITDA lease adj. margin (%) 21,7 24,3 28,2
EBITA adj. 166 212 269
EBITA adj. margin (%) 11,8 15 19,1
EBIT adj. 166 212 269
EBIT adj. margin (%) 11,8 15 19,1
Pretax profit Adj. 161 214 271
Net profit Adj. 136 188 237
Net profit to shareholders adj. 136 188 237
Net adj. margin (%) 9,7 13,2 16,8
SEKm 2022 2023e 2024e
EBITDA 229 355 410
Goodwill 0 0 0
Net financial items -5 2 2
Other intangible assets 318 343 355
Paid tax -11 -27 -34
Tangible fixed assets 32 39 45
Non-cash items 73 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 285 331 378
Total other fixed assets 0 0 0
Change in working capital -6 0 0
Fixed assets 351 382 400
Operating cash flow 279 330 378
Inventories 0 0 0
Capex tangible fixed assets -11 -11 -11
Receivables 15 15 15
Capex intangible fixed assets -182 -156 -141
Other current assets 146 146 146
Acquisitions and Disposals 0 0 0
Cash and liquid assets 157 254 413
Free cash flow 86 163 226
Total assets 669 797 974
Dividend paid -59 -60 -61
Shareholders equity 546 667 836
Share issues and buybacks -28 0 0
Minority N/A N/A N/A
Leasing liability amortisation -6 -6 -6
Total equity 546 667 836
Other non-cash items -4 -8 -8
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 12 20 28
Total other long-term liabilities 0 0 0
Short-term debt N/A N/A N/A
Accounts payable 14 14 14
Other current liabilities 96 96 96
Total liabilities and equity 669 797 974
Net IB debt -144 -234 -385
Net IB debt excl. pension debt -144 -234 -385
Net IB debt excl. leasing -157 -254 -413
Capital employed 558 687 864
Capital invested 402 433 451
Working capital 51 51 51
Market cap. diluted (m) 1673 1673 1673
Net IB debt adj. -144 -234 -385
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 1529 1440 1289
Total assets turnover (%) 216,3 193,2 158,9
Working capital/sales (%) 3,1 3,6 3,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -26,4 -35,1 -46
Net debt / market cap (%) -8,6 -14 -23
Equity ratio (%) 81,7 83,6 85,8
Net IB debt adj. / equity (%) -26,4 -35,1 -46
Current ratio 2,88 3,76 5,2
EBITDA/net interest 47,4 177,7 204,8
Net IB debt/EBITDA (x) -0,6 -0,7 -0,9
Net IB debt/EBITDA lease adj. (x) -0,5 -0,7 -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 7,47 22,42 28,33
Dividend per share 7,17 7,29 7,29
EPS adj. 16,24 22,42 28,33
BVPS 65,28 79,66 99,9
BVPS adj. 27,23 38,66 57,46
Net IB debt/share -17,26 -27,95 -46
Share price 200 200 200
Market cap. (m) 1673 1673 1673
P/E (x) 26,8 8,9 7,1
EV/sales (x) 1,09 1,02 0,92
EV/EBITDA (x) 6,7 4,1 3,1
EV/EBITA (x) 19,4 6,8 4,8
EV/EBIT (x) 19,4 6,8 4,8
Dividend yield (%) 3,6 3,6 3,6
FCF yield (%) 5,1 9,8 13,5
Le. adj. FCF yld. (%) 4,8 9,4 13,1
P/BVPS (x) 3,06 2,51 2
P/BVPS adj. (x) 7,34 5,17 3,48
P/E adj. (x) 12,3 8,9 7,1
EV/EBITDA adj. (x) 4,8 4,1 3,1
EV/EBITA adj. (x) 9,2 6,8 4,8
EV/EBIT adj. (x) 9,2 6,8 4,8
EV/CE (x) 2,7 2,1 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 13,8 11,8 10,8
Capex/depreciation 1,4 1,3 1,2
Capex tangibles / tangible fixed assets 34,5 29,2 25
Capex intangibles / definite intangibles 57,2 45,4 39,7
Depreciation on intang / def. intang 43 38 36
Depreciation on tangibles / tangibles 0 0 0

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Media

G5 Entertainment - Company presentation with CFO Stefan Wikstrand
G5 Entertainment - Company presentation with CFO Stefan Wikstrand

Main shareholders - G5 Entertainment

Main shareholders Share capital % Voting shares % Verified
Wide Development Ltd 7.1 % 7.3 % 28 Dec 2022
G5 Entertainment AB (Publ) 8.7 % 7.1 % 28 Dec 2022
Avanza Pension 6.8 % 6.9 % 28 Dec 2022
Purple Wolf Ltd 5.3 % 5.4 % 28 Dec 2022
Swedbank Robur Fonder 5.1 % 5.2 % 28 Dec 2022
Tommy Svensk 4.5 % 4.6 % 28 Dec 2022
Proxima Ltd 3.6 % 3.7 % 7 Jun 2022
Lloyd Fonds AG 3.5 % 3.5 % 28 Dec 2022
Argenta Asset Management SA 2.7 % 2.8 % 31 Dec 2022
Handelsbanken Liv Försäkring AB 2.4 % 2.4 % 28 Dec 2022
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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