Game developer and publisher focusing on the PC and console market

THQ Nordic

THQ Nordic acquires, develops and publishes PC and console games for the global gaming market. The core business model consists of acquiring established gaming brands and gradually improving them. Much of THQ’s soul stems from entrepreneur, founder and CEO Lars Wingefors, who at the age of 16 founded Nordic Games that we today associate with THQ Nordic. The game changer came in 2013 when most of today’s brand portfolio was acquired from THQ Inc’s insolvency. At the beginning of 2018 the company acquired the well-known Koch Media, which focuses on game development and gives it a larger publishing business.



Key Figures

THQ Nordic

2017 2018e 2019e
Sales MSEK
507,5 3865,5 4641,2
Revenue growth
68,1% 661,6% 20,1%
Operating income MSEK
188,2 638,7 811,7
Operating margin
37,1% 16,5% 17,5%
Earnings per share SEK
1,76 6,06 7,72
Dividend per share SEK
0,00 0,00 0,00
Equity MSEK
1175,5 1755,4 2374,5
Solidity
36,1% 43,9% 49,4%
Net debt MSEK
-6,3 -70,7 -448,1
No. of shares (m)
79,2 80,2 80,2

Valuation

THQ Nordic

2016 2017 2018e 2019e
P/E (x) 33,2 45,1 31,5 24,6
P/BV (x) 6,9 5,3 8,7 6,4
EV/S (x) 7,4 12,4 3,9 3,2
EV/EBITDA (x) 16,9 23,0 17,5 13,3
EV/EBIT (x) 16,2 23,8 23,8 18,2
Yield (%) 0,0% 0,0% 0,0% 0,0%

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