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. Its 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, which 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 start of 2018, the company acquired Koch Media, which focuses on game development and gives THQ a larger publishing business.

Financials

THQ Nordic

SEKm 2017 2018 2019
Sales 508 4740 4480
Sales growth (%) 68,1 834 -5,5
EBITDA 273 1312 1307
EBITDA margin (%) 53,7 27,7 29,2
EBIT adj 188 565 658
EBIT adj margin (%) 37,1 11,9 14,7
Pretax profit 182 534 631
EPS rep 1,76 4,73 5,58
EPS growth (%) 75,8 169,3 18
EPS adj 1,76 4,73 5,58
DPS 0 0 0
EV/EBITDA (x) 20,9 12,2 12,2
EV/EBIT adj (x) 30,3 28,4 24,2
P/E (x) 45,1 40,7 34,5
P/E adj (x) 45,1 40,7 34,5
EV/sales (x) 11,2 3,4 3,5
FCF yield (%) -8,4 -1,1 0,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -2,2 -0,8 -1