2024年二季度博彩公共资产负债表和估值指南

EMERGING TECH RESEARCH Gaming PublicComp Sheet andValuation Guide PitchBook Data, Inc. Key takeaways Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraHead of Emerging Technology Research •US equity markets posted a strong Q2 2024, led by the tech-heavy S&P 500 Information Technology index (+14%).YTD, alltracked indexes have outpaced gaming companies with only the gambling category posting higher average returns (+29%).Monetization companies followed (+9%), and content developers posted low-single-digit gains, while all other categories werenegative. Of the 30 publishers, developers, and studios tracked, slightly more than half finished Q2 with positive gains, led byKeyword Studios (+78%), Devolver Digital (+54%), and Pearl Abyss (43%). By extension, Wemade Entertainment (-31%), 37Games(-25%), and Square Enix (-22%) faced the sharpest contraction. Institutional Research GroupAnalysis Eric BellomoAnalyst, Emerging Technologyeric.bellomo@pitchbook.com pbinstitutionalresearch@pitchbook.comPublished on July 17, 2024 •Incumbent firms are signaling the industry’s current state of austerity is unlikely to abate in the near term.Sony signaled asmuch during its Q1 earnings report by downgrading its console sales outlook, underscoring the maturity of the current consolemarket. The company is also navigating a new, two-CEO model after former leader Jim Ryan stepped aside. Microsoft (not inour comp sheet) closed four ZeniMax-owned studios, and EA revised its revenue downward citing a light release schedule in2024 as well as mobile headwinds. Embracer continued its restructuring with divestments of Saber Interactive and GearboxEntertainment, the departure of CEO Johan Ekstrom, and a separation into three new business units. Other firms have fared betterwith net bookings including Ubisoft, which benefited from strong back-catalogue sales, and Take-Two, which revised its guidanceupward 5% ahead of Grand Theft Auto 6’s upcoming release. Tencent also increased both revenue and gross profit via strongperformances from flagship titles such as Honor of Kinds and Peacekeeper Elite. •Gambling companies continue to be a bright spot with an average YTD gain of 29%, led by Rush Street Interactive.Thecategory finished +7% on the quarter, as sports betting is now legal and live in 38 states, with others expected to follow, andthe segment received tailwinds via international expansion. Near-term, gambling platforms are competing to provide superiorcustomer experiences as growth decelerates and user experiences trend toward commodification. Gambling platforms may alsoboost an esports category that shed nearly all value over the last five years. Thefull Exceldata packincluding forward-lookingestimates is available toPitchBook clients. •The exit landscape remains challenged.Only four companies in our analyst curated vertical are currently in IPO registration.Near-term candidates to debut publicly include gaming-adjacent companies such as Reddit (listed in March) and Discord(reportedly considering an IPO), as well as mature private companies such as Epic Games and Dream Games. Although publicincumbents have strong cash balances, increasing regulatory scrutiny and a shrinking number of strategic acquirers makesignificant M&A activity unlikely to resume in the near term. The PitchBook gaming comp sheet was constructed with the PitchBook Excel plugin using both PitchBook and Morningstar data. The toolallows subscribers to pull financial data and company information into Excel for more than 55,000 public companies across the US andthe world, as well as PitchBook’s proprietary data on more than 4 million private companies. Stock returns* Valuation charts* Thefully interactive Excel data packfor this report is available to PitchBook clients via the Excel plugin. Revenue* Revenue* Thefully interactive Excel data packfor this report is available to PitchBook clients via the Excel plugin EBITDA* EBITDA* Thefully interactive Excel data packfor this report is available to PitchBook clients via the Excel plugin.