Analyst Comment

PAYDAY mobile game released worldwide by Starbreeze’ partner

Yesterday (June 6th) the mobile game company PopReach announced the worldwide launch of PAYDAY Crime War for iOS and Android. The game is free-to-play and can be downloaded from both the Apple App store and Google Play store. PAYDAY Crime War is the first mobile game based on the PAYDAY intellectual property (IP) and has been developed under a licensing deal reached with Starbreeze in 2021.

Under the terms of the licensing agreement, Starbreeze received an upfront payment of USD 250,000 and is entitled to receive royalties on the game’s net sales. However, due to fierce competition within the free-to-play mobile games market, our current estimates reflect only minor revenues from the game. Furthermore, the changes made by Apple to IDFA has hampered user acquisition activities for mobile game companies. Nevertheless, game releases are inherently unpredictable, and should the game turn out to be a success it could generate decent revenues for Starbreeze.

For more information on Starbreeze see our recently released initiation of coverage report that can be found here.

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Starbreeze operates in the gaming industry and focuses on the development, publishing and distribution of computer games and interactive entertainment. The company's portfolio includes both its own games and collaborations with other game developers. The business is aimed at gamers and distributors globally, with the largest operations in Europe. Starbreeze was founded in 1998 and is headquartered in Stockholm, Sweden.

Key Estimate Figures30.05.2023

	2022	23e	24e
Revenue	127.6	669.0	370.2
growth-%	1.5 %	424.3 %	-44.7 %
EBIT (adj.)	6.7	454.8	140.4
EBIT-% (adj.)	5.3 %	68.0 %	37.9 %
EPS (adj.)	-0.08	0.27	0.09
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	0.4	1.3
EV/EBITDA	18.1	neg.	neg.