Simulating real-life offline passions is a popular genre among millions of players on mobile and PC. Copenhagen-based Trophy Games Development (Trophy Games) has built a profitable niche with mainly free-to-play simulations and manager games, growing every year since its start in 2006. In recent years, the company has also delivered sustainable profits since the Transport series began to scale. With valuations in the gaming industry now lower, Trophy Games is well-positioned to add studios through acquisitions at attractive multiples. We initiate coverage with a fair value of DKK 18.0 per share.
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