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This morning Netflix announced a bid on Next Games at EUR 2.10 per share, corresponding to a 126% premium to yesterday’s close and valuing the company at EUR 65m, or EV/sales of 2.6x for 2021. Board of Directors of Next Games has unanimously decided to recommend that the shareholders of Next Games accept the offer, which is expected to be completed during Q2 2022. We do not view this outcome as overly surprising, given the company’s struggles with new game releases and ongoing cooperation with Netflix on Stranger Things: Puzzle Tales. Joining Netflix will provide Next Games much needed resources to develop and scale up new games in the future. Next Games also pre-announced its H2 2021 figures, which were clearly below our expectations even though we already cut our estimate clearly in December after the company’s guidance withdrawal as a consequence of postponed UA investments for Stranger Things: Puzzle Ta les.
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