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Yesterday (2 March), Next Games reported preliminary H2 2021 results clearly below our expectations, even though we had cut our estimates heavily in December after the company withdrew its guidance as a consequence of postponed UA investments for Stranger Things: Puzzle Tales. The real news of the day, however, related to a tender offer of EUR 2.1 per share made by Netflix, valuing Next Games at EUR 65m. Given Next Games' history with Netflix, we are not overly surprised about the outcome and we think it likely that the deal will close during Q2 2022 as expected. We see that joining Netflix provides Next Games with much-needed resources to develop and scale up new games in the future, following a period of operational and financial difficulties. We make significant estimate cuts following the H2 outcome, but increase our valuation range to EUR 1.8-2.5 (1.3-1.8) due to the tender offer. Marketing material commissi oned by Next Games.
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