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Trophy Games Development A/S (“Trophy Games” or the “Company”) is a Danish game developer focused on challenging strategy games, currently showing strong double-digit growth. The Company has had great success with developing so-called manager games and has now diversified the portfolio through the emergence of the transport series, led by the successful Airline Manager 4 (“AM4”) game. With three transport titles expected to be released during 2022 and 2023, as well as the scaling up of the major IP-game Warhammer: Soul Arena, revenue is expected to grow with a CAGR of 48.5% between 2020-2022. In a Base scenario, Analyst Group estimates a revenue of DKK 66.3m in 2022 with an EBITDA of DKK 6.5m, which, based on an applied EV/S multiple of 2.5x yields a potential fair value of DKK 7.1 per share.
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