Devolver Digital (DEVO LN) - Placement at premium and strategic interests

Devolver has attracted strategic interest and raised $10m at a 10% share price premium. We believe this transaction, combined with peers’ strong trading updates and positive market data, could indicate the early stages of sector recovery and undervaluation. Devolver’s shares trade at only 11x ex-cash PE and 9x EV/ Adjusted EBIT for 2026

Zeus Video Games Sector Quarterly review - July 2024

Demand and supply drivers: Video games demand data, summarised on page 9, suggests that the market is in the early stages of recovery and we can see market growth continuing to accelerate, but we have yet to see supply growth moderate. For example, rolling twelve months spending on video game content growth in the US continues to accelerate from a low of -8% in October 2022 to flat in August 2023 and to 4% in April 2024, according to Statisa and Gamesindustry.biz, whilst rolling LTM game release

Zeus UK smallcap technology sector update - 28 June 2024

The companies in the Zeus smallcap technology universe with the highest earnings growth potential are Seeing Machines, ZOO Digital, CyanConnode and Ensilica. Their surprisingly low earnings multiples indicate to us that investors are sceptical of their anticipated growth. The companies that are well positioned to meet earnings expectations may offer potential price upside. We review their growth prospects below and highlight CyanConnode. The median stock in the Zeus UK smallcap technology index

PANMURE: Devolver Digital : Returning to growth

Hybridan Small Cap Feast - 18 April 24

18th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

Devolver Digital (DEVO LN) - Rebuild year

Devolver Digital encouragingly delivered 2023 results slightly ahead of expectations and provided a steady medium-term outlook that leads us to reiterate our 2024 Adjusted EBITDA estimates. Longer term, the company is now planning to further develop its two major planned titles, Human Fall Flat 2 and System Era's next major new release. We now expect those major titles to be released in 2026 rather than 2025, meaning we lower our 2025 Adjusted EBITDA forecast to $10.6m from $17.6m but introduce

Hybridan Small Cap Feast - 31 Jan 24

31st January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

PANMURE: Devolver Digital : Founder taking the reins

Devolver Digital (DEVO LN) - Update: Management changes, impairment and revenue mix

2023 revenue, Normalised Adjusted EBITDA and net cash are expected to be in line with our estimates. However, the company is impairing an additional asset (c. $1.6m) in 2023, after the disappointing launch of a game at its Good Shepherd subsidiary. For 2024, the company’s revenues appear more weighted towards third-party titles with lower margins. Therefore, we lower 2024 Normalised Adjusted EBITDA to $7.9m from $11.8m. Devolver’s CEO has stepped down and been replaced by Harry Miller, previousl

Zeus: Video Games Sector Quarterly review - January 2024

Subsector price performance: In the fourth quarter to 29 December 2023 all but the AAA publishers and platform subsector saw share price declines. The UK PC and Console focused subsector was again the worst performing subsector (-26.2%) over the quarter and LTM (-70.1%).

Hybridan Small Cap Feast - 06/12/23

6th December 2023 Newly revamped “What’s baking in the oven?” and other features in Feast @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to s

PANMURE: Devolver Digital : Sub-4x cash multiple for long lifecycle games

Hybridan Small Cap Feast - 01 Nov 23

1st November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje