Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 Gaming MMO NetEase (AsiaPac) 27,366 94% 3.1x 3.1x 3.4x (4%) 24.4x 14.4x 11.9x 43% 21% 28.4x 20.3x 17.0x Sea Limited (US) 8,891 88% 2.1x 2.0x 1.9x 4% 11.2x 10.3x 9.7x 8% 20% 16.5x 15.0x 13.7x Nexon (AsiaPac) 7,061 83% 3.3x 3.3x 3.0x 5% 7.6x 8.1x 7.1x 4% 40% n/a n/a n/a NCsoft (AsiaPac) 7,758 97% 5.9x 5.9x 4.1x 20% 15.2x 18.1x 9.9x 24% 32% 24.7x 25.7x 14.8x HUYA (AsiaPac) 3,455 81% 5.7x 3.3x 2.5x 51% 97.6x 59.9x 24.8x 98% 6% 98.8x 55.2x 29.8x NetDragon (AsiaPac) 1,011 78% 1.6x 1.3x 1.1x 19% 17.4x 6.4x 5.5x 78% 21% 45.3x 10.9x 9.4x Rovio (Europe) 221 54% 0.8x 0.7x 0.7x 6% 4.6x 5.1x 4.9x (3%) 14% 13.9x 13.7x 12.2x WeMade (AsiaPac) 357 59% 3.8x 3.7x 2.6x 21% 71.8x n/m 19.0x 95% (1%) 49.7x n/m 40.8x Vespa Inc (AsiaPac) 41 39% 0.4x 0.3x n/a (100%) n/a 1.4x n/a n/a 23% 4.2x 3.2x n/a Changyou (AsiaPac) 232 41% 0.5x 0.6x 0.6x (5%) 2.0x 1.9x 1.5x 15% 31% 5.0x 4.7x 4.5x Mean 2.7x 2.4x 2.2x 2% 28.0x 14.0x 10.5x 40% 21% 31.8x 18.6x 17.8x Mobile and Casual Colopl (Europe) 22,810 93% 10.1x 9.3x 8.6x 8% 29.2x 26.6x 24.2x 10% 35% 43.3x 38.7x 34.5x Zynga (US) 4,691 88% 5.7x 3.9x 3.2x 34% 27.9x 18.4x 14.8x 37% 21% 39.1x 23.9x 21.5x CyberAgent (AsiaPac) 4,326 64% 1.2x 1.1x 1.0x 7% 13.3x 12.9x 10.7x 12% 9% n/a n/a n/a Youzu (AsiaPac) 1,749 60% 3.6x 3.4x 2.7x 17% 13.8x 10.2x 8.7x 25% 33% 14.5x 12.3x 10.4x DeNA (AsiaPac) 1,672 85% 1.6x 1.6x 1.4x 4% 7.5x 9.1x 7.1x 3% 18% n/a n/a n/a GREE (Europe) 1,460 98% 0.6x 0.9x 0.8x (17%) 6.9x 8.7x 8.1x (8%) 10% 10.3x 12.9x 11.9x GungHo Online (AsiaPac) 719 54% 1.1x 0.8x 0.9x 9% 3.7x 2.4x 3.1x 9% 32% n/a n/a n/a NHN Entertainment (AsiaPac) 719 67% 0.7x 0.6x 0.6x 16% 8.1x 5.4x 4.6x 33% 12% 9.7x 19.1x 11.6x Glu Mobile (US) 679 46% 2.0x 1.8x 1.6x 11% 18.7x 22.2x 11.4x 28% 8% 20.9x 22.6x 12.4x Stillfront Group (Europe) 660 79% 5.4x 3.4x 2.8x 39% 15.3x 8.6x 6.7x 51% 39% 34.4x 16.2x 11.8x SciPlay (US) 352 62% n/a 0.8x 0.7x n/a n/a 2.8x 2.2x n/a 29% n/a 2.4x 1.7x IGNIS (AsiaPac) 128 65% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Gumi (AsiaPac) 145 78% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Focus Home Interactive (Europe) 115 88% 1.0x 0.9x 0.9x 8% 9.1x 7.1x 6.9x 15% 12% 18.5x 12.4x 12.0x Ourgame (AsiaPac) 79 71% 0.9x 0.9x n/a (100%) n/a n/a n/a n/a - n/a n/a n/a Boyaa Interactive (AsiaPac) (142) 49% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 2.8x 2.3x 2.1x 3% 14.0x 11.2x 9.0x 20% 20% 23.8x 17.9x 14.2x Console & PC Activision Blizzard (US) 36,591 65% 5.4x 6.4x 5.8x (3%) 15.2x 18.2x 15.3x (0%) 35% 20.9x 24.9x 21.7x Electronic Arts (US) 22,870 81% 5.1x 4.8x 4.7x 4% 14.8x 13.9x 13.7x 4% 34% 22.3x 20.4x 19.7x Take-Two Interactive (US) 10,629 90% 4.2x 4.3x 4.2x 0% 16.7x 17.5x 16.1x 2% 24% 24.1x 25.0x 22.0x Ubisoft Entertainment (Europe) 8,380 72% 4.4x 4.6x 3.0x 20% 9.6x 11.0x 13.7x (16%) 42% 26.2x 34.3x 20.2x Bandai Namco (AsiaPac) 10,315 98% 1.7x 1.6x 1.7x 0% 11.8x 11.0x 10.3x 7% 15% n/a n/a n/a Konami (AsiaPac) 4,840 71% 3.0x 2.8x 2.4x 13% 18.7x 16.9x 13.0x 20% 16% 36.7x 39.0x 26.8x Netmarble Corp. (AsiaPac) 4,467 93% 2.1x 2.0x 2.0x 3% 8.5x 8.1x 7.1x 10% 25% n/a n/a n/a CD Projekt (Europe) 5,445 96% 65.6x 56.8x 7.4x 197% n/m n/m 9.7x 314% 31% n/m n/m 12.7x Square Enix (AsiaPac) 3,286 88% 1.7x 1.5x 1.3x 14% 11.2x 11.1x 9.1x 11% 13% n/a n/a n/a Pearl Abyss Corp. (AsiaPac) 1,854 82% 5.8x 4.0x 3.3x 34% 13.0x 11.2x 8.1x 27% 36% 15.9x 16.4x 11.6x Sega Sammy (AsiaPac) 2,421 84% 0.9x 0.8x 0.8x 9% 8.0x 6.1x 5.3x 22% 13% n/a n/a n/a Douyu International Holdings (AsiaPac) 3,110 79% n/a 3.3x 2.3x n/a n/a n/m 28.4x n/a (3%) n/a n/m 18.3x Capcom (AsiaPac) 2,057 93% 2.3x 2.3x 3.0x (13%) 10.5x 9.9x 8.8x 9% 23% n/a n/a n/a Paradox Interactive (Europe) 1,294 75% 12.6x 10.1x 8.1x 24% 22.5x 18.2x 14.1x 26% 56% 42.7x 35.9x 27.6x Marvelous (AsiaPac) 249 82% 1.1x 1.2x 1.2x (3%) n/a n/a n/a n/a - n/a n/a n/a Mean 8.3x 7.1x 3.4x 21% 13.4x 12.8x 12.3x 34% 24% 27.0x 28.0x 20.1x Source: Capital IQ (as of 12 September 2019). 23 View Our Internet Trading Comps