Analyst Group: Trophy Games - The game has begun

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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This is a press release from Analyst Group regarding the publication of an analysis on Trophy Games. Readers may assume that Analyst Group has received compensation for making the commentary. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.