In this equity research report, analysts Maximus Stael Von Holstein and Hugo Freij take a closer look at the Swedish Game Development company Starbreeze AB (STAR B). The analysts estimate a CAGR of 410.4% between 2020A and 2023E. Applying a target multiple of EV/EBITDA 4.7x in 2023E implies an upside of 78.5%.
Investment highlights:
- The publishing deal with Koch Media secures the release of PAYDAY 3 in 2023.
- The upcoming release of the mobile game PAYDAY: Crime War provides an exciting opportunity in a growing market.
- PAYDAY 2 has become the biggest community on Steam with 7.1 million members and is averaging double the number of concurrent players compared to its first year of release.
