GOLFZON Co., Ltd. (215000.KQ)

Industry: Electronic Gaming & Multimedia Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
TM17.L	43	Team17 Group plc	433	20.50	20.50	4.23	4.23	4.58	5.19
1119.HK	44	iDreamSky Technolo	427	-	-	-	-	13.07	-
3798.HK	45	Homeland Interacti	417	259.89	259.89	42.81	42.81	1.55	-
AVID	46	Avid Technology, I	413	91.74	91.74	52.55	47.05	-	43.81
NACON.PA	47	Nacon S.A.	406	5.07	5.07	1.62	1.62	4.66	3.64
3632.T	48	GREE, Inc.	367	74.64	87.91	7.49	8.41	6.73	5.86
ROVIO.HE	49	Rovio Entertainmen	351	30.14	31.34	17.69	18.94	24.65	29.26
215000.KQ	50	GOLFZON Co., Ltd.	341	9.54	8.91	2.07	1.77	5.41	4.11
9990.HK	51	Archosaur Games In	324	-	-	-	-	-	-
6820.HK	52	FriendTimes Inc.	315	-	-	-	-	-	-
300113.SZ	53	Hangzhou Shunwang	277	47.09	47.09	41.36	30.58	22.93	38.86
002354.SZ	54	Tianyu Digital Tec	268	-	-	173.80	173.80	104.78	-
MYPS	55	PLAYSTUDIOS, Inc.	247	-	-	0.97	1.12	-	-
FDEV.L	56	Frontier Developme	241	-	-	1.64	1.11	4.36	-
NAZARA.BO	57	Nazara Technologie	230	75.72	40.26	24.13	15.18	1,217.07	-
0GDU.L	58	Paradox Interactiv	218	28.99	28.26	14.38	13.97	39.15	21.24

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	30.14	31.34	10.93	11.19	6.73	5.86
Full Range Median Multiple	47.09	40.26	16.03	14.58	13.07	21.24
Industry Multiple	70.42	68.01	31.89	29.90	131.23	21.12
Market Implied Multiple	8.50	7.94	1.82	1.56	4.76	3.62
Company (215000.KQ) Multiple	9.54	8.91	2.07	1.77	5.41	4.11
(*) Net Income / EBITDA / Revenue	26	28	109	127	41	55
Winsorized Enterprise Value	N/A	N/A	1,187	1,421	279	320
Full Range Median Enterprise Value	N/A	N/A	1,741	1,850	541	1,159
(-) Net Debt	-22	-22	-22	-22	-22	-22
Winsorized Equity Value	777	865	1,209	1,442	301	342
Full Range Median Equity Value	1,215	1,112	1,763	1,872	563	1,181
(/) Shares Outstanding	0	0	0	0	0	0
Winsorized Fair Value	$191,094.77	$212,740.17	$297,189.01	$354,545.60	$73,929.09	$83,970.84
Full Range Median Fair Value	$298,550.34	$273,258.82	$433,246.37	$460,107.82	$138,436.60	$290,212.89
Current Price	$53,900.00	$53,900.00	$53,900.00	$53,900.00	$53,900.00	$53,900.00
Upside / Downside	254.54%	294.69%	451.37%	557.78%	37.16%	55.79%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$133,766.34	$148,918.12	$208,032.31	$248,181.92	$51,750.36	$58,779.59
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY