External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

<ul><li>We upgrade Nazara Technologies to BUY (earlier HOLD) with an SoTP-based TP of Rs1,185 (earlier Rs923) as we incorporate MTPL acquisition into our valuation.</li><li>MTPL operates an online gaming platform, PokerBaazi, and we believe this acquisition will strengthen Nazara’s position in real money gaming space.</li><li>The acquisition is also expected to be value accretive for Nazara given the scale advantage and unfavorable tax regime (28% GST on full pot value) that is making survival increasingly difficult for smaller players (lowers competitive risks).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We upgrade Nazara Technologies to BUY (earlier HOLD) with an SoTP-based TP of Rs1,185 (earlier Rs923) as we incorporate MTPL acquisition into our valuation.MTPL operates an online gaming platform, PokerBaazi, and we believe this acquisition will strengthen Nazara’s position in real money gaming space.The acquisition is also expected to be value accretive for Nazara given the scale advantage and unfavorable tax regime (28% GST on full pot value) that is making survival increasingly difficult for smaller players (lowers competitive risks).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nazara Technologies - Inorganic Moves to Fuel Growth

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Nazara Technologies / Forensic Accounting

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/nazara-technologies-ltd" target="_blank" data-smartkarma-citation="entities:32980:1" rel="noopener">Nazara Technologies (NAZARA IN)</a> were rattled last week after the company had received show cause notice from the GST Department on 16th July.</li>
<li>The GST liability pertained to two of its subsidiaries and summed up to INR 11.2 bn, which represents under 50% of consolidated net-worth.</li>
<li>However because the GST for the industry is a delicate and debatable matter, the actual impact on the financials cannot be ascertained now, but company faces a high legal risk.</li>
</ul>


Shares of Nazara Technologies (NAZARA IN) were rattled last week after the company had received show cause notice from the GST Department on 16th July.
The GST liability pertained to two of its subsidiaries and summed up to INR 11.2 bn, which represents under 50% of consolidated net-worth.
However because the GST for the industry is a delicate and debatable matter, the actual impact on the financials cannot be ascertained now, but company faces a high legal risk.


Nazara Technologies- Face off with Heavy Liability

<ul><li>We believe the acquisition not only paves the way for Nodwin to access developed markets where Esports has better penetration, but also lends expertise in PC-based games.</li><li>The buyout has also re-ignited growth prospects of the Esports segment, which has been facing some challenges off late due to deferment in media rights deals.</li><li>Post consolidation, we expect revenue/EBITDA CAGR of 23.7%/45.1% over FY24-FY26E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe the acquisition not only paves the way for Nodwin to access developed markets where Esports has better penetration, but also lends expertise in PC-based games.The buyout has also re-ignited growth prospects of the Esports segment, which has been facing some challenges off late due to deferment in media rights deals.Post consolidation, we expect revenue/EBITDA CAGR of 23.7%/45.1% over FY24-FY26E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nazara Technologies (NAZARA IN) - Nodwin Expands into Developed Markets

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Adani plans to raise Rs 40,000 crore via NCDs from retail investors, diversifying funding sources.</li>
<li>Reliance secures 10 GWh battery storage under India’s PLI scheme, advancing clean energy goals.</li>
<li>Nazara partners with Telangana to launch an AI Centre, driving innovation in gaming and emerging tech.</li>
</ul>


Adani plans to raise Rs 40,000 crore via NCDs from retail investors, diversifying funding sources.
Reliance secures 10 GWh battery storage under India’s PLI scheme, advancing clean energy goals.
Nazara partners with Telangana to launch an AI Centre, driving innovation in gaming and emerging tech.


# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

<ul>
<li>Impending block deals which generally create supply over-hang on the stock leads to a negative impact on the stock</li>
<li>These block deals generally include selling promoters and big funds at a price discount to its current market price</li>
<li>Historically, such events suggest once the block deal is done; stock reacts positively creating a Special Situation Opportunity</li>
</ul>


Impending block deals which generally create supply over-hang on the stock leads to a negative impact on the stock
These block deals generally include selling promoters and big funds at a price discount to its current market price
Historically, such events suggest once the block deal is done; stock reacts positively creating a Special Situation Opportunity


Inox Wind : Block Deal Trade Special Situations and Tactical Trade Strategy

India

Nazara Technologies Limited operates as a diversified gaming and sports media platform. The Company offers interactive learning, reporting, subscriptions, as well as kids, skill based, and sports simulation games. Nazara Technologies serves customers in India.

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Nazara Technologies (NAZARA IN)

Nazara Technologies - Inorganic Moves to Fuel Growth

We upgrade Nazara Technologies to BUY (earlier HOLD) with an SoTP-based TP of Rs1,185 (earlier Rs923) as we incorporate MTPL acquisition into our...

Prabhudas Lilladhar

Nazara Technologies- Face off with Heavy Liability

Shares of Nazara Technologies took a hit after receiving a show cause notice from the GST Department for a significant liability, raising legal...

Nitin Mangal