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

<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

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 (NAZARA IN) - Nodwin Expands into Developed Markets

We believe the acquisition not only paves the way for Nodwin to access developed markets where Esports has better penetration, but also lends...

Prabhudas Lilladhar

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