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    EMBRAC B   SE0016828511

EMBRACER GROUP AB (PUBL)

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Gaming company Kepler raises $120 million from China's NetEase

09/27/2021 | 10:41pm EST
The logo of Chinese technology company NetEase is seen on an advertisement at a bus stop in Beijing

STOCKHOLM (Reuters) - Kepler Interactive, a game publisher co-owned and run by developers, on Tuesday said it got $120 million in funding from Chinese gaming firm NetEase Inc.

The group, formed with seven gaming companies including Alpha Channel and Sloclap, plans to offer game studio founders to become co-owners, share resources and financial gains, while being charge of their own studios.

"We have a studio committee, which meets on a weekly basis, they get involved in major company decisions, but they don't get involved into individual studio decisions, so the studios remain independent," CEO Alexis Garavaryan said in an interview.

Sweden's Embracer had a somewhat similar model in which instead of partnering, it bought companies but allowed their founders to run them independently with full creative and operational freedom. That model has helped Embracer to become Europe's largest video game company.

Kepler will have operational hubs in London and Singapore, with teams spread over 10 countries, and a 2022 slate of titles such as third person action game Sifu , first-person survival horror adventure video game Scorn , and open-World adventure game Tchia.

Garavaryan did not disclose the valuation of the company but said NetEase would be a minority investor.

The global games market will generate $175.8 billion in 2021 and is expected to cross the $200-billion mark in 2023, according to gaming analytics firm Newzoo.

The company's studios are currently focused on PC and console games, but it could look at bringing in studios with expertise in mobile games and animations.

"There's conversations about expansion so we have had talks about bringing an animation studio, so that we can adapt some of our properties into animated series," said Garavaryan.

(Reporting by Supantha Mukherjee, European Technology & Telecoms Correspondent, based in Stockholm; Editing by Dan Grebler)

By Supantha Mukherjee


ę Reuters 2021
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Sales 2022 15 368 M 1 679 M 1 679 M
Net income 2022 -2 984 M -326 M -326 M
Net cash 2022 9 338 M 1 020 M 1 020 M
P/E ratio 2022 -31,0x
Yield 2022 -
Capitalization 95 730 M 10 512 M 10 459 M
EV / Sales 2022 5,62x
EV / Sales 2023 3,87x
Nbr of Employees 6 462
Free-Float 57,3%
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Number of Analysts 12
Last Close Price 94,29 SEK
Average target price 136,15 SEK
Spread / Average Target 44,4%
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Lars Eric Olof Wingefors Chief Executive Officer & Director
Per Johan Ekstr÷m Chief Financial Officer
Kicki Wallje-Lund Chairman
Egil Strunke Chief Operating Officer
Ulf Hjalmarsson Independent Director
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