Embracer Group initiated at BUY, TP SEK 120 - Expanding the entertainment ecosystem
We initiate coverage of Embracer Group, a video game and media holding company based in Sweden, with a 12-m TP of SEK 120 and a BUY recommendationThe group operates a unique ecosystem model featuring decentralized and individually empowered operating groups
Embracer has strong development pipeline with 216 projects including at least 25 AAA games to be released by March 2026
The expansion into new areas creates opportunities for transmedia synergies via deploying ca. 850 IPs across various delivery channels
We forecast an operational EBIT margin improvement from 26.7% in FY 21/22e to 29.6% by FY 23/24e
Embracer Group AB, formerly THQ Nordic AB is a Sweden-based company engaged in the computer games development. The Company focuses on acquiring, developing and publishing personal computer (PC) and console games for Xbox and PlayStation platforms. The Company's game portfolio consists of owned franchises intellectual property (IP) and published titles, including Saints Row, Goat Simulator, Dead Island, Darksiders, Metro, MX vs ATV, Kingdoms of Amalur, TimeSplitters, Satisfactory and Wreckfest, among others. It offers games through various distribution channels, including digital platforms, such as Steam, PlayStation Store and Xbox Live, as well as gaming conventions, and global retailers, such as Walmart, GameStop and Amazon. The Company has around 18 internal game development studios and operates in more than 40 countries.
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