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Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - Terminating coverage

ABGSC ceases coverage of Play Magnus HOLD is our final recommendation NOK 9 is our final target price

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - Offer from Chess.com at NOK 13/share

Q2 bookings 15% below, # of paying users -5% y-o-y Cash offer of NOK 13/share, 24% premium to last close … implies 2022e EV/sales of 2.2x and EV/GP 2.6x

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - Slow momentum in core business

Weak consumer sentiment likely to impact core business Down to HOLD: our long-term outlook remains positive… …but growth needs to pick up to support a higher valuation

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - Setback in courses

Courses/subscriptions -5% organic growth y-o-y USD 2m cost cuts implemented – effect from Q2 Reiterate guidance of EBITDA break-even by YE’22

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - Guiding for a strong Q1

Guides for a strong Q1 with record-high bookings Profitability and cash burn likely to improve in 2022… …which should lead to a higher valuation

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - Lifts 2025 target to USD 100m

Adj. EBITDA miss on lower GP, but opex were lower Guides for strong Q1 bookings and higher adj. EBITDA 2025 bookings target up 67% to USD 100m

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - Raises USD 10m at an attractive price

Raises USD 10m at 37% premium to current share price Now more than sufficient cash to reach break-even Expect to see a large positive share price reaction

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - World Championship boosts Q4 bookings

Forecast Q4 bookings of USD 7.0m (56% org. growth) Expect better EBITDA q-o-q, likely a positive trigger BUY, target price of NOK 31

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - World Championship boost in Q4

Continues to outperform on bookings, but opex was higher Strong Q4 ahead due to World Championship BUY with new TP of NOK 31 (35)

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - Bookings above, somewhat higher costs

Bookings 3% above ABGSC, but opex was higher Set for strong Q4 with WC potentially boosting user base Expect small negative reaction due to adj. EBITDA miss

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - Ahead of plan to reach 2025 target

Q2’21: 149% y-o-y organic growth, but also higher costs Strong H2 ahead with World Championship in Q4 BUY with new TP of NOK 35 (40)

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - 23% beat, raises FY guidance by 9%

Bookings 23% above ABGSC, 149% org. y-o-y growth Lifts ‘21e booking guidance by 9% to USD 23-25m Cons ‘21e sales +8-10%, trading at 6.2x ‘21e EV/GP

Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - 167% organic growth

Bookings 52% above ABGSC, 167% org. y-o-y growth Raises 2021 bookings guidance by 10% Cons ‘21e sales +10-15%, trading at 4.5x ‘21e EV/sales

Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - 191% organic growth is simply outstanding

Impressive Q4 with 191% organic growth Raised 2021 target: We lift ’21e bookings by 25% Reiterate BUY with a new TP of NOK 45 (40)

Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - Blow-out quarter, raises ’21 target by 33%

43% bookings beat vs. cons, 196% growth y-o-y Lifts 2021 target by 33% (~12% organically) Cons to lift ’21e sales by 25-30%, share up +10%

Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - Acquisition adds ~14% to ‘21e bookings

Acquires +200 content titles at 1-2x EV/sales Adds 14% to ‘21e bookings - guidance likely to be raised We expect more acquisitions in the next 12 months

Aksel Øverland Engebakken ... (+14)
  • Aksel Øverland Engebakken
  • Derek Laliberté
  • Erik Cassel
  • Fredrik Ivarsson
  • Jan Erik Gjerland
  • Jesper Billeskov
  • Karl Bokvist
  • Karl Fredrik Schjøtt-Pedersen
  • Martin Melbye
  • Øystein Elton Lodgaard
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Tobias Kaj
  • Victor Forssell

Talking Points - Nokia: Sell on retail hype

Kinnevik (HOLD) Preview: Q4 to show strong private portfolio momentum Valuation now out of line with fundamentals We move to SELL (Buy); TP remains EUR 4.0

Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - Headed for a strong Q4 and even stronger ‘21

We estimate Q4 bookings 9% above guidance Strong momentum to continue (92% sales growth in ‘21e) Reiterate BUY and lift TP to NOK 40 (27)

Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Play Magnus AS - FY guidance implies strong Q4 growth

Revenues of USD 1.98m, 4% above ABGSC Acquires chess e-learning platform with 0.8m in revenues ‘20 guidance implies strong Q4 growth of 28% q-o-q

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