Dagen Industri kirjoittanut tänään Paradoxista ja valinnut sen “viikon osakkeiden” joukkoon. Tämän myötä kurssi otti aamulla pienen aloitusrallin (~+10%).
Pähkinänkuoressa: kasvu jatkuu ydinpeleissä ja fair value on EV/EBIT=20 (alle historiallisten keskiarvojen)
Juttu löytyy ainakin Nordnetin tiedotteista suoraan, joten kai tämän jutun uskaltaa tänne kirjoittaa kääntäjällä käännettynä:
"STOCKHOLM (Nyhetsbyrån Direkt) Paradox has a very strong balance sheet, margins that place the company in the profitability elite and a valuation that appeals.
Paradox has fallen into the cold, but now it’s buying mode, writes Dagens Industri under the vignette Week’s stock.
The company is debt-free with over a billion in cash, and also a loyal customer group that has been built up over decades, the newspaper writes. Despite that, the course has almost halved in the past year.
“The latest setback is that the game Life By You is thrown in the trash, which resulted in a write-down of SEK 208 million in the latest quarterly report. Thus, Paradox has made write-downs of roughly SEK 629 million since the largest owner Fredrik Wester made a comeback as CEO in the fall 2021”, writes DI.
The problems are not only Paradox’s fault according to the paper, which believes that the industry has been over-invested and that too many games have been released.
Regarding the valuation, DI expects annual growth for 2025 and 2026 of 25 percent and an operating margin of 37 percent. The newspaper also expects an ev/ebit multiple of 20, which is below the historical average.
“That would give Paradox’s stock an upside of another 30 percent in a one-year term and as much as 68 percent in a two-year term,” writes the newspaper and recommends buying with the addition that a potential bid for the company is another joker in the game.
