It definitely does. > [T]wo original IPs, Tomb Raider and Deus Ex, have sold AAA units of ~88M and ~12M, respectively. Embracer sees an opportunity to invest i

It definitely does. > [T]wo original IPs, Tomb Raider and Deus Ex, have sold AAA units of ~88M and ~12M, respectively. Embracer sees an opportunity to invest in these franchises, as well as the additional acquired IPs such as Legacy of Kain, Thief, and other original franchises. It's pretty much Tomb Raider, Deus Ex, and footnotes. Looks like Embracer picked this up for cheap because the business has been mismanaged, the base case involves running at breakeven for at least 2 years before they have new releases: > Embracer’s base case financial plan implies that the combined acquired companies will be breakeven or have a smaller Operational EBIT contribution to the upcoming two financial years driven mainly by sales of the back-catalogue titles. This could change positively if the company decides to enter a deeper strategic relationship with one or more platforms around the upcoming pipeline. When the product pipeline matures in the years thereafter, Embracer expects the acquired companies to generate on average at least SEK 500 million in operational EBIT per year with notable upside potential. So 6X multiplier a few years out if they turn it around. Notably, they're financing this at 1% interest, and seem to have extremely low debt ratios. Still, I'm surprised it was this cheap, especially with the gaming IP land grab going on these days. Makes me wonder if there's weird additional commitments like not firing anyone, or if their recent financial performance is much worse than implied. https://embracer.com/release/embracer-group-enters-into-an-agreement-to-acquire-eidos-crystal-dynamics-and-square-enix-montreal-amongst-other-assets/ https://embracer.com/release/embracer-group-enters-into-an-a...