gamigo AG

  • WKN: A2NBH2
  • ISIN: SE0011614445
  • Land: Deutschland

Nachricht vom 18.09.2019 | 14:35

gamigo AG acquires minority stake in Phoenix Games Holding GmbH and expects to continue its strong growth path

DGAP-News: gamigo AG / Key word(s): Investment

18.09.2019 / 14:35
The issuer is solely responsible for the content of this announcement.

gamigo Corporate News

gamigo AG acquires minority stake in Phoenix Games Holding GmbH and expects to continue its strong growth path

Online games publisher gamigo AG has acquired a minority stake in Phoenix Games Holding, a group of companies in the field of free-to-play mobile games development, in order to unfold synergies and growth opportunities between the two fast-growing companies. Furthermore, in line with developments to date, the Management Board of gamigo expects further revenue CAGR of 25% - 30% for the next 3-5 years, combined with an EBITDA margin of 25% - 30% and an EBIT margin of 15% - 20%.

Hamburg, 18 September, 2019 - gamigo AG ("gamigo", Anleihe ISIN: SE0011614445), one of the leading publishers of mobile and online games in Europe and North America, today announced that it acquired a minority stake of less than 5% in Phoenix Games Holding. The companies will leverage synergies and growth opportunities in mobile game development and publishing, user acquisition and technical innovation.

Phoenix Games is a family of gaming companies and was founded by games industry entrepreneur veteran Klaas Kersting. Phoenix Games is a holding company focusing on acquiring and maximizing the potential of mobile gaming development studios by offering its own expertise and enabling cooperation between teams. Phoenix concentrates on the development and publishing of mobile games and recently acquired the British studio Well Played Games.

"A strong belief in the power of collaboration goes right to the core of Phoenix, so we are excited to welcome yet more strategic expertise into the family with this partnership", said Klaas Kersting, CEO of Phoenix Games. "There are clear strategic synergies between Phoenix, gamigo and the companies associated to each that will help us to deliver even more expertise and upside to our growing family of developers."

gamigo AG has acquired a minority stake in Phoenix Games Holding and is confident that this cooperation will enable it to leverage the potential of the growing mobile games sector even more effectively.

"With this partnership, we strengthen our expertise and foothold in the mobile games market. Also we are convinced that there are several synergies between Phoenix and gamigo, such as launching new games and customer acquisition, that will lead to additional growth and earnings of both companies.", said Remco Westermann, CEO of gamigo AG.

Gamigo continues to focus on inorganic growth through acquisitions of companies and assets and takes advantage of the market consolidation opportunities. In addition, gamigo also increasingly focuses on organic growth. In the second half of 2019, gamigo has 3 game launches as well as several major content updates. In the Media / Advertising segment, the focus is on organic growth. In addition to its positive operating cash flow and freely available cash of over 20 million euros from the bond issued on Nasdaq Stockholm, gamigo has retained Pareto Securities AB to explore further financing -equity and non-equity- options to support further organic and non-organic growth.

The gamigo business model, that combines organic and anorganic growth and focuses on using synergies via integration and scale, shows good results. While the total gaming market shows an annual average growth of app. 11% per year, gamigo had over the past 4 and ½ years an average revenue growth of 32% per year. The EBITDA margin has over this period increased to current between 25% and 30% and also the earnings before interest and taxes, EBIT, consistently showed a positive trend reaching 11% of revenues in the first half of 2019 with a further upward trend. Based on these past results, in combination with many acquisition targets being available as well as organic growth opportunities, and further efficiencies that are realized with larger scale, the board of gamigo expects in line with past development continuous further revenue CAGR for the next 3-5 years of 25% - 30% in combination with an EBITDA margin of 25% - 30% and an EBIT margin of 15% - 20%.

About the gamigo group:
Since its founding in 2000, gamigo has developed into one of the leading publishers of free-to-play online and mobile games in Europe and North America. The gamigo group has over 400 employees at its headquarters in Hamburg, Germany, with offices in Berlin, Münster, Darmstadt, Cologne (Germany), Warsaw (Poland), Istanbul (Turkey), Chicago, Redwood City, Austin, Bellevue (USA), Toronto (Canada) and Seoul (Korea). The company's core portfolio includes successful games titles such as ArchAge, Aura Kingdom, Defiance, Fiesta Online, Rift and Trove. gamigo is growing organically and through acquisitions and has made over 20 acquisitions since 2013, including games, media and technology companies as well as selected game assets.

About Phoenix Games:
Phoenix Games was founded by serial games entrepreneur (Gameforge, Flaregames) and investor (Supercell, Wooga) Klaas Kersting in 2019 with the mission to build a family of the world's most talented game developers and service providers. Phoenix firmly believes that backing great companies with the freedom to create will yield exciting results for everyone.

This press release contains possible forward-looking statements that are based on the current assumptions and forecasts of the company management of gamigo AG or companies associated with it. Various known and unknown risks and uncertainties, as well as other factors, could mean that the actual results, financial circumstances, the development or performance of gamigo AG and the companies associated with it may deviate significantly from the estimations presented here. Neither gamigo AG nor the companies associated with it are obligated to update this sort of forward-looking statement or adjust them to future results or developments.

Press contact:

edicto GmbH
Axel Mühlhaus / Dr. Sönke Knop
Phone: +49 69 9055 05 51

Company contact:

gamigo AG

Sören Barz, Investor Relations


gamigo AG
Behringstraße 16 B
22765 Hamburg

18.09.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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