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Dolat Capital Report
Nazara Technologies Ltd. posted revenue decline of 6.1% QoQ (our estimate -2.2%). Nodwin/ Gamified Early Learning declined 28%/3% QoQ due to higher than expenses seasonal decline/weak sub. addition, while real-money games biz. saw lower than expected growth.
FY25 promises robust growth driven by
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Strong eSports pipeline,
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Restructuring efforts in Kiddopia, RMG and AdTech, and
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contribution from multiple acquisitions done in past six months. Target to achieve Rs 3 billion Ebitda by FY27 (implies 33% compound annual growth rate) is retained.
Nazara Technologies reported a miss in Q1 but outlined several actions to improve its overall performance. We raise Rev. by 3.2%/6.2%, but largely retain earnings estm. for FY25E/FY26E.
Revise to ‘Accumulate’ rating (earlier Buy) with discounted cash flow -based target price of Rs. 1,050 (implies ~45 times on FY26E earning per share), given recent run-up in price.
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