External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We increase our top-line estimates by ~12% over next 2 years to accommodate the change in revenue recognition policy of Space &amp; Time (Ad-Tech subsidiary).</li><li>However, our PAT estimates have been revised downwards by 15%/7% in FY26E/FY27E as we re-align our growth &amp; profitability assumptions for Nodwin.</li><li>Nazara reported a revenue beat of 32% as the new policy of Space &amp; Time recognized revenues on either gross or net basis depending on client agreements.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We increase our top-line estimates by ~12% over next 2 years to accommodate the change in revenue recognition policy of Space &amp; Time (Ad-Tech subsidiary).However, our PAT estimates have been revised downwards by 15%/7% in FY26E/FY27E as we re-align our growth &amp; profitability assumptions for Nodwin.Nazara reported a revenue beat of 32% as the new policy of Space &amp; Time recognized revenues on either gross or net basis depending on client agreements.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nazara Technologies (NAZARA IN) - Well Poised for Strong Growth Ahead

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Nazara Technologies (Nazara) delivered robust Q3FY25 growth, led by ad-tech and gaming segments.</li><li>Growth in ad-tech was led by the recent acquisition in the UK (Space and Time Media).</li><li>As this is integrated, it should aid margin improvement.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nazara Technologies (Nazara) delivered robust Q3FY25 growth, led by ad-tech and gaming segments.Growth in ad-tech was led by the recent acquisition in the UK (Space and Time Media).As this is integrated, it should aid margin improvement.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nazara Technologies - Recent Acquisitions Beginning to Contribute Meaningfully

<ul><li>We upgrade Nazara Technologies to BUY (earlier HOLD) with an SoTP-based TP of Rs1,185 (earlier Rs923) as we incorporate MTPL acquisition into our valuation.</li><li>MTPL operates an online gaming platform, PokerBaazi, and we believe this acquisition will strengthen Nazara’s position in real money gaming space.</li><li>The acquisition is also expected to be value accretive for Nazara given the scale advantage and unfavorable tax regime (28% GST on full pot value) that is making survival increasingly difficult for smaller players (lowers competitive risks).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We upgrade Nazara Technologies to BUY (earlier HOLD) with an SoTP-based TP of Rs1,185 (earlier Rs923) as we incorporate MTPL acquisition into our valuation.MTPL operates an online gaming platform, PokerBaazi, and we believe this acquisition will strengthen Nazara’s position in real money gaming space.The acquisition is also expected to be value accretive for Nazara given the scale advantage and unfavorable tax regime (28% GST on full pot value) that is making survival increasingly difficult for smaller players (lowers competitive risks).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nazara Technologies - Inorganic Moves to Fuel Growth

<ul><li>We believe the acquisition not only paves the way for Nodwin to access developed markets where Esports has better penetration, but also lends expertise in PC-based games.</li><li>The buyout has also re-ignited growth prospects of the Esports segment, which has been facing some challenges off late due to deferment in media rights deals.</li><li>Post consolidation, we expect revenue/EBITDA CAGR of 23.7%/45.1% over FY24-FY26E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe the acquisition not only paves the way for Nodwin to access developed markets where Esports has better penetration, but also lends expertise in PC-based games.The buyout has also re-ignited growth prospects of the Esports segment, which has been facing some challenges off late due to deferment in media rights deals.Post consolidation, we expect revenue/EBITDA CAGR of 23.7%/45.1% over FY24-FY26E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nazara Technologies (NAZARA IN) - Nodwin Expands into Developed Markets

India

Nazara Technologies is an Indian diversified gaming and sports media platform with a global presence. It specializes in mobile games, esports, and gamified early learning, offering a broad spectrum of gaming content and solutions. The company was founded in 1999 and is headquartered in Mumbai, India.

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Nazara Technologies (NAZARA IN)