MOBIRIX to be listed on KOSDAQ, “Projected stable growth”

관리자 2020.10.29

40 ~50% undervalued compared to the average PER of 27.75x based on the combined results of last four quarters of domestic peers and similar companies.

Key investment point – Dominate the global download in the market and build a diverse game portfolio.


From the market, it is analyzed that MOBIRIX, a mobile game company that is about to be listed in the KOSDAQ, will continue stable growth. Based on 2020 PER is also evaluated to be 42.2 ~ 53% less compared to domestic peers and similar companies.


On the 29th, EUGENE INVESTMENT & SECURITIES evaluated that MOBIRIX as a company with global number 1 game downloads and have a market dominance in Korea, and stable growth is projected by establishing a diverse portfolio.


The key points of investments are dominance of the global game downloads and establishment of a diverse game portfolio.


In the case of MOBIRIX, it has a number of mobile games with more than 50 million downloads, it is proved that MOBIRIX is overwhelmingly ranked as first in the global download category among domestic publishers. In 2018, it ranked 4th in Google Play downloads, and 10th in Google Play and Apple store integrated downloads.


In addition, more than 200 games are generating revenues, moreover in the second half of the year, 8 games of self-development and 5 publishing games are prepared to be scheduled, that expected to be continuously generating profits.


The researcher Jong-Sun, Park mentioned that “MOBIRIX games are mainly light casual games that do not require high quality devices so that causes large scale of new register users’ inflow from the countries with high growth potential such as Southeast Asia and Central south America”, Even more than this, the company is expected that “Profit generation will continue through M&A with excellent developer and publishing of new games”.


Meanwhile, MOBIRIX recorded 40.3 billion (KRW) in sales, and 7.4 billion (KRW) in operating profit last year. In the first half of the year, it achieved 21.3 billion (KRW) in sales, and 2.7 billion (KRW) in operating profit.