DOCSLIB.ORG

Ncsoft (036570) Korea – Equity Research

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ncsoft (036570) Korea – Equity Research NCsoft (036570) Korea – Equity Research Aion takes #1 ranking in US and Europe Internet Buy Aion's initial performance in US and Europe is positive 19 Aug 2009 After 2Q conference call, anticipation of Aion in US and Europe declined sharply as Bloomberg: 036570 KS ① AionÊs numbers in China were slightly lower than expected, and ② NCsoft did not Target Price (12M, W): 280,000 disclose numbers for Aion pre-orders in US and Europe. Although NCsoft's shares have Share Price (08/18/09, W): 122,000 recently declined, we see AionÊs achievement thus far in US and Europe as impressive. Expected Return (%): 129.5 Sector: Internet Software and Services According to MMORPG.com, Aion took the no.1 ranking leaving a huge gap with the no.2 Sector Rating: Overweight game. Aion Collector's Edition, which is sold at full price (called pre-tail), was sold out in EPS Growth (09F, %): 636.9 Amazon and was the no.1 or no.2 best selling PC game in some online game stores such Market EPS Growth (09F, %): 54.3 as Steam. P/E (X): 12.4 If Aion, which is to enter open beta testing and commercialization in September, Market P/E (08/18/09F, X): 13.8 continues to perform positively in US and Europe, market sentiment for the stock could Market Cap (Wbn): 2,646 improve. Shares Outstanding (mn): 22 Avg Trading Volume (60D, '000): 548 Avg Trading Value (60D, Wbn): 82 Margin Balance ('000 sh): 540 Dividend Yield (09F, %): .8 Free Float (%): 64.0 52-Week Low/High: 24,400/193,000 Beta (12M, Daily Rate of Return): 0.8 Price Return Volatility (12M Daily, %,SD): 4.3 Foreign Ownership (%): 14.4 Major Shareholder(s): T. J. Kim et al. (26.52%) Mirae Asset Mgt. et al (14.4%) Treasury stock (9.43%) Price Performance (%) 1M 6M 12M Absolute -15.3 58.6 137.8 Relative -22.9 19.4 138.9 FY Sales OP OP Margin NP EPS EBITDAFCF ROE P/E P/B EV/EBITDA Share price (Wbn) (Wbn) (%) (Wbn) (W) (Wbn) (Wbn) (%) (x) (x) (x) 420 KOSPI 12/07 223 47 21.1 45 2,205 56 19 10.4 22.2 2.3 13.3 320 12/08 240 46 19.0 27 1,334 57 10 6.4 39.4 2.6 15.6 220 12/09F 473 235 49.7 201 9,831 252 179 39.5 12.4 4.2 9.1 120 12/10F 571 313 54.9 297 14,526 333 230 40.0 8.4 2.8 6.1 20 12/11F 677 397 58.7 403 19,673 419 302 37.5 6.2 2.0 4.0 8/08 12/08 4/09 8/09 Source: Company data, Daewoo Securities Research estimates Chang Kwean Kim +822-768-4321 [email protected] Jee-Hyun Moon +822-768-3615 [email protected] Please carefully read important notices in the last pages of this report. NCsoft Figure 1. Weekly unique hits for Aion at MMORPG.COM Figure 2. Monthly unique hits for Aion at MMORPG.COM ('000) ('000) 200 weekly 800 monthly 150 600 100 400 50 200 0 0 Aug 14 Aug 19 Aug 24 Aug 29 Aug 14 Aug 19 Aug 24 Aug 29 Source: mmorpg.com, Daewoo Securities Research Source: mmorpg.com, Daewoo Securities Research Figure 3. Semi-annual unique hits for Aion at MMORPG.COM Figure 4. Annual unique hits for Aion at MMORPG.COM ('000) ('000) 2,000 semi-annually 3,000 annually 1,500 2,250 1,000 1,500 500 750 0 0 Aug 14 Aug 19 Aug 24 Aug 29 Aug 14 Aug 19 Aug 24 Aug 29 Source: mmorpg.com, Daewoo Securities Research Source: mmorpg.com, Daewoo Securities Research Table 1. Top 10 unique hits at MMORPG.COM (Unique hits) Rank In a week In a month In 6 months In a year 1 Aion 114,992 Aion 361,891 Aion 1,208,212 Warhammer Online 2,652,214 2 World of Warcraft 50,330 World of Warcraft 157,461 Warhammer Online 805,764 Aion 1,792,226 3 City of Heroes 28,641 Star Wars: The Old Republic 114,256 Darkfall 712,747 Darkfall 1,609,644 4 Karos Online 27,375 Darkfall 106,798 Star Wars: The Old Republic 665,575 Age of Conan 1,265,524 5 Warhammer Online 24,976 Warhammer Online 105,760 World of Warcraft 590,409 World of Warcraft 1,237,638 6 Champions Online 24,931 Age of Conan 105,048 Age of Conan 590,227 Lord of the Rings Online 1,205,892 7 Star Wars Galaxies 23,518 Champions Online 96,537 Atlantica Online 531,264 Atlantica Online 1,067,247 8 Star Wars: The Old Republic 22,326 EVE Online 87,843 Lord of the Rings Online 515,899 EVE Online 1,004,385 9 EVE Online 20,443 Final Fantasy XIV 87,773 EVE Online 511,401 Star Wars: The Old Republic 937,282 10 Earthrise 19,697 Atlantica Online 85,348 The Chronicles of Spellborn 444,103 The Chronicles of Spellborn 916,832 Note: Based on August 18, 2009, the ranking is calculated by the popularity, number of unique hit, the characteristic of site is in Table 6. Source: mmorpg.com, Daewoo Securities Research 2 NCsoft Figure 5. Aion weekly ranking Jun 14 Jul 5 Jul 26 Aug 16 Sep 6 Sep 27 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Steam (Aion Collector's Edition) 15 Direct2Drive (Aion Standard Edition) (rank) Note: based on revenue, the characteristic of each site is in Table 6. Source: Shacknews, Steam, Direct2Drive, Daewoo Securities Research Table 2. Aion CollectorÊs Edition and Standard Edition Aion Collector's Edition Aion (Standard Edition) Price $59.99 ($69.99 as a box in offline-store) $49.99 Package includes a 30-day subscription (37 days if purchased online) Aion Collector's Edition Bonus Items: Sprint Ring, Stat-Boosting Hat, and XP Tailsman (available when game goes live): Contents Black Cloud Earring (gives an HP and MP boost) Package includes a 30-day subscription Special character title ("Pioneer of Aion") with stat boost Color dye to tint one in-game item Two character emotes (Disco and Samba Emotes) Source: Company Data, Daewoo Securities Research Table 3. Top 10 weekly sales of PC games Steam Dircet2Drive 1. Warhammer 40K: Dawn of War II / Relic Entertainment 1. Champions Online (pre-order) / Cryptic 2. Aion Collector's Edition (pre-order) / NCsoft 2. Fallout 3 / Bethesda Softworks 3. Left 4 Dead / Valve 3. The Sims 3 / The Sims Studio 4. Hearts Of Iron III / Paradox Interactive 4. Hearts of Iron III with Sprite Packs Bundle / Paradox Interactive 5. Counter-Strike: Source / Valve 5. Best of Indie Bundle Vol. 1 / Various 6. The Witcher: Enhanced Edition - Director's Cut / CD Projekt RED 6. Rise of Flight / neoqb 7. Red Faction: Guerrilla (pre-order) / Volition 7. Hearts Of Iron III / Paradox Interactive 8. TrackMania United Forever / Nadeo 8. Aion (pre-order) / NCsoft 9. Team Fortress 2 / Valve 9. East India Company / Nitro Games 10. Prototype / Radical Entertainment 10. Civilization 4: The Complete Edition / Firaxis Note: Based on the sales result in August 2~8, the ranking is calculated by revenue size Source: Shacknews, Steam, Direct2Drive, Daewoo Securities Research 3 NCsoft Table 4. Type of Aion sales in US and Europe # Type Details 1 Pre-order The term means both types 2 and 3 When customer only buys a beta key for $5, customer can decide to pay the remainder when Aion is commercialized. Only available offline. 2 Pre-sale Benefits: Early game access (48 hours before commercialization) Access to Aion server character pre-selection Access to all BETA event weekends When customer purchases full package: $49.99 (Standard), $59.99 (CollectorÊs Edition). 3 Pre-tail Only available online. Digital downloads available at Steam, Direct2Drive Source: Company data, Daewoo Securities Research Table 5. Schedule of Aion service in US and Europe Date Details Sales of beta key May 14~ Sales of package June 17~ 3rd July 2~6 Asmodian levels 1~20 4th July 17~20 Elyos and Asmodian levels 1~25 Close beta testing 5th July 31~Aug. 3 Elyos and Asmodian levels 1~30 6th Aug. 14~17 Elyos and Asmodian levels 1~30 NCsoft will participate at game show in Germany Marketing in Europe Germany Aug. 19~23 Participants can experience Aion at the show 1st Early Sep. Different from Korea, kind of close beta testing with bigger scale Open beta testing 2nd Mid Sep. Different from Korea, kind of close beta testing with bigger scale US Sep. 22 Pre-order provides 48 hour early access before commercialization Commercialization Europe Sep. 25 Pre-order provides 48 hour early access before commercialization Source: Company data, Daewoo Securities Research Table 6. Information of each site that releases ranking of pc games Site name Ranking term Base Introduction Daily, weekly, Popularity MMORPG.COM delivers news and is a community for the MMORPG genre. It covers 347 games, has MMORPG.com monthly, yearly (unique hits) 1,780 guilds (communities), 1,098,628 members, 2,905,520 posts. Steam is a pioneer in an online gaming platform that provides the ability to distribute games and other content directly to more than 15 million gamers around the world. Steam opens up new channels of distribution and allows for non-traditional product offerings while increasing profit margins to content creators. Steam Weekly Revenue Valve, which operates Steam, is an entertainment software and technology company founded in 1996 and based in Bellevue, Washington.
Load more

Recommended publications
  • Sistematización De Un Nuevo Paradigma Ontológico Del Videojuego: El Formativismo
    UNIVERSIDAD DE SEVILLA DPTO. COMUNICACIÓN AUDIOVISUAL Y PUBLICIDAD TESIS DOCTORAL SISTEMATIZACIÓN DE UN NUEVO PARADIGMA ONTOLÓGICO DEL VIDEOJUEGO: EL FORMATIVISMO Juan José Vargas Iglesias Sevilla, 2015 SISTEMATIZACIÓN DE UN NUEVO PARADIGMA ONTOLÓGICO DEL VIDEOJUEGO: EL FORMATIVISMO 2 TESIS DOCTORAL Presentada por Juan José Vargas Iglesias bajo la dirección del Prof. Dr. D. Luis Navarrete Cardero SISTEMATIZACIÓN DE UN NUEVO PARADIGMA ONTOLÓGICO DEL VIDEOJUEGO: EL FORMATIVISMO Vº Bº del Director de la Tesis, Prof. Dr. D. Luis Navarrete Cardero Sevilla, a 13 de octubre de 2015 3 A mis padres. 4 Uno podría aventurar la afirmación de que una histeria es una caricatura de una creación artística; una neurosis obsesiva, de una religión; y un delirio paranoico, de un sistema filosófico. Sigmund Freud, Totem y tabú Mientras Dios juega viene a ser mundo. Martin Heidegger, La proposición del fundamento 5 Agradecimientos Agradezco, en primer lugar, a Luis por aceptar la dirección de esta tesis, por su genero- sidad, por su compromiso irreductible y por concederme el privilegio de su amistad. A mis alumnos y alumnas, porque no pasa un día sin que me enseñen algo nuevo. A mis compañeros y compañeras del Departamento, y a quienes componen y han com- puesto el Aula de Videojuegos. A Mario, por las conversaciones inagotables en la cumbre intemporal de las Abstrac- ciones, por su galvanizante entusiasmo y su brillantez inspiradora. A Alejandra, por ser capaz de redimirme con una sonrisa. Por cambiar el mundo en que vivía. Por su paciencia sin límites. Por ser Ella. A Sofi, por las horas y horas dedicadas a completar aventuras gráficas de todo pelaje cuando éramos niños.
    [Show full text]
  • Year-End Report and Quarterly Report October - December 2020-01-01 - 2020-12-31
    YEAR-END REPORT AND QUARTERLY REPORT OCTOBER - DECEMBER 2020-01-01 - 2020-12-31 YEAR-END REPORT AND QUARTERLY REPORT OCTOBER - DECEMBER 2020-01-01 - 2020-12-31 *Please note that this is a translation for information purposes only - in case of any discrepancies between this version and the Swedish, the Swedish version shall prevail. Paradox Interactive AB (publ) • Org.nr: 556667-4759 • Magnus Ladulåsgatan 4, 118 66 Stockholm • www.paradoxinteractive.com 1 YEAR-END REPORT AND QUARTERLY REPORT OCTOBER - DECEMBER 2020-01-01 - 2020-12-31 YEAR-END REPORT AND QUARTERLY REPORT OCTOBER - DECEMBER 2020-01-01 - 2020-12-31 FOURTH QUARTER 2020 IMPORTANT EVENTS IN THE FOURTH QUARTER 2020 • Revenues amounted to MSEK 433.7 (MSEK 381.3), an increase by 14 % • The new game Empire of Sin, developed by Romero Games, was released compared to the same period last year. December 1, 2020. • Operating profit amounted to MSEK 79.5 (MSEK 163.5), a decrease by 51 %. • Two expansions were released during the period; Star Kings for Age of • Profit after financial items amounted to MSEK 78.6 (MSEK 156.7), and profit Wonders: Planetfall, and Battle for the Bosporus for Hearts of Iron IV. after tax amounted to MSEK 59.5 (MSEK 130.5). • The Group’s employees continue to work from home to reduce the spread of • Cash flow from operating activities amounted to MSEK 387.1 (MSEK 265.4), and Covid-19. cash flow from investing activities amounted to MSEK -207.3 (MSEK -135.4). • By the end of the period cash amounted to MSEK 767.6 (MSEK 554.2).
    [Show full text]
  • Defendant Apple Inc.'S Proposed Findings of Fact and Conclusions Of
    Case 4:20-cv-05640-YGR Document 410 Filed 04/08/21 Page 1 of 325 1 THEODORE J. BOUTROUS JR., SBN 132099 MARK A. PERRY, SBN 212532 [email protected] [email protected] 2 RICHARD J. DOREN, SBN 124666 CYNTHIA E. RICHMAN (D.C. Bar No. [email protected] 492089; pro hac vice) 3 DANIEL G. SWANSON, SBN 116556 [email protected] [email protected] GIBSON, DUNN & CRUTCHER LLP 4 JAY P. SRINIVASAN, SBN 181471 1050 Connecticut Avenue, N.W. [email protected] Washington, DC 20036 5 GIBSON, DUNN & CRUTCHER LLP Telephone: 202.955.8500 333 South Grand Avenue Facsimile: 202.467.0539 6 Los Angeles, CA 90071 Telephone: 213.229.7000 ETHAN DETTMER, SBN 196046 7 Facsimile: 213.229.7520 [email protected] ELI M. LAZARUS, SBN 284082 8 VERONICA S. MOYÉ (Texas Bar No. [email protected] 24000092; pro hac vice) GIBSON, DUNN & CRUTCHER LLP 9 [email protected] 555 Mission Street GIBSON, DUNN & CRUTCHER LLP San Francisco, CA 94105 10 2100 McKinney Avenue, Suite 1100 Telephone: 415.393.8200 Dallas, TX 75201 Facsimile: 415.393.8306 11 Telephone: 214.698.3100 Facsimile: 214.571.2900 Attorneys for Defendant APPLE INC. 12 13 14 15 UNITED STATES DISTRICT COURT 16 FOR THE NORTHERN DISTRICT OF CALIFORNIA 17 OAKLAND DIVISION 18 19 EPIC GAMES, INC., Case No. 4:20-cv-05640-YGR 20 Plaintiff, Counter- DEFENDANT APPLE INC.’S PROPOSED defendant FINDINGS OF FACT AND CONCLUSIONS 21 OF LAW v. 22 APPLE INC., The Honorable Yvonne Gonzalez Rogers 23 Defendant, 24 Counterclaimant. Trial: May 3, 2021 25 26 27 28 Gibson, Dunn & Crutcher LLP DEFENDANT APPLE INC.’S PROPOSED FINDINGS OF FACT AND CONCLUSIONS OF LAW, 4:20-cv-05640- YGR Case 4:20-cv-05640-YGR Document 410 Filed 04/08/21 Page 2 of 325 1 Apple Inc.
    [Show full text]
  • Ncsoft (036570) Korea – Equity Research
    NCsoft (036570) Korea – Equity Research Visit to NCsoft West: Earnings, target price under review Internet Buy Oct. performance may warrant revision of TP 30 Sep 2009 We maintain our Buy call and target price of W280,000, as we keep our 2009F EPS of Bloomberg: 036570 KS W9,098 intact. If sales and servers for Aion continue to increase in Oct., we will likely Target Price (12M, W): 280,000 raise our earnings estimates and target price. Share Price (09/29/09, W): 166,000 Expected Return (%): 68.7 After visiting NCsoft West and game stores like Gamestop and Best Buy in US and Sector: Internet Software and Services Europe, we feel confident that sales of Aion in those regions in 3Q09 will exceed our Sector Rating: Overweight expectation of 520k boxes. EPS Growth (09F, %): 582.0 The commercial launch of Aion began in Europe (Germany, France, Britain) on Sep. 25. Market EPS Growth (09F, %): 53.0 However, the gameÊs launch has not gone smoothly as pre-sales of Aion boxes far P/E (X): 18.2 exceeded the companyÊs expectations and server capacity. In Germany, about 40,000 Market P/E (09/29/09F, X): 15.4 gamers were on the waiting list after Aion boxes were sold out. NCsoft is gradually Market Cap (Wbn): 3,601 deploying servers to address this issue, Shares Outstanding (mn): 22 Avg Trading Volume (60D, '000): 638 Aion was introduced through game websites, as well as through major press such as The Avg Trading Value (60D, Wbn): 90 New York Times in US and The Times of England.
    [Show full text]
  • Advanced Guide for Beginners Table of Content
    ADVANCED GUIDE FOR BEGINNERS TABLE OF CONTENT TABLE OF CONTENT THE EARLY GAME 5 WHAT IS YOUR PLAN? WHAT DO YOU WANT TO ACCOMPLISH IN THIS GAME? 7 SETTING EARLY RESEARCH PRIORITIES 9 EARLY PRODUCTION PRIORITIES 12 FIRE POWER OR STAYING POWER? 18 SPENDING POLITICAL POWER 24 MIDGAME 26 ORGANIZING AN ARMY 27 USING AIR POWER 34 USING NAVAL POWER 37 MID-GAME RESEARCH 39 MID-GAME PRODUCTION 41 THE LATE GAME 43 NAVAL INVASIONS 44 SPECIALIZED UNITS 47 UPGRADES AND REINFORCEMENTS 50 NUKES AND ROCKETS 52 RESISTANCE 54 IS THERE A STRATEGY TO THE PEACE TREATY? 56 2 INTRODUCTION Hearts of Iron IV is one of Paradox Development Studio’s most popular titles, but also a bit of an outsider. Unlike the broad open-ended stories that are availa- ble to you in Crusader Kings II or Europa Universalis IV, Hearts of Iron is a ruthlessly focused game. You are not shackled to history, but the game is about World War II and World War II will happen. Of course, the World War II you encounter in a game will bear only a passing resemblance to the one we know from history. Maybe Germany goes after the Soviet Union first, and maybe Italy decides to go its own way in 1938. But Hearts of Iron is still a game about war – preparing for war, researching war re- lated technologies, developing attack plans and then keeping that war machi- ne going until the issue is settled. To this end, Hearts of Iron has a much greater emphasis on military matters than political or economic matters.
    [Show full text]
  • An Empirical Study of Game Reviews on the Steam Platform
    See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/324923032 An Empirical Study of Game Reviews on the Steam Platform Article in Empirical Software Engineering · May 2018 DOI: 10.1007/s10664-018-9627-4 CITATIONS READS 0 10,512 4 authors: Dayi Lin Cor-Paul Bezemer Queen's University Queen's University 5 PUBLICATIONS 10 CITATIONS 37 PUBLICATIONS 369 CITATIONS SEE PROFILE SEE PROFILE Ying Zou Ahmed E. Hassan Queen's University Queen's University 139 PUBLICATIONS 1,628 CITATIONS 313 PUBLICATIONS 6,870 CITATIONS SEE PROFILE SEE PROFILE Some of the authors of this publication are also working on these related projects: Open source systems View project Multi-tenancy View project All content following this page was uploaded by Dayi Lin on 03 May 2018. The user has requested enhancement of the downloaded file. Noname manuscript No. (will be inserted by the editor) An Empirical Study of Game Reviews on the Steam Platform Dayi Lin · Cor-Paul Bezemer · Ying Zou · Ahmed E. Hassan Received: date / Accepted: date The steadily increasing popularity of computer games has led to the rise of a multi-billion dollar industry. Due to the scale of the computer game industry, devel- oping a successful game is challenging. In addition, prior studies show that gamers are extremely hard to please, making the quality of games an important issue. Most online game stores allow users to review a game that they bought. Such reviews can make or break a game, as other potential buyers often base their purchasing decisions on the reviews of a game.
    [Show full text]
  • Interactive Entertainment and Internet Segments Are Converging, Entertainment Shifting the Landscape of the Traditional Video Game Market
    North America TMT Internet FITT Research Company Company 31 October 2010 Fundamental, Industry, Thematic, Thought Leading Deutsche Bank’s Research Product Interactive Committee has deemed this work F.I.T.T. for investors seeking differentiated ideas. The Interactive Entertainment and Internet segments are converging, Entertainment shifting the landscape of the traditional video game market. Digital, social and mobile gaming are emerging as the next major drivers of the interactive gaming space in the US over the next several years. The social and massively multi- player segments should also offer an attractive opportunity for monetization of Extending Game Play to the virtual goods, one of the fastest-growing segments in the space. Masses... beyond the console Fundamental: Growth Driven by Penetration of the Long Tail Global Markets Research Industry: We see Nearly a $30bn US Market Opportunity by 2014 Thematic: Digital, Social and Mobile are Key Emerging Themes Thought Leading: Adoption, Engagement, and Monetization Phases We Favor Activision Blizzard for Digital Position and Google for its Android Platform for Mobile Gaming Jeetil Patel Herman Leung Matt Chesler, CFA Research Analyst Research Analyst Research Analyst (+1) 415 617-4223 (+1) 415 617-3246 (+1) 212 250-6170 [email protected] [email protected] [email protected] Deutsche Bank Securities Inc. All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. Deutsche Bank does and seeks to do business with companies covered in its research reports.
    [Show full text]
  • First Quarter Fiscal 2012 Results
    May 10, 2012 Dear Fellow Shareholders: Today, we are very happy to share with you our strong first quarter results. NEXON Co., Ltd. (“Nexon”) delivered record revenue, operating income and net income, and these results come on the back of a very strong 2011. Nexon’s solid performance in Q1 underscores yet again that our unique free-to-play business model and focus on immersive online games together are a robust engine for growth and profitability at scale. We experienced growth across all of our key financial metrics, which we will discuss in more detail below. Our performance in China was particularly robust during the quarter, and Korea delivered very strong growth as well. Performance in North America suffered as a result of certain operational challenges from Q4 that continued in Q1. Overall, our performance exceeded our revised guidance for the first quarter. As we mentioned in our previous shareholder letter, our approach to financial reporting is different from many public companies. Each quarter, we post a shareholder letter like this one, along with our financial statements, on our website at http://ir.nexon.co.jp/en/. We host a question-and-answer conference call the same day with our management team, on which we answer as many questions as we have time for. We ask that interested analysts and investors please submit questions for management prior to the earnings conference call via the following email address: [email protected]. We believe this approach ensures that we are providing the information shareholders want in order to gain a deeper understanding of our business.
    [Show full text]
  • Europa Universalis IV: Third Rome
    Welcome to Europa Universalis IV: Third Rome hird Rome is the first “immersion pack” for Europa Universalis IV. Immersion packs are a new type of expansion for EU4, intended to bring T greater detail and historical customization to a particular region. For Third Rome, we have chosen to focus on Russia, one of the most popular starting regions for many of our players. Russia is big. It stretches from Lithuania in the West to the Pacific in the East, from the Baltic in the North to the Black Sea in the South. The story of how a princely backwater became one of the most important nations in the world is a colorful one, full of terror and triumph. Third Rome starts with a more detailed map of the Russian region and then adds new government types, new special Russian abilities, and revised idea groups that include a unique colonization mechanic that is better suited to Russia’s historic cross- ing of Siberia than the current Idea System. The title of the immersion pack comes from a letter written by a Russian monk to the Muscovite Grand Duke Vasili III. For this monk, Muscovy was the final bulwark of Christendom after the fall of Rome and Constantinople, so, naturally, the Orthodox Church plays a big part in this expansion. We have also introduced new government types for the princely states of Russia and the local merchant republics, as well as raising the Tsarist government to its own level, on par with other empires, but a thing with special powers of its own.
    [Show full text]
  • May 2011 Summary
    Marketing, Media, Technology, and Services M&A & Investment May 2011 Summary Expertise. Commitment. Results. TABLE OF CONTENTS Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 6 Additional Monthly M&A and Investment Activity Data 24 About Petsky Prunier 32 M&A & INVESTMENT SUMMARY MAY 2011 2 MARKETING, MEDIA, TECHNOLOGY, AND SERVICES INDUSTRIES Transaction Distribution • A to ta l of 253 deal s worth approximat el y $18.7 billion were announced in May 2011 • Digital Media/Commerce was the most active segment with 117 transactions • Digital Media/Commerce was also the highest value segment worth approximately $12.1 billion • Strategic buyers announced 112 deals for approximately $15.5 billion (44% of total volume) • VC/Growth Capital investors announced 135 deals for approximately $1.9 billion • Buyout investors announced 6 deals for approximately $1.3 billion MAY 2011 BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 117 46% 12,082.6 65% 49 10,789.2 0 0.0 68 1,293.4 Marketing Technology 64 25% 1,100.1 6% 24 594.0 2 115.0 38 391.2 Software & Information 33 13% 4,162.3 22% 12 3,019.2 2 975.0 19 168.2 Digital Advertising 19 8% 238.5 1% 9 158.3 0 0.0 10 80.2 Agency/Consulting 15 6% 978.5 5% 13 808.2 2 170.3 0 000.0 Marketing Services 5 2% 145.0 1% 5 145.0 0 0.0 0 0.0 Total 253 100% 18,707.0 100% 112 15,513.7 6 1,260.3 135 1,933.0 $18.7 20 Marketing, Media, Technology, and Services Industries M&A
    [Show full text]
  • Free Hoi4 Download
    free hoi4 download Hearts Of Iron IV: Field Marshal Edition Free Download (v1.10.4 & ALL DLC’s) Victory is at your fingertips! Your ability to lead your nation is your supreme weapon, the strategy game Hearts of Iron IV lets you take command of any nation in World War II; the most engaging conflict in world history. From the heart of the battlefield to the command center, you will guide your nation to glory and wage war, negotiate or invade. You hold the power to tip the very balance of WWII. It is time to show your ability as the greatest military leader in the world. Will you relive or change history? Will you change the fate of the world by achieving victory at all costs? How to Download & Install Hearts Of Iron IV. Click the Download button below and you should be redirected to UploadHaven. Wait 5 seconds and click on the blue ‘download now’ button. Now let the download begin and wait for it to finish. Once Hearts Of Iron IV is done downloading, right click the .zip file and click on “Extract to Hearts.of.Iron.IV.v1.10.4.zip” (To do this you must have 7-Zip, which you can get here). Double click inside the Hearts Of Iron IV folder and run the exe application. Have fun and play! Make sure to run the game as administrator and if you get any missing dll errors, look for a Redist or _CommonRedist folder and install all the programs in the folder. Hearts Of Iron IV Free Download.
    [Show full text]
  • Paradox Interactive AB (Publ) • Org.Nr: 556667-4759 • Västgötagatan 5, 6Th Floor • S-118 27 Stockholm • 1 ANNUAL REPORT 2017
    ANNUAL REPOR 2017 omslag Annual Report 2017 *Please note that this is a translation for information purposes only. in case of any discrepancies between this version and the Swedish, the Swedish version shall prevail. Paradox Interactive AB (publ) • Org.nr: 556667-4759 • Västgötagatan 5, 6th floor • S-118 27 Stockholm • www.paradoxinteractive.com 1 ANNUAL REPORT 2017 Annual Report 2017 TABLE OF CONTENTS 3. ABOUT PARADOX INTERACTIVE 20. FINANCIAL STATEMENTS 4. WORDS FROM THE CEO 21. ADMINISTRATION REPORT 7. THE YEAR IN BRIEF 35. INCOME STATEMENT 7. THE GAMES 36. BALANCE SHEET 8. THE PLAYERS 38. EQUITY CHANGE 9. THE PEOPLE 40. CASH FLOW STATEMENT 10. OTHER INITIATIVES 41. NOTES 11. FINANCIAL DEVELOPMENT 60. AUDITOR'S REPORT 12. PORTFOLIO 12. ACTIVE BRANDS 13. RELEASES DURING 2017 17. COMING RELEASES 18. MARKET 18. THE GLOBAL GAME MARKET 19. THE GAME INDUSTRY VALUE CHAIN Paradox Interactive AB (publ) • Org.nr: 556667-4759 • Västgötagatan 5, 6th floor • S-118 27 Stockholm • www.paradoxinteractive.com 2 ANNUAL REPORT 2017 About Paradox Interactive PUBLISHER, DEVELOPER OCH LICENSING The Paradox Interactive group includes publishing and internal development of arm. The development platform is primarily PC, but the company has released games and licensing of White Wolf’s brands. The publishing operation publishes games on console and mobile platforms as well. The largest markets today both internally developed titles and titles developed by independent studios as include the US, UK, Germany, France, Russia and Scandinavia. Today, over 2 well as music and books. The game portfolio includes more than 100 titles and million gamers play a Paradox game each month and the number of Paradox Paradox Interactive owns the most important brands, including Stellaris, Europa registered users exceeds seven million.
    [Show full text]