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The global brokerage reportedly said that Nazara, as India's first listed gaming company, carries a hefty scarcity premium of three times to its India coverage and 10-75% to global gaming peers.
The brokerage has a target of Rs 1,095 on the stock based on its FY23 EV/Ebitda of 17 times, in line with global gaming peers.
Nazara Technologies is a diversified gaming and sports media platform with a presence in India and across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, esports and gamified learning ecosystems.
The company's consolidated net profit stood at Rs 4.23 crore in Q4 FY21 as compared to a net loss of RS 7.02 crore posted in Q4 FY20. Net sales increased 41.7% to Rs 123.38 crore in Q4 FY21 over Q4 FY20.
Shares of Nazara Technologies entered the bourses on 30 March 2021. The stock was listed at Rs 1971 on the BSE, at a premium of 79.02% to the IPO price of Rs 1101 apiece.
The IPO of Nazara Technologies was subscribed 175.46 times. The issue opened for bidding on 17 March 2021, and closed on 19 March 2021. The price band for the IPO was set at Rs 1100-1101 per share.
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