your current location：首页 > news>Tencent's $ 8.6 billion acquisitions of Supercell value? There are hidden concerns behind the scenery?

Tencent's $ 8.6 billion acquisitions of Supercell value? There are hidden concerns behind the scenery?

2025-01-27 11:13:11|Myriagame |source：minecraft skins

Since the end of last year, the SUPERCELL scandal has spread everywhere. Many Chinese companies have been actively involved, but they eventually spend Tencent.

Today, Tencent issued an announcement saying that after negotiating with the Finnish mobile game developer Supercell, the consortium established by Tencent will acquire 84.3%of the shares of Supercell. The transaction is paid in three phases, and the total amount is expected to be $ 8.6 billion.

What is Tencent's $ 8.6 billion? Shanghai Disney costs $ 5.5 billion, the ultimate privatization agreement of 360 may be nearly $ 9 billion, the A Lagan aircraft carrier costs $ 4.5 billion, and North Korea's military expenditure was an average of $ 4. billion.According to this acquisition, Supercell, as a mobile game company with four games and only four games, has been valued at $ 10.2 billion.The market value of the Darget Factory's Activision Blizzard is only 28.9 billion US dollars.

So the question is, do you buy Supercell, 8.6 billion yuan and $ 10.2 billion valuation? Why does Tencent buy a Supercell? Is this transaction really the only beautiful side?

Monthly income is $ 194 million

Tencent acquired 84.3%of Supercell's 84.3%of the $ 8.6 billion, not only setting the largest acquisition record in China, but also the largest mobile game acquisition case worldwide.

Earlier, the acquisition of the largest acquisition in the mobile game field was created by Active Blizzard.In November 2015, Blizzard acquired King Digital Entertainment, a developer of "Legend of Candy" for $ 5.9 billion.King Digital Entertainment was US $ 517 million, with revenue of $ 2 billion, and the number of active users in 2015 reached 474 million.

Taking King Digital Entertainment as a reference, Supercell's 2015 revenue was US $ 2.326 billion and net profit was US $ 964 million. According to Supercell, the daily active users of its games have reached 100 million.The annual revenue of the two year is similar, but the valuation is nearly twice the difference. Where is the gap?

First, because the income is similar, the profit of Supercell's 2015 is nearly twice the King Digital Entertainment.

2. When Blizzard acquired King Digital Entertainment, King Digital Entertainment has begun to be weak.In the fourth quarter of 2015, the profit was less than expected, and the annual profit, income, and transaction volume declined, a decrease of 10%, 12%, and 10%.The old maintenance of Supercell has increased in 2015, and revenue and profits increased by 37%and 63%year -on -year, respectively.

Third, King Digital Entertainment did not have difficulty in copying the success of the predecessor. There is a single product, and the transition depends on the "Candy Legend" problem.At this time, the four games released by SuperCell were almost successful. Especially after the "Tribe Conflict", the 2016 new work "Royal War" once again dominated the major best -selling list in the world, and the average monthly income was 100 million US dollars.The left and right prove that you can continue to make the world's super -S - -class products.

Fourth, King Digital Entertainment has 1,400 teams.Supercell is only 190 people, with lower cost and higher efficiency.

Three games accounted for 72% of Tencent Mobile Games revenue

"Royal War" was released in January 2016, which means that in 2015 revenue was US $ 2.326 billion, and net profit was US $ 964 million.It is not too much called "crazy money making machine".

Compared with the end -game giant Dynamics Blizzard and Tencent Mobile Games business, Supercell is also victorious.

In 2015, Blizzard's revenue was US $ 4.66 billion, and its net profit was US $ 892 million.Supercell's revenue in 2015 was half of Blizzard, but the profit exceeded Blizzard.Judging from time and products, Supercell has only been established for 6 years, and Blizzard has a history of 25 years.Supercell has only four games, but Blizzard has many games such as Warcraft, StarCraft, Diablo Series and Overwatch, Hearthstone Legend.

Compared with the buyer's Tencent, the revenue of Tencent's mobile game in 2015 was 21.3 billion yuan. Supercell accounted for nearly 72%of Tencent's income with three games.Because of 2015, Tencent amended the income calculation rules, and divided the income of mobile games with exclusive agents with third -party developers and channel costs as income costs. If this part was deducted, this ratio may be greater.

According to Tencent's purchase price, Supercell's current valuation is $ 10.2 billion.Compared with the general level of Chinese game companies, $ 10.2 billion is definitely not a expensive transaction.

From the perspective of the price -earnings ratio, according to net profit, the PE value of Supercell is 10.6. In terms of the general PE valuation level of the international capital market for the game company, it is at a normal level.Internationally, the valuation of the game company PE will not exceed 10.However, domestic valuations are often valued at 30-40 times, or even more than 100 times.Tencent needs supercell to have social in addition to games

Before Tencent, it was reported that the Ali and the Giant Alliance once was very close to Supercell.However, Tencent's addition has continuously increased the price to $ 8.6 billion, and finally retired from Ali and giants.For this reason, Tencent also borrowed $ 4.4 billion in loan interest rates of 102 basis points higher than the borrowing rate of banks in London.

For Tencent, the acquisition of Supercell is inevitable. Not only is Supercell, it can bring real -time returns to Tencent, the development of games, but also about globalization and social strategies.

According to Supercell's revenue and profits, after the acquisition is parallel, the effect can be seen immediately, the income, profits and cash flows have soared.

From the perspective of the game's layout, the overseas layout of Tencent Mobile Games is mainly in South Korea and Southeast Asia, and the European and American market layout is relatively weak.Supercell is extremely complementary to Tencent's international expansion and international brand strategy.In addition, under the trend of competitive and severe in the mobile game market, Supercell's excellent game team and products are also of great significance to Tencent's future product line innovation.

In addition to the game, the 100 million daily active users of Supercell's games, 250 million in -game communities and global markets may be a rare breakthrough point for Tencent's social business.

Tencent's hand Q and WeChat platform users have slowed down in China. On the other hand, WeChat is going out. Although it is huge, the effect is not satisfactory. Even in Asiacontend.

Supercell has clearly stated that it will discuss the social gameplay of the game with Tencent in the future, so the account access of WeChat or hand Q can also be expected.For the promotion of social tools, the relationship circle is very important. To introduce primitive users through games, it is more convenient than the previous introduction method.

Why did Supercell fancy Tencent?

Although SoftBank holds 73.2%of Supercell's shares, the remaining shares are held in the hands of Supercell managers and 180 employees, and Supercell is operating independently, and the team itself has a great degree of freedom and decision.Therefore, in this acquisition, the opinion of the Supercell team is also very important.

SUPERCELL CEO Ilkka Paananen talked about the long -term development they value.Finally, I chose Tencent, and I felt that Tencent could make Supercell achieve important jump development.

"First of all, according to the agreement, after the acquisition is completed, Supercell will still operate independently and still maintain a small and independent team culture. Secondly, the number of Chinese gamers is the largest in the world. Tencent's platform covers more than 1 billion users.Repeat more than 300 million users, and can explore more social gameplay through Tencent's social platform. "

Ilkka Paananen thinks that Tencent's president Liu Chiping's enthusiasm for the game, and the experience of Tencent's previous acquisition of fisting company (Riot Games) also valued by Supercell.

The fourth point is that Tencent guarantees that Supercell can continue to maintain a private identity, no need to go public, nor need to be under pressure from financial aspects for short -term benefits.

I am afraid that these four points are also important reasons for other Chinese companies to defeat when competing for Supercell.Except for few Internet and game companies that can come up with 8.6 billion US dollars, Baidu and Ali, which can come up with money, have no experience in gaming development and distribution.And other game companies not only easily see short -term benefits, but also difficult to ensure independence.

There are hidden concerns behind the scenery

Although the acquisition of Supercell seems to be beautiful, there are hidden concerns under the beauty.

Judging from Ilkka Paananen's speech after the acquisition, he feels that cooperation with Tencent can bring the team's advantages to the team. Supercell employees can sell Supercell shares in their hands in the future (everyone has a shares of the shares of the shares of the sharesTo.

Under the high valuation of $ 10.2 billion, Supercell has actually reached a more appropriate time.For any company, it is relatively easy to encounter the exit of employees at this time. For Supercell, it is more dangerous that this company has only 190 employees, and the withdrawal of the team is greater.

In addition, the performance of mobile game companies is generally unstable, and it is easy to rise and fall.Both Zynga and Rovio are lessons from the front car. Due to the failure to continue or repeat the success of phenomenal products, the maximum market value has dropped by 80%.

Although Supercell broke the curse with another phenomenal product "Royal War", compared with the Tribe War, the Royal War was facing the problem of serious product users and short life cycles.The rhythm of a product in about two years has also made the company's risk in a high state.The running -in with Tencent is also the risk. Many overseas companies that Tencent had invested before facing a new boutique game are facing a new boutique game. Whether Supercell can be an exception is also worth observing.

more news

MORE +
Hot news MORE +
Minecraft Skins MORE +