Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩69,200, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Hospitality industry in South Korea. Total returns to shareholders of 97% over the past three years. Major Estimate Revision • May 16
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩818.5m to ₩841.6m. EPS estimate increased from ₩8,022 to ₩9,484 per share. Net income forecast to grow 55% next year vs 28% growth forecast for Hospitality industry in South Korea. Consensus price target broadly unchanged at ₩71,000. Share price was steady at ₩59,100 over the past week. Announcement • Apr 28
DoubleUGames Co., Ltd. (KOSE:A192080) entered into a non-binding expression of interest to acquire remaining 32.95% stake in DoubleDown Interactive Co., Ltd. (NasdaqGS:DDI) for approximately $180 million. DoubleUGames Co., Ltd. (KOSE:A192080) entered into a non-binding expression of interest to acquire remaining 32.95% stake in DoubleDown Interactive Co., Ltd. (NasdaqGS:DDI) for approximately $180 million on April 27, 2026. A cash consideration valued at $11.25 per share will be paid by DoubleUGames Co., Ltd. As part of consideration, an approximately $184 million value is paid towards common equity of DoubleDown Interactive Co., Ltd. Each ADS represents one-twentieth (1/20) of one DDI common share. The offer price equals the 52-week high price of DDI's ADSs on the NASDAQ Global Select Market and represents, a premium of approximately 22.4% over the DDI ADS closing price on April 27, 2026. Upon completion of the Transaction, DDI would be a wholly owned subsidiary of DoubleU Games. The Transaction is expected to generate significant benefits for both companies and their stakeholders, as it would (i) Enable full strategic and operational integration of the DoubleU Games group, unifying the product, technology, and live operations teams across the combined social casino portfolio; and (ii) Consolidate financial resources of DoubleU Games and DDI into a single balance sheet, allowing the Company greater flexibility to allocate capital toward new content, new game genres, and value-creating acquisitions. The Transaction will be fully funded through available cash and committed financing and will not be subject to any financing condition.
DDI's Board of Directors will form a special committee of independent directors to consider our proposal. DoubleU Games will not proceed without the recommendation of such special committee, acting independently and in accordance with its fiduciary duties and the execution of a mutually agreed definitive agreement. The Transaction will be subject to customary closing conditions, including: (i) the affirmative vote of at least 95% of DDI's outstanding common shares, including a majority of votes cast by shareholders other than DoubleU Games; and (ii) receipt of all required regulatory clearances.
DoubleU Games has engaged Paul Hastings LLP and Kim & Chang as its U.S. and Korean legal advisors, respectively, in connection with the Transaction. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩62,500, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Hospitality industry in South Korea. Total returns to shareholders of 74% over the past three years. Announcement • Apr 17
DoubleUGames Co., Ltd. (KOSE:A192080) agreed to acquire an additional 13.33% stake in Paxie Games Oyun ve Yazilim Anonim Sirketi for KRW 8.7 billion. DoubleUGames Co., Ltd. (KOSE:A192080) agreed to acquire an additional 13.33% stake in Paxie Games Oyun ve Yazilim Anonim Sirketi for KRW 8.7 billion on April 14, 2026. Upon completion, DoubleUGames Co., Ltd. will own 73.33% stake in Paxie Games Oyun ve Yazilim Anonim Sirketi. DoubleUGames plans to utilize its existing treasury shares as the payment for the acquisition of the Paxie Games stake.
For the period ending December 31, 2025, Paxie Games Oyun ve Yazilim Anonim Sirketi reported total revenue of KRW 45.09 billion and net loss of KRW 4.7 billion. As of December 31, 2025, Paxie Games Oyun ve Yazilim Anonim Sirketi reported total assets of KRW 20.48 billion and total common equity of KRW 5 million.
The expected completion of the transaction is April 16, 2026. Reported Earnings • Mar 24
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₩6,651 (down from ₩9,441 in FY 2024). Revenue: ₩719.9b (up 14% from FY 2024). Net income: ₩131.3b (down 30% from FY 2024). Profit margin: 18% (down from 30% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.4%. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Hospitality industry in South Korea. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Mar 13
DoubleUGames Co., Ltd., Annual General Meeting, Mar 26, 2026 DoubleUGames Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: meta art hall, 143, tehaeran-ro, gangnam-gu, seoul South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩47,300, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Hospitality industry in South Korea. Total returns to shareholders of 35% over the past three years. Announcement • Jan 30
DoubleUGames Co., Ltd. to Report Fiscal Year 2025 Results on Feb 12, 2026 DoubleUGames Co., Ltd. announced that they will report fiscal year 2025 results on Feb 12, 2026 Announcement • Oct 30
DoubleUGames Co., Ltd. to Report Q3, 2025 Results on Nov 11, 2025 DoubleUGames Co., Ltd. announced that they will report Q3, 2025 results on Nov 11, 2025 Announcement • Aug 02
DoubleUGames Co., Ltd. to Report First Half, 2025 Results on Aug 13, 2025 DoubleUGames Co., Ltd. announced that they will report first half, 2025 results on Aug 13, 2025 Announcement • Jul 09
DoubleUGames Co., Ltd. (KOSE:A192080) announces an Equity Buyback for KRW 35,000 million worth of its shares. DoubleUGames Co., Ltd. (KOSE:A192080) announces a share repurchase program. Under the program, the company will repurchase up to KRW 35,000 million worth of its shares under the contract with Hanhwa Investment & Securities Co., Ltd. The purpose of the program is to stabilize the stock price and to enhance the shareholders’ value. The program will be valid till January 9, 2026. As of August 29, 2022, the company had 1,546,971 common shares in treasury under the dividend capacity and 5,338 common shares in treasury under other capacities. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩63,200, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Hospitality industry in South Korea. Total returns to shareholders of 105% over the past three years. Major Estimate Revision • May 17
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩698.1m to ₩662.0m. EPS estimate also fell from ₩8,393 per share to ₩6,230 per share. Net income forecast to shrink 4.0% next year vs 46% growth forecast for Hospitality industry in South Korea . Consensus price target broadly unchanged at ₩65,800. Share price fell 10% to ₩51,200 over the past week. Announcement • Mar 26
DoubleUGames Co., Ltd. (KOSE:A192080) completed the acquisition of 60% stake in Paxie Games for $29.9 million. DoubleUGames Co., Ltd. (KOSE:A192080) entered into an agreement to acquire 60% stake in Paxie Games for $67 million on December 26, 2024. A cash consideration of $27 million will be paid by DoubleUGames Co., Ltd. and will pay an earnout of $40 million. The acquisition will be financed through a combination of treasury shares and cash. The remaining 40% stake to be acquired over a span of three years, subject to achieving certain financial targets, resulting in full ownership by the end of third year. Arma Capital acted as financial advisor and BASEAK acted as legal advisor for DoubleUGames Co., Ltd.
DoubleUGames Co., Ltd. (KOSE:A192080) completed the acquisition of 60% stake in Paxie Games for $29.9 million on March 26, 2024. Merger review completed on March 26, finalizing the acquisition of Paxie Games with an upfront payment of $29.9 million for 60% of the company’s ownership, with the remaining ownership to be acquired through an earnout structure over a three-year period. DoubleU Games has proceeded with the necessary steps including merger clearance from the Turkish competition authority. New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Mar 13
DoubleUGames Co., Ltd., Annual General Meeting, Mar 26, 2025 DoubleUGames Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 143, tehaeran-ro, gangnam-gu, seoul South Korea Announcement • Feb 06
DoubleUGames Co., Ltd. to Report Fiscal Year 2024 Results on Feb 12, 2025 DoubleUGames Co., Ltd. announced that they will report fiscal year 2024 results on Feb 12, 2025 Announcement • Dec 27
DoubleUGames Co., Ltd. (KOSE:A192080) entered into an agreement to acquire 60% stake in Paxie Games for $67 million. DoubleUGames Co., Ltd. (KOSE:A192080) entered into an agreement to acquire 60% stake in Paxie Games for $67 million on December 26, 2024. A cash consideration of $27 million will be paid by DoubleUGames Co., Ltd. and will pay an earnout of $40 million. Arma Capital acted as financial advisor and BASEAK acted as legal advisor for DoubleUGames Co., Ltd. The acquisition will be financed through a combination of treasury shares and cash. The remaining 40% stake to be acquired over a span of three years, subject to achieving certain financial targets, resulting in full ownership by the end of third year. Major Estimate Revision • Nov 16
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩655.6m to ₩644.1m. EPS estimate also fell from ₩8,493 per share to ₩7,513 per share. Net income forecast to grow 0.3% next year vs 44% growth forecast for Hospitality industry in South Korea. Consensus price target of ₩62,900 unchanged from last update. Share price fell 7.3% to ₩47,000 over the past week. Announcement • Oct 28
DoubleUGames Co., Ltd. to Report Nine Months, 2024 Results on Nov 12, 2024 DoubleUGames Co., Ltd. announced that they will report nine months, 2024 results on Nov 12, 2024 Announcement • Jul 25
DoubleUGames Co., Ltd. to Report Q2, 2024 Results on Aug 13, 2024 DoubleUGames Co., Ltd. announced that they will report Q2, 2024 results on Aug 13, 2024 New Risk • Apr 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 23
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ₩9,016 (up from ₩7,815 loss in FY 2022). Revenue: ₩582.3b (down 5.7% from FY 2022). Net income: ₩149.1b (up ₩281.3b from FY 2022). Profit margin: 26% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 28%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Hospitality industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Mar 08
DoubleUGames Co., Ltd., Annual General Meeting, Mar 28, 2024 DoubleUGames Co., Ltd., Annual General Meeting, Mar 28, 2024, at 09:01 Korea Standard Time. Location: 143, Teheran-ro, Gangnam-gu, Seoul, Meta Art |Hall at B1F of Goun Building Seoul South Korea Agenda: To approve 12th consolidated financial statement and financial statement (Dividend: KRW 1,000 per share); Revision of the Articles; To Revision of the Articles of Incorporation; To appointment of Inside Directors; to approve director’s remuneration limit; to revision of payment regulations on directors retirement allowance. Price Target Changed • Feb 17
Price target increased by 8.0% to ₩59,537 Up from ₩55,118, the current price target is an average from 9 analysts. New target price is 26% above last closing price of ₩47,100. Stock is up 21% over the past year. The company is forecast to post earnings per share of ₩7,060 next year compared to a net loss per share of ₩6,513 last year. Announcement • Feb 05
DoubleUGames Co., Ltd. to Report Q4, 2023 Results on Feb 14, 2024 DoubleUGames Co., Ltd. announced that they will report Q4, 2023 results on Feb 14, 2024 Upcoming Dividend • Dec 20
Upcoming dividend of ₩600 per share at 1.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.1%). Announcement • Jul 29
DoubleUGames Co., Ltd. to Report First Half, 2023 Results on Aug 09, 2023 DoubleUGames Co., Ltd. announced that they will report first half, 2023 results on Aug 09, 2023 Reported Earnings • Mar 24
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: ₩7,815 loss per share (down from ₩7,391 profit in FY 2021). Revenue: ₩617.3b (down 1.1% from FY 2021). Net loss: ₩132.2b (down 205% from profit in FY 2021). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Hospitality industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩700 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.1%). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Major Estimate Revision • Nov 11
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ₩1,848 to ₩2,689. Revenue forecast steady at ₩622.3m. Net income forecast to grow 16% next year vs 16% growth forecast for Hospitality industry in South Korea. Consensus price target of ₩60,444 unchanged from last update. Share price was steady at ₩47,350 over the past week. Major Estimate Revision • Oct 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₩2,533 to ₩1,989 per share. Revenue forecast steady at ₩622.0m. Net income forecast to grow 24% next year vs 24% growth forecast for Hospitality industry in South Korea. Consensus price target up from ₩58,250 to ₩60,444. Share price was steady at ₩47,550 over the past week. Price Target Changed • Sep 09
Price target decreased to ₩57,286 Down from ₩62,000, the current price target is an average from 7 analysts. New target price is 32% above last closing price of ₩43,550. Stock is down 25% over the past year. The company is forecast to post earnings per share of ₩3,405 for next year compared to ₩7,391 last year. Announcement • Aug 30
DoubleUGames Co., Ltd. (KOSE:A192080) announces an Equity Buyback for KRW 30,000 million worth of its shares. DoubleUGames Co., Ltd. (KOSE:A192080) announces a share repurchase program. Under the program, the company will repurchase up to KRW 30,000 million worth of its shares under the contract with Korea Investment & Securities Co., Ltd. The purpose of the program is to stabilize the stock price and to enhance the shareholders’ value. The program will be valid till February 28, 2023. As of August 29, 2022, the company had 1,398,976 common shares in treasury under the dividend capacity and nil common shares in treasury under other capacities. Major Estimate Revision • Aug 11
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₩6,037 to ₩3,540 per share. Revenue forecast steady at ₩619.6m. Net income forecast to shrink 5.7% next year vs 88% growth forecast for Hospitality industry in South Korea . Consensus price target broadly unchanged at ₩63,167. Share price fell 4.4% to ₩40,450 over the past week. Price Target Changed • Jun 29
Price target decreased to ₩61,200 Down from ₩68,000, the current price target is an average from 4 analysts. New target price is 58% above last closing price of ₩38,750. Stock is down 35% over the past year. The company is forecast to post earnings per share of ₩6,029 for next year compared to ₩7,391 last year. Major Estimate Revision • May 17
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩628.2m to ₩610.1m. EPS estimate also fell from ₩6,827 per share to ₩6,029 per share. Net income forecast to shrink 14% next year vs 27% growth forecast for Hospitality industry in South Korea . Consensus price target down from ₩68,000 to ₩63,333. Share price fell 5.7% to ₩43,800 over the past week. Major Estimate Revision • May 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₩6,827 to ₩5,894 per share. Revenue forecast steady at ₩623.2m. Net income forecast to shrink 20% next year vs 7.6% decline forecast for Hospitality industry in South Korea. Consensus price target down from ₩68,000 to ₩66,250. Share price fell 14% to ₩41,950 over the past week. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Major Estimate Revision • Feb 18
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩679.1m to ₩632.3m. EPS estimate also fell from ₩7,623 per share to ₩6,827 per share. Net income forecast to shrink 6.4% next year vs 19% growth forecast for Hospitality industry in South Korea . Consensus price target down from ₩77,200 to ₩75,200. Share price was steady at ₩50,400 over the past week. Upcoming Dividend • Dec 22
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 19 April 2022. Payout ratio is a comfortable 4.7% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.1%). Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improved over the past week After last week's 15% share price gain to ₩66,500, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 23x in the Hospitality industry in Asia. Total loss to shareholders of 4.0% over the past three years. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS ₩6,634 (vs ₩6,541 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₩658.2b (up 28% from FY 2019). Net income: ₩112.3b (up 1.8% from FY 2019). Profit margin: 17% (down from 22% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 04
DoubleUGames Co., Ltd., Annual General Meeting, Mar 24, 2021 DoubleUGames Co., Ltd., Annual General Meeting, Mar 24, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 24
New 90-day low: ₩56,300 The company is down 4.0% from its price of ₩58,900 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩67,490 per share. Announcement • Jan 23
DoubleUGames Co., Ltd. to Report Fiscal Year 2020 Results on Feb 04, 2021 DoubleUGames Co., Ltd. announced that they will report fiscal year 2020 results on Feb 04, 2021 Is New 90 Day High Low • Dec 07
New 90-day low: ₩56,900 The company is down 27% from its price of ₩77,700 on 08 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩78,550 per share. Is New 90 Day High Low • Nov 11
New 90-day low: ₩60,800 The company is down 23% from its price of ₩79,200 on 13 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩86,570 per share. Is New 90 Day High Low • Oct 15
New 90-day low: ₩71,000 The company is down 6.0% from its price of ₩75,200 on 17 July 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩100,298 per share. Announcement • Jul 26
DoubleUGames Co., Ltd. to Report First Half, 2020 Results on Jul 23, 2020 DoubleUGames Co., Ltd. announced that they will report first half, 2020 results on Jul 23, 2020 