Summary

Zeta Inc. is a leading IP-based game operator and publisher which has a significant fan base,
market acceptance, and commercial value and the largest IP reserve. According to Industry
Consultant, Zeta Inc. ranked first in terms of revenue generated from publishing IP-based games
in 2019. From 2017 to 2019, it has launched 100 mobile games and had identified 30 games to
launch by the end of 2020. by the end of 2019, it had over 30 licensed IPs. During 2019 it had a
conversion rate of 8.0% which is higher than the industry average. It actively invests in IP
owners and game developers to strengthen the mobile game ecosystem. As of the end of 2019, it
had over 200mm registered users. The Company derives the majority of its revenue from
providing game publishing services to game developers.  
Eta Hill, Epsilon Co, Orionis, Sixth Avenue, Highlander, Hours to Midnight, Tunnel-vision,
Four Brothers, Second to None, Delta Team, Rock & Fire, Above Clouds are the most
comparable companies as they are in the same business of developing online games and mobile
games. The average FV/EBITDA in 2020 is 13.3x and the median is 14.7x   whereas Zeta’s
FV/EBITDA is 14.8x along with 6 other companies and is performing well. The average of PE
multiples for 2020 is 21.5x and the median is 23.2x whereas the PE ratio of Zeta is 30.1x 
along with 7 other companies. As per the forecasted values, Zeta will be above average and more
than the median in the next year 2021.