Swedish punters, Alibaba, Wine, Japan. Catch up with the latest Covid-19 related financial insights:
Two Swedish gaming companies are trying a strangely ebullient mid-crisis combo. While most buyers are hunting for knock-down valuations amid the pandemic, $12 billion Evolution Gaming is offering roughly $2 billion in stock for local rival NetEnt. That’s a 43% premium on top of an already puffed-up share price: NetEnt’s shares soared 141% between March and Tuesday’s close, as stay-at-home punters flocked to online slot machines.
Evolution, whose games include the “Wheel of Fortune”-inspired “Crazy Time”, will struggle to make much money. The probable return on invested capital in 2022, including cost savings and using analyst estimates gathered by Refinitiv, is a measly 6%, according to a Breakingviews calculation. Shareholders share the gloomy assessment of boss Martin Carlesund’s deal, knocking 10% off Evolution’s value on Wednesday. Alibaba is the latest to enter China’s increasingly crowded online classroom.
Competition for market share, which local research firm iiMedia forecasts will grow 12% this year to over $60 billion, is intensifying. Listed outfits include the $26 billion TAL Education, whose stock is up over 40% this year. Upstarts are moving quickly to capitalise on new Covid-19 opportunities. In March, Tencent-backed Yuanfudao
$1 billion at a $7.8 billion valuation. Getting to the top of the class will be a long slog for all. Wine merchants have had a lucrative lockdown. While many shops, including UK off-licences, were forced to shut their doors, that encouraged
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