Ann: PlaySide Earns $8.38m Revenue from 'BEANS' Web 3.0 Launch, page-154

RECOMMENDATION Initiation of coverage with Buy TARGET PRICE $0.95 % TO REACH TARGET 18.75% COMMENTARY Ord Minnett initiates coverage on video game developer Playside Studios with a Speculative Buy rating and $0.95 target price. The analyst sees a tactical opportunity to gain exposure to the early stages of the gaming-related non-fungible token (NFT) market and the build-out of the metaverse. The company has an extensive list of titles and growing daily average users (DAU), according to the broker, and revenue per title increases as the game portfolio expands. The current environment of rising interest rates is not ideal though Ord Minnett points to an undemanding valuation at the present time. FORECAST Ord Minnett forecasts a full yearFY22dividend of0.00cents and EPS of1.00cents. Ord Minnett forecasts a full yearFY23dividend of0.00cents and EPS ofminus -1.00cents.

Access