Looking to hire an experienced Casino Game Dev to work on-site in Las Vegas (relocation provided, US online) -- Details in post
Join this fast growing game development studio in Las Vegas while developing industry leading games. HTML5 development of platform independent games. APPLY HERE Skills :
Excellent working knowledge in use of development frameworks, libraries and agile methodologies along with solid development experience using HTML5, C#, XML, JSON, Javascript, CSS3, SQL, UML and OOP.
Effective Technical Leader with the ability to assist with project scheduling.
Expertise in working on multiple projects simultaneously under tight deadlines.
Ability to work with others in a demanding and fast paced environment.
Qualifications :
Degree or Diploma in software development
Minimum of 6 years work experience in Dev.
Additional experience and understanding of design patterns, HTML5, C#, Java, Objective-C, C++, Unit Testing along with gaming development experience a major plus.
Salary Range: $60,000 - $120,000 - ready to accommodate mid level and senior level engineers Additional Perks, Vested Immediately:
Health care coverage
Company H.S.A. contribution
4% 401k match
Eligible for 25% bonus paid quarterly
Food on site
Relocation Assistance Provided (Work must be completed onsite)
Philippines Online Gaming Industry Grows Faster After Land-based Casino in Macau and Las Vegas Looses ground
With the network technology that brings the convenience of internet surfing, the business of Online Gaming (online casino) in Asia shows a big growth potential within five (5) to ten (10) years. Since the business of land-based Casino in Macau and Las Vegas drops with reasons mainly inconvenience for players and inability to quickly adapt to new trends, threats, and opportunities, investors of the Gaming Industry started to focus new market in online gaming. Philippines is the only country in Asia that legally provides license for online gaming. Wherein private international investors and an Asian gaming investment fund spotted high potential in online casino industry investing 13 million US dollars for cooperation to run the online gaming business with the brands of 668DG and EMPIRE777.
2/9/21 Update: Additional info posted here Funko is a good company with solid performance that is still trading at a reasonable price. Check out my DD below: Funko (FNKO) Share Price (1/28/21) : $11.97 Share Price (09/16/19) : $27.86 Short Interest (1/26/21) : 14% Next Earnings Release: March 2021 Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties. Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021: · Increasing search traffic for Funko products · Direct sales growth is driving increased revenue and profitability · Parents are buying more gifts for their kids due to COVID · People have more disposable income from staying at home and not going out · Expansion of new products and licensees continuing through 2021 · Collectible investments like Funko POP! figures are exploding in value and popularity · Recent analyst commentary, valuation, and financials are positive FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020 “Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019) Searches for “Funko” were up 2x in December vs the beginning of November 2020 After falling in December, “Funko” searches are trending back up to all-time-high levels FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4 · B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year. · Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020 · The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020 “We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti Funko’s first ever Selena Pop! sold out online in just 40 minutes. Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company · Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020) · Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018) · As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales · Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory. · Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment. Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each · According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti. · With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15 PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home. · “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay · “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending · According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.” Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays · Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.” Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong · Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko > Overall comparable sales were up 17.2% > Comparable digital sales were up over 100% > Store-originated comparable sales were up 4.2% > Store traffic was up 4.3% > Average ticket size was up 12.3% · GameStop Q4 sales were solid; showing additional potential for Funko sales > Same store sales were up 4.8% in Q4 2020 > Online sales increased 309% in Q4 2020 · According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic > A surge in online shopping drove the increase (rising 32% vs. 2019) > The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years. MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling · “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz. Spending on “experiences” fell significantly in 2020 · The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019 > The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel > Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending · Concert spending is down dramatically > Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020 > About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3) · Movie theater attendance is down substantially > AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020 > Cinemark saw a 96% decline in revenue > Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue > Studio Movie Grill filed for bankruptcy · Other anecdotal information points to more stay-at-home activity decreasing recreational spending > Chuck E Cheese’s declared bankruptcy > Dave & Busters is considering bankruptcy and plans layoffs of +1,000 > CiCi’s Pizza declares bankruptcy > Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats > Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel. These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage The majority of food buffets at the major hotels and casinos have been shuttered for the time being Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity · The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion · More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG Active properties continue to rise and are expected to grow well into the future · The number of active properties in Q3 2020 grew 15% over 2019 · Active properties grew from 644 in Q2 to 715 in Q3 2020 · The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year. Some of the hot properties for this year and beyond · Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc. · Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom · Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia · Films: Harry Potter, The Goonies, The Mummy, Fast & Furious · TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons · Sports: NFL, NBA, MLB, WWE · Others: Disney, Pokemon, etc. Retail exclusives can grow the potential universe of licenses and increase retailer buy-in · For example: A retailer like GameStop could lobby Funko to make a GameStop exclusive of the WallStreetBets Kid like this person suggested here. (The exclusive Pop! would be made into a limited edition and sold only to GameStop to sell at their stores) COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY · Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends. · Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands. · Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream. ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12). · Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries. Valuation Comparison: Market Cap / Revenue (TTM) · Funko: MC - $604 million / Rev - $640 million (0.9x sales) · Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales) · Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales) Key Financial Trends For Funko · Q3 2020 EPS (Adjusted) = $0.31 > Third highest ever (only Q4 2018 & Q3 2019 were higher) · Q3 2020 Revenue = $191 million > Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher) · Q3 2020 Revenue increase vs prior quarter of 94% > Q1 and Q2 2020 saw significant declines due to COVID > Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49% > Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.) · Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce TL;DR After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum. Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock. Positions: Long Shares & Calls Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier. Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates. Previous DD:Herman Miller
Hi all, To celebrate the return of Undervalued to the Reddit community, I decided to put together a quick DD and post it on a stock that I have had my eye on for a little while. It's still a "work-in-progress" and I may potentially update it later on Reddit with more information or detail if I have time at some point in the future. If you have any opinions, thoughts, or additional information, please share it. Positive. Negative. Neutral. All information is helpful and informative to the community. (I thought the feedback received from my first DD posted to this sub was quite helpful and I look forward to what you have to say.) Thank you to u/BuyLowSellNever for turning the sub back on; allowing us to share and discuss ideas with the broader community in a thoughtful and respectful manner. Best wishes. - LA Funko (FNKO) Share Price (1/28/21) : $11.97 Share Price (09/16/19) : $27.86 Short Interest (1/26/21) : 14% Next Earnings Release: March 2021 Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties. Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021: · Increasing search traffic for Funko products · Direct sales growth is driving increased revenue and profitability · Parents are buying more gifts for their kids due to COVID · People have more disposable income from staying at home and not going out · Expansion of new products and licensees continuing through 2021 · Collectible investments like Funko POP! figures are exploding in value and popularity · Recent analyst commentary, valuation, and financials are positive FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020 “Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019) Searches for “Funko” were up 2x in December vs the beginning of November 2020 After falling in December, “Funko” searches are trending back up to all-time-high levels FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4 · B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year. · Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020 · The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020 “We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti Funko’s first ever Selena Pop! sold out online in just 40 minutes. Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company · Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020) · Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018) · As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales · Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory. · Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment. Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each · According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti. · With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15 PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home. · “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay · “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending · According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.” Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays · Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.” Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong · Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko > Overall comparable sales were up 17.2% > Comparable digital sales were up over 100% > Store-originated comparable sales were up 4.2% > Store traffic was up 4.3% > Average ticket size was up 12.3% · GameStop Q4 sales were solid; showing additional potential for Funko sales > Same store sales were up 4.8% in Q4 2020 > Online sales increased 309% in Q4 2020 · According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic > A surge in online shopping drove the increase (rising 32% vs. 2019) > The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years. MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling · “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz. Spending on “experiences” fell significantly in 2020 · The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019 > The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel > Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending · Concert spending is down dramatically > Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020 > About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3) · Movie theater attendance is down substantially > AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020 > Cinemark saw a 96% decline in revenue > Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue > Studio Movie Grill filed for bankruptcy · Other anecdotal information points to more stay-at-home activity decreasing recreational spending > Chuck E Cheese’s declared bankruptcy > Dave & Busters is considering bankruptcy and plans layoffs of +1,000 > CiCi’s Pizza declares bankruptcy > Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats > Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel. These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage The majority of food buffets at the major hotels and casinos have been shuttered for the time being Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity · The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion · More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG Active properties continue to rise and are expected to grow well into the future · The number of active properties in Q3 2020 grew 15% over 2019 · Active properties grew from 644 in Q2 to 715 in Q3 2020 · The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year. Some of the hot properties for this year and beyond · Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc. · Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom · Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia · Films: Harry Potter, The Goonies, The Mummy, Fast & Furious · TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons · Sports: NFL, NBA, MLB, WWE · Others: Disney, Pokemon, etc. COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY · Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends. · Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands. · Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream. ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12). · Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries. Valuation Comparison: Market Cap / Revenue (TTM) · Funko: MC - $604 million / Rev - $640 million (0.9x sales) · Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales) · Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales) Key Financial Trends For Funko · Q3 2020 EPS (Adjusted) = $0.31 > Third highest ever (only Q4 2018 & Q3 2019 were higher) · Q3 2020 Revenue = $191 million > Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher) · Q3 2020 Revenue increase vs prior quarter of 94% > Q1 and Q2 2020 saw significant declines due to COVID > Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49% > Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.) · Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce TL;DR After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum. Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock. Positions: Long Shares & Calls Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier. Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates. 2/9/21 Update: Additional info posted here
Playboy going public: Porn, Gambling, and Cannabis
NEW INFO 5 Results from share redemption are posted. Less than .2% redeemed. Very bullish as investors are showing extreme confidence in the future of PLBY. https://finance.yahoo.com/news/playboy-mountain-crest-acquisition-corp-120000721.html NEW INFO 4 Definitive Agreement to purchase 100% of Lovers brand stores announced 2/1. https://www.streetinsider.com/Corporate+News/Playboy+%28MCAC%29+Confirms+Deal+to+Acquire+Lovers/17892359.html NEW INFO 3 I bought more on the dip today. 5081 total. Price rose AH to $12.38 (2.15%) NEW INFO 2 Here is the full webinar. https://icrinc.zoom.us/rec/play/9GWKdmOYumjWfZuufW3QXpe_FW_g--qeNbg6PnTjTMbnNTgLmCbWjeRFpQga1iPc-elpGap8dnDv8Zww.yD7DjUwuPmapeEdP?continueMode=true&tk=lEYc4F_FkKlgsmCIs6w0gtGHT2kbgVGbUju3cIRBSjk.DQIAAAAV8NK49xZWdldRM2xNSFNQcTBmcE00UzM3bXh3AAAAAAAAAAAAAAAAAAAAAAAAAAAA&uuid=WN_GKWqbHkeSyuWetJmLFkj4g&_x_zm_rtaid=kR45-uuqRE-L65AxLjpbQw.1611967079119.2c054e3d3f8d8e63339273d9175939ed&_x_zm_rhtaid=866 NEW INFO 1 Live merger webinar with PLBY and MCAC on Friday January 29, 2021 at 12:00 NOON EST link below https://mcacquisition.com/investor-relations/press-release-details/2021/Playboy-Enterprises-Inc.-and-Mountain-Crest-Acquisition-Corp-Participate-in-SPACInsider-ICR-Webinar-on-January-29th-at-12pm-ET/default.aspx Playboy going public: Porn, Gambling, and Cannabis !!!WARNING READING AHEAD!!! TL;DR at the end. It will take some time to sort through all the links and read/watch everything, but you should. In the next couple weeks, Mountain Crest Acquisition Corp is taking Playboy public. The existing ticker MCAC will become PLBY. Special purpose acquisition companies have taken private companies public in recent months with great success. I believe this will be no exception. Notably, Playboy is profitable and has skyrocketing revenue going into a transformational growth phase. Porn - First and foremost, let's talk about porn. I know what you guys are thinking. “Porno mags are dead. Why would I want to invest in something like that? I can get porn for free online.” Guess what? You are absolutely right. And that’s exactly why Playboy doesn’t do that anymore. That’s right, they eliminated their print division. And yet they somehow STILL make money from porn that people (see: boomers) pay for on their website through PlayboyTV, Playboy Plus, and iPlayboy. Here’s the thing: Playboy has international, multi-generational name recognition from porn. They have content available in 180 countries. It will be the only publicly traded adult entertainment (porn) company. But that is not where this company is going. It will help support them along the way. You can see every Playboy magazine through iPlayboy if you’re interested. NSFW links below: https://www.playboy.com/ https://www.playboytv.com/ https://www.playboyplus.com/ https://www.iplayboy.com/ Gambling - Some of you might recognize the Playboy brand from gambling trips to places like Las Vegas, Atlantic City, Cancun, London or Macau. They’ve been in the gambling biz for decades through their casinos, clubs, and licensed gaming products. They see the writing on the wall. COVID is accelerating the transition to digital, application based GAMBLING. That’s right. What we are doing on Robinhood with risky options is gambling, and the only reason regulators might give a shit anymore is because we are making too much money. There may be some restrictions put in place, but gambling from your phone on your couch is not going anywhere. More and more states are allowing things like Draftkings, poker, state ‘lottery” apps, hell - even political betting. Michigan and Virginia just ok’d gambling apps. They won’t be the last. This is all from your couch and any 18 year old with a cracked iphone can access it. Wouldn’t it be cool if Playboy was going to do something like that? They’re already working on it. As per CEO Ben Kohn who we will get to later, “...the company’s casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth.” Honestly, I stopped researching Scientific Games' sports betting segment when I saw the word ‘omni-channel’. That told me all I needed to know about it’s success. “Our SG Sports™ platform is an enhanced, omni-channel solution for online, self-service and retail fixed odds sports betting – from soccer to tennis, basketball, football, baseball, hockey, motor sports, racing and more.” https://www.scientificgames.com/ https://www.microgaming.co.uk/ “This latter segment has become increasingly enticing for Playboy, and it said last week that it is considering new tie-ups that could include gaming operators like PointsBet and 888Holdings.” https://calvinayre.com/2020/10/05/business/playboys-gaming-ops-could-get-a-boost-from-spac-purchase/ As per their SEC filing: “Significant consumer engagement and spend with Playboy-branded gaming properties around the world, including with leading partners such as Microgaming, Scientific Games, and Caesar’s Entertainment, steers our investment in digital gaming, sports betting and other digital offerings to further support our commercial strategy to expand consumer spend with minimal marginal cost, and gain consumer data to inform go-to-market plans across categories.” https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tMDAA1 They are expanding into more areas of gaming/gambling, working with international players in the digital gaming/gambling arena, and a Playboy sportsbook is on the horizon. https://www.playboy.com/read/the-pleasure-of-playing-with-yourself-mobile-gaming-in-the-covid-era Cannabis - If you’ve ever read through a Playboy magazine, you know they’ve had a positive relationship with cannabis for many years. As of September 2020, Playboy has made a major shift into the cannabis space. Too good to be true you say? Check their website. Playboy currently sells a range of CBD products. This is a good sign. Federal hemp products, which these most likely are, can be mailed across state lines and most importantly for a company like Playboy, can operate through a traditional banking institution. CBD products are usually the first step towards the cannabis space for large companies. Playboy didn’t make these products themselves meaning they are working with a processor in the cannabis industry. Another good sign for future expansion. What else do they have for sale? Pipes, grinders, ashtrays, rolling trays, joint holders. Hmm. Ok. So it looks like they want to sell some shit. They probably don’t have an active interest in cannabis right? Think again: https://www.forbes.com/sites/javierhasse/2020/09/24/playboy-gets-serious-about-cannabis-law-reform-advocacy-with-new-partnership-grants/?sh=62f044a65cea “Taking yet another step into the cannabis space, Playboy will be announcing later on Thursday (September, 2020) that it is launching a cannabis law reform and advocacy campaign in partnership with National Organization for the Reform of Marijuana Laws (NORML), Last Prisoner Project, Marijuana Policy Project, the Veterans Cannabis Project, and the Eaze Momentum Program.” “According to information procured exclusively, the three-pronged campaign will focus on calling for federal legalization. The program also includes the creation of a mentorship plan, through which the Playboy Foundation will support entrepreneurs from groups that are underrepresented in the industry.” Remember that CEO Kohn from earlier? He wrote this recently: https://medium.com/naked-open-letters-from-playboy/congress-must-pass-the-more-act-c867c35239ae Seems like he really wants weed to be legal? Hmm wonder why? The writing's on the wall my friends. Playboy wants into the cannabis industry, they are making steps towards this end, and we have favorable conditions for legislative progress. Don’t think branding your own cannabis line is profitable or worthwhile? Tell me why these 41 celebrity millionaires and billionaires are dummies. I’ll wait. https://www.celebstoner.com/news/celebstoner-news/2019/07/12/top-celebrity-cannabis-brands/ Confirmation: I hear you. “This all seems pretty speculative. It would be wildly profitable if they pull this shift off. But how do we really know?” Watch this whole video: https://finance.yahoo.com/video/playboy-ceo-telling-story-female-154907068.html Man - this interview just gets my juices flowing. And highlights one of my favorite reasons for this play. They have so many different business avenues from which a catalyst could appear. I think paying attention, holding shares, and options on these staggered announcements over the next year is the way I am going to go about it. "There's definitely been a shift to direct-to-consumer," he (Kohn) said. "About 50 percent of our revenue today is direct-to-consumer, and that will continue to grow going forward.” “Kohn touted Playboy's portfolio of both digital and consumer products, with casino-style gaming, in particular, serving a crucial role under the company's new business model. Playboy also has its sights on the emerging cannabis market, from CBD products to marijuana products geared toward sexual health and pleasure.” "If THC does become legal in the United States, we have developed certain strains to enhance your sex life that we will launch," Kohn said. https://cheddar.com/media/playboy-goes-public-health-gaming-lifestyle-focus Oh? The CEO actually said it? Ok then. “We have developed certain strains…” They’re already working with growers on strains and genetics? Ok. There are several legal cannabis markets for those products right now, international and stateside. I expect Playboy licensed hemp and THC pre-rolls by EOY. Something like this: https://www.etsy.com/listing/842996758/10-playboy-pre-roll-tubes-limited?ga_order=most_relevant&ga_search_type=all&ga_view_type=gallery&ga_search_query=pre+roll+playboy&ref=sr_gallery-1-2&organic_search_click=1 Maintaining cannabis operations can be costly and a regulatory headache. Playboy’s licensing strategy allows them to pick successful, established partners and sidestep traditional barriers to entry. You know what I like about these new markets? They’re expanding. Worldwide. And they are going to be a bigger deal than they already are with or without Playboy. Who thinks weed and gambling are going away? Too many people like that stuff. These are easy markets. And Playboy is early enough to carve out their spot in each. Fuck it, read this too: https://www.forbes.com/sites/jimosman/2020/10/20/playboy-could-be-the-king-of-spacs-here-are-three-picks/?sh=2e13dcaa3e05 Numbers: You want numbers? I got numbers. As per the company’s most recent SEC filing: “For the year ended December 31, 2019, and the nine months ended September 30, 2020, Playboy’s historical consolidated revenue was $78.1 million and $101.3 million, respectively, historical consolidated net income (loss) was $(23.6) million and $(4.8) million, respectively, and Adjusted EBITDA was $13.1 million and $21.8 million, respectively.” “In the nine months ended September 30, 2020, Playboy’s Licensing segment contributed $44.2 million in revenue and $31.1 million in net income.” “In the ninth months ended September 30, 2020, Playboy’s Direct-to-Consumer segment contributed $40.2 million in revenue and net income of $0.1 million.” “In the nine months ended September 30, 2020, Playboy’s Digital Subscriptions and Content segment contributed $15.4 million in revenue and net income of $7.4 million.” They are profitable across all three of their current business segments. “Playboy’s return to the public markets presents a transformed, streamlined and high-growth business. The Company has over $400 million in cash flows contracted through 2029, sexual wellness products available for sale online and in over 10,000 major retail stores in the US, and a growing variety of clothing and branded lifestyle and digital gaming products.” https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF Growth: Playboy has massive growth in China and massive growth potential in India. “In China, where Playboy has spent more than 25 years building its business, our licensees have an enormous footprint of nearly 2,500 brick and mortar stores and 1,000 ecommerce stores selling high quality, Playboy-branded men’s casual wear, shoes/footwear, sleepwear, swimwear, formal suits, leather & non-leather goods, sweaters, active wear, and accessories. We have achieved significant growth in China licensing revenues over the past several years in partnership with strong licensees and high-quality manufacturers, and we are planning for increased growth through updates to our men’s fashion lines and expansion into adjacent categories in men’s skincare and grooming, sexual wellness, and women’s fashion, a category where recent launches have been well received.” The men’s market in China is about the same size as the entire population of the United States and European Union combined. Playboy is a leading brand in this market. They are expanding into the women’s market too. Did you know CBD toothpaste is huge in China? China loves CBD products and has hemp fields that dwarf those in the US. If Playboy expands their CBD line China it will be huge. Did you know the gambling money in Macau absolutely puts Las Vegas to shame? Technically, it's illegal on the mainland, but in reality, there is a lot of gambling going on in China. https://www.forbes.com/sites/javierhasse/2020/10/19/magic-johnson-and-uncle-buds-cbd-brand-enter-china-via-tmall-partnership/?sh=271776ca411e “In India, Playboy today has a presence through select apparel licensees and hospitality establishments. Consumer research suggests significant growth opportunities in the territory with Playboy’s brand and categories of focus.” “Playboy Enterprises has announced the expansion of its global consumer products business into India as part of a partnership with Jay Jay Iconic Brands, a leading fashion and lifestyle Company in India.” “The Indian market today is dominated by consumers under the age of 35, who represent more than 65 percent of the country’s total population and are driving India’s significant online shopping growth. The Playboy brand’s core values of playfulness and exploration resonate strongly with the expressed desires of today’s younger millennial consumers. For us, Playboy was the perfect fit.” “The Playboy international portfolio has been flourishing for more than 25 years in several South Asian markets such as China and Japan. In particular, it has strategically targeted the millennial and gen-Z audiences across categories such as apparel, footwear, home textiles, eyewear and watches.” https://www.licenseglobal.com/industry-news/playboy-expands-global-footprint-india It looks like they gave COVID the heisman in terms of net damage sustained: “Although Playboy has not suffered any material adverse consequences to date from the COVID-19 pandemic, the business has been impacted both negatively and positively. The remote working and stay-at-home orders resulted in the closure of the London Playboy Club and retail stores of Playboy’s licensees, decreasing licensing revenues in the second quarter, as well as causing supply chain disruption and less efficient product development thereby slowing the launch of new products. However, these negative impacts were offset by an increase in Yandy’s direct-to-consumer sales, which have benefited in part from overall increases in online retail sales so far during the pandemic.” Looks like the positives are long term (Yandy acquisition) and the negatives are temporary (stay-at-home orders). https://www.sec.gov/Archives/edgadata/1803914/000110465921006093/tm213766-1_defa14a.htm This speaks to their ability to maintain a financially solvent company throughout the transition phase to the aforementioned areas. They’d say some fancy shit like “expanded business model to encompass four key revenue streams: Sexual Wellness, Style & Apparel, Gaming & Lifestyle, and Beauty & Grooming.” I hear “we’re just biding our time with these trinkets until those dollar dollar bill y’all markets are fully up and running.” But the truth is these existing revenue streams are profitable, scalable, and rapidly expanding Playboy’s e-commerce segment around the world. "Even in the face of COVID this year, we've been able to grow EBITDA over 100 percent and revenue over 68 percent, and I expect that to accelerate going into 2021," he said. “Playboy is accelerating its growth in company-owned and branded consumer products in attractive and expanding markets in which it has a proven history of brand affinity and consumer spend.” Also in the SEC filing, the Time Frame: “As we detailed in the definitive proxy statement, the SPAC stockholder meeting to vote on the transaction has been set for February 9th, and, subject to stockholder approval and satisfaction of the other closing conditions, we expect to complete the merger and begin trading on NASDAQ under ticker PLBY shortly thereafter,” concluded Kohn. The Players: Suhail “The Whale” Rizvi (HMFIC), Ben “The Bridge” Kohn (CEO), “lil” Suying Liu & “Big” Dong Liu (Young-gun China gang). I encourage you to look these folks up. The real OG here is Suhail Rizvi. He’s from India originally and Chairman of the Board for the new PLBY company. He was an early investor in Twitter, Square, Facebook and others. His firm, Rizvi Traverse, currently invests in Instacart, Pinterest, Snapchat, Playboy, and SpaceX. Maybe you’ve heard of them. “Rizvi, who owns a sprawling three-home compound in Greenwich, Connecticut, and a 1.65-acre estate in Palm Beach, Florida, near Bill Gates and Michael Bloomberg, moved to Iowa Falls when he was five. His father was a professor of psychology at Iowa. Along with his older brother Ashraf, a hedge fund manager, Rizvi graduated from Wharton business school.” “Suhail Rizvi: the 47-year-old 'unsocial' social media baron: When Twitter goes public in the coming weeks (2013), one of the biggest winners will be a 47-year-old financier who guards his secrecy so zealously that he employs a person to take down his Wikipedia entry and scrub his photos from the internet. In IPO, Twitter seeks to be 'anti-FB'” “Prince Alwaleed bin Talal of Saudi Arabia looks like a big Twitter winner. So do the moneyed clients of Jamie Dimon. But as you’ve-got-to-be-joking wealth washed over Twitter on Thursday — a company that didn’t exist eight years ago was worth $31.7 billion after its first day on the stock market — the non-boldface name of the moment is Suhail R. Rizvi. Mr. Rizvi, 47, runs a private investment company that is the largest outside investor in Twitter with a 15.6 percent stake worth $3.8 billion at the end of trading on Thursday (November, 2013). Using a web of connections in the tech industry and in finance, as well as a hearty dose of good timing, he brought many prominent names in at the ground floor, including the Saudi prince and some of JPMorgan’s wealthiest clients.” https://www.nytimes.com/2013/11/08/technology/at-twitter-working-behind-the-scenes-toward-a-billion-dollar-payday.html Y’all like that Arab money? How about a dude that can call up Saudi Princes and convince them to spend? Funniest shit about I read about him: “Rizvi was able to buy only $100 million in Facebook shortly before its IPO, thus limiting his returns, according to people with knowledge of the matter.” Poor guy :( He should be fine with the 16 million PLBY shares he's going to have though :) Shuhail also has experience in the entertainment industry. He’s invested in companies like SESAC, ICM, and Summit Entertainment. He’s got Hollywood connections to blast this stuff post-merger. And he’s at least partially responsible for that whole Twilight thing. I’m team Edward btw. I really like what Suhail has done so far. He’s lurked in the shadows while Kohn is consolidating the company, trimming the fat, making Playboy profitable, and aiming the ship at modern growing markets. https://www.reuters.com/article/us-twitter-ipo-rizvi-insight/insight-little-known-hollywood-investor-poised-to-score-with-twitter-ipo-idUSBRE9920VW20131003 Ben “The Bridge” Kohn is an interesting guy. He’s the connection between Rizvi Traverse and Playboy. He’s both CEO of Playboy and was previously Managing Partner at Rizvi Traverse. Ben seems to be the voice of the Playboy-Rizvi partnership, which makes sense with Suhail’s privacy concerns. Kohn said this: “Today is a very big day for all of us at Playboy and for all our partners globally. I stepped into the CEO role at Playboy in 2017 because I saw the biggest opportunity of my career. Playboy is a brand and platform that could not be replicated today. It has massive global reach, with more than $3B of global consumer spend and products sold in over 180 countries. Our mission – to create a culture where all people can pursue pleasure – is rooted in our 67-year history and creates a clear focus for our business and role we play in people’s lives, providing them with the products, services and experiences that create a lifestyle of pleasure. We are taking this step into the public markets because the committed capital will enable us to accelerate our product development and go-to-market strategies and to more rapidly build our direct to consumer capabilities,” said Ben Kohn, CEO of Playboy. “Playboy today is a highly profitable commerce business with a total addressable market projected in the trillions of dollars,” Mr. Kohn continued, “We are actively selling into the Sexual Wellness consumer category, projected to be approximately $400 billion in size by 2024, where our recently launched intimacy products have rolled out to more than 10,000 stores at major US retailers in the United States. Combined with our owned & operated ecommerce Sexual Wellness initiatives, the category will contribute more than 40% of our revenue this year. In our Apparel and Beauty categories, our collaborations with high-end fashion brands including Missguided and PacSun are projected to achieve over $50M in retail sales across the US and UK this year, our leading men’s apparel lines in China expanded to nearly 2500 brick and mortar stores and almost 1000 digital stores, and our new men’s and women’s fragrance line recently launched in Europe. In Gaming, our casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth. Our product strategy is informed by years of consumer data as we actively expand from a purely licensing model into owning and operating key high-growth product lines focused on driving profitability and consumer lifetime value. We are thrilled about the future of Playboy. Our foundation has been set to drive further growth and margin, and with the committed capital from this transaction and our more than $180M in NOLs, we will take advantage of the opportunity in front of us, building to our goal of $100M of adjusted EBITDA in 2025.” https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company Also, according to their Form 4s, “Big” Dong Liu and “lil” Suying Liu just loaded up with shares last week. These guys are brothers and seem like the Chinese market connection. They are only 32 & 35 years old. I don’t even know what that means, but it's provocative. https://www.secform4.com/insider-trading/1832415.htm https://finance.yahoo.com/news/mountain-crest-acquisition-corp-ii-002600994.html Y’all like that China money? “Mr. Liu has been the Chief Financial Officer of Dongguan Zhishang Photoelectric Technology Co., Ltd., a regional designer, manufacturer and distributor of LED lights serving commercial customers throughout Southern China since November 2016, at which time he led a syndicate of investments into the firm. Mr. Liu has since overseen the financials of Dongguan Zhishang as well as provided strategic guidance to its board of directors, advising on operational efficiency and cash flow performance. From March 2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao Electrical Group Co., Ltd., a leading Chinese manufacturer of electrical outlets headquartered in Shanghai and with businesses in the greater China region as well as Europe.” Dr. Suying Liu, Chairman and Chief Executive Officer of Mountain Crest Acquisition Corp., commented, “Playboy is a unique and compelling investment opportunity, with one of the world’s largest and most recognized brands, its proven consumer affinity and spend, and its enormous future growth potential in its four product segments and new and existing geographic regions. I am thrilled to be partnering with Ben and his exceptional team to bring his vision to fruition.” https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company These guys are good. They have a proven track record of success across multiple industries. Connections and money run deep with all of these guys. I don’t think they’re in the game to lose. I was going to write a couple more paragraphs about why you should have a look at this but really the best thing you can do is read this SEC filing from a couple days ago. It explains the situation in far better detail. Specifically, look to page 137 and read through their strategy. Also, look at their ownership percentages and compensation plans including the stock options and their prices. The financials look great, revenue is up 90% Q3, and it looks like a bright future. https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF I’m hesitant to attach this because his position seems short term, but I’m going to with a warning because he does hit on some good points (two are below his link) and he’s got a sizable position in this thing (500k+ on margin, I think). I don’t know this guy but he did look at the same publicly available info and make roughly the same prediction, albeit without the in depth gambling or cannabis mention. You can also search reddit for ‘MCAC’ and very few relevant results come up and none of them even come close to really looking at this thing. https://docs.google.com/document/d/1gOvAd6lebs452hFlWWbxVjQ3VMsjGBkbJeXRwDwIJfM/edit?usp=sharing “Also, before you people start making claims that Playboy is a “boomer” company, STOP RIGHT THERE. This is not a good argument. Simply put. The only thing that matters is Playboy’s name recognition, not their archaic business model which doesn’t even exist anymore as they have completely repurposed their business.” “Imagine not buying $MCAC at a 400M valuation lol. Streetwear department is worth 1B alone imo.” Considering the ridiculous Chinese growth as a lifestyle brand, he’s not wrong. Current Cultural Significance and Meme Value: A year ago I wouldn’t have included this section but the events from the last several weeks (even going back to tsla) have proven that a company’s ability to meme and/or gain social network popularity can have an effect. Tik-tok, Snapchat, Twitch, Reddit, Youtube, Facebook, Twitter. They all have Playboy stuff on them. Kids in middle and highschool know what Playboy is but will likely never see or touch one of the magazines in person. They’ll have a Playboy hoodie though. Crazy huh? A lot like GME, PLBY would hugely benefit from meme-value stock interest to drive engagement towards their new business model while also building strategic coffers. This interest may not directly and/or significantly move the stock price but can generate significant interest from larger players who will. Bull Case: The year is 2025. Playboy is now the world leader pleasure brand. They began by offering Playboy licensed gaming products, including gambling products, direct to consumers through existing names. By 2022, demand has skyrocketed and Playboy has designed and released their own gambling platforms. In 2025, they are also a leading cannabis brand in the United States and Canada with proprietary strains and products geared towards sexual wellness. Cannabis was legalized in the US in 2023 when President Biden got glaucoma but had success with cannabis treatment. He personally pushes for cannabis legalization as he steps out of office after his first term. Playboy has also grown their brand in China and India to multi-billion per year markets. The stock goes up from 11ish to 100ish and everyone makes big gains buying somewhere along the way. Bear Case: The United States does a complete 180 on marijuana and gambling. President Biden overdoses on marijuana in the Lincoln bedroom when his FDs go tits up and he loses a ton of money in his sports book app after the Fighting Blue Hens narrowly lose the National Championship to Bama. Playboy is unable to expand their cannabis and gambling brands but still does well with their worldwide lifestyle brand. They gain and lose some interest in China and India but the markets are too large to ignore them completely. The stock goes up from 11ish to 13ish and everyone makes 15-20% gains. TL;DR: Successful technology/e-commerce investment firm took over Playboy to turn it into a porn, online gambling/gaming, sports book, cannabis company, worldwide lifestyle brand that promotes sexual wellness, vetern access, women-ownership, minority-ownership, and “pleasure for all”. Does a successful online team reinventing an antiquated physical copy giant sound familiar? No options yet, shares only for now. $11.38 per share at time of writing. My guess? $20 by the end of February. $50 by EOY. This is not financial advice. I am not qualified to give financial advice. I’m just sayin’ I would personally use a Playboy sports book app while smoking a Playboy strain specific joint and it would be cool if they did that. Do your own research. You’d probably want to start here: WARNING - POTENTIALLY NSFW - SEXY MODELS AHEAD - no actual nudity though https://s26.q4cdn.com/895475556/files/doc_presentations/Playboy-Craig-Hallum-Conference-Investor-Presentation-11_17_20-compressed.pdf Or here: https://www.mcacquisition.com/investor-relations/default.aspx Jimmy Chill: “Get into any SPAC at $10 or $11 and you are going to make money.” STL;DR: Buy MCAC. MCAC > PLBY couple weeks. Rocketship. Moon. Position: 5000 shares. I will buy short, medium, and long-dated calls once available.
2/9/21 Update: Additional info posted here Funko is a good company with solid performance that is still trading at a reasonable price. Check out my DD below: Funko (FNKO) Share Price (02/01/21) : $12.90 Share Price (09/16/19) : $27.86 Short Interest (1/26/21) : 14% Next Earnings Release: March 2021 Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties. Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021: · Increasing search traffic for Funko products · Direct sales growth is driving increased revenue and profitability · Parents are buying more gifts for their kids due to COVID · People have more disposable income from staying at home and not going out · Expansion of new products and licensees continuing through 2021 · Collectible investments like Funko POP! figures are exploding in value and popularity · Recent analyst commentary, valuation, and financials are positive FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020 “Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019) Searches for “Funko” were up 2x in December vs the beginning of November 2020 After falling in December, “Funko” searches are trending back up to all-time-high levels FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4 · B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year. · Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020 · The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020 “We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti Funko’s first ever Selena Pop! sold out online in just 40 minutes. Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company · Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020) · Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018) · As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales · Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory. · Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment. Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each · According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti. · With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15 PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home. · “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay · “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending · According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.” Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays · Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.” Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong · Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko > Overall comparable sales were up 17.2% > Comparable digital sales were up over 100% > Store-originated comparable sales were up 4.2% > Store traffic was up 4.3% > Average ticket size was up 12.3% · GameStop Q4 sales were solid; showing additional potential for Funko sales > Same store sales were up 4.8% in Q4 2020 > Online sales increased 309% in Q4 2020 · According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic > A surge in online shopping drove the increase (rising 32% vs. 2019) > The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years. MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling · “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz. Spending on “experiences” fell significantly in 2020 · The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019 > The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel > Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending · Concert spending is down dramatically > Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020 > About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3) · Movie theater attendance is down substantially > AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020 > Cinemark saw a 96% decline in revenue > Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue > Studio Movie Grill filed for bankruptcy · Other anecdotal information points to more stay-at-home activity decreasing recreational spending > Chuck E Cheese’s declared bankruptcy > Dave & Busters is considering bankruptcy and plans layoffs of +1,000 > CiCi’s Pizza declares bankruptcy > Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats > Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel. These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage The majority of food buffets at the major hotels and casinos have been shuttered for the time being Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity · The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion · More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG Active properties continue to rise and are expected to grow well into the future · The number of active properties in Q3 2020 grew 15% over 2019 · Active properties grew from 644 in Q2 to 715 in Q3 2020 · The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year. Some of the hot properties for this year and beyond · Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc. · Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom · Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia · Films: Harry Potter, The Goonies, The Mummy, Fast & Furious · TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons · Sports: NFL, NBA, MLB, WWE · Others: Disney, Pokemon, etc. Retail exclusives can grow the potential universe of licenses and increase retailer buy-in · For example: A retailer like GameStop could lobby Funko to make a GameStop exclusive of the WallStreetBets Kid like this person suggested here. (The exclusive Pop! would be made into a limited edition and sold only to GameStop to sell at their stores) COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY · Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends. · Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands. · Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream. ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12). · Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries. Valuation Comparison: Market Cap / Revenue (TTM) · Funko: MC - $604 million / Rev - $640 million (0.9x sales) · Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales) · Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales) Key Financial Trends For Funko · Q3 2020 EPS (Adjusted) = $0.31 > Third highest ever (only Q4 2018 & Q3 2019 were higher) · Q3 2020 Revenue = $191 million > Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher) · Q3 2020 Revenue increase vs prior quarter of 94% > Q1 and Q2 2020 saw significant declines due to COVID > Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49% > Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.) · Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce TL;DR After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum. Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock. Positions: Long Shares & Calls Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier. Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates. Previous DD:Herman Miller
$ACAC Merging w/ Playstudios - Undervalued MGM-Backed Online Gaming/Gambling/Return to Normal Play?
Wondering what everyone's thoughts are regarding Playstudios merging with ACAC. Seems to have oddly dropped below even where it was when it was in the rumour stages. Here are some of the investment notes I've gleaned from my research. Please help provide more bear (or bull) cases if possible! Summary ⦁ Online gaming company with major backing and investments from MGM Group, Blackrock, Activision Blizzard, and Neuberger Berman ⦁ Playstudios' game profiles include: myVEGAS Slots, POP! Slots, myKONAMI Slots, myVEGAS Blackjack, and Kingdom Boss + myVEGAS Bingo coming soon ⦁ >100M lifetime app downloads ⦁ 4.2M monthly active users From PlayStudios investor deck ⦁ 56 minutes playtime/day (more than TikTok, YouTube, etc. as per Skillz' research), fairly comparable to Skillz as well (their data below) Skillz data on minutes per user per day - Playstudios is 56 minutes/day ⦁ Unique loyalty rewards program that engages sticky user base by providing free rooms, meals, drinks, at many Las Vegas resorts such as Bellagio, Aria, MGM, Luxor, Mandalay Bay, etc., as well as exclusive gambling room access in select casinos ⦁ Valued at $1B enterprise value at NAV ⦁ Using capital injection to develop new apps, M&A with other gaming companies Bull Cases ⦁ SPAC Management group is quite stacked and very heavy on online gaming, and gambling sectors ⦁ Co-CEO Edward King has experience at Morgan Stanley as Managing Director and Global Head of Gaming Investment Banking ⦁ Co-CEO Dan Fetters also has experience at Morgan Stanley as Managing Director of M&A ⦁ EVP of Acquisitions Chris Grove is a partner at Eilers & Krejcik Gaming ⦁ Chairman Jim Murren former CFO, Chairman, and CEO of MGM for over 20 years (12 years as Chairman, CEO) and led the recovery of MGM post-financial crisis. Currently also Chairman of COVID 19 Response in Neveda ⦁ Other Board members include the President and CEO of the Boston Red Sox and Chief Exec. of Fenway Sports Management, Senior VP of Monumental Sports and Entertainment, former CEO of ShooWin, and FoundeCEO of Sydell Group (lifestyle hotel chain) ⦁ Playstudios exec. team also all have long history of gaming, and gambling sectors ⦁ TAM of mobile gaming only set to continue to grow YOY ⦁ Loyalty program appears to be very sticky for Vegas visitors, as well as offering a clear value add for even non-gamers to participate (free drinks, hotel stays, etc.), and causing a virtous cycle from user app engagement -> real-life reward redemption -> resort app offers -> and back Virtuous Cycle - from PlayStudios investor deck ⦁ Undervalued in terms of PS ratios comp. to other mobile gaming companies (Zynga, Playtika, etc.), and EBITDA basis ⦁ History of strong app development and revenue growth without major capital injection ⦁ History of profitable business model, stronger revenues than a Skillz ($270M for Playstudios v. $255M for Skillz) Revenue Growth and DAU Chart - from PlayStudios investor deck ⦁ All apps have strong user experience and reviews are exceptional ⦁ Very large amount of shares set to exit lock-up 12 months after de-SPAC ⦁ During the lockdowns, the global market for social casino games grew 24%, indicating a strong hedge play against another locked down economy ⦁ Massive list of partners Partners List - from PlayStudios investor deck ⦁ Very valuable subset of audience From PlayStudios investor deck Bear Cases ⦁ Perhaps one of many entrants into an industry of very high competition ⦁ EBITDA near-term is not super strong ⦁ Some SPAC cash usage not ideal ($150M going into founder's pockets) ⦁ Not in a very hype sector like EV, Space, etc. TLDR: I think Playstudios is under-the-radar, competitively differentiated, and undervalued comp. to other mobile gaming companies right now at ~$11.20/share, and see near-term upside as a long-hold given the major partners and big names behind it (MGM primarily, Activision Blizzard secondarily). Disclosure: 5000 shares of ACAC Disclaimer: I am not a financial advisor... do your own due diligence.
TEKKORP DIGITAL (TEKK): Unsung Hero of the Casino/Gaming SPAC World. Stellar Team!
TEKKORP DIGITAL(TEKK) is a NASDAQ-listed blank check company created to acquire and unlock the value of businesses poised for growth in the digital media, sports, entertainment, leisure and/or gaming ecosystems, by coupling transformative expertise with access to the deepest, most liquid public capital markets in the world. 287.5M Trust; Jefferies / Macquarie Capital (runners) IPOed 10/21/2020 2021-0204 Near NAV: $10.62 https://www.tekkorpdigital.com/ S-1 Filing: https://www.sec.gov/Archives/edgadata/1822027/000121390020028479/fs12020_tekkorpdigitalacq.htm Team and Board of Directors: Matthew Davey — Chief Executive Officer and Director Mr. Davey has over 25 years of experience within the digital media, sports, entertainment, leisure and gaming ecosystems. CEO of SG Digital, the Digital Division of Scientific Games Corp. Oversaw seven acquisitions OpenBet, Cryptologic/Chartwell; PokerStars and Intercasino Robin Chhabra — President Mr. Chhabra has been at the forefront of corporate acquisition activity within the digital gaming landscape for over a decade. Mr. Chhabra’s M&A experience is extensive and covers multiple global geographies across the digital gaming value chain and includes the following: TSG/Flutter Entertainment; TSG/Sky Betting and Gaming Eric Matejevich — Chief Financial Officer Mr. Matejevich is a seasoned gaming executive with extensive experience in both the online gaming and traditional casino industries. Interim-CEO of Ocean Casino Resort (formerly Revel Casino), CFO of NYX. CFO of Resorts International Holdings; COO - Atlantic Club Casino. Led acquisition of Harrah’s Entertainment and Caesars Entertainment. VP of High Yield Research for Merrill Lynch. Morris Bailey — Chairman Mr. Bailey has been a leader in turning around Atlantic City, Mr. Bailey partnered with two of the largest digital gaming companies in the world, PokerStars, part of the Stars Group, and DraftKings. In 2010, Mr. Bailey bought Resorts Atlantic City. Signed an agreement with Mohegan Sun to manage the day-to-day operations of the casino. Established a platform to engage in online gaming by partnering with PokerStars, now part of the $24 billion Flutter Entertainment. Resorts announced deals with DraftKings and SBTech to open a sportsbook on-property and online. Tony Rodio — Director Nominee Mr. Rodio has nearly four decades of experience in the gaming industry. CEO and director of Caesars Entertainment Corporation. President, CEO and a director of Tropicana Entertainment. Exec positions at Trump Marina Hotel Casino, Harrah’s Entertainment, Atlantic City Hilton Casino Resort and Penn National Gaming. Marlon Goldstein — Director Nominee Mr. Goldstein is a licensed attorney with nearly 20 years of experience in the gaming space. Exec VP, Chief Legal Officer - The Stars Group. Exec VP, Corporate Development and General Counsel of TSG. Participated in numerous M&A transactions and capital markets offerings at TSG: TSG/Flutter Merger, TSG/Fox Bet; TSG/Sky Betting & Gaming; CrownBet, PokerStars. Sean Ryan — Director Nominee Mr. Ryan is a digital media and technology operator with extensive global experience in online payments, e-commerce, marketplaces, mobile ad networks, digital games, enterprise collaboration platforms, blockchain, real money gaming and online music. VP of Business Platform Partnerships at Facebook, Inc. **Yeah, that Facebook! Tom Roche — Director Nominee Mr. Roche has more than 40 years of experience in the gaming industry as a regulator, advisor and independent auditor. Mr. Roche joined Ernst & Young as a partner in 2003 and opened its Las Vegas office. Mr. Roche has been integral to numerous transactions that have shaped the current gaming landscape, including Wynn Resorts initial public offering. Mr. Roche headed the regulatory advisory services on the buyout of Harrah’s Entertainment; Dubai World/MGM Resorts. Mr. Roche headed the regulatory and due diligence advisory services to Dubai World in its approximately $5.1 billion investment in MGM.
26 Capital Corp (ADERU) is a new at-NAV SPAC with world-leading online gambling expertise - worth a bet
EDIT - one week after i posted this, Britain's most successful hedge fund manager Michael Platt has taken a 6.5% stake tl;dr At-NAV new SPAC with world-leading expertise in online gambling. Worth a bet on potential to be next DKNG on the hype train
+++++++ Hi all - have had a lot of great tips from this sub. Hopefully this pays some of you back. I have been watching and researching this since 23 December when it first filed S1, awaiting the units to be listed - they are available today trading as ADERU Positions - 500 units @ 10.42 to start. Will be monitoring and building position below $15, especially if attention starts to build ahead of units and warrants splitting and shares coming available to Robinhood. (My other SPAC positions are OPEN, IPO-E-F, PSTH, FUSE, PIPP, ACTC, CCIV and DMYD, 100 to 1000 shares each mostly around NAV and numerous warrants and options around these.) As ever, this is not investment advice and do your own research +++++++
26 Capital Acquisition Corp or ADER is a 240m SPAC with usual terms - 10$ units, 1/2 warrants. Seeking a merger in "gaming and gaming technology, branded consumer, lodging and entertainment, and Internet commerce sectors". I think this is highly worth a play on the online gambling hype if you can get in at near NAV, based entirely on the management which is unbeatable in its knowledge of the gambling industry
CEO Jason Ader has held director level positions at Las Vegas Sands Corp. ($42bn one of biggest casino groups in world), IGT (£3.72bn multinational gambling firm specialised in software and slot machines) and Playtech (£1.4bn multinational gambling software firm) Before starting his own fund in 2013 he was regularly ranked Wall Street's top analyst on the gambling and leisure sector His fund, Spring Owl Capital, is a small activist fund focused on gambling and leisure. They are probably most famous for ousting the CEO of Viacom in 2016 and a crusade against Yahoo CEO Marissa Meyer in 2015. Ader knows the gambling - and online gambling - industry inside out. He drove bWin to a £1.1bn takeover by gambling giant GVC (now Entain) in 2016, and has been driving similar change and demands for improvement at board level at Playtech The fund mostly manages money for a select group of wealthy families, which could be a positive sign for the SPAC (although I don't know how much skin in the SPAC the fund has, if any) Here is a video of Ader from November talking about how he's excited about SPACs. He talks about how he has been advising certain States about legalising sports betting and how to maximise value and liquidity by linking up with European companies in the space (Playtech e.g.??). Ader is extremely bullish on US legalising online casino and more sports betting options, accelerated by need for revenue because of pandemic
Rafi Ashkenazi One of the most highly respected names in the online gambling world, including COO and CEO positions at major online gambling firms such as Playtech and Stars Group (a world leader in online poker and casino). At Stars he led the $4.7bn takeover of Sky Betting to create the world's largest publicly listed online betting firm in 2018. Most recently he led the £10bn merger between Flutter (biggest gambling company in world by revenue, market cap £26bn), and Stars Group (Ader also involved). Also has connections into the booming Israel tech space which is interesting
Joseph Kaminkow Special Advisor to the Chief Product Officer at Aristocrat, a leading gambling software provider and games publisher, previously Vice President of Game Design at Zynga Inc. This guy is a former video game / pinball designer who is credited with revolutionising the slots industry after moving into gambling software from video games in 1999. Regarded as a "legend" and "hall of famer" in this niche. At Zynga he designed so-called 'social casino games' which don't involve real-money gambling but are otherwise basically gambling apps (revenue from microtransactions etc). 130 patents on gambling/gaming design inventions
Greg Lyss This is a very interesting but extremely low profile person. He was Bill Ackman a.k.a SPACman's right hand man at Gotham Capital. Ackman respected him so much that when Ackman set up a personal hedge fund to invest the Ackman family's money, he put Lyss in charge of it. To repeat - Bill Ackman thinks this guy is such a good investor and trustworthy that he put him in charge of investing his family's money. Don't know anything more about him, but I like this association with Ackman, which suggests to me some integrity around management of this SPAC, especially as the gambling world can be very murky. The other member of the team is the CFO of SpringOwl with 20+ years' hedge fund experience and not notable (although clearly competent)
Thesis / potential targets Based on the above experience and many public comments by Ader over the past year, I would be very surprised if ADER is not looking to merge with an online gambling technology provider / existing online betting website / social casino app / possibly a supporting technology provider They are activist inventors, and specifically say in the IPO prospectus that they could look for businesses that can benefit from turnaround or are not being run well. I speculate that their deep knowledge of the European / global online gambling industry means they have a target in mind that they think would benefit from their expertise and US liberalisation of gambling legislation.
1) Ader believes the listing of UK-listed gambling companies in US is immediately big in terms of market cap because of the premium on online gambling stocks in US. He has pitched DraftKings to takeover Playtech and called on Playtech to spin off non-core business. This makes me wonder if he would spin off some element of Playtech to list in US to cash in on gambling hype. This might be Finalto.com / TradeTech which is an online financial platform owned by Playtech. Playtech has been trying to sell this for 200 - 240m since August so it fits. This company provides liquidity and trading to brokerages and runs markets.com a trading site. I wouldn't be that excited although apparently the business has been booming during COVID and there could be a decent pop just on fintech hype.
2) This could be a 'picks and shovel' type data/B2B betting software play a la DMYD, or something like e.g. Israel based CRM software Optimove which works with some of biggest online gambling cos and has links to Ashkenazi. This would be interesting but probably not a huge pop
3) Possibly - given Ader's links to Sands - an online gambling tie-up with one of the big Vegas casinos who are desperate to get into the online betting space (see MGM's attempt to buy Entain for $8bn last week). Interestingly, Sands' owner Sheldon Adelson, previously a major opponent of online betting, has just died. Ader predicted a few months ago that Sands would be moving in this direction.
“There’s no stopping online gaming,” Ader said [before Adelson's death]. “(Las Vegas Sands’) initiatives to stop online gaming, at this stage, are largely historic. There hasn’t been a lot of spending recently to do that, especially post-pandemic.” “I think the company will see the value created by DraftKings and FanDuel and Penn (National) Gaming and others. They’re not foolish,” Ader added. source
4) Ader is very confident that Macau will legalise online gambling in next year or two. Sands is big in Macau, the biggest gambling market in the world. A SaaS-type product positioned to capitalise on Asian gambling would be MASSIVE - at present however, China's attitude to gambling and local regulations mean this is unlikely
5) I also wonder if they might try to take legitimate one of the offshore bookmakers with big customer databases and brand recognition but which have been grey-area/illegal under US gaming legislation. For example, Five Dimes recently announced a settlement with the FBI to attempt to transition into newly legalised US markets. This might have the most hype potential
Potential upside This is entirely a play on management experience and the meme factor / hype around online gambling in the US. I think if they pick a good target - which given their experience and connections seems likely - and get the right publicity and attention from retail investors looking for the next DKNG this could easily 3x and maybe 5-6x if on DKNG-type hype levels. There is currently little spotlight on this and it is a good time to get in at NAV
Potential Downside
Ader has been vocal that he thinks US online betting is overvalued and in a bubble - why is he starting his own SPAC in the space then? Does he just want to cash in while the hype is at all-time high or does he have a legitimate business goal?
If he just wants to dump a part of Playtech which he does not like onto retail investors, this is a bad deal.
Other targets could be e.g. hotel industry or other leisure sector which would be zero sexiness to retail. Given Ashkenazi and Kaminkow's background this seems unlikely though
Usual SPAC caveats apply about potential difficulty finding a target, locking up your money for unspecified period of time, and the fact I may have completely misread the potential and my above thesis might be totally wrong
Hopefully Rockstar makes another game focused on the city of San Fierro & Las Venturas. Los Santos from the 2013 GTAV understandably has elements of both such as a desert and the casino, even though the casino didnt make it into the base game. Only GTA Online has the Diamond Casino & resort. I have fond memories of 2003 San andreas' san fierro landscape and the cities of san francisco and las vegas, nevada have potential in the GTA HD universe. I believe watch dogs 2 did something very similar in an SF setting. Its unfortunate that making modern big budget games require multiple orders of magnitude longer times than games of the past
'Looking down their nose at you': GameStop frenzy showed a fresh contempt for hedge funds. Why do Americans hate them? Updated 2:25 pm EST Feb. 11, 2021 In the middle of a pandemic and slow economic recovery, Americans think they’ve identified their Wall Street villain: hedge funds. Their nemesis is summed up in a few searing images: a hedge fund manager who makes millions betting that the subprime mortgage market will collapse, without warning them. Or another relaxing on a yacht as the economy tanks. Years of anger culminated late last month when a group of angry small-time investors on Reddit took on a few of those firms in the GameStop “short squeeze” frenzy. That spurred millions of others to join in, as their effort to drive up the price of a stock perceived as undervalued soon shifted to a campaign to “Stick it to Wall Street." They used the "squeeze" to rally the share price and make profits for themselves while forcing the hedge funds who had bet it would fall to buy it to prevent greater losses. What are these funds, and where does this resentment come from? Hedge funds, known for using higher risk investing strategies, are private investment vehicles that typically wealthy individuals use to get higher returns. They control more than $3 trillion in assets globally. They've angered many Americans by gutting companies such as former American retail icon Sears, causing layoffs and engaging in questionable financial practices that contributed to the near collapse of the U.S. financial system in 2008, experts say. 'This is life changing': Meet the Redditors behind the GameStop saga “Most people see it as guys in suits looking down their nose at you,” says Adam Bixler, 28, an active user on the WallStreetBets Reddit forum, whose members led the charge against the funds. “How I feel is probably how a lot of people feel when thinking about the financial crisis and the massive wealth inequality that exists in this country.” Radio Shack, Toys ‘R’ Us and Payless ShoeSource, along with mall-based retailers such as the Limited, Wet Seal, Claire’s and Aeropostale faced further financial woes after hedge funds and private equity firms loaded them up with debt. A fight is raging in the stock market: Should you worry about your 401(k)? Where to get vaccines: CVS, Walgreens to begin delivering COVID-19 vaccines on Friday “The idea that you can crack open a hedge fund like a piñata and redistribute all this money to people in the form of a short squeeze is very appealing,” says Bixler, who lives in Boonton, New Jersey, and works as a product manager for a company that makes software and tools for the advertising industry. “These are the stimulus checks that everyone wanted.” Proponents of hedge funds say the firms identify and support distressed industries such as retailers and newspapers. These funds are owned by groups of big investors pooling the savings of millions of unionized workers, such as teachers and firefighters, who count on hedge funds to grow and protect their nest eggs. Even so, hedge funds are viewed as vultures by many Americans. Kaysha Apodaca, an emergency room nurse in Dallas, was furious last summer when she lost thousands of dollars after CytoDyn, a biotechnology company she owns, was hammered following a negative report from a “short selling” research firm, about one of CytroDyn's drugs in clinical trials. The post with the research was later pulled. This year, Apodaca thought she missed the opportunity to jump in and buy GameStop or AMC, so she supported the Reddit campaign against hedge funds by investing a few thousand dollars into shares of Nokia, another beaten-down stock discussed on the forum. “I hate hedge funds. Even if this goes to zero, I’m OK with it. I’m not selling, just to prove a point,” Apodaca said. “Hedge funds have unfairly made money off retail investors for years. Now they’re getting a taste of their own medicine.” For Iris Findlay of Orlando, Florida, joining the movement was a way for Americans to show their strength in numbers. “I’m definitely not OK that there are so many billionaires hoarding their wealth while people are struggling, especially during the pandemic,” said Findlay, 31, who is disabled and retired from the Air Force. A large portion of hedge-fund assets are owned by institutional investors, such as pension funds and endowments. Hedge fund research has been critical in exposing an array of accounting fraud scandals in recent decades, including the one involving energy firm Enron. “Hedge funds do play a very important role in the financial ecosystem, but at the same time, they have a PR problem,” says Andrew Lo, a finance professor at MIT Sloan School of Management. They are an easy target, experts say, because some high-profile managers' massive wealth offends Americans who struggle to make ends meet. Michael Burry, founder of Scion Asset Management, is an investor whose billion-dollar bet against the housing market was chronicled in Michael Lewis' book "The Big Short." He personally collected $100 million and made $750 million in profits for his investors. These managers “are seen as multibillionaires that really don’t care about the public good and are focused on enriching themselves and their investors,” Lo says. “But I think that’s a caricature, especially given that hedge funds now have become much more institutionalized as pension funds and endowments are investing in these financial vehicles.” Who do Americans blame? When asked who was the “most in the wrong” in the trading mania that set off one of the biggest short squeezes in history, nearly half of Americans polled said it was either hedge funds (27%) or online brokerage Robinhood (22%), according to a Harris Poll survey conducted Jan 29-31 that was given to USA TODAY exclusively. Just 8% said it was the Reddit retail investors on the WallStreetBets forum, who angered hedge funds that had bet GameStop's stock would remain low. The small-time investors used the forum to help drive up the prices for shares such as GameStop, theater chain AMC Entertainment and several other companies. Many respondents were angry that hedge funds were shorting stocks – betting that the share prices would fall – of companies that average people use and love, according to John Gerzema, CEO of the Harris Poll. “This wasn’t just an attack on a few weak companies,” Gerzema says. “These are companies that are a part of middle-class America and ordinary people’s lives.” How did these funds begin, and how did they grow into such big villains in the minds of so many? What are hedge funds? Hedge funds are financial partnerships between a professional fund manager and investors who pool their money into the fund to earn active returns. Hedge funds can be traced back to the 1940s when Alfred Winslow Jones, an investor, sociologist and former Fortune magazine writer, created a "hedge" by “shorting" stocks he thought were poised to fall. The "hedge" was meant to reduce risk and protect against market fluctuations. It was unconventional at the time but remains the basic strategy for these funds. Hedge fund strategies today are more diverse and run the gamut of extremely risky to fairly conservative. There's another theory about the origin of hedge funds, and this one is connected to a more beloved figure. Some people credit the founding of hedge funds to Benjamin Graham, a mentor to Warren Buffett and the author of "The Intelligent Investor" – the bible of everyone who loves Buffett's method of investing. Buffett, one of the world's richest people and a folksy inspiration to small-time investors, argued that Graham managed a fund with a "hedge"-like strategy in the 1920s. So you made a bundle on GameStop: Get ready to pay the taxes How did hedge funds evolve? Hedge funds have gained in popularity over the past two decades after many of them delivered hefty outsize returns in either up or down markets, an attractive selling point for savvy investors. Some of the world's largest hedge funds include Bridgewater Associates, founded by billionaire Ray Dalio; Renaissance Technologies, founded by billionaire Jim Simons; and Pershing Square, run by Wall Street billionaire Bill Ackman. They have historically charged much higher fees than mutual funds, which are professionally managed funds that invest in stocks, bonds or money market instruments. Since hedge fund managers are nearly always paid a performance fee, or percentage of the gains they create, they have a strong incentive to make money for their investors. For the hedge fund managers to earn performance fees, their investors have to make money first. Hedge funds charge an expense ratio and a performance fee. The common fee structure is known as two and twenty – a 2% asset management fee and a 20% cut of generated gains. How did they become villains? While many Americans lost money during the depths of the financial crisis, some big-time investors did astonishingly well, including those who predicted and profited from the buildup and collapse of the housing and credit bubble in 2007 and 2008. For those Americans who had their livelihoods upended in the financial crisis, it left a bad taste in their mouths, experts say. “They’re associated with ruthless financial institutions that are out there to make money and not care where it’s coming from,” says Itay Goldstein, a professor of finance and economics at the University of Pennsylvania's Wharton School of Business. A big winner from that time is billionaire investor John Paulson, a hedge fund manager who netted $20 billion in profits when he bet against subprime mortgages at the peak of the credit bubble in 2007. In general, short sellers keep stock prices in check by voicing their opinion on where they believe a stock is valued, says Dennis Dick, head of markets structure and a proprietary trader at Bright Trading in Las Vegas. “I’m concerned with this public image that ‘evil short sellers are betting against America’ and that it’s ‘un-American to short stocks,’” Dick says. “It’s not like every short seller is making bets against America. They’re making calls on whether a stock is overvalued or not.” GameStop: Reddit ran a 5-second Super Bowl ad in honor of WallStreetBets, GameStop stock volatility The hedge fund industry has faced a rough stretch in recent years and underperformed the broader stock market but produced its best return in a decade at 11.6% in 2020, according to data provider Hedge Fund Research. Some received a boost from shares of technology firms and companies that focused on goods that people used when stuck at home during the pandemic. Americans who don’t invest directly in hedge funds still receive a benefit from the returns that hedge funds generate, according to Daniel Smith, a partner at ACA Compliance Group, an advisory firm for financial services. Of the $4.5 trillion in state and local pension plans, about 6.9% is allocated to hedge funds, according to data published by the Center for Retirement Research at Boston College, the Center for State and Local Government Excellence and the National Association of State Retirement Administrators. ”Hedge funds help secure the retirement of more than 26 million teachers, firefighters and other public employees by helping pensions navigate all market conditions and meet long-term financial obligations,” says Bryan Corbett, president and CEO at Managed Funds Association, a hedge fund lobby group. GameStop and questions of power The rollercoaster involving GameStop, Reddit and Robinhood has prompted Capitol Hill’s harshest criticisms of Wall Street in years. Several prominent lawmakers on Capitol Hill have warned of such moments, cautioning that companies and hedge funds have too much power. One of these lawmakers, Sen. Elizabeth Warren, D-Mass., who is well known for her disapproval of Wall Street, called on the Securities and Exchange Commission (SEC) to address the dramatic swings surrounding these companies. Warren wrote in a letter that it is “long beyond time for the SEC to act” and asked it to investigate the rallies in GameStop, AMC Entertainment and others that “have seen huge shifts in their share price driven by similar internet reading schemes.” "These wild fluctuations are just the latest indication that many private equity firms, hedge funds, and other investors, big and small, are treating the stock market like a casino, giving little consideration to the companies, communities, workers, and consumers that may be affected by these risky bets," she wrote. The House Financial Services Committee will hold a virtual hearing Feb. 18 regarding “recent market volatility” involving GameStop and the other companies. According to Politico, the CEO of Robinhood, Vlad Tenev, is likely to testify. GameStop-Robinhood stock revolution: Not a secure retirement plan Does the movement have legs? Questions have been raised as to whether the populist movement threatening to disrupt the financial system will be sustained. It’s too early to tell, experts say. “It has the potential to gather momentum. It depends on whether we see other related episodes in the next few weeks that show the same kind of patterns in the financial markets," Goldstein says. "We live in a period of so many unusual things going on that it will probably take the edge off this event." Hedge funds such as Melvin Capital Management took the brunt of losses from soaring stock prices of GameStop and other heavily shorted stocks. Others made a ton of money on the rally, including Senvest Management, which had a profit of nearly $700 million, The Wall Street Journal reported. “Is it sticking it to Wall Street? Only temporarily, but in the long term probably not,” Goldstein says. “At the end of the day, the sophisticated financial institutions will find ways to recuperate and make money out of this.” Lo of MIT agrees. “This incident highlights the growing dissatisfaction, distrust and dislocation that many people feel with respect to the financial sector,” Lo says. “It suggests that people are sick and tired of being disenfranchised and being pushed around by large financial institutions.” Contributing: Savannah Behrmann
2/9/21 Update: Additional info posted here Hi everyone. Funko is a great stock that I believe will do well this year. Internet search traffic for Funko has been increasing and is at all-time highs over the last couple of months. The company is selling more of their toys directly to customers through their e-commerce shop (which allows them to capture higher retail revenues than wholesale revenues). And demand for collectibles and toys continues to be strong. Here is a DD I wrote on the company below. I would love to get your thoughts. Funko (FNKO) Share Price (1/28/21) : $11.97 Share Price (09/16/19) : $27.86 Short Interest (1/26/21) : 14% Next Earnings Release: March 2021 Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties. Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021: · Increasing search traffic for Funko products · Direct sales growth is driving increased revenue and profitability · Parents are buying more gifts for their kids due to COVID · People have more disposable income from staying at home and not going out · Expansion of new products and licensees continuing through 2021 · Collectible investments like Funko POP! figures are exploding in value and popularity · Recent analyst commentary, valuation, and financials are positive FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020 “Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019) Searches for “Funko” were up 2x in December vs the beginning of November 2020 After falling in December, “Funko” searches are trending back up to all-time-high levels FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4 · B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year. · Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020 · The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020 “We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti Funko’s first ever Selena Pop! sold out online in just 40 minutes. Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company · Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020) · Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018) · As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales · Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory. · Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment. Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each · According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti. · With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15 PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home. · “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay · “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending · According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.” Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays · Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.” Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong · Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko > Overall comparable sales were up 17.2% > Comparable digital sales were up over 100% > Store-originated comparable sales were up 4.2% > Store traffic was up 4.3% > Average ticket size was up 12.3% · GameStop Q4 sales were solid; showing additional potential for Funko sales > Same store sales were up 4.8% in Q4 2020 > Online sales increased 309% in Q4 2020 · According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic > A surge in online shopping drove the increase (rising 32% vs. 2019) > The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years. MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling · “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz. Spending on “experiences” fell significantly in 2020 · The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019 > The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel > Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending · Concert spending is down dramatically > Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020 > About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3) · Movie theater attendance is down substantially > AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020 > Cinemark saw a 96% decline in revenue > Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue > Studio Movie Grill filed for bankruptcy · Other anecdotal information points to more stay-at-home activity decreasing recreational spending > Chuck E Cheese’s declared bankruptcy > Dave & Busters is considering bankruptcy and plans layoffs of +1,000 > CiCi’s Pizza declares bankruptcy > Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats > Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel. These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage The majority of food buffets at the major hotels and casinos have been shuttered for the time being Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity · The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion · More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG Active properties continue to rise and are expected to grow well into the future · The number of active properties in Q3 2020 grew 15% over 2019 · Active properties grew from 644 in Q2 to 715 in Q3 2020 · The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year. Some of the hot properties for this year and beyond · Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc. · Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom · Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia · Films: Harry Potter, The Goonies, The Mummy, Fast & Furious · TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons · Sports: NFL, NBA, MLB, WWE · Others: Disney, Pokemon, etc. COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY · Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends. · Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands. · Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream. ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12). · Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries. Valuation Comparison: Market Cap / Revenue (TTM) · Funko: MC - $604 million / Rev - $640 million (0.9x sales) · Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales) · Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales) Key Financial Trends For Funko · Q3 2020 EPS (Adjusted) = $0.31 > Third highest ever (only Q4 2018 & Q3 2019 were higher) · Q3 2020 Revenue = $191 million > Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher) · Q3 2020 Revenue increase vs prior quarter of 94% > Q1 and Q2 2020 saw significant declines due to COVID > Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49% > Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.) · Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce TL;DR After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum. Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock. Positions: Long Shares & Calls Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier. Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates.
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Mystery Mayhem 2 Games in 1 Double Pack: SpongeBob SquarePants: Battle for Bikini Bottom / The Fairly OddParents! Breakin' Da Rules 2 Games in 1 Double Pack: The Incredibles / Finding Nemo: The Continuing Adventures 2 Games in 1! Archer Maclean's Mercury / Mercury Meltdown 2 Games in 1: GT Advance 3: Pro Concept Racing + MotoGP 2 Games in 1: Sonic Advance + Sonic Battle 2 Games in 1: The Incredibles / Finding Nemo 2 Games in 1: The SpongeBob SquarePants Movie / Battle for Bikini Bottom 2 Games in 1: The SpongeBob SquarePants Movie / Tak 2: The Staff of Dreams 2 Hits Pack: Sonic Forces / Puyo Puyo Tetris - Sega Collection 2 In 1 Game Pack: Shrek 2 / Shark Tale 2 In 1 Game Pack: Spider-Man / Spider-Man 2 2 In 1 Game Pack: Spider-Man Mysterio's Menace / X2 Wolverine's Revenge 2 In 1 Game Pack: Tony Hawk's Underground / Kelly Slater's Pro Surfer 2 In 1: Asterix & Obelix Jetzt Geht's Rund! + Asterix & Obelix XXL 2 Jeux En 1: Titeuf: Ze Gag Machine / Titeuf: Mega Compet 2 Pak Special: Dungeon Master / Creature Strike 2 Xtreme 2 for 1 Power Pack: Indianapolis 500 Legends/WWII Aces 2 for 1 Power Pack: Kawasaki Jet Ski/Summer Sports 2 2 for 1 Power Pack: Winter Blast/Summer Sports 2 2 in 1 Combo Pack: Sonic Heroes / Super Monkey Ball Deluxe 2 in 1 Combo Pack: Sonic Mega Collection Plus / Super Monkey Ball Deluxe 2-In-1 Fun Pack: Madagascar: Operation Penguin / Shrek 2 2-in-1 Party Pack: Shrek's Carnival Craze / Madagascar Kartz 200-Mannin no KanKen: Tokoton Kanji Nou 2002 FIFA World Cup 2003-Toshi Kaimaku: Ganbare Kyuukaiou 2010 FIFA World Cup South Africa 2014 FIFA World Cup Brazil 2020 Super Baseball 20th Century Video Almanac 21 Card Games 21 Emon: Mezase! Hotel Ou 21: TwoOne 24-ji no Kane to Cinderella: Halloween Wedding 24: The Game 25 to Life 250 Mannin no Kanken Premium - Zenkyuu Zen-Kanji Kanzen Seiha 250 Mannin no Kanken: Wii de Tokoton Kanji Nou 2999 Game Kids 2Dark 2K Essentials Collection: Bioshock / Borderlands / XCOM: Enemy Unknown 2K Essentials Collection: Bioshock / Borderlands/ XCOM: Enemy Unknown 2K Power Pack 2Tax Gold 3 Choume no Tama: Tama and Friends - 3 Choume Obake Panic!! 3 Count Bout 3 Games in 1: Tak / SuperSponge / Rugrats: I Gotta Go Party 3 Ninjas Kick Back 3 Ninjas Kick Back / Hook 3 in 1: Solitaire, Mahjong & Tangram 3-D Tetris 3-D Tic-Tac-Toe 3-D Ultra Pinball: Thrillride 3-D WorldRunner 3-Fun Yosou Umaban Club 3-Nen B-Gumi Kinpachi Sensei: Densetsu no Kyoudan ni Tate! 300: March to Glory 360: Three Sixty 3D Atlas 3D Baseball 3D Crazy Coaster 3D Dot Game Heroes 3D Game Collection: 55-in-1 3D Lemmings 3D MahJongg 3D Mine Storm 3D MiniGolf 3D Narrow Escape 3D Pocket Pool 3D Shooting Tsukuru 3DO Buffet 3LDK: Shiawase ni Narouyo 3X3 Eyes: Kyuusei Koushu S 3Xtreme 3on3 Freestyle 3x3 Eyes: Juuma Houkan 3x3 Eyes: Kyuusei Koushu 3x3 Eyes: Sanjiyan Henjyo 3x3 Eyes: Seima Kourinden 3x3 Eyes: Tenrinou Genmu 4 Elements 4 Elements II 4 Games on One Game Pak: GT Advance / GT Advance 2 / GT Advance 3 / MotoGP 4 Nin Shogi 4 Nin uchi Mahjong 4 Wheel Thunder 4 in 1 Action Pack 4 in 1 Row 4 in 1 Super CD 4-4-2 Soccer 4-in-1 Fun Pak 4-in-1 Funpak: Volume II 40 Winks 428: Fuusa Sareta Shibuya de 4X4 EVO 2 4X4 Evolution 4x4 EVO 2 4x4 Evolution 5 In One Fun Pak 5 Star Racing 5-Kyuu kara 1-Kyuu Kanzen Taiou: Saishin Kako Mondai - 2-Ji Shiken Taisaku - Eiken Kanzenban 5-nin no Koi Prince: Himitsu no Keiyaku Kekkon 50 Cent: Blood on the Sand 50 Cent: Bulletproof 50 Cent: Bulletproof G Unit Edition 50 Classic Games 50 Classic Games 3D 50 More Classic Games 6 Inch My Darling 6 in 1 6-Pak 64 Hanafuda: Tenshi no Yakusoku 64 Oozumou 64 Oozumou 2 64 Trump Collection: Alice no Waku Waku Trump World 64 de Hakken! Tamagotchi Minna de Tamagotchi World 688 Attack Sub 7 Blades 7 Days to Die 7 Sins 7 Wonders II 7 Wonders of the Ancient World 7 Wonders: Treasures of Seven 7'scarlet 700-Banjin no Atama o Yokusuru: Chou Keisan DS - 13000-Mon + Image Keisan 720 Degrees 77: Beyond the Milky Way 7th Dragon 7th Dragon 2020 7th Dragon 2020-II 7th Dragon III Code: VFD 8 Eyes 8-Bit Armies 88 Heroes 88 Heroes: 98 Heroes Edition 8BallAllstars 90 Minutes: European Prime Goal 90 Minutes: Sega Championship Football 989 Sports Demo Disc 99 Nendohan: Eitango Center 1500 99 no Namida u/field A Boy and His Blob A Boy and His Blob: Trouble on Blobolonia A Bug's Life A Bug's Life / Tigger's Honey Hunt / Tarzan - Collector's Edition A Bug's Life Activity Centre A King's Tale: Final Fantasy XV A Labyrinth Game / Supermind A Mars Moose Adventure - Cosmic Quest 1: City Sights A Mars Moose Adventure - Cosmic Quest 2: Fairy Tale Island A Mars Moose Adventure - Cosmic Quest 3: Race Through France A Mars Moose Adventure - Stay & Play 1: In the Clubhouse A Mars Moose Adventure - Stay & Play 2: In Mars' Bedroom A Mars Moose Adventure - Stay & Play 3: In Lonnie's Classroom A Mars Moose Adventure - Walkabout 1: The Natural History Museum A Mars Moose Adventure - Walkabout 2: The Shakespeare Festival A Mars Moose Adventure - Walkabout 3: World Sports Day A Nanjarin A Rose in the Twilight A Witch's Tale A Year at Pooh Corner A-Rank Thunder Tanjouhen A-Ressha de Ikou A-Ressha de Ikou 2001 A-Ressha de Ikou 2001 Perfect Set A-Ressha de Ikou 3D NEO A-Ressha de Ikou DS A-Ressha de Ikou DS: Navigation Pack A-Ressha de Ikou MD A-Ressha de Ikou Z: Mezase! Tairiku Oudan A-Train 3D: City Simulator A-Train 6 A-Train HX A-Train: City Simulator A-Train: Trains - Power - Money A. IV Evolution: A-Ressha de Ikou 4 A.C.E.: Another Century's Episode A.C.E.: Another Century's Episode 2 A.C.E.: Another Century's Episode 3: The Final A.C.E.: Another Century's Episode R A.III: A-Ressha de Ikou III A.P.B. A.S.P. Air Strike Patrol A.W. Phoenix Festa A/X-101 A2 Racer II A2 Racer III: Europa Tour A5: A-Ressha de Ikou 5 AAAHH!!! Real Monsters ABBA: You Can Dance ABC Monday Night Football ABPA Backgammon ABZU AC/DC LIVE: Rock Band Track Pack AC/DC Live: Rock Band Track Pack ACB Total 2010/2011 ACME Animation Factory ADK Tamashii AFL 99 AFL Live 2004 AH-3 Thunderstrike AI Igo AI Igo 2003 AI Igo: Saturn Version AI Mahjong AI Mahjong 2003 AI Mahjong Selection AI Shogi AI Shogi 2 AI Shogi 2 Deluxe AI Shogi 2000 AI Shogi 2003 AI Shogi 3 AI Shogi Selection AIII S.V.: A-Ressha de Ikou 3 Super Version AKB1/149: Renai Sousenkyo AKB1/48: Idol to Guam de Koishitara... AKB1/48: Idol to Koishitara... AKB48+Me ALC no 10-Punkan Eigo Master: Chuukyuu ALC no 10-Punkan Eigo Master: Joukyuu ALC no 10-Punkan Eigo Master: Shokyuu ALF AMF Bowling 2004 AMF Bowling Pinbusters! AMF Bowling World Lanes AMF Xtreme Bowling AR Games ARK: Survival Evolved ASCII Entertainment Demo Disc ASH: Archaic Sealed Heat ATP Tour Championship Tennis ATV Mania ATV Offroad Fury ATV Offroad Fury 2 ATV Offroad Fury 3 ATV Offroad Fury 4 ATV Offroad Fury Pro ATV Offroad Fury: Blazin' Trails ATV Quad Frenzy ATV Quad Kings ATV Quad Power Racing 2 ATV Racers ATV Racing ATV Renegades ATV Thunder Ridge Riders / Monster Trucks Mayhem ATV Wild Ride ATV: Quad Power Racing ATV: Thunder Ridge Riders AV Poker World Gambler Aa Harimanada Aa Megami-sama Aa Yakyuu Jinsei Icchokusen Abadox: The Deadly Inner War AbalaBurn Abarenbou Princess Absolute Supercars Absolute: Blazing Infinity Abunai Koi no Sousashitsu: Eternal Happiness Abunai: Koi no Sousa Shitsu Academy of Champions: Soccer Accel World vs. Sword Art Online: Millennium Twilight Accel World: Ginyoku no Kakusei Accel World: Kasoku no Chouten Accele Brid Ace Attorney Investigations: Miles Edgeworth Ace Combat 04: Shattered Skies Ace Combat 2 Ace Combat 3: Electrosphere Ace Combat 5: The Unsung War Ace Combat 6: Fires of Liberation Ace Combat 6: Kaihou e no Senka / Beautiful Katamari Damacy Ace Combat 6: Kaihou e no Senka / Lost Planet: Colonies Ace Combat Advance Ace Combat Assault Horizon Ace Combat X: Skies of Deception Ace Combat Zero: The Belkan War Ace Combat: Assault Horizon Legacy Ace Combat: Assault Horizon Legacy+ Ace Combat: Joint Assault Ace Lightning Ace o Nerae! Ace of Aces Aces of War Aces of the Air Acid Acid Drop Aconcagua Acrobat Mission Acrylic Palette: Irodori Cafe - Cheers ActRaiser ActRaiser 2 Action 52 Action Bass Action Fighter Action Girlz Racing Action Man A.T.O.M.: Alpha Teens on Machines Action Man: Destruction X Action Man: Operation Extreme Action Man: Robot Atak Action Man: Search for Base X Action Pachio Action Pack: Prince of Persia Revelations, Driver 76, Rainbow Six Vegas Active Health with Carol Vorderman Active Life Explorer Active Life Value Pack Active Life: Extreme Challenge Active Life: Magical Carnival Active Life: Outdoor Challenge Activision Anthology Activision Classic Games Activision Demo Action Pack Activision Hits Remixed Actua Golf 3 Actua Ice Hockey Actua Ice Hockey 2 Actua Pool Actua Soccer 2 Actua Soccer 3 Actua Soccer: Club Edition Actua Tennis Ad Lib Ouji ...to Fuyukai na Nakama-tachi!? Adam & Eve Adam's Venture Chronicles Adam's Venture: Origins Addams Family Values Addie no Okurimono: To Moze from Addie Adian no Tsue Adiboo & Paziral's Secret Adiboo and the Energy Thieves Adibou Et L'Ombre Verte Adidas Power Soccer Adidas Power Soccer 2 Adidas Power Soccer 98 Adidas Power Soccer International '97 Adidas miCoach Adrenalin Misfits Adult Swim Collection Advan Racing Advance Guardian Heroes Advance Wars Advance Wars 2: Black Hole Rising Advance Wars: Days of Ruin Advance Wars: Dual Strike Advanced Daisenryaku 2001 Advanced Daisenryaku: Deutsch Dengeki Sakusen Advanced Daisenryaku: Europe no Arashi - Doitsu Dengeki Sakusen Advanced Dungeons & Dragons Advanced Dungeons & Dragons: DragonStrike Advanced Dungeons & Dragons: Dragons of Flame Advanced Dungeons & Dragons: Eye of the Beholder Advanced Dungeons & Dragons: Heroes of the Lance Advanced Dungeons & Dragons: Hillsfar Advanced Dungeons & Dragons: Iron & Blood: Warriors of Ravenloft Advanced Dungeons & Dragons: Pool of Radiance Advanced Dungeons & Dragons: Treasure of Tarmin Advanced V.G. Advanced V.G. 2 Advanced World War: Sennen Teikoku no Koubou Advent Rising Adventure Adventure II Adventure Island Adventure Island 3 Adventure Island II Adventure Island II: Aliens in Paradise Adventure Mega Pack Adventure Player Adventure Quiz Capcom World: Hatena no Daibouken Adventure Time: Explore the Dungeon Because I DON'T KNOW! Adventure Time: Finn and Jake Investigations Adventure Time: Hey Ice King! Why'd You Steal Our Garbage?! Adventure Time: The Secret of the Nameless Kingdom Adventure of Little Ralph Adventure of Tokyo Disney Sea Adventures in Letterland With Jack and Jill Adventures of Dino Riki Adventures of Lolo Adventures of Lolo 2 Adventures of Lolo 3 Adventures of Tom Sawyer Adventures of Tron Adventures of Yogi Bear Adventures to Go! Aedis Eclipse: Generation of Chaos Aegis of Earth: Protonovus Assault Aeon Flux AereA Aerial Assault Aero Blasters Aero Dancing F: Todoroki Tsubasa no Hatsu Hikou Aero Dancing i Aero Dancing i: Jikai Sakuma de Machite Masen Aero Dancing: Torodoki Taichou no Himitsu Disc Aero Elite: Combat Academy Aero Fighters Aero Fighters 2 Aero Fighters 3 Aero Fighters Assault Aero The Acro-Bat Aero the Acro-Bat Aero the Acro-Bat 2 Aero the Acro-bat AeroGauge AeroWings AeroWings 2: Air Strike Aerobics Revolution Aerobiz Aerobiz Supersonic Aerostar AeternoBlade Afraid Gear Afraid Gear Another Afrika Afro Inu: The Puzzle Afro Samurai After Armageddon Gaiden: Majuu Toushouden Eclipse After Burner After Burner II After Burner III After Burner: Black Falcon After Burst After Hours Athletes After... Wasureenu Kizuna Again: Interactive Crime Novel Agarest Senki Mariage Agassi Tennis Generation Agatha Christie's The ABC Murders Agatha Christie: And Then There Were None Agatha Christie: Evil Under the Sun Agatha Christie: The ABC Murders Age of Empires II: The Age of Kings Age of Empires: Mythologies Age of Empires: The Age of Kings Agent Armstrong: Himitsu Shirei Daisakusen Agent Collection Agent Hugo Agent Hugo: Hula Holiday Agent Hugo: Lemoon Twist Agent Hugo: Roborumble Agents of Mayhem Aggressive Inline Aggressors of Dark Kombat Agile Warrior F-111X Ai Cho Aniki Ai Sensei no Oshiete: Watashi no Hoshi Ai Senshi Nicol Ai Yori Aoshi Aibou DS Aidyn Chronicles: The First Mage Aigiina no Yogen: Balubalouk no Densetsu Yori Aigina no Yogen: Balubalouk no Densetsu Yori Aikagi Aikatsu Stars! My Special Appeal Aikatsu! 2-nin no My Princess Aikatsu! 365-Hi no Idol Days Aikatsu! Cinderella Lesson Aikatsu! My No.1 Stage! Ailu de Puzzle Air Air Battle! Air Buster Air Cavalry Air Combat Air Conflicts Double Pack Air Conflicts: Aces of World War II Air Conflicts: Pacific Carriers Air Conflicts: Secret Wars Air Conflicts: Secret Wars - Ultimate Edition Air Conflicts: Vietnam Air Conflicts: Vietnam Ultimate Edition Air Diver Air Fortress Air Hockey Air Management '96 Air Race Championship Air Raid Air Raid 3 Air Raiders Air Ranger 2 Plus: Rescue Helicopter Air Ranger 2: Rescue Helicopter Air Ranger: Rescue Helicopter Air Rescue Air Strike Air Traffic Chaos Air Zonk Air-Sea Battle AirBlade AirBoarder 64 AirForce Delta AirForce Delta Storm AirForce Delta Strike AirGrave Airaki Airborne Troops: Countdown to D-Day Aircars Airlock Aironauts Airs Adventure Airship Q Airwolf Airwolf (Japan) Aishiau Kotoshika Dekinai Aisle Lord Aitakute...Your Smiles in My Heart Aiyoku no Eustia: Angel's Blessing Aka-Chan Doubutsu Sono Akagawa Jirou Mystery: Tsuki no Hikari Akagawa Jirou Mystery: Yasoukyoku - Hon ni Manekareta Satsujin Akagawa Jirou no Yuurei Ressha Akagawa Jirou: Majotachi no Nemuri: Fukkatsusai Akagawa Jirou: Yasoukyoku Akagawa Jirou: Yasoukyoku 2 Akagi: Touhaiden Akagi: Yami ni Furitatta Tensai Akai Ito Akai Ito DS Akai Ito Destiny DS Akai Katana Akai Suna Ochiru Tsuki Akane Iro ni Somaru Saka Portable Akane Iro ni Somaru Saka: Parallel Akatsuki no Amaneka to Aoi Kyojin Akatsuki no Goei Trinity Akaya Akashiya Ayakashino Akazu no Ma Akazukin ChaCha Akiba's Beat Akiba's Trip Akiba's Trip 2+A Akiba's Trip Plus Akiba's Trip: Undead & Undressed Akihabara Dennou Kumi Peta Pies! Akira Akira Psycho Ball Akiyama Jin No Suugaku Mystery Akko de Pon! Ikasama Hourouki Akko ni Omakase! Brain Shock Akogare Girls Collection: Lovely Youchien Akogare Girls Collection: Mister Donut DS Akogare Girls Collection: Ohanaya-San Monogatari Akogare Girls Collection: Pika Pika Nurse Monogatari Akogare Girls Collection: Suteki ni Nurse Days Akudaikan Akudaikan 2: Mousouden Akudaikan 3 Akudaikan Manyuuki Akudaikan Manyuuki: Seigi no Yaiba Akuji the Heartless Akuma Zensho Dainishuu Akuma-kun: Makai no Wana Akumajou Dracula Akumajou Dracula X: Gekka no Yasoukyoku Akumajou Special: Boku Dracula-kun Akuu Senki Raijin Al Unser Jr.'s Road to the Top Al Unser Jr.'s Turbo Racing Alabama Meets Will Vi Aladdin Magic Racer Alan Hansen's Sports Challenge Alan Wake Alarm for Cobra 11: Crash Time Alarm fuer Cobra 11 Vol II Albert Odyssey Albert Odyssey 2: Jashin no Taidou Albert Odyssey: Legend of Eldean Album Club: Mune Kyun * Saint Poria Jogakuin Alcahest Aldynes Aleck Bordon Adventure: Tower & Shaft Advance Alekhine's Gun Alex Ferguson's Player Manager 2001 Alex Ferguson's Player Manager 2002 Alex Kidd in Miracle World Alex Kidd in Shinobi World Alex Kidd in the Enchanted Castle Alex Kidd: High-Tech World Alex Kidd: The Lost Stars Alex Rider: Stormbreaker Alexandra Ledermann: Summer Camp Adventures Alexi Lalas International Soccer Alfa Romeo Racing Italiano Alfred Chicken Alfred's Adventure Alia's Carnival! Sacrament Alias Alice in Cyberland Alice in Wonderland Alice no Paint Adventure Alice on Borderlines Alice's Mom's Rescue Alice: Madness Returns Alien Alien 3 Alien Breed Trilogy Alien Brigade Alien Chaos 3D Alien Crush Alien Front Online Alien Hominid Alien Invaders Plus! Alien Monster Bowling League Alien Olympics Alien Raiders Alien Resurrection Alien Soldier Alien Storm Alien Syndrome Alien Trilogy Alien vs. Predator Alien vs. Predator: The Last of His Clan Alien: Isolation Alienators: Evolution Continues Aliens Versus Predator: Extinction Aliens in the Attic Aliens vs. Predator Aliens vs. Predator: Requiem Aliens: Colonial Marines Aliens: Infestation Aliens: Thanatos Encounter Alisia Dragoon Alive All 1 All Grown Up! Express Yourself All Japan Pro Wrestling Featuring Virtua All Japan Woman Pro Wrestling All Kamen Rider: Rider Generation All Kamen Rider: Rider Generation 2 All Kamen Rider: Rider Revolution All Night Nippon Super Mario Bros. All Round Hunter All Star 5-A-Side Football All Star Action All Star Cheer Squad All Star Cheer Squad 2 All Star Karate All Star Pro-Wrestling All Star Racing All Star Racing 2 All Star Soccer All Star Tennis '99 All Star Tennis 2000 All Star Tennis 99 All Star Watersports All-Pro Basketball All-Pro Football 2K8 All-Star 1997 Featuring Frank Thomas All-Star Baseball All-Star Baseball 2000 All-Star Baseball 2001 All-Star Baseball 2002 All-Star Baseball 2003 All-Star Baseball 2004 All-Star Baseball 2005 All-Star Baseball 99 All-Star Fighters All-Star Mahjong: Kareinaru Shoubushi Kara no Chousen All-Star Major League Baseball All-Star Professional Wrestling II All-Star Professional Wrestling III All-Star Slammin' D-Ball All-Star Tennis 2 Alleyway Allied Ace Pilots Allied General Alnam no Kiba: Juuzoku Juuni Shinto Densetsu Alnam no Tsubasa: Shoujin no Sora no Kanata e Alone in the Dark Alone in the Dark 2 Alone in the Dark: Inferno Alone in the Dark: One-Eyed Jack's Revenge Alone in the Dark: The New Nightmare Alpha Beam With Ernie Alpha Mission Alpha Mission II Alpha Protocol Alpha and Omega Alpine Racer 3 Alpine Ski Racing 2007 Alpine Skiing 2005 Alpine Skiing! Alshark Alter Echo Altered Beast Altered Beast: Guardian of the Realms Altered Space: A 3-D Alien Adventure Alundra Alundra 2: A New Legend Begins Alvin and the Chipmunks Alvin and the Chipmunks: Chipwrecked Alvin and the Chipmunks: The Squeakquel Alzadick: Summer Carnival `92 Amaekata wa Kanojo Nari ni. Amagami Amagi Shien Amagon Amagoushi no Yakata Amagoushi no Yakata Portable: Ichiyagi Wa, Saisho no Junan Amatsumi Sora ni! Kumo no Hatate ni Amazing Adventures: The Forgotten Ruins Amazing Island Amazing Penguin Amazing Tater America Daitouryou Senkyo: United State Presidental Race America Daitouryou Senkyo: United State Presidential Race America Oudan Ultra Quiz America Oudan Ultra Quiz: Shijou Saidai no Tatakai America Oudan Ultra-Quiz America Oudan Ultra-Quiz Part 2 America Oudan Ultra-Quiz Part 3 America Oudan Ultra-Quiz Part 4 America's Army: Rise of a Soldier America's Army: True Soldiers America's Greatest Game Shows: Wheel of Fortune & Jeopardy! America's Next Top Model America's Next Top Model (2008) America's Test Kitchen: Let's Get Cooking American Bass Challenge American Battle Dome American Chopper American Chopper 2: Full Throttle American Dream American Girl: Julie Finds a Way American Girl: Kit Mystery Challenge! American Gladiators American Idol American Mensa Academy American Ninja Warrior American Pool American Pool II Amerzone: The Explorer's Legacy Amida Amidar Amnesia Amnesia Twin Pack Amnesia World Amnesia: Crowd Amnesia: Later Amnesia: Later x Crowd V. Edition Amnesia: Memories Amok Among the Sleep Amped 2 Amped 3 Amped: Freestyle Snowboarding Amplitude An American Tail An American Tail: Fievel Goes West An American Tail: Fievel's Gold Rush AnEarth Fantasy Stories: First Volume Anan Kanshuu: Onna Dikara Kinkyuu Up! DS Anarchy Reigns Anastasia Anata Dake no Private Lesson - DS de Hajimeru - Tipness no Yoga Anata o Yurusanai Ancient Magic: Bazoe! Mahou Sekai Ancient Roman: Power of Dark Side And 1 Streetball And-Kensaku Andre Agassi Tennis Andre Panza Kick Boxing Andretti Racing Andrew Lloyd Webber Musicals: Sing and Dance Andro Dunos Android Assault: The Revenge of Bari-Arm Anesan Angel Blade: Neo Tokyo Guardians Angel Cat Sugar Angel Collection Angel Graffiti S: Anata e no Profile Angel Graffiti: Anata e no Profile Angel Love Online Angel Paradise Vol. 1 Angel Paradise Vol. 2: Eshinu Kimika Angel Present Angel Profile Angel Senki Angel Wish Angel Wish: Kimi no Egao ni Chu! Angel's Feather Angel's Feather: Kuro no Zanei Angelic Concert Angelique Angelique Duet Angelique Etoile Angelique History Angelique Retour Angelique Special Angelique Special 2 Angelique Trois Angelique Trois: Aizouhen Angelique Voice Fantasy Angelique: Maren no Rokukishi Angelique: Tenkuu no Requiem Angler's Club: Ultimate Bass Fishing 3D Angolmois 99 Angry Birds Star Wars Angry Birds Trilogy AniMates AnimAction Anima: Gate of Memories Animal Boxing Animal Breeder Animal Breeder 2 Animal Breeder 3 Animal Breeder 4 Animal Crossing Animal Crossing: City Folk Animal Crossing: Happy Home Designer Animal Crossing: New Leaf Animal Crossing: New Leaf - Welcome Amiibo Animal Crossing: Wild World Animal Crossing: amiibo Festival Animal Football Animal Genius Animal Hospital Animal Kingdom: Wildlife Expedition Animal Mania Animal Paradise Animal Paradise Wild Animal Planet: Emergency Vets Animal Planet: Vet Collection Animal Planet: Vet Life Animal Snap: Rescue Them 2 By 2 Animal Soccer World Animal Yokochou: Doki Doki Kyuushutsu Daisakusen! no Maki Animal Yokochou: Doki*Doki Shinkyuu Shiken! no Kan Animaniacs Animaniacs Ten Pin Alley Animaniacs: Lights, Camera, Action! Animaniacs: The Great Edgar Hunt Animastar Animastar GB Anime Eikaiwa: 15 Shounen Hyouryuuhen Anime Eikaiwa: Tondemo Nezumi Daikatsuyaku Anime Eikaiwa: Totoi Anime Slot Revolution: Pachi-Slot Kidou Senshi Gundam II - Ai Senshi Hen Animetic Story Game 1: Card Captor Sakura Animorphs Animorphs: Shattered Reality Ankh: Curse of the Scarab King Ankh: Tutankhamen no Nazo Ankoku Shinwa: Yamato Takeru Densetsu Annet Futatabi Anno 1701: Dawn of Discovery Ano Hi Mita Hana no Namae o Bokutachi wa Mada Shiranai Anoko Doko Noko Anoko wa Ore Kara Hanarenai Anone DS Another Bible Another Century's Episode Portable Another Code: R - A Journey into Lost Memories Another Memories Another Mind Another Time Another Leaf: Kagami no Naka no Tantei Another World Anpanman Niko Niko Party Anpanman to Asobo: ABC Kyoushitsu Anpanman to Asobo: Aiueo Kyoushitsu Anpanman to Asobo: New Aiueo Kyoushitsu Anpanman to Asobu: Aiueo Kyoushitsu DX Anpanman to Touch de Waku Waku Training Anpanman to Touch de Wakuwaku Training Anpfiff: Der RTL Fussball-Manager Ansatsu Kyoushitsu: Assassin Ikusei Keikaku!! Ansatsu Kyoushitsu: Korosensei Daihouimou!! Ant Nation Antarctic Adventure Anticipation Antiphona no Seikahime: Tenshi no Score Op.A Antz Antz Extreme Racing Antz Racing Antz World Sportz Anubis II Ao Zora to Nakama Tachi: Yume no Bouken Ao Zora to Nakama Tachi: Yume no Bouken Plus Ao no 6-gou: Antarctica Ao no Exorcist: Genkoku no Labyrinth Ao no Kanata no Four Rhythm Ao no Kanata no Four Rhythm HD Edition Ao-Don DS: Hanabi no Goku & Hanabi no Takumi Aoi Hagane no Kihei: Space Griffon Aoi Namida Aoi Sora no Neosphere: Nanoca Flanka Hatsumei Koubouki 2 Aoi Umi no Tristia Portable: Nanoca Flanka Hatsumei Koubouki Aoi Umi no Tristia: 10th Anniversary Memorial Pack Aoi Umi no Tristia: Nanoca Flanka Hatsumei Koubouki Aoi no Mamade... Aoishiro Aoki Densetsu Shoot! Aoki Kakumeki no Valkyria Aoki Ookami to Shiroki Mejika: Genchou Hishi Apache: Air Assault Apathy: Narugami Gakuen Toshi Densetsu Tantei Kyoku Ape Escape Ape Escape 2 Ape Escape 3 Ape Escape Academy Ape Escape Academy 2 Ape Escape: Million Monkeys Ape Escape: On the Loose Ape Escape: Pumped & Primed Ape Quest Apex Apocalypse Apocalypse: Desire Next Apocripha/0 Apollo 11 VR Experience Apollo Justice: Ace Attorney Appare! Gateball Appare! Shogi Jiisan Apple Town Monogatari Appleseed Appleseed EX Aqua Aqua Aqua GT Aqua Kids Aqua Kitty: Milk Mine Defender DX Aqua Panic! Aqua Paradise: Boku no Suizokukan Aqua Teen Hunger Force Zombie Ninja Pro-Am Aqua World: Umibi Monogatari AquaLife AquaNox: The Angel's Tears AquaPazza: AquaPlus Dream Match AquaZone AquaZone Option Disk Series 1: Angel Fish AquaZone Option Disk Series 2: Black Molly AquaZone Option Disk Series 3: Blue Emperor AquaZone Option Disk Series 4: Clown Loach AquaZone Option Disk Series 5: False Rummy-Nose AquaZone: Desktop Life AquaZone: Life Simulator Aquaman: Battle for Atlantis Aquanaut no Kyuujitsu 2 Aquanaut no Kyuujitsu: Memories of Summer 1996 Aquanaut's Holiday Aquanaut's Holiday: Kakusareta Kiroku Aquarian Age: Tokyo Wars Aquarium by DS Ar nosurge Plus: Ode to an Unborn Star Ar nosurge: Ode to an Unborn Star Ar tonelico II: Melody of Metafalica Ar tonelico Qoga: Knell of Ar Ciel Ar tonelico: Melody of Elemia Arabian Nights Arabians Doubt Arabians Lost Arabians Lost & Doubt Twin Pack Aragami Araiguma Rascal: Raccoon Rascal Arashi no Yoruni Arasuji de Kitaeru Sokumimi no Susume DS Arasuji de Oboeru Sokudoku no Susume DS Arc Arena Arc Rise Fantasia Arc the Lad Arc the Lad Collection Arc the Lad II Arc the Lad III Arc the Lad: End of Darkness Arc the Lad: Twilight of the Spirits Arcade 3D Arcade Archives: Darius Arcade Classic No. 1: Asteroids / Missile Command Arcade Classic No. 2: Centipede / Millipede Arcade Classic No. 3: Galaga / Galaxian Arcade Classic No. 4: Defender / Joust Arcade Classic Shuu Arcade Classics Arcade Classics: Super Breakout / Battlezone Arcade Classics: Volume One Arcade Hits: Moon Cresta Arcade Hits: Raiden Arcade Hits: Soukyuugurentai Arcade Party Pak Arcade Shooter: Ilvelo Arcade Shooting Gallery Arcade Smash Hits Arcade USA Arcade Zone Arcana Arcana Famiglia 2 Arcana Famiglia: Festa Regalo Arcana Famiglia: La storia della Aracana Famiglia Arcana Famiglia: La storia della Aracana Famiglia - Ancora Arcana Famiglia: Vascello Phantasma no Majutsushi Arcana Heart Arcana Heart 3 Arcana Heart 3: LOVEMAX!!!!! Arcana Strikes Arcania: Gothic 4 Arcania: The Complete Tale Arch Rivals Arch Rivals: A Basket Brawl! Archer MacLean's Super Dropzone Archer Maclean's 3D Pool Archer Maclean's Mercury Archon Arcobaleno! Arcobaleno! Portable Arctic Arctic Tale Arctic Thunder Arcus 1-2-3 Arcus Odyssey Ardy Lightfoot Are You Alice? Are You Smarter Than A 5th Grader? Are You Smarter Than a 5th Grader: Make the Grade Are You Smarter Than a 5th Grader? Back to School Are You Smarter Than a 5th Grader? Make the Grade Are You Smarter than a 5th Grader? Are You Smarter than a 5th Grader? Game Time Are! Mo Kore? Mo Momotarou Area 51 Arena Football Arena Football: Road to Glory Arena: Maze of Death Aretha Aretha II Aretha II: Ariel no Fushigi na Tabi Aretha III Aretha the Super Famicom Argos no Juujiken Argos no Senshi Argus Aria: The Natural ~Tooi Yume no Mirage~ Aria: The Origination ~Aoi Hoshi no El Cielo~ Ark of Time Arkana Senki Ludo Arkanoid Arkanoid DS Arkanoid II Arkanoid Returns Arkanoid: Doh It Again Arkista's Ring Arle no Bouken: Mahou no Jewel ArmaGallant: Decks of Destiny Armada Armada F/X Racers Armadillo Armana no Kiseki Armed Fighter Armed and Dangerous Armen Noir Armen Noir Portable Armin Van Buuren: In The Mix Armor Ambush Armor Battle Armor..Attack Armored Core Armored Core 2 Armored Core 2: Another Age Armored Core 3 Armored Core 3 Portable Armored Core 4 Armored Core V Armored Core: For Answer Armored Core: Formula Front Armored Core: Formula Front - Extreme Battle Armored Core: Last Raven Armored Core: Last Raven Portable Armored Core: Master of Arena Armored Core: Nexus Armored Core: Nine Breaker Armored Core: Project Phantasma Armored Core: Silent Line Portable Armored Core: Verdict Day Armored Encounter! / Sub Chase! Armorines: Project S.W.A.R.M. 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Ginsei Shogi DS Asphalt 3D Asphalt: Injection Asphalt: Urban GT Asphalt: Urban GT 2 Aspic: Mahebiou no Noroi Assassin's Creed Assassin's Creed Anthology Assassin's Creed Chronicles Assassin's Creed Double Pack Assassin's Creed II Assassin's Creed II: Complete Edition Assassin's Creed II: Discovery Assassin's Creed III Assassin's Creed III: Liberation Assassin's Creed IV: Black Flag Assassin's Creed IV: Jackdaw Edition Assassin's Creed Origins Assassin's Creed Rogue Assassin's Creed Syndicate Assassin's Creed Unity Assassin's Creed: Altair's Chronicles Assassin's Creed: Bloodlines Assassin's Creed: Brotherhood Assassin's Creed: Brotherhood - The Da Vinci Edition Assassin's Creed: Connor Saga Assassin's Creed: Ezio Saga Assassin's Creed: Ezio Trilogy Assassin's Creed: Heritage Collection Assassin's Creed: Revelations Assassin's Creed: Revelations - Ottoman Edition Assassin's Creed: The Americas Collection Assassin's Creed: The Ezio Collection Assault Assault City Assault Rigs Assault Suit Leynos Assault Suit Leynos 2 Assault Suits Valken Assault Suits Valken 2 Assault: Retribution Assetto Corsa Astal Astebreed Asterix Asterix & Obelix Asterix & Obelix Contre Cesar Asterix & Obelix Take on Caesar Asterix & Obelix XXL Asterix & Obelix XXL 2: Mission: Wifix Asterix & Obelix XXL2: Mission: Las Vegum Asterix & Obelix: Kick Buttix Asterix & Obelix: Paf! Par Toutatis! Asterix Brain Trainer Asterix and the Great Rescue Asterix and the Power of the Gods Asterix and the Secret Mission Asterix at the Olympic Games Asterix: Auf Der Suche Nach Idefix Asterix: Mega Madness Asterix: The Mansions of the Gods Asterix: These Romans Are Crazy! Asteroid Fire Asteroids Asteroids Hyper 64 Astonishia Story Astra Superstars Astral Bout AstralAir no Shiroki Eien: White Eternity Astro Boy Astro Boy: Omega Factor Astro Boy: The Video Game Astro Chase Astro Fang: Super Machine Astro Invaders Astro Kyuudan: Kessen!! Victory Kyuudanhen Astro Rabby Astro Robo Sasa Astro Warrior Astro Warrior & Pit Pot Astroblast Astrology Astrology DS: The Stars In Your Hands Astronoka Astrosmash Astyanax Asuka 120% Excellent: Burning Fest. Excellent Asuka 120% Final: Burning Fest. Final Asuka 120% Limited: Burning Fest. Limited Asuka 120% Maxima: Burning Fest. Maxima Asuka 120% Special: Burning Fest Special Asuncia: Matsue no Jubaku Asura's Wrath Atama de Do! Kotenko Kotenko Atama ga Yoku Naru - The Me no Training Atama no Kaiten no Training: Rubik's Cube & Chou Yuumei Puzzle Tachi Atama o Kitaete Asobu Taisen Yajirushi Puzzle: Puppyinu Vector One Atari Anniversary Advance Atari Anniversary Edition Atari Anniversary Edition Redux Atari Anthology Atari Classics Evolved Atari Flashback Classics: Volume 1 Atari Flashback Classics: Volume 2 Atari Greatest Hits Volume 1 Atari Greatest Hits Volume 2 Atari Karts Atari Masterpieces Vol. I Atari Masterpieces Vol. II Atari Video Cube Atelier Annie: Alchemists of Sera Island Atelier Ayesha Plus: The Alchemist of Dusk Atelier Ayesha: The Alchemist of Dusk Atelier Escha & Logy Plus: Alchemists of the Dusk Sky Atelier Escha & Logy: Alchemists of the Dusk Sky Atelier Firis: The Alchemist and the Mysterious Journey Atelier Iris 2: The Azoth of Destiny Atelier Iris 3: Grand Phantasm Atelier Iris: Eternal Mana Atelier Lydie & Suelle: The Alchemists and the Mysterious Paintings Atelier Marie + Elie Atelier Meruru Plus: The Apprentice of Arland Atelier Meruru: The Apprentice of Arland Atelier Rorona Plus: The Alchemist of Arland Atelier Rorona: The Alchemist of Arland Atelier Shallie Plus: Alchemists of the Dusk Sea Atelier Shallie: Alchemists of the Dusk Sea Atelier Sophie: The Alchemist of the Mysterious Book Atelier Totori Plus: The Adventurer of Arland Atelier Totori: The Adventurer of Arland Athena Athena no Kateiban: Family Game Athena ~Awakening from the ordinary life~ Athens 2004 Athletic World Atlantic Quest Atlantis Atlantis III: The New World Atlantis no Nazo Atlantis: The Lost Continent Atlantis: The Lost Tales Atom Smasher Atomic Betty Atomic Punk Atomic Robo-Kid Atomic Robo-Kid Special Atomic Runner Atrevete a Sonar Atsumare! GuruGuru Onsen Atsumare! GuruGuru Onsen BB Atsumare! Power Pro Kun no DS Koushien Attack Animal Gakuen Attack of the Killer Demos Attack of the Killer Tomatoes Attack of the Movies 3D Attack of the Mutant Penguins Attack of the Saucerman! Attack of the Timelord! Attack on Titan Attack on Titan: Humanity in Chains AubirdForce AubirdForce After Audio Hero Aura Battler Dunbine Aurora Quest: Otaku no Seiza in Another World Austin Mini Racing Austin Powers Pinball Austin Powers: Oh, Behave! Austin Powers: Welcome to my Underground Lair! Australian Rugby League Auto Crusher Palladium Auto Destruct Auto Modellista Auto Racing AutoBahn Tokio Autobahn Polizei Autobahn Raser IV Autobahn Raser: Das Spiel zum Film Automobili Lamborghini Avalon Code Avatar - The Last Airbender: Into the Inferno Avatar: The Last Airbender Avatar: The Last Airbender - The Burning Earth Aven Colony Avenger Avenging Spirit Away: Shuffle Dungeon Awesome Golf Awesome Possum Awesomenauts Assemble! Ax Battler: A Legend of Golden Axe Axelay Axiom Verge Ayaka Shibito Ayaka Shibito Portable Ayakashi Gohan: Oomori! Ayakashi Ninden Kunoichiban Ayakashi Ninden Kunoichiban Plus Ayakashi no Shiro Ayakashibito Ayakashibito Portable Ayrton Senna Kart Duel Ayrton Senna Kart Duel 2 Ayrton Senna Kart Duel Special Ayrton Senna Personal Talk: Message for the Future
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