-31%

est. 2Y upside i

Rank

#3360

Sector

Gaming

Est. Liquidity

~3Y

Data Quality

Data: Medium

Hutch Games, a profitable mobile racing game developer, was acquired by MTG in 2020 for $275M, with potential earn-outs.

Last updated: March 10, 2026

Bull (25%)+75%

Hutch Games successfully leverages its licensed IPs and new titles like 'Forza Customs' and 'NASCAR Manager' to significantly grow its revenue and profitability within MTG, exceeding internal targets. This strong performance drives a re-evaluation of Hutch's contribution to MTG, potentially valuing it at over $480M, and contributes to a substantial appreciation of MTG's stock.

Base (50%)+20%

Hutch Games maintains its strong position in the mobile racing genre, with existing titles like 'Top Drives' continuing to generate steady revenue and new launches performing adequately. The company remains profitable, and its performance aligns with MTG's expectations for its gaming segment, leading to a modest appreciation of the equity value to around $330M.

Bear (25%)-45%

Hutch Games faces intensified competition in the mobile gaming market, leading to declining player engagement and revenue for its core titles. New game launches fail to gain significant traction, and the negative employee growth impacts development capacity. This underperformance, coupled with potential broader challenges for MTG, results in a significant decline in the equity's value to approximately $150M.

Est. time to liquidity~3.0 years

Preference Stack Risk

low

Funding Intensity

2%

Total funding of $6M represents only 2.0% of the $275M acquisition valuation, indicating a very low preference stack ahead of common stock at the time of acquisition.

Dilution Risk

low

As an acquired subsidiary, Hutch Games is not expected to undergo further funding rounds, thus limiting dilution risk at the subsidiary level. Dilution would primarily be at the parent company (MTG) level.

Secondary Liquidity

active

If the equity is granted as MTG (Modern Times Group) stock, it would be actively traded on Nasdaq Stockholm, providing liquidity after vesting.

Other — 1 role

View all 1 open roles at Hutch Games →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Hutch Games's data — designed to show you've done your homework.

  • 1

    “Given the shift in mobile gaming towards monetization and retention, how is Hutch Games adapting its strategy for new and existing titles to maximize lifetime value, especially considering the decline in overall mobile game downloads?”

  • 2

    “Hutch Games has a history of strong growth, but recent data suggests a potential moderation or even decline in revenue post-acquisition. What are the key growth initiatives for Hutch over the next two years, and how does the company plan to address the -2% employee growth observed last year?”

  • 3

    “As an acquired company within MTG, how is employee equity structured, and what are the specific mechanisms for employees to realize value from their RSUs or options over a 2-year horizon, beyond the general performance of MTG's stock?”

Community

Valuation Sentiment

Our model estimates -31% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.