The company delivered 2025 results ahead of expectations. The company’s scale, deep client relationships and broad service offering are driving market share gains. In addition, Winking saw a recovery in the overall global video game market in H2 and studios increasingly allocating development and artwork to outsourcing partners. We conservatively leave our forecasts unchanged, leaving the opportunity for upgrades. Even based on these conservative forecasts, Winking trades at EV/Adj. EBITDA of 7. ....
