Atari: A forgotten shell, a legacy brand, and 1bn of valuable tax losses

30 November 2022

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When someone on the inside of a company is keen to buy every single share that they can possibly get hold of, it's usually a sign that you should pay attention.

That's the situation right now at Atari SA, the Euronext/Paris listed company that owns one of the most iconic and – potentially – most valuable brands of the early days of computing and gaming.

Admittedly, you have to be a bit of a Sherlock Holmes to investigate this opportunity. However, that's also the point. If things were already clearer than they are, you would have already seen chat forums, blogs and other investment publications latch onto the situation.

To the best of my knowledge, no one else has spelled out this story yet.

All I will reveal in public is this:

• Atari doesn't just have the brand name, but also a staggering EUR 1bn in tax loss carryforwards (enabling nearly EUR 200m in saved taxes).
• Its major shareholder has been buying additional stock hand over fist.
• The company has pledged not to delist or squeeze out shareholders, but to remain a public company under its new major shareholder.

This is a very unusual special situation. Atari has a low market cap of EUR 73m, but 71% of its shares are currently in free float. Stock does change hands, but it's an investment for experienced investors only.

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