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CI Games (WSE: CIG)

Last close As at 02/07/2024

PLN1.67

▲ −0.05 (−2.91%)

Market capitalisation

PLN312m

Founded in 2002, CI Games is a Warsaw-based developer and publisher of AAA multi-platform video games for a global audience. It specialises in first person shooter and action-driven titles and owns IP including the Sniper: Ghost Warrior and Lords of the Fallen franchises.

The $200bn games industry is undergoing a correction after years of robust growth. High historic investment levels have resulted in many genres becoming overcompetitive, while consumers are being more selective. We are seeing consolidation and redundancies as the industry reshapes. However, a return to growth is expected in 2024 and with lower investment trimming the number of new game releases, the competitive landscape should ease somewhat.

Latest Insights

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TMT | Outlook

CI Games — Back on track following headline launch

TMT | Flash note

CI Games — Strong momentum following LotF launch

TMT | Flash note

CI Games — Ready for a transformational journey

TMT | Flash note

CI Games — Encouraging lead indicators and a robust Q1
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Sector

TMT

Equity Analyst

Dan Ridsdale

Head of Technology

Katherine Thompson

Key Management

  • David Broderick

    CFO

  • Marek Lech Tymiński

    CEO

Balance Sheet

Forecast net debt (PLNm)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.8) 6.5 (68.5)
Relative (2.3) 0.1 (74.4)
52 week high/low 7.0gr/1.4gr

Financials

2024 will be a ‘lull year’ without a major release and the delays to the development programme of ‘Project Survive’ will prolong this fallow period. This may be offset by CI Games’ announced deal with Microsoft, where Lords of the Fallen and Sniper Ghost Warrior will be available on Game Pass and a redundancy programme to reduce costs. The recent exclusive worldwide distribution rights agreement for the sequel to Lords of the Fallen on PC solidifies longer term prospects. Our estimates are under review.

Y/E Dec Revenue (PLNm) EBITDA (PLNm) PBT (PLNm) EPS (fd) (gr) P/E (x) P/CF (x)
2021A 105.5 62.5 44.9 16.33 10.2 4.7
2022A 56.7 16.1 11.4 4.70 35.5 15.6
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A

Research

Flash note

TMT

CI Games — Strong momentum following LotF launch

Flash note

TMT

CI Games — Ready for a transformational journey

TMT

Outlook

CI Games — Back on track following headline launch

Flash note

TMT

CI Games — Encouraging lead indicators and a robust Q1

Update

TMT

CI Games — Smooth operator

Flash note

TMT

CI Games — Q122 shows continuing progress

Flash note

TMT

CI Games — Considering a London dual listing

edison tv

TMT

CI Games – executive interview

Update

TMT

CI Games — Four pillar growth strategy

Update

TMT

CI Games — Strong Q321 update, third title in development

Initiation

TMT

CI Games — An emerging European games publisher

Further insights

insight

TMT

CI Games: EKF 2023 QuickView

Thematics

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology
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