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CI Games (WSE: CIG)

Last close As at 25/11/2024

PLN1.44

▲ 0.01 (0.70%)

Market capitalisation

PLN271m

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 historical investment levels have resulted in many genres becoming over competitive, 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 | Update

CI Games — Strategic roadmap to 2028

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
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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 (6.6) (9.6) (50.0)
Relative (4.8) (1.5) (49.4)
52 week high/low 3.1gr/1.4gr

Financials

CI Games outlined its updated strategy to 2028 at its H124 results. The strategy focuses on greater efficiencies to produce higher-quality games, while growing its audience base, and includes three major releases. Centralised project management should result in greater efficiencies realised through cross-studio talent sharing and a more player-first focus. The interim results showed the positive contribution from the Lords of the Fallen 2023 release, with 162% revenue growth and a swing back to profitability with an EBITDA margin of 65%. We believe key milestones will be partnership announcements, like the Epic Games deal for Project III, alongside game development updates.

Y/E Dec Revenue (PLNm) EBITDA (PLNm) PBT (PLNm) EPS (fd) (gr) P/E (x) P/CF (x)
2022A 56.7 16.1 11.4 4.70 31.5 8.5
2023A 245.0 97.6 26.3 10.54 14.0 3.8
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

Update

TMT

CI Games — Four pillar growth strategy

Update

TMT

CI Games — Strong Q321 update, third title in development

TMT

edison tv

CI Games – executive interview

Initiation

TMT

CI Games — An emerging European games publisher

Further insights

insight

TMT

CI Games: EKF 2023 QuickView

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – Still waiting…

thematic

TMT

MediaWatch – Targeting the opportunities

thematic

TMT

MediaWatch – Vision On
Digital Marketing and Internet Media Technology Platform

thematic

TMT

MediaWatch – Screening well

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

thematic

TMT

Direct tech investors

thematic

TMT

Seven things every investor needs to know about SenSen

thematic

Consumer

Circular economy business models

thematic

TMT

Quantum dots – all the colours of the rainbow

thematic

TMT

Micro-LEDs – small is beautiful

thematic

TMT

Five things every investor needs to know about Mynaric

thematic

TMT

Semiconductor winners – European companies with strong positions

thematic

TMT

The small satellite market – Small is beautiful

thematic

TMT

European video games: A safe haven in troubled times

thematic

TMT

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

Illuminator: August Update

thematic

TMT

European video games

thematic

TMT

Diversification and scale for online success

thematic

TMT

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

UK video games – Heterogeneous not homogeneous

thematic

TMT

Mobile ecosystems

thematic

TMT

Mobile ecosystems

thematic

TMT

Mobile ecosystems

thematic

TMT

NZ – Edison talks tech

thematic

TMT

AUS – Edison talks tech

thematic

TMT

Mobile ecosystems

thematic

Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

Mobile ecosystems

thematic

Energy & Resources

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

The third pillar

thematic

TMT

The real disruptor

thematic

TMT

Merger mania is back