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CI Games (WSE: CIG)

Last close As at 29/10/2024

PLN1.53

▲ −0.03 (−1.92%)

Market capitalisation

PLN281m

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 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 | 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

Milo Bussell

Analyst, Consumer and TMT

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 (5.3) (4.1) (50.2)
Relative (1.2) 1.6 (54.1)
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, two of which build on existing intellectual property (IP) franchises Lords of the Fallen (LotF) and Sniper Ghost Warrior (SGW). 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 LotF 2023 release, with 162% revenue growth and a swing back to profitability with an EBITDA margin of 65% (H123: negative 1%). 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 32.6 8.8
2023A 245.0 97.6 26.3 10.54 14.5 3.9
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

Initiation

TMT

CI Games — An emerging European games publisher