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.
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Outlook
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Flash note
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David Broderick
CFO
Marek Lech Tymiński
CEO
Forecast net debt (PLNm)
N/A
Forecast gearing ratio (%)
N/A
% | 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 |
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 |