CI Games

Overview
Price performance
Financials
Research
Sector insights
Thematics

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

TMT |
Update

08.10.24

CI Games — Strategic roadmap to 2028

TMT |
Outlook

15.01.24

CI Games — Back on track following headline launch

TMT |
Flash note

01.12.23

CI Games — Strong momentum following LotF launch

TMT |
Flash note

04.10.23

CI Games — Ready for a transformational journey

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Sector

TMT

Equity Analyst

Dan Ridsdale

Head of Technology

Katherine Thompson

Director

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	(10.2)	(13.6)	(51.3)
Relative	(3.6)	(3.9)	(48.9)
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.