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CI Games (WSE: CIG)

Last close As at 19/04/2024

PLN1.56

▲ −0.10 (−6.02%)

Market capitalisation

PLN285m

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 global video games market is set for robust market growth driven by a confluence of trends, including AI, cloud gaming and other tools that can extend the lifetime value of a game and enable greater player immersion. Valuations are normalising after pandemic highs as consumers become more selective amid macro uncertainty, increasing pressure on developers to create hit titles that drive long-term engagement.

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

Max Hayes

Max Hayes

Associate Analyst

Katherine Thompson

Key Management

  • David Broderick

    CFO

  • Marek Lech Tymiński

    CEO

Balance Sheet

Forecast net debt (PLNm)

27.8

Forecast gearing ratio (%)

15

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.5) (12.8) (68.6)
Relative (5.9) (22.4) (75.8)
52 week high/low 7.0gr/1.5gr

Financials

CI Games is a European video game developer and publisher known for AAA franchises Sniper Ghost Warrior and Lords of the Fallen. In October 2023, the company launched the latest Lords of the Fallen iteration, its largest title to date, which we expect to drive scalable growth. Despite some initial issues relating to gamers’ legacy hardware, post-launch fixes have driven sales of 1.2m units by end-November. Lords of the Fallen is the first of CI Games’ strategic pillars aimed at increasing new IP and release frequency. In the near term, maintaining Lords of the Fallen’s momentum and generating cash are key. In the longer term, delivering on strategic plans targeting smoother revenue and reduced execution risk could drive a re-rating of the stock.

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 9.6 4.4
2022A 56.7 16.1 11.4 4.70 33.2 14.5
2023E 242.5 104.3 46.1 19.85 7.9 2.8
2024E 140.3 80.1 23.3 10.04 15.5 3.6

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

Analyst of the week

Katherine Thompson
kthompson@edisongroup.com 020 3077 5730
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Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – Still waiting…
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