CI Games


Market CapPLN300m

Last Close PLN1.64

Founded in 2002, CI Games is a Warsaw-based developer and publisher of AA+/AAA multi-platform video games for a global audience. It has specialised in first person shooter and action-driven titles, and owns IP including the SGW and LotF franchises.

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Investment summary

In its Q321 results, CI Games reported results ahead of guidance, with revenues of PLN33m, EBITDA of PLN19m (a 59% margin) and PAT of PLN14m, a 42% net margin. 9M21 revenue of PLN82m is c 75% of our FY21 estimate and 9M21 EBITDA of PLN49m is c 76% of our FY21 estimate, leaving the group well placed to meet full year expectations. CI Games also clarified its intended release schedule for its forthcoming titles: Lords of the Fallen 2 in H123; the next iteration of the Sniper: Ghost Warrior franchise in FY23; and Project Survival (the newly announced IP being developed by BatFields) by end FY24. At 2.1x FY23 EV/EBITDA and 3.3x P/E, the valuation remains attractive compared to peers.

Y/E Dec
Revenue (PLNm)
EPS (gr)
P/E (x)
P/CF (x)
2019A 47.5 21.6 2.0 (1.00) N/A 12.3
2020A 46.0 28.9 9.2 4.53 36.2 9.6
2021E 109.0 63.9 39.8 17.39 9.4 4.7
2022E 56.9 34.1 14.5 6.32 25.9 8.8
Industry outlook

Market analyst, Newzoo, estimates that 3bn gamers are set to generate global revenues of c US$176bn in 2021, a fall of 1.1% after annual growth of more than 20% in 2020, driven by lockdown demand for content. From 2021–24 more regular growth of 7.6% is expected to return, building to a total market size of over US$219bn by 2024. Long-term demand for games is underpinned by strong secular and technology trends.

Last updated on 01/12/2021
Content on CI Games
CI Games – Four pillar growth strategy
TMT | Update | 24 November 2021
CI Games – An emerging European games publisher
TMT | Initiation | 4 October 2021
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Share price graph
Balance sheet
Forecast net cash (PLNm) 43.2
Forecast gearing ratio (%) N/A
Price performance
Actual 0.6 4.5 30.2
Relative* 10.3 12.8 8.6
52-week high/low 1.9gr/1.2gr
*% relative to local index
Key management
Marek Lech Tymiński CEO