CI Games 2

CI Games


Market CapPLN319.2m

Last Close PLN1.74

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 trading update, CI Games confirmed strong Q321 revenues of c PLN30.2m and PAT of c PLN9.8m, a 32.5% net margin. As its seasonally strongest quarter, we anticipate Q421 trading to be similar to Q321. We have therefore raised our FY21 estimates, with revenues rising 12% to PLN105.0m and a 32.5% margin giving PAT of PLN34.1m. CI Games also announced a new survival game for the PC and console on the Unreal Engine 5, with the IP to be owned by CI Games. We see this potential third franchise as a necessary step as CI Games invests in broadening its games portfolio.

Y/E Dec
Revenue (PLNm)
EPS (gr)
P/E (x)
P/CF (x)
2019A 47.5 21.6 2.0 (1.00) N/A 13.0
2020A 46.0 28.9 9.2 4.53 38.4 10.2
2021E 109.0 63.9 39.8 17.39 10.0 5.0
2022E 56.9 34.1 14.5 6.32 27.5 9.3
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 18/01/2022
Content on CI Games
CI Games – executive interview
TMT | Edison TV | 3 December 2021
CI Games – Four pillar growth strategy
TMT | Update | 24 November 2021
CI Games 1
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Share price graph
Balance sheet
Forecast net cash (PLNm) 43.2
Forecast gearing ratio (%) N/A
Price performance
Actual 15.1 9.2 19.9
Relative* 9.0 15.9 4.7
52-week high/low 1.9gr/1.3gr
*% relative to local index
Key management
Marek Lech Tymiński CEO