CI Games 2

CI Games


Market CapPLN331m

Last Close PLN1.81

Founded in 2002, CI Games is a Warsaw-based developer and publisher of AA+/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 (SGW) and Lords of the Fallen (LotF) franchises.

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Investment summary

Based on the release of SGWC2, and supported by the United Labels indie titles Tails of Iron and Eldest Souls, CI Games delivered on its guidance for FY21. Net revenues rose 129% to PLN105.5m, with adjusted EBITDA of PLN62.5m (59% margin) and net profits surging over 400% to PLN38.3m. This demonstrates the operational gearing of the group to successful game launches. As has been widely trailed, FY22 will be a year of consolidation for the business, leading up to the FY23 releases of both LotF2 and the next game in the SGW franchise. The publisher’s third major title, ‘Project Survive’ is expected to launch in FY24.

Y/E Dec
Revenue (PLNm)
EPS (fd) (gr)
P/E (x)
P/CF (x)
2020A 46.0 27.8 8.5 4.18 43.3 7.5
2021A 105.5 62.5 44.9 16.12 11.2 6.1
2022E 57.3 32.9 15.3 6.70 27.0 9.1
2023E 272.2 129.4 102.0 44.59 4.1 4.6
Industry outlook

Market analyst, Newzoo, estimates that 3bn gamers generated 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, with long-term demand underpinned by strong secular and technology trends.

Last updated on 01/07/2022
Content on CI Games
CI Games – Q122 shows continuing progress
TMT | research Flash note | 31 May 2022
CI Games 1
CI Games – Considering a London dual listing
TMT | research Flash note | 3 March 2022
CI Games 1
CI Games – executive interview
TMT | Edison TV | 3 December 2021
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Share price graph
Balance sheet
Forecast net cash (PLNm) 26.3
Forecast gearing ratio (%) N/A
Price performance
Actual 0.1 10.2 21.1
Relative* 8.0 41.3 61.4
52-week high/low 1.9gr/1.3gr
*% relative to local index
Key management
Marek Lech Tymiński CEO
David Broderick CFO