CI Games


Market CapPLN315m

Last Close PLN1.72

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

CI Games is a global video games developer and publisher that focuses on premium AA+/AAA multi-platform games, with two main franchises: a first-person shooter, Sniper: Ghost Warrior (SGW); and a soulslike fantasy action role-playing game, Lords of the Fallen (LotF). With SGWC2 launched in H121, no major new games are expected in FY22, before LotF2 and the next iteration of the SGW franchise launch in 2023, as CI Games’ revenue base builds. Following a similar strategy to Remedy Entertainment and Frontier Developments, the company then expects to launch one major title every 12–18 months, incrementally broadening its portfolio. CI Games also owns a third-party publishing arm, United Label, expected to launch two to four smaller titles per year. CI Games’ current valuation takes no account of the potential for success in FY23, which could justify a c 5x increase in the share price. In August, CI Games announced a review of its strategic options, to include identification of a potential strategic investor.

Y/E Dec
Revenue (PLNm)
EPS (gr)
P/E (x)
P/CF (x)
2019A 47.5 21.6 2.0 (1.0) N/A N/A
2020A 46.0 28.9 9.2 4.5 38.2 7.1
2021E 93.7 62.4 38.2 16.7 10.3 7.0
2022E 55.7 33.5 13.8 6.0 28.7 7.3
Content on CI Games
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) 33.7
Forecast gearing ratio (%) N/A
Price performance
Actual 17.7 24.3 32.7
Relative* 9.4 13.0 (10.0)
52-week high/low 1.8gr/1.1gr
*% relative to local index
Key management
Marek Lech Tymiński CEO