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.
More CI Games content >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) |
EBITDA (PLNm) |
PBT (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 18/01/2022Content on CI Games
Sector |
|---|
|
TMT
Access more TMT content
|
Share price graph
Balance sheet |
|
|---|---|
| Forecast net cash (PLNm) | 43.2 |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||
| *% relative to local index | |||||||||||||||
Key management |
|
|---|---|
| Marek Lech Tymiński | CEO |
You may also be interested in…
- 4iG
- Aladdin Blockchain Technologies
- Arcane Crypto
- artec technologies
- Beta Systems Software
- Claranova
- CLIQ Digital
- Cyan
- DATAGROUP
- DLTx
- Edel
- Ensurge Micropower
- EQS Group
- Esker
- Exasol
- Expert.ai
- GO internet
- Kcell Joint Stock Company
- Max 21
- Media and Games Invest
- Mensch & Maschine Software
- mic
- Mondo TV
- mVISE
- Mynaric
- Pantaflix
- Piteco
- Portobello
- Riber
- SNP Schneider-Neureither & Partner
- STEMMER IMAGING
- Technicolor
- TerraNet
- The Marketing Group
- Tinexta
- Vectron Systems
- YOC