CI Games

Overview
Price performance
Financials
Research
Sector insights
Thematics

Founded in 2002, CI Games is a Warsaw-based developer and publisher of 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 and Lords of the Fallen franchises.

The global video games market is set for robust market growth driven by a confluence of trends, including AI, cloud gaming and other tools that can extend the lifetime value of a game and enable greater player immersion. Valuations are normalising after pandemic highs as consumers become more selective amid macro uncertainty, increasing pressure on developers to create hit titles that drive long-term engagement.

Latest Insights

TMT |
Outlook

15.01.24

CI Games — Back on track following headline launch

TMT |
Flash note

01.12.23

CI Games — Strong momentum following LotF launch

TMT |
Flash note

04.10.23

CI Games — Ready for a transformational journey

TMT |
Flash note

06.06.23

CI Games — Encouraging lead indicators and a robust Q1

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Sector

TMT

Equity Analyst

Max Hayes

Associate Analyst

Katherine Thompson

Director

Key Management

David Broderick

CFO
Marek Lech Tymiński

CEO

Balance Sheet

Forecast net debt (PLNm)

27.8

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(1.3)	(6.3)	(68.0)
Relative	(5.9)	(17.4)	(75.6)
52 week high/low	7.0gr/1.5gr

Financials

CI Games is a European video game developer and publisher known for AAA franchises Sniper Ghost Warrior and Lords of the Fallen. In October 2023, the company launched the latest Lords of the Fallen iteration, its largest title to date, which we expect to drive scalable growth. Despite some initial issues relating to gamers’ legacy hardware, post-launch fixes have driven sales of 1.2m units by end-November. Lords of the Fallen is the first of CI Games’ strategic pillars aimed at increasing new IP and release frequency. In the near term, maintaining Lords of the Fallen’s momentum and generating cash are key. In the longer term, delivering on strategic plans targeting smoother revenue and reduced execution risk could drive a re-rating of the stock.