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CI Games (WSE: CIG)

Currency in PLN

Last close As at 28/11/2023

PLN3.09

▲ 0.21 (7.29%)

Market capitalisation

PLN534m

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 intellectual property (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 factors, 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

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TMT | Flash note

CI Games — Ready for a transformational journey

TMT | Flash note

CI Games — Encouraging lead indicators and a robust Q1

TMT | Update

CI Games — Smooth operator

TMT | Flash note

CI Games — Q122 shows continuing progress
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Sector

TMT

Equity Analyst

Max Hayes

Max Hayes

Associate Analyst

Key Management

  • David Broderick

    CFO

  • Marek Lech Tymiński

    CEO

Balance Sheet

Forecast net cash (PLNm)

79.4

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.2 (50.6) 10.2
Relative (4.6) (55.2) (12.4)
52 week high/low 7.0gr/2.3gr

Financials

CI Games is a leading global video games developer and publisher focused on premium multi-platform titles, with two flagship franchises – the first-person shooter Sniper: Ghost Warrior and fantasy action role-playing game Lords of the Fallen (LotF). Over the years the group has become a global player with offices in Poland (headquarters), the UK, the United States, Spain and Romania, and its games selling worldwide.

Y/E Dec Revenue (PLNm) EBITDA (PLNm) PBT (PLNm) EPS (fd) (gr) P/E (x) P/CF (x)
2021A 105.5 62.5 44.9 16.33 18.9 8.7
2022A 56.7 16.1 10.1 4.00 77.3 17.8
2023E 270.0 206.9 131.5 56.85 5.4 2.7
2024E N/A N/A N/A N/A N/A N/A

Research

Flash note

TMT

CI Games — Encouraging lead indicators and a robust Q1

Update

TMT

CI Games — Smooth operator

TMT

Flash note

CI Games — Ready for a transformational journey

Flash note

TMT

CI Games — Q122 shows continuing progress

Flash note

TMT

CI Games — Considering a London dual listing

edison tv

TMT

CI Games – executive interview

Update

TMT

CI Games — Four pillar growth strategy

Update

TMT

CI Games — Strong Q321 update, third title in development

Initiation

TMT

CI Games — An emerging European games publisher

Further insights

insight

TMT

CI Games: EKF 2023 QuickView

Analyst of the week

Katherine Thompson
kthompson@edisongroup.com 020 3077 5730
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