CI Games (WSE: CIG)

Last close As at 18/05/2024


0.06 (3.33%)

Market capitalisation


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 macroeconomic uncertainty, increasing pressure on developers to create hit titles that drive long-term engagement.

Latest Insights

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TMT | Outlook

CI Games — Back on track following headline launch

TMT | Flash note

CI Games — Strong momentum following LotF launch

TMT | Flash note

CI Games — Ready for a transformational journey

TMT | Flash note

CI Games — Encouraging lead indicators and a robust Q1



Equity Analyst

Dan Ridsdale

Head of Technology

Key Management

  • David Broderick


  • Marek Lech Tymiński


Balance Sheet

Forecast net debt (PLNm)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 18.5 8.0 (69.2)
Relative 10.6 (0.1) (76.5)
52 week high/low 7.0gr/1.4gr


FY23 was a pivotal year for CI Games following the release of Lords of the Fallen (LotF), with 1.3m unit sales driving a 332% y-o-y increase in group revenue to PLN245m, ahead of our forecast. Major LotF updates to ensure frictionless and enhanced gameplay underpin rising positive sentiment, and its next major modification could stimulate further player engagement. This is a key step to supporting our sales forecasts as its next release, Project Survive, is not due until FY25. We note that the group’s back catalogue has historically delivered robust sales in years with no new releases and we expect this to continue with LotF. As planned, cash generated from LotF meant CI Games repaid its two financing facilities in January 2024 and we maintain our forecast debt free position by end-FY24.

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 11.4 5.2
2022A 56.7 16.1 11.4 4.70 39.6 17.3
2023E 242.5 104.3 46.1 19.85 9.4 3.4
2024E 140.3 80.1 23.3 10.04 18.5 4.3

Further insights




MediaWatch – Rinse and repeat



MediaWatch – Still waiting…

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