CI Games (WSE: CIG)

Currency in PLN

Last close As at 28/11/2023


0.21 (7.29%)

Market capitalisation


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



Equity Analyst

Max Hayes

Max Hayes

Associate Analyst

Key Management

  • David Broderick


  • Marek Lech Tymiński


Balance Sheet

Forecast net cash (PLNm)


Forecast gearing ratio (%)


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


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

Further insights




MediaWatch – November 2023: Still waiting…



MediaWatch – July 2023

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