CI Games

CI Games (WSE: CIG)

Currency in PLN

Last close As at 29/09/2023

PLN5.89

▲ −0.01 (−0.17%)

Market capitalisation

PLN1,109m

Overview
Price performance
Financials
Research
Thematics

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.

Valuations in the games sector came under significant pressure in 2022, with investors punishing anything less than a perfect performance with heavy markdowns from the sector’s 30x P/Es of 2021. In this context, CI Games’ low valuation means the shares have avoided the sector’s multiple compression in 2022, with the potential for material upside in 2023.

Latest Insights

TMT |
Flash note

06.06.23

CI Games — Encouraging lead indicators and a robust Q1

TMT |
Update

24.11.22

CI Games — Smooth operator

TMT |
Flash note

31.05.22

CI Games — Q122 shows continuing progress

TMT |
Flash note

03.03.22

CI Games — Considering a London dual listing

Visit Website

Sector

TMT

Equity Analyst

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	(5.5)	12.8	142.4
Relative	2.3	22.4	84.6
52 week high/low	7.0gr/2.3gr

Financials

CI Games’ FY22 and Q123 results reflect investment in its seven-pillar strategy, aiming to diversify its IP to drive long-term growth. The group remains profitable and continues to generate revenue through its back catalogue with no new releases in FY22. Momentum for Lords of the Fallen continues to build, with its release now confirmed for October.