11 Bit Studios S.A.

11 BIT STUDIOS SA is a Poland-based company engaged in the game development industry. Its product portfolio includes four games: Anomaly Korea, Sleepwalker's Journey, Funky Smugglers and Anomaly Warzone Earth. The Company produces video games for different devices, such as video consoles, personal computers (PC), and Apple products (iPhone, iPad), among others.
  • Ticker11B
  • ISINPL11BTS00015
  • ExchangeWarsaw Stock Exchange
  • SectorLeisure Goods
  • CountryPoland
Research Team

WOOD Daily: BIMAS TI; 11B PW; M RO; SNG RO; TEL RO; GPW PW; TELEC CP; NLBR SV; WINE RO; GSPARK HB; PETKM TI; KOFOL CP; DIGI RO; RU Macro; HTO GA; EL RO; JMT PL; CPS PW; CEZ CP; EAT PW; ANY HB

HEADLINES: • BIM: major 1Q20 beat on sales, e-commerce on the horizon POSITIVE • 11 bit studios: 1Q20 results - strong beat from top to bottom POSITIVE • MedLife: 1Q20 earnings beat on margin expansion POSITIVE • Romgaz: posts strong 1Q results POSITIVE • Transelectrica: 1Q20 results above expectations POSITIVE • Warsaw Stock Exchange: 1Q20 EBITDA up 30% yoy and 10% above market's expectations POSITIVE • O2 Czech Republic: strong 1Q20 results, with EBITDA up 7% yoy, in line with expectations NEUTRAL • NLB Group: 1Q20 results below, COR guidance reassuring • Purcari Wineries: 1Q20 results sli...

Research Team

WOOD Daily: SAB1L LH; ALR PW; EUR PW; VESBE TI; SNN RO; PLY PW; PGN PW; PGE PW; EME Strategy – MSCI; CEZ CP; 11B PW; EL RO; NLBR SV; SFG RO; TGN RO; WINE RO; SNG RO; TEL RO

HEADLINES: • Siauliu Bankas: solid buffers in place (stays BUY) • Alior Bank: change of CEO • Eurocash: 1Q20 miss, as pandemic buying came at the expense of higher costs NEGATIVE • Vestel Beyaz: 1Q20 results - strong, on falling raw materials prices and a weaker EUR/TRY POSITIVE • Nuclearelectrica: 1Q20 results above expectations, mainly on achieved price POSITIVE • Play Communications: decent 1Q20 results, adjusted EBITDA up 5% yoy, in line with expectations NEUTRAL • PGNiG: to recognise major impairments in 1Q20 NEGATIVE • PGE: preliminary 1Q20 results in line NEUTRAL • EME Strategy: MSC...

Tomasz Rodak

Video Games – Gaming is crisis-proof (at least in the short term)

Video Games Gaming is crisis-proof* *at least in the short term Since the bottom of the market collapse in mid-March, WIG.GAMES has grown 86%, already exceeding the pre-crisis level by 12%. At the same time the WIG index increased 21% and still stays 23% off of February’s highs. The relative strength of game developers (vs wide market) seems fully warranted as we observe a positive impact of the stay-home regulations imposed in the global combat against the COVID-19 epidemic. Interestingly, since February (before the epidemic triggered the market correction) the valuation multiples for fore...

Research Team

The Rear-View Mirror – EME markets: Markets rebound from March’s meltdown, all indices in the black

EME Equity Market – April 2020 Market performance – in contrast to March, all indices recorded positive changes in April, with the Greek ASE Index advancing the most in EUR terms. The MSCI EM Europe Index gained 10.5% in EUR terms and 10.2% in local currency terms. The ASE Index was the best performer, +12.5%; followed by the PX Index, +11.5% in EUR terms. The Russian MOEX grew 11.2%; while the WIG20, the Polish benchmark, added 9.4%. A solid performance was reported in Hungary as well, where the BUX index rebounded 8.6%. The Turkish ISE30 Index showed a healthy advance of 5.4%, while the Roma...

Research Team

WOOD Daily: EME Macro/Strategy – ESI; MBK PW; EBS AV; GARAN TI; MGNT LI; EREGL TI; TOASO TI; MMK LI; NVTK LI; OGZD LI; TLV RO; BOCH LN; SNG RO; LPP PW; CCC PW; PL Retail; PGN PW; 11B PW; BFT PW; BVB RO; OPL PW; KCEL KZ; YKBNK TI; FMF PW

HEADLINES: • EME Macro/Strategy: ESI - its big • mBank: posts PLN 91m of net profit, a 27% miss vs. market consensus NEGATIVE • Erste Bank: posts EUR 235m of net profit in 1Q20, 6% beat vs. expectations NEUTRAL • Garanti: 1Q20 highlights (litmus test part 1; 12% ROE, with c.5% COR) • Magnit: 1Q20 numbers below expectations on gross margin POSITIVE • Erdemir: 1Q20 financial results - small beat on EBITDA, much stronger than expected FCF • Tofas: 1Q20 results - largely neutral, market likely to focus on 2Q20E, guidance revised down NEUTRAL • MMK: 1Q20 - solid results, but no interim dividend...

Allegiance Coal (ASX:AHQ)

Full Report can be accessed on Subsequent to our March 2018 update, Allegiance Coal (“Allegiance” or “the Company”) has made major progress on key fronts on its Tenas Coking Coal Project (“Tenas” or “the Project”), located just 375km by rail from the under-utilised Ridley Island Coal Terminal (“RICT”) in northwestern British Columbia, Canada. To reiterate, Tenas has the potential to produce mid-volatile, semi-soft coking (“SSCC”) or PCI coal at FOB costs in the lower 5% of the global sea-borne trade with resultant robust returns from the Project. This is by virtue of the low strip ratio and ...

11 Bit Studios S.A.: 3 directors sold

Three Directors at 11 Bit Studios S.A. sold 15,700 shares at 460.000PLN. The significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names ...

Tomasz Rodak

Video Games – Gaming is crisis-proof (at least in the short term)

Video Games Gaming is crisis-proof* *at least in the short term Since the bottom of the market collapse in mid-March, WIG.GAMES has grown 86%, already exceeding the pre-crisis level by 12%. At the same time the WIG index increased 21% and still stays 23% off of February’s highs. The relative strength of game developers (vs wide market) seems fully warranted as we observe a positive impact of the stay-home regulations imposed in the global combat against the COVID-19 epidemic. Interestingly, since February (before the epidemic triggered the market correction) the valuation multiples for fore...

Research Team

The Rear-View Mirror – EME markets: Markets rebound from March’s meltdown, all indices in the black

EME Equity Market – April 2020 Market performance – in contrast to March, all indices recorded positive changes in April, with the Greek ASE Index advancing the most in EUR terms. The MSCI EM Europe Index gained 10.5% in EUR terms and 10.2% in local currency terms. The ASE Index was the best performer, +12.5%; followed by the PX Index, +11.5% in EUR terms. The Russian MOEX grew 11.2%; while the WIG20, the Polish benchmark, added 9.4%. A solid performance was reported in Hungary as well, where the BUX index rebounded 8.6%. The Turkish ISE30 Index showed a healthy advance of 5.4%, while the Roma...

New Street: Australian and New Zealand telcos: Crunching the curve … the outlook for 1H21

COVID-19 will have some impact on the telco sector in Australia in 1H21 but several other trends will dominate sector operating performance.

Research Team

The Rear-View Mirror – EME markets: BET Index the best performer, despite 16.7% drop

EME Equity Market – March 2020 Market performance – all stock indices in the region were down in March, with the BET the best performer in EUR terms (-16.7%). The MSCI Emerging Markets Europe Index lost 25.8% in EUR terms, while the Czech PX Index was down 24.8%. Other regional stock markets were not far behind, with the BUX Index losing 22.8% in EUR terms, followed by the ASE Index (-22.5% mom), the Russian MOEX (-22.4% mom), the Polish WIG20 (-18.5% mom) and the Turkish ISE30 (-19.8% mom). The best performance was seen in Romania, with the BET Index losing “only” 16.7%. In local currency ter...

John Zolidis

Best Ideas to Start 2Q20

This report is a summary of our view of 30 names in the restaurant and retail sectors, updated for the start of the second quarter 2020.

Research Team

WOOD Daily: BIMAS TI; 11B PW; M RO; SNG RO; TEL RO; GPW PW; TELEC CP; NLBR SV; WINE RO; GSPARK HB; PETKM TI; KOFOL CP; DIGI RO; RU Macro; HTO GA; EL RO; JMT PL; CPS PW; CEZ CP; EAT PW; ANY HB

HEADLINES: • BIM: major 1Q20 beat on sales, e-commerce on the horizon POSITIVE • 11 bit studios: 1Q20 results - strong beat from top to bottom POSITIVE • MedLife: 1Q20 earnings beat on margin expansion POSITIVE • Romgaz: posts strong 1Q results POSITIVE • Transelectrica: 1Q20 results above expectations POSITIVE • Warsaw Stock Exchange: 1Q20 EBITDA up 30% yoy and 10% above market's expectations POSITIVE • O2 Czech Republic: strong 1Q20 results, with EBITDA up 7% yoy, in line with expectations NEUTRAL • NLB Group: 1Q20 results below, COR guidance reassuring • Purcari Wineries: 1Q20 results sli...

Research Team

WOOD Daily: SAB1L LH; ALR PW; EUR PW; VESBE TI; SNN RO; PLY PW; PGN PW; PGE PW; EME Strategy – MSCI; CEZ CP; 11B PW; EL RO; NLBR SV; SFG RO; TGN RO; WINE RO; SNG RO; TEL RO

HEADLINES: • Siauliu Bankas: solid buffers in place (stays BUY) • Alior Bank: change of CEO • Eurocash: 1Q20 miss, as pandemic buying came at the expense of higher costs NEGATIVE • Vestel Beyaz: 1Q20 results - strong, on falling raw materials prices and a weaker EUR/TRY POSITIVE • Nuclearelectrica: 1Q20 results above expectations, mainly on achieved price POSITIVE • Play Communications: decent 1Q20 results, adjusted EBITDA up 5% yoy, in line with expectations NEUTRAL • PGNiG: to recognise major impairments in 1Q20 NEGATIVE • PGE: preliminary 1Q20 results in line NEUTRAL • EME Strategy: MSC...

Research Team

WOOD Daily: EME Macro/Strategy – ESI; MBK PW; EBS AV; GARAN TI; MGNT LI; EREGL TI; TOASO TI; MMK LI; NVTK LI; OGZD LI; TLV RO; BOCH LN; SNG RO; LPP PW; CCC PW; PL Retail; PGN PW; 11B PW; BFT PW; BVB RO; OPL PW; KCEL KZ; YKBNK TI; FMF PW

HEADLINES: • EME Macro/Strategy: ESI - its big • mBank: posts PLN 91m of net profit, a 27% miss vs. market consensus NEGATIVE • Erste Bank: posts EUR 235m of net profit in 1Q20, 6% beat vs. expectations NEUTRAL • Garanti: 1Q20 highlights (litmus test part 1; 12% ROE, with c.5% COR) • Magnit: 1Q20 numbers below expectations on gross margin POSITIVE • Erdemir: 1Q20 financial results - small beat on EBITDA, much stronger than expected FCF • Tofas: 1Q20 results - largely neutral, market likely to focus on 2Q20E, guidance revised down NEUTRAL • MMK: 1Q20 - solid results, but no interim dividend...

Research Team

WOOD Daily: PL Banks; TLV RO; NLBR SV; CAI AV; 11B PW; KOFOL CP; ARCLK TI; VESBE TI; PL Real Estate; PEO PW; GPW PW; PL Pension Funds; CIE PW; CCOLA TI; Postcards from New York

HEADLINES: • Polish banks: head of the PFSA advises banks and insurers to retain 2019 net profit NEGATIVE • Polish banks: auditors start to comment on how Polish banks should approach credit risk • Banca Transilvania: lower dividend payout from 2019 earnings • NLB Group: conference call takeaways • CA Immo: 4Q19 - strong quarter, low LTV, plentiful liquidity - well-positioned for the future POSITIVE • 11 bit studios: 4Q19 beat on lower royalties POSITIVE • Kofola: 4Q19 results - solid delivery, 2020E guidance and DPS postponed due to COVID-19 POSITIVE • Arcelik: AGM cancels TRY 500m divide...

Research Team

WOOD Daily: TEN PW; ECH PW; CAR PW; RO Macro; RU Macro; PKO PW; LPP PW; PL Retail Real Estate; EAT PW; RO Banks; MTSS RX; PL Media; KER PW; CPS PW; PL Retailers; 11B PW

HEADLINES: • Ten Square Games: you never know what you might catch (stays BUY) • Echo Investment: 4Q19 - beat vs. both our and consensus estimates, but 2020E outlook difficult • Inter Cars: preliminary 4Q19 results NEGATIVE • Romania macro: NBR cuts policy rate by 50bps • Russia macro: CBR decides to keep key rate on hold at 6.00% • PKO BP: publishes first message on COVID-19 impact and MPC's rate cut • LPP: media criticising the company for sending 500k masks to China NEGATIVE • Polish retail real estate: anti-virus support package likely to include 90% cut in rental payments NEGATIVE • ...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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