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

Analysts

Research Team

DM BOŚ: Daily research report – date 24.02.2020

Headlines Large-cap companies news PKN Orlen, Enea, Energa: Final decision regarding Ostrołęka C project to be made by May 7? Alior: New pool of provisions for early repayment of retail loans Pekao: New management at subsidiaries Banks: Financial ombudsman on compensation for cost of capital Small- and mid-cap companies news Mercor: 4Q19 results released – flat yoy revenues but lower yoy profits Asbis: Sales for December revealed – strong double-digit growth 11 Bit: Sale of management insiders PlayWay: Playway sold over 39,000/3,0000 copies of Tank Mechanic Simulator/ Thief Simulator...

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 ...

Research Team

DM BOŚ: Daily research report – date 21.02.2020

Headlines Large-cap companies news Santander BP: Financial reports for FY19 released – in line with preliminary data PGE: Press on challenges for new management board Pekao: Group lay-offs continue Alior, Handlowy: Court receiver files motion to approve sale of assets CD Projekt: Commission on The Witcher 3 sale cut to 20% on Steam Lotos: Slight delay in YME launch? Bogdanka: 9.0-9.4 million tonne production still possible in 2020? Banks: Mediation between banks and CHF borrowers? Insurance: Assistance insurance increasingly popular Small- and mid-cap companies news 11 bit studios:...

Research Team

DM BOŚ: Daily research report – date 22.01.2020

Headlines Large-cap companies news Asseco Poland: 4Q19 results’ forecast – what will take the upper hand: (expected) material yoy decline of quarterly bottom-line or (expected) concurrent release of backlog for 2020 and dividend proposal? KGHM: 4Q19 results revealed forecast – will the operating cash flow finally shine in this quarter? PKN Orlen: Higher crude oil collections from Saudi Aramco PKN Orlen, Lotos: Competition on fuel markets to increase after merger? JSW: Management member responsible for production to be chosen Pekao: CEO on mBank PKO BP: Online platform car sale to be la...

Catalin Diaconu ...
  • Jovan Sikimic
  • Stefan Maxian

Sector Update CEE Banks - Regulatory challenges not easing

Poland: After the clear underperformance vs. most indices and local peers in 2019, PL banks current 1.0x BV 2020e (matching the low point of early 2016) signals some technical repositioning potential within CEE peers, although their risk/reward profile has not yet fully digested the entire downside risks. We dare to assume that roughly speaking, ca. 50% of the worst-case scenario from FX mortgage risks is priced-in; however, the complexity of the topic will continue to be an issue in the next few years. In general we are positive on names that are less exposed to consumer protection risks and ...

Research Team

DM BOŚ: Daily research report – date 24.02.2020

Headlines Large-cap companies news PKN Orlen, Enea, Energa: Final decision regarding Ostrołęka C project to be made by May 7? Alior: New pool of provisions for early repayment of retail loans Pekao: New management at subsidiaries Banks: Financial ombudsman on compensation for cost of capital Small- and mid-cap companies news Mercor: 4Q19 results released – flat yoy revenues but lower yoy profits Asbis: Sales for December revealed – strong double-digit growth 11 Bit: Sale of management insiders PlayWay: Playway sold over 39,000/3,0000 copies of Tank Mechanic Simulator/ Thief Simulator...

Research Team

DM BOŚ: Daily research report – date 21.02.2020

Headlines Large-cap companies news Santander BP: Financial reports for FY19 released – in line with preliminary data PGE: Press on challenges for new management board Pekao: Group lay-offs continue Alior, Handlowy: Court receiver files motion to approve sale of assets CD Projekt: Commission on The Witcher 3 sale cut to 20% on Steam Lotos: Slight delay in YME launch? Bogdanka: 9.0-9.4 million tonne production still possible in 2020? Banks: Mediation between banks and CHF borrowers? Insurance: Assistance insurance increasingly popular Small- and mid-cap companies news 11 bit studios:...

Research Team

DM BOŚ: Daily research report – date 22.01.2020

Headlines Large-cap companies news Asseco Poland: 4Q19 results’ forecast – what will take the upper hand: (expected) material yoy decline of quarterly bottom-line or (expected) concurrent release of backlog for 2020 and dividend proposal? KGHM: 4Q19 results revealed forecast – will the operating cash flow finally shine in this quarter? PKN Orlen: Higher crude oil collections from Saudi Aramco PKN Orlen, Lotos: Competition on fuel markets to increase after merger? JSW: Management member responsible for production to be chosen Pekao: CEO on mBank PKO BP: Online platform car sale to be la...

Catalin Diaconu ...
  • Jovan Sikimic
  • Stefan Maxian

Sector Update CEE Banks - Regulatory challenges not easing

Poland: After the clear underperformance vs. most indices and local peers in 2019, PL banks current 1.0x BV 2020e (matching the low point of early 2016) signals some technical repositioning potential within CEE peers, although their risk/reward profile has not yet fully digested the entire downside risks. We dare to assume that roughly speaking, ca. 50% of the worst-case scenario from FX mortgage risks is priced-in; however, the complexity of the topic will continue to be an issue in the next few years. In general we are positive on names that are less exposed to consumer protection risks and ...

Polish video games developers Gaming Day January 2020 Summary

On 13 January 2020 we held Gaming Day event with conferences of top Polish game development studios, including PlayWay, Ten Square Games, 11 bit studios, Forever Entertainment, Creepy Jar and ECC Games. Below we present the key takeaways from participating companies.

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 ...

Research Team

WOOD Daily: RU Macro; SBER RX; LVC PW; EME Macro/Strategy – US-China; MGROS TI; KRKG SV; PL Utilities; TELEC CP; MTELEKOM HB

HEADLINES: • Russia macro: new proposed institutional changes • Sberbank: RAS results - 2019 closes as expected NEUTRAL • LiveChat Software: calendar 4Q19 sales at USD 8.4m (up 14.1%) NEUTRAL • LiveChat Software: Chatbot customers reach 1k POSITIVE • EME Macro/Strategy: US-China deal - implications • Migros: 2020E guidance broadly in line with our expectations NEUTRAL • Krka: Romanian investigation over kick-backs to doctors NEGATIVE • Polish utilities: draft law on offshore wind released • O2 Czech Republic: 4Q19E - 7% yoy EBITDA growth (ex.IFRS 16 impact) expected (due on 27 January) •...

Research Team

Focus: EMEA energy – refining and petrochemicals margins November 2019; Russian IT – growth of Russian advertising market accelerated to 9% in 3Q19; Tauron fails to sell Janina mine; Jumbo reiterates 8% sales growth for July-November 2019

HEADLINES: • EMEA energy: refining and petrochemicals margins November 2019 NEGATIVE • Russian IT: growth of Russian advertising market accelerated to 9% in 3Q19 POSITIVE • Tauron: fails to sell Janina mine NEUTRAL • Jumbo: reiterates 8% sales growth for July-November 2019 • Gazprom: new dividend policy likely to be announced tomorrow • Polish utilities: 2024 capacity auction results • 11 bit studios: three games signed for publishing NEUTRAL

Research Team

Focus: PKN Orlen makes an offer for 100% of the shares of Energa at PLN 7.0/share; Greek macro - GDP growth decelerates in 3Q19; Romanian politics - special dividends here to stay; Orange Group publishes its strategy for 2020-25E

HEADLINES: • PKN Orlen/Energa: PKN makes an offer for 100% of the shares of Energa at PLN 7.0/share • Greek macro: GDP growth decelerates in 3Q19 • Romanian politics: special dividends here to stay POSITIVE • Orange PL: Orange Group publishes its strategy for 2020-25E POSITIVE • Play Communications: plans to issue up to PLN 750m in bonds at a 1.75% + WIBOR6M coupon POSITIVE • CD Projekt: discontinues Gwent on consoles NEUTRAL • Energa: NEUTRAL • Kernel: acquires the Ellada crushing plant for USD 21m POSITIVE • O2 CR: the Board of Directors approves the third phase of its buyback programme N...

Research Team

Focus: keeping our BUY on 11 bit studios, with a lower PLN 464 PT; LPP’s 3Q broadly in line with prelims, FY19E gross margin guidance cut by 1ppt; Wirtualna Polska – decent 3Q19 results, with adjusted EBITDA ex.IFRS 16 up 17% yoy

HEADLINES: • 11 bit studios: let's play it again... (stays BUY) • LPP: 3Q broadly in line with prelims; FY19E gross margin guidance cut by 1ppt • Wirtualna Polska: decent 3Q19 results, with adjusted EBITDA ex.IFRS 16 up 17% yoy POSITIVE • Norilsk Nickel: Capital Markets Day - long-term production growth NEGATIVE • PKO BP: claims technological leadership in banking • Orange PL: starts negotiations with trade unions on voluntary redundancies for 2020-21E NEUTRAL • OMV: agrees to divest its stake in the Maari Field, New Zealand • Pegasus Airlines: coverage under review • Fourlis: 3Q19E - en...

Research Team

Focus: EME Macro – Polish GDP growth picks up to 1.3% qoq in 3Q, from 0.8% qoq in 2Q; DIGI Communications posts second quarter of decent results; 11 bit studios’ 3Q19 results – cash instead of profits; Energa’s 3Q19 EBITDA in line

HEADLINES: • EME Macro: Polish GDP growth picks up to 1.3% qoq in 3Q, from 0.8% qoq in 2Q • DIGI Communications: posts second quarter of decent results • 11 bit studios: 3Q19 results - cash instead of profits NEUTRAL • Energa: 3Q19 EBITDA in line with prelims NEUTRAL • Electrica: 3Q19 below expectations on higher power prices • Transelectrica: 3Q19 above expectations, but on zero-profit activities NEUTRAL • Purcari Wineries: 3Q19 results in line NEUTRAL • Polish retail: 10% excise hike for spirits and tobacco NEGATIVE • Polish banks: should seek grounds to spread FX mortgage provisioning ...

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...

BANGLADESH BANKS: Proposed bank classification system

Bank classification system to favour those with strong balance sheets… ie BRAC, EBL: A recent news report suggests the central bank plans to make it easier for depositors to identify risky banks by forcing deposit-taking institutions to report 35 key operating metrics publicly. In our view, this could raise funding costs for riskier banks and potentially open the door to more stringent regulation for such entities. Banks with strong balance sheets (eg BRAC, EBL) should benefit.

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 ...

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