CD Projekt SA

CD Projekt is a holding company of the CD PROJEKT Capital Group which conducts its operations in two activity segments: CD PROJEKT RED and GOG.com. CD PROJEKT RED's activities cover the creation and publication of videogames, licensing the associated distribution rights and manufacturing tie-in products which exploit the commercial appeal of brands owned by Co. The activities of GOG Ltd. involve digital distribution of videogames via Co.'s proprietary GOG.com distribution platform, on the basis of contracts signed by GOG Ltd. with producers, IPR holders and external publishers. The platform enables customers to purchase games, remit payment and download game files to their personal devices.
  • TickerCDR
  • ISINPLOPTTC00011
  • ExchangeWarsaw Stock Exchange
  • SectorLeisure Goods
  • CountryPoland
Research Team

The Rear-View Mirror – EME markets: Equities back in the red in EUR terms in July

EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index declined by 2.4%, followed by the Hungarian BUX Index, -0.4%. The only benchmark with a positive return in EUR te...

Tomasz Rodak

CD Projekt: 2Q20 results forecast

CD Projekt: 2Q20 results forecast.

Raiffeisen Centrobank Equity Daily 15.07.2020

 AT: Telekom Austria - Strong 2Q 20 results, operating trends more resilient than expected (positive)  PL: CD Project - Big game release from Ubisoft expected two days before Cyberpunk 2077 (neutral)  PL: Tauron - Management change (neutral)  RO: Romania - Suspension of privatizations for two years was deemed constitutional (neutral)  RU: Gazprom - Previous guidance for 2020e confirmed and remained unchanged (neutral)  RU: Novatek - Preliminary operating results slightly behind guidance, but the further recovery expected (neutral)

Research Team

WOOD Daily: PL Politics; PL Macro; RU Macro; TL Macro; JSW PW; CDR PW; JMT PL

HEADLINES: • Polish politics: President Andrzej Duda re-elected for a second term NEUTRAL • Poland macro: Duda wins second mandate • Russia macro: fiscal prudence to the fore again • Turkey macro: current account widens to -1.1% • JSW: 2Q20 trading update - significant drop in coal sales and production NEGATIVE • CD Projekt: Ubisoft sets release date two days before Cyberpunk • Jeronimo Martins: 2Q20E results preview - 15% yoy EBITDA drop expected (due on 29 July) NEUTRAL • Short News (OPL)

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Growth Over Value We continue to see coronavirus concerns as helping correct the excess bullish sentiment in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. • Major Indexes Holding Up Well. As mentioned above, breakdowns in major indexes are hard to come by. EM (MSCI EM), China (MSCI China), Europe (STOXX 600), MSCI ACWI, ACWI ex-US, and EAFE have all pulled back to their 50-day MAs, while Japan (TOPIX) appears to be finding support at its 100-day MA. With s...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

The MSCI ACWI advanced to another new high yesterday - to levels not seen since mid-March - as global markets have shrugged off the Italian political situation. Both the U.S. and Emerging Markets are leading the move to new highs (more on EM later). While potential resistance levels exist, these recent developments only improve on our already positive outlook... see charts below. • Major themes: Opportunities within Technology and Real Estate. Global Technology stocks are breaking out to new highs and are reasserting their leadership status. Remain overweight/add exposure... see pages 2 and 7...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: EM Strategy

Highlighted themes and actionable charts: • Emerging markets (MSCI EM) versus Developed international (MSCI EAFE). Recent USD strength has weighed on EM's relative performance. Given (1) strength in commodity prices (sans precious metals), (2) the potential for some backing-and-filling of the USD, and (3) MSCI EM price and relative strength support levels continuing to hold, we see recent weakness as a buying opportunity... see below, left • Actionable countries. The MSCI BRIC index has reasserted its leadership status (see below, right) thanks primarily to a resurgent China which accounts f...

1 director sold

A director at CD Projekt Red Sa sold 4,900 shares at 255.440PLN and the significance rating of the trade was 73/100. 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 of bo...

Research Team

The Rear-View Mirror – EME markets: Equities back in the red in EUR terms in July

EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index declined by 2.4%, followed by the Hungarian BUX Index, -0.4%. The only benchmark with a positive return in EUR te...

Tomasz Rodak

CD Projekt: 2Q20 results forecast

CD Projekt: 2Q20 results forecast.

Raiffeisen Centrobank Equity Daily 15.07.2020

 AT: Telekom Austria - Strong 2Q 20 results, operating trends more resilient than expected (positive)  PL: CD Project - Big game release from Ubisoft expected two days before Cyberpunk 2077 (neutral)  PL: Tauron - Management change (neutral)  RO: Romania - Suspension of privatizations for two years was deemed constitutional (neutral)  RU: Gazprom - Previous guidance for 2020e confirmed and remained unchanged (neutral)  RU: Novatek - Preliminary operating results slightly behind guidance, but the further recovery expected (neutral)

Tomasz Rodak

CD Projekt: We played Cyberpunk 2077 – our hands on impressions: positive, but still much polishing to do

CD Projekt: We played Cyberpunk 2077 – our hands on impressions: positive, but still much polishing to do.

Research Team

WOOD Daily: PL Politics; PL Macro; RU Macro; TL Macro; JSW PW; CDR PW; JMT PL

HEADLINES: • Polish politics: President Andrzej Duda re-elected for a second term NEUTRAL • Poland macro: Duda wins second mandate • Russia macro: fiscal prudence to the fore again • Turkey macro: current account widens to -1.1% • JSW: 2Q20 trading update - significant drop in coal sales and production NEGATIVE • CD Projekt: Ubisoft sets release date two days before Cyberpunk • Jeronimo Martins: 2Q20E results preview - 15% yoy EBITDA drop expected (due on 29 July) NEUTRAL • Short News (OPL)

Research Team

The Rear-View Mirror – EME markets: Equity returns mixed as rebound forces weaken

EME Equity Market – June 2020 Market performance – in June, Turkish equities performed the best (+7.7%), while Hungary was the weakest (-2.2%). Following its rebound in the past couple of months, the MSCI EM Europe Index declined in June, losing 1.8% in EUR terms and 0.6% in local currency terms. Turkish equities were the best performers, with the ISE30 Index +7.7%, followed by Prague’s PX Index (+3.5%), and the WIG20 (+2.3%). After its good run in May, the Romanian BET lost 0.3% in June, while the Russian MOEX was down 2%. Greek equities declined 2.1%, while the worst-performing index was the...

Research Team

WOOD Daily: AEGN GA; CDR PW; CZ Macro

HEADLINES: • Aegean Airlines: 1Q20 - figures in line with preliminaries, no forward guidance NEUTRAL • CD Projekt: Cyberpunk 2077 previews and other surprises POSITIVE • Czech Republic macro: early-June signals and Czech wisdom • Short News (CEZ, MTELEKOM, OPL)

Research Team

WOOD Daily: TL Banks; ATAD LI; ENA PW; TCELL TI; ATRS AV; PL Retail; CDR PW; PL Banks; AFLT RX; 11B PW

HEADLINES: • Turkish banks: let's talk Turkey (Garanti and Yapi Kredi stay BUY, Isbank upgraded to BUY and Akbank upgraded to HOLD) • Tatneft: dividends - to the shareholders • Enea: 1Q20 results in line with preliminaries NEUTRAL • Turkcell: Turkish Wealth Fund takes control POSITIVE • Atrium: issues EUR 200m bonds at 3.7% yield POSITIVE • Polish retail: Netto buys 301 Tesco stores in Poland NEGATIVE • CD Projekt: delays Cyberpunk 2077 release date by nine weeks NEUTRAL • Polish banks: Prime Minister Morawiecki rules out removal of bank tax in Poland NEUTRAL • Aeroflot: Kommersant suggest...

Research Team

WOOD Daily: OTP HB; ASELS TI; WIZZ LN; AFLT RX; PPC GA; RU Macro; MIL PW; MBK PW; YNDX US; GPW PW; MOEX RX; PKN PW; ECH PW; TL Automotive; PGN PW; CDR PW; MOH GA; ATAD LI; MAVI TI

HEADLINES: • OTP Bank: survivor status priced in already (stays HOLD) • Aselsan: 1Q20 results - strong beat across the board POSITIVE • Wizz Air: 4Q20 - net profit at top range of guidance, outlook uncertain • Aeroflot: 1Q20 - revenue declines by less than traffic, non-cash FX result pushes net to a deep loss NEUTRAL • Public Power Corporation: 1Q20 revenues miss, but quarter confirms return to operating profitability NEUTRAL • Russia macro: a RUB 5trn stimulus plan, with ambitious goals • Bank Millennium: update on rate cuts impact on its underlying NII NEGATIVE • mBank: update on rate cut...

Ford Equity International Rating and Forecast Report

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