Edison Investment Research - CI Games SA (CIA) CI Games - Back on track following headline launch

Report

Edison Investment Research

Richard Williamson

CI Games - Back on track following headline launch

CI Games is a European video game developer and publisher known for AAA franchises Sniper Ghost Warrior and Lords of the Fallen (LotF). In October, the company launched the latest LotF iteration, its largest title to date, which we expect to drive scalable growth. Despite some initial issues relating to gamers’ legacy hardware, post-launch fixes have driven sales of 1.2m units by end-November. LotF is the first of CI Games’ strategic pillars aimed at increasing new intellectual property and release frequency. In the near term, maintaining LotF’s momentum and generating cash are key. In the longer term, delivering on strategic plans targeting smoother revenue and reduced execution risk could drive a re-rating of the stock.

15/01/2024 1 EN

Underlying

CI Games SA

CI Games SA, formerly City Interactive SA, is a Poland-based company engaged in the computer games industry. It specializes in the production and distribution of various computer and console games. The Company is a publisher and representative of foreign producers as well. The Company's product portfolio includes such games as logical, adventure, sport, car races, shooters and simulators, as well as games for women. The Company operates through ten branches located domestically and abroad. The Company operates a number of subsidiaries, including City Interactive Germany GmbH, City Interactive USA Inc, Business Area Sp z o o, among others. On September 2, 2014, the Company received approval from the Ministry of Finance in Canada to liquidate the Company's subsidiary, City Interactive Canada Inc.

See profile

PLCTINT00018 Warsaw Stock Exchange Poland

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Richard Williamson

Other Reports on these Companies

Edison Investment Research

CI Games - Strategic roadmap to 2028

CI Games outlined its updated strategy to 2028 at its H124 results. The strategy focuses on greater efficiencies to produce higher-quality games, while growing its audience base, and includes three major releases, two of which build on existing intellectual property (IP) franchises Lords of the Fallen (LotF) and Sniper Ghost Warrior (SGW). Centralised project management should result in greater efficiencies realised through cross-studio talent sharing and a more player-first focus. The interim results showed the positive contribution from the LotF 2023 release, with 162% revenue growth and a s...

October 8, 2024 October 8, 2024 1 EN

Edison Investment Research

CI Games - Strong momentum following LotF launch

CI Games has completed a key milestone with its Lords of the Fallen (LotF) launch on 13 October, achieving 1.2m unit sales by end-November. Q3 performance benefited from pre-launch sales of LotF, although marketing costs affected profitability. LotF is one of the first games to use the Unreal Engine 5 platform for cutting-edge graphics, which caused some initial compatibility issues that have since been addressed. Sentiment is positive across all demographics and the game has since received accolades that provide momentum for Black Friday and Christmas sales.

December 1, 2023 December 1, 2023 1 EN

Alphamin Resources - From alpha to omega

Alphamin announced record quarterly tin production of 4,917t (+22.1% quarter-on-quarter) in Q324 and EBITDA of US$91.6m (+68.8%) after the Mpama South mine completed its first full quarter of production at (or near) steady state. Alphamin’s consolidated annual financial statements and accompanying management discussion and analysis (MD&A) for FY24 will probably be released in early March. In the meantime, we are forecasting that EPS will continue to advance into FY25 and beyond under the influence of continued strength in the tin price and increasing efficiencies as both Mpama North and Mpama ...

November 15, 2024 November 15, 2024 1 EN

Pedro Fonseca

Pedro Fonseca

Apax Global Alpha - Transaction activity picked up in Q324

Apax Global Alpha (AGA) reported a Q324 NAV total return (TR) of 1.7% in euro terms on a constant currency basis (-0.2% including fx changes), with a 3.2pp positive contribution from earnings momentum across its private equity (PE) investments. The company experienced a pick-up in new investments, and also saw some positive trends on the realisation front. Following recent exits and accounting for the take-private transaction of Thoughtworks, AGA’s pro-forma exposure to listed holdings has been reduced to 4%, limiting the impact on AGA’s returns. While these investments have already yielded a ...

November 15, 2024 November 15, 2024 1 EN

Toby Thorrington

Toby Thorrington

PVA TePla - Lower estimates after Q3 results

PVA TePla (PVA) reported a 2.3% y-o-y decrease in sales in Q324 and management has set guidance at the lower end of the range for both sales (€270–90m) and EBITDA (€47–51m). Metrology sales held up nicely in the quarter, while sales in the other activities in the semiconductor division showed a decrease. We have lowered our estimates modestly for both FY24 and FY25 given a more challenging expected market environment in wafer fabrication for the semiconductor industry. On our new estimates, PVA trades at an EV/EBITDA FY25e multiple of 3.7x, which we believe is very undemanding.

November 15, 2024 November 15, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

CI Games - Back on track following headline launch

CI Games - Strategic roadmap to 2028

CI Games - Strong momentum following LotF launch

Alphamin Resources - From alpha to omega

Apax Global Alpha - Transaction activity picked up in Q324

PVA TePla - Lower estimates after Q3 results

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe