Edison Investment Research - CI Games SA (CIA) CI Games - Considering a London dual listing

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Edison Investment Research

Richard Williamson

CI Games - Considering a London dual listing

Following its strategic review, announced in August 2021, CI Games has today announced that it is considering a dual listing in London. It has appointed Berenberg as its financial adviser in relation to the potential listing and announced the appointment of David Broderick (ex Keywords Studios and Ryanair) as CFO. As a domestically held stock, CI Games trades on 1.7x EV/EBITDA and 2.7x P/E in FY23e, well below its peer group. If it can successfully launch the next Sniper: Ghost Warrior game and Lords of the Fallen 2 in FY23 to establish a broad-based portfolio, both our DCF analysis and peer multiples indicate the potential for significant upside as a reward for early investors in this growth story.

03/03/2022 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.

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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.

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Analysts

Richard Williamson

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CI Games - Considering a London dual listing

CI Games - Strategic roadmap to 2028

CI Games - Back on track following headline launch

CI Games - Strong momentum following LotF launch

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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