11 bit studios: awaiting a major boost in 3Q24E (upgraded to BUY)
We are upgrading 11 bit studios (11B) to BUY from Hold, increasing our 12M price target (PT) by 34% to PLN 840, offering 33% potential upside. We expect the two scheduled game releases in 3Q24E, Frostpunk 2 and The Alters, to boost the results and drive the P/E into single-digit territory. Even though the 2025E results might decline yoy, as we assume that Projekt 8 could be delayed to 1Q26E, next year remains solid, as it should be supported by the Frostpunk 2 console release and paid DLCs, and implies a P/E of below 10x. While publishing has disappointed recently, driving material cuts to our revenue expectations for this segment, we note that this has been more than offset by a better outlook for proprietary games development, with The Alters having potential to surprise positively, in our view.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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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