Report
Maria Mickiewicz ...
  • Pawel Wieprzowski, PhD

11 bit studios: Ongoing projects starting to gain momentum (BUY - transfer of coverage)

In this report, we transfer coverage of 11 bit studios (11B), keeping our BUY rating. We set our new 12M price target (PT) at PLN 571 (up from PLN 464), which offers 22% potential upside. We note the well-diversified portfolio of ongoing projects, each significantly bigger than the previous titles. We expect the releases to culminate in 2023-24E, giving a huge boost to the results. We forecast the 2023E net profit to jump to PLN 127m (driven mostly by Frostpunk 2 and, to a smaller extent, by Vitriol), implying a very attractive 2023E P/E of 8.9x. The potential short-term triggers relate to securing new publishing agreements, new announcements on the ongoing projects and the start of marketing campaigns, as well as potential M&A.
Underlying
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.

Provider
Wood and Company
Wood and Company

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.

Analysts
Maria Mickiewicz

Pawel Wieprzowski, PhD

Other Reports on these Companies
Other Reports from Wood and Company

ResearchPool Subscriptions

Get the most out of your insights

Get in touch