PCF Group: new strategy aims at flying high (stays BUY)
We maintain our BUY rating on PCF Group, while we have cut our 12M price target (PT) by 18% to PLN 52.9, which still offers 40% upside potential. The recent strategy update required major changes in our model assumptions, including higher exposure to self-publishing, the introduction of the Games as a Service (GaaS) model in two of the five AAA/compact AAA pipeline games, and greater headcount increases. The risk profile of the company has changed, in our view, with appealing medium-term opportunities, but also challenges and limited visibility, at least at this stage. While PCF has no track record in GaaS, as yet, we note the highly-experienced product leaders in PCF’s North American studios. We expect the first AAA/compact AAA releases to boost the results from 2025E.
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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