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 r...
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 rele...
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 acco...
CI Games is a leading global video games developer and publisher focused on premium multi-platform titles, with two flagship franchises – the first-person shooter Sniper: Ghost Warrior and fantasy action role-playing game Lords of the Fallen (LotF). Over the years the group has become a global player with offices in Poland (headquarters), the UK, the United States, Spain and Romania, and its games selling worldwide.
CI Games’ H123 results were reasonably robust, underpinned by continued strong back catalogue performance, especially Sniper Ghost Warrior (released in 2021) and releases from United Label. We are expecting a substantial revenue and profit uplift following the launch of Lords of the Fallen (LotF) on 13 October, with lead indicators continuing to look positive. Borrowings increased to invest in the development and commercialisation of new releases including LotF, Project Scorpio and the group’s n...
CI Games’ Q123 results were robust, given that revenue continues to be driven by its back catalogue as we await the release of its next headline game, Lords of the Fallen (LotF), which has now been confirmed for 13 October 2023. The group continues to generate positive EBITDA, despite a significant increase in marketing costs related to LotF and other operating expenses tied to its strategic pillars. Lead indicators are encouraging for LotF and momentum could continue to build with five to six m...
CI Games’ Q322 results reflect investments in its next major games release The Lords of the Fallen (TLotF) and the hiatus between releases. Its performance in the year to date has been driven by its back catalogue, resulting in year-on-year falls in revenue and profitability. However, margin compression in Q322 primarily relates to the group’s marketing push for the release of TLotF, which has been confirmed for FY23. Positive newsflow around TLotF gives us confidence in rapid sales growth and s...
CI Games confirmed Q122 net revenues of PLN12.9m, a 36% rise y-o-y (Q121: PLN9.5m), with adjusted EBITDA of PLN6.5m (Q121: PLN6.3m), a 51% margin, down from 66% in Q121 (FY21: 59%). However, with reduced levels of amortisation, PBT was up 45% to PLN5.0m (Q121: PLN3.5m), with EPS rising 38% to PLN0.02. Cash at period end stood at PLN34.6m, with net cash of PLN29.7m, net of lease liabilities. Since quarter-end, in Q222, CI Games has announced an ongoing tender offer to buy out the 22% minority in ...
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 ...
In its Q321 results, CI Games reported results ahead of guidance, with revenues of PLN33m, EBITDA of PLN19m (a 59% margin) and PAT of PLN14m, a 42% net margin. 9M21 revenue of PLN82m is c 75% of our FY21 estimate and 9M21 EBITDA of PLN49m is c 76% of our FY21 estimate, leaving the group well placed to meet full year expectations. CI Games also clarified its intended release schedule for its forthcoming titles: Lords of the Fallen 2 in H123; the next iteration of the Sniper: Ghost Warrior franchi...
In its Q321 results, CI Games reported results ahead of guidance, with revenues of PLN33m, EBITDA of PLN19m (a 59% margin) and PAT of PLN14m, a 42% net margin. 9M21 revenue of PLN82m is c 75% of our FY21 estimate and 9M21 EBITDA of PLN49m is c 76% of our FY21 estimate, leaving the group well placed to meet full year expectations. CI Games also clarified its intended release schedule for its forthcoming titles: Lords of the Fallen 2 in H123; the next iteration of the Sniper: Ghost Warrior franchi...
In its Q321 trading update, CI Games confirmed strong Q321 revenues of c PLN30.2m and PAT of c PLN9.8m, a 32.5% net margin. Q4 is CI Games’ seasonally strongest quarter, so we anticipate Q421 trading to be similar to Q321. We have therefore raised our FY21 estimates, with FY21 revenues rising 12% to PLN105.0m, and a 32.5% margin giving reported PAT of PLN34.1m. CI Games also announced a new survival game for the PC and latest console generations on Unreal Engine 5 by Czech games developer, BatFi...
In its Q321 trading update, CI Games confirmed strong Q321 revenues of c PLN30.2m and PAT of c PLN9.8m, a 32.5% net margin. Q4 is CI Games’ seasonally strongest quarter, so we anticipate Q421 trading to be similar to Q321. We have therefore raised our FY21 estimates, with FY21 revenues rising 12% to PLN105.0m, and a 32.5% margin giving reported PAT of PLN34.1m. CI Games also announced a new survival game for the PC and latest console generations on Unreal Engine 5 by Czech games developer, BatFi...
Edison Investment Research Limited CI Games (CIG): Initiation - An emerging European games publisher 05-Oct-2021 / 07:00 GMT/BST London, UK, 5 October 2021 CI Games (CIG): Initiation - An emerging European games publisher CI Games is a global video games developer and publisher that focuses on premium AA+/AAA multi-platform games, with two main franchises: a first-person shooter, Sniper: Ghost Warrior (SGW); and a soulslike fantasy action role-playing game, Lords of the Fallen (LotF). With SGWC2 launched in H121, no major new games are expected in FY22, before LotF2 and the ...
CI Games is a global video games developer and publisher that focuses on premium AA+/AAA multi-platform games, with two main franchises: a first-person shooter, Sniper: Ghost Warrior (SGW); and a soulslike fantasy action role-playing game, Lords of the Fallen (LotF). With SGWC2 launched in H121, no major new games are expected in FY22, before LotF2 and the next iteration of the SGW franchise launch in 2023, as CI Games’ revenue base builds. Following a similar strategy to Remedy Entertainment an...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Headlines Conferences calendar … 2 Large-cap companies news … 3 PKN Orlen: 3Q20 results preview CD Projekt: Resale update; 92% of resale target achieved by Wednesday; resale terminated on Friday; members of the board acquired remaining shares in the motivation program Small- and mid-cap companies news … 6 Celon Pharma: Strong 2Q20 financials, above expectations Famur: Appeal to tax authorities successful Arctic Paper: Financing from NCBR secured OEX: Insider buying CI Games: Changes...
Headlines Conferences calendar … 2 Large-cap companies news … 3 KGHM: Production and sale volumes for August PGNiG, Tauron: Stalowa Wola JV ordered by court to pay PLN 334 million fine to ex-contractor PGNiG, Tauron: Exclusive negotiations for the purchase of Tauron Ciepło extended to November 30 PKN Orlen: Hydrogen refueling points planned in Czech Republic CD Projekt: EGM voted for the equity issue in 2020-2025 motivation program CD Projekt: Resale update; 82% of resale target achieved...
Headlines Large-cap companies news … 2 PGNiG: Increase in natural gas production target in Norway PKN Orlen, Energa: Plans to delist Energa, tender offer for 100% Energa shares for PLN 8.35 per share announced JSW: TSI hard coal benchmark reaches US$ 132 per tonne Azoty: European Commission delists fertilizer industry from sectors entitled for energy compensation CCC: Huge provisions/write-offs in 2H20, above expectations CD Projekt: Resale update; 79% of resale target achieved by Thursda...
Headlines Conferences calendar … 2 Large-cap companies news … 3 PGE: 2Q20 results released – EBITDA in line with the preliminary showing CD Projekt: Resale update; 48.2% of resale target achieved Banks: Loosening of mortgage lending policies at banks Real-estate: Office tenants on working space plans Small- and mid-cap companies news … 5 Votum: 2Q20 results overview Netia: NN OFE above 5% threshold CI Games: SGWC2 marketing campaign launched; trailer revealed; the game will debut on De...
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