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, BatFields. The IP is to be owned by CI Games. We see this as a positive and necessary step as CI Games invests in broadening its games portfolio, forming the group’s third franchise if the title is successful. As outlined in our recent initiation, An emerging European game publisher, timely delivery of high-quality titles is critical to the investment case.
27 Oct 2021
CI Games - Strong Q321 update, third title in development
Sign up for free to access
Get access to the latest equity research in real-time from 12 commissioned providers.
Get access to the latest equity research in real-time from 12 commissioned providers.
CI Games - Strong Q321 update, third title in development
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, BatFields. The IP is to be owned by CI Games. We see this as a positive and necessary step as CI Games invests in broadening its games portfolio, forming the group’s third franchise if the title is successful. As outlined in our recent initiation, An emerging European game publisher, timely delivery of high-quality titles is critical to the investment case.