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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
Companies: CI Games S.A.
Edison
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
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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
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
Research Tree provides access to ongoing research coverage, media content and regulatory news on CI Games S.A.. We currently have 0 research reports from 1 professional analysts.
Interims to January are in line with the February TU, and materially unchanged forecasts for the FY July 2024. After the well flagged expected 1H24 revenue movement of -7% (vs 1H23 which had been strengthened by c£2m perpetual licence sales in the US), prospects for the second half are supported by several new contracts that will generate revenue in 2H24, in addition to material contract delivery milestones from existing large projects such as major TRACS Enterprise, Railhub deployments, and Rem
Companies: Tracsis plc
Cavendish
Eleco’s FY23 results show robust organic recurring revenue growth of +17% with recurring revenue +22% to £20.7m, adj EBITDA +2% ahead of the January update, and a confident outlook with Q1 ARR already at £24.5m vs £22.6m at FY23. At this point, the excellent start to FY24 leads us to reiterate our FY24-26E revenue, adj EBITDA, EFCF, and DPS, and we include the April 2024 acquisition of Vertical Digital in our FY24-26E net cash, as we explain below. As Eleco builds upon the successful acquisition
Companies: Eleco Plc
Made Tech has won a material expansion (worth up to £19.5m/2yrs) with a long-standing customer, The Department for Levelling Up, Housing and Communities (“DLUHC”). Coming off the back of a soft H1 bookings performance, we expect this win to materially boost investor sentiment and reassure how notwithstanding a tough backdrop (given an impending general election) MTEC continues to outcompete legacy providers and in-so-doing, grow its share of wallet with large/strategic customers. Landing near FY
Companies: Made Tech Group PLC
Singer Capital Markets
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Companies: 1Spatial Plc
Liberum
Following the updated guidance published last week, Alphawave reported a 74% YoY increase in revenue to US$321.7m for FY23 generating adjusted EBITDA of US$62.6m, up 34% YoY. As previewed, bookings in 1Q24 were strong at US$117.9m, up 20% YoY and ahead of guidance. The results release and conference call confirm that revised guidance mainly reflects a more conservative approach to revenue recognition under new CFO, Rahul Mathur, and an acceleration in the pace at which Alphawave is pivoting away
Companies: Alphawave IP Group PLC
Capital Access Group
tinyBuild’s FY23 results confirmed a sharp drop in revenue and swing into adjusted EBITDA losses, as well as asset impairments and high cash burn. After already making $10m of annualised cost savings, the company continues to run-down its cash balance and now relies on a H2-weighted release schedule to reduce cash outflows.
Companies: tinyBuild Inc.
Zeus Capital
Companies: Cerillion Plc
Cerillion has announced a very solid update, as H1 sales and EBITDA are both up 10% y/y to £22.5m and £10.9m respectively, notwithstanding the exceptionally strong base period (sales and EBITDA +27% and +38% resp.). Results therefore point to continued strong customer demand, reflecting how Cerillion’s out-of-the-box product continues to resonate and gain adoption, particularly in a ‘budget conscious’ environment, by offering faster time to market, greater configurability and at a lower cost. Me
Companies: Synectics PLC
Shore Capital
We view confirmation of market forecasts / PEN's February update as providing further validation for the company's strategy. Ongoing business streams (including the concluding stage of the Boeing / Apache contract) provide underpinning for forecasts for the current year and software-derived earnings as strategized look set to rise in FY24 with the launch of the company's GenS technology (well-regarded and long-established OmegaPS series update). Tuesday's statement from the Prime Minister ple
Companies: Pennant International Group plc
WHIreland
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
As reported in March, underlying EBITDA profitability improved to record levels despite FX headwinds. Further platform and proposition developments were completed, key steps on its digital roadmap, and it has already won 7 contracts YTD. Alongside planned growth in private membership, this will at least offset the loss of one contract. Forecasts are left unchanged today and, as member engagement throttles back up, FX headwinds ease, and proof points of digital efficiency emerge, markets should b
Companies: Ten Lifestyle Group PLC
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has announced an additional professional services contract with its long-standing client, The Entertainer. Following a year-long trial, The Entertainer is opening in over 800 Tesco stores across the UK & Ireland, alongside a supplier agreement for Tesco stores across Central Europe. Under the contract, The Entertainer will extend its use of itim's Unify
Companies: Itim Group PLC
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