Loading...

CD Projekt

WSE:CDR
Snowflake Description

Exceptional growth potential with flawless balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CDR
WSE
PLN20B
Market Cap
  1. Home
  2. PL
  3. Media
Company description

CD Projekt S.A., through its subsidiaries, engages in the development and digital distribution of videogames worldwide. The last earnings update was 57 days ago. More info.


Add to Portfolio Compare Print
CDR Share Price and Events
7 Day Returns
-3.1%
WSE:CDR
-4.9%
PL Entertainment
1.5%
PL Market
1 Year Returns
42.4%
WSE:CDR
29.5%
PL Entertainment
-5%
PL Market
CDR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CD Projekt (CDR) -3.1% -0.5% 15.5% 42.4% 660.1% 1283.5%
PL Entertainment -4.9% -2.4% 13.8% 29.5% 433.4% 810.3%
PL Market 1.5% -5.9% -5.4% -5% 8.4% -9.9%
1 Year Return vs Industry and Market
  • CDR outperformed the Entertainment industry which returned 29.5% over the past year.
  • CDR outperformed the Market in Poland which returned -5% over the past year.
Price Volatility
CDR
Industry
5yr Volatility vs Market

CDR Value

 Is CD Projekt undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CD Projekt to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for CD Projekt.

WSE:CDR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.7%
Perpetual Growth Rate 10-Year PL Government Bond Rate 2.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WSE:CDR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
Entertainment Unlevered Beta Simply Wall St/ S&P Global 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.949 (1 + (1- 19%) (0%))
0.966
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.97
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (0.966 * 7.14%)
9.75%

Discounted Cash Flow Calculation for WSE:CDR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for CD Projekt is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

WSE:CDR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 9.75%)
2019 -85.67 Analyst x7 -78.06
2020 1,665.50 Analyst x8 1,382.83
2021 1,141.37 Analyst x6 863.50
2022 1,379.37 Analyst x6 950.89
2023 1,605.63 Analyst x6 1,008.58
2024 1,623.90 Est @ 1.14% 929.47
2025 1,650.71 Est @ 1.65% 860.91
2026 1,683.91 Est @ 2.01% 800.24
2027 1,722.01 Est @ 2.26% 745.67
2028 1,764.00 Est @ 2.44% 696.03
Present value of next 10 years cash flows PLN8,160.06
WSE:CDR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= PLN1,764.00 × (1 + 2.85%) ÷ (9.75% – 2.85%)
PLN26,310.41
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN26,310.41 ÷ (1 + 9.75%)10
PLN10,381.35
WSE:CDR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN8,160.06 + PLN10,381.35
PLN18,541.41
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN18,541.41 / 96.12
PLN192.9
WSE:CDR Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN192.90
Current discount Discount to share price of PLN206.00
= -1 x (PLN206.00 - PLN192.90) / PLN192.90
-6.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of CD Projekt is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CD Projekt's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CD Projekt's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:CDR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in PLN PLN1.14
WSE:CDR Share Price ** WSE (2019-05-23) in PLN PLN206
Poland Entertainment Industry PE Ratio Median Figure of 17 Publicly-Listed Entertainment Companies 23.6x
Poland Market PE Ratio Median Figure of 463 Publicly-Listed Companies 10.75x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CD Projekt.

WSE:CDR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= WSE:CDR Share Price ÷ EPS (both in PLN)

= 206 ÷ 1.14

181.1x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CD Projekt is overvalued based on earnings compared to the PL Entertainment industry average.
  • CD Projekt is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does CD Projekt's expected growth come at a high price?
Raw Data
WSE:CDR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 181.1x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
37.7%per year
Europe Entertainment Industry PEG Ratio Median Figure of 29 Publicly-Listed Entertainment Companies 1.56x
Poland Market PEG Ratio Median Figure of 113 Publicly-Listed Companies 0.93x

*Line of best fit is calculated by linear regression .

WSE:CDR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 181.1x ÷ 37.7%

4.81x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CD Projekt is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CD Projekt's assets?
Raw Data
WSE:CDR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in PLN PLN10.43
WSE:CDR Share Price * WSE (2019-05-23) in PLN PLN206
Poland Entertainment Industry PB Ratio Median Figure of 32 Publicly-Listed Entertainment Companies 3.24x
Poland Market PB Ratio Median Figure of 689 Publicly-Listed Companies 0.97x
WSE:CDR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= WSE:CDR Share Price ÷ Book Value per Share (both in PLN)

= 206 ÷ 10.43

19.74x

* Primary Listing of CD Projekt.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CD Projekt is overvalued based on assets compared to the PL Entertainment industry average.
X
Value checks
We assess CD Projekt's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Entertainment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Entertainment industry average (and greater than 0)? (1 check)
  5. CD Projekt has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CDR Future Performance

 How is CD Projekt expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
37.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CD Projekt expected to grow at an attractive rate?
  • CD Projekt's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • CD Projekt's earnings growth is expected to exceed the Poland market average.
  • CD Projekt's revenue growth is expected to exceed the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:CDR Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:CDR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 37.7%
WSE:CDR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 30.5%
Poland Entertainment Industry Earnings Growth Rate Market Cap Weighted Average 34.8%
Poland Entertainment Industry Revenue Growth Rate Market Cap Weighted Average 28.8%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.1%
Poland Market Revenue Growth Rate Market Cap Weighted Average 5.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WSE:CDR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:CDR Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,883 3,484 1,914 4
2022-12-31 1,667 912 1,720 3
2021-12-31 2,182 1,277 1,305 9
2020-12-31 2,830 1,897 1,703 10
2019-12-31 350 62 59 8
WSE:CDR Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-12-31 363 133 109
2018-09-30 359 91 114
2018-06-30 377 136 134
2018-03-31 439 204 178
2017-12-31 463 233 200
2017-09-30 504 258 234
2017-06-30 520 243 234
2017-03-31 596 271 263
2016-12-31 584 259 251
2016-09-30 592 307 237
2016-06-30 604 396 241
2016-03-31 859 467 380

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CD Projekt's earnings are expected to grow significantly at over 20% yearly.
  • CD Projekt's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WSE:CDR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from CD Projekt Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:CDR Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 29.69 29.69 29.69 1.00
2022-12-31 19.71 30.42 9.00 2.00
2021-12-31 9.55 12.88 5.84 4.00
2020-12-31 17.12 22.60 9.00 6.00
2019-12-31 0.75 0.92 0.61 3.00
WSE:CDR Past Financials Data
Date (Data in PLN Millions) EPS *
2018-12-31 1.14
2018-09-30 1.18
2018-06-30 1.39
2018-03-31 1.85
2017-12-31 2.08
2017-09-30 2.43
2017-06-30 2.44
2017-03-31 2.75
2016-12-31 2.63
2016-09-30 2.49
2016-06-30 2.54
2016-03-31 4.00

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • CD Projekt is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess CD Projekt's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Poland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Poland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CD Projekt has a total score of 6/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CDR Past Performance

  How has CD Projekt performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CD Projekt's growth in the last year to its industry (Entertainment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CD Projekt's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • CD Projekt's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • CD Projekt's 1-year earnings growth is negative, it can't be compared to the PL Entertainment industry average.
Earnings and Revenue History
CD Projekt's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CD Projekt Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:CDR Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 362.90 109.33 143.80
2018-09-30 359.21 113.81 137.07
2018-06-30 376.79 134.05 131.29
2018-03-31 439.28 177.90 143.64
2017-12-31 463.18 200.27 142.94
2017-09-30 503.67 233.66 143.53
2017-06-30 519.73 234.48 157.94
2017-03-31 596.25 263.21 163.76
2016-12-31 583.90 250.51 164.20
2016-09-30 591.87 237.00 160.63
2016-06-30 604.31 240.86 152.28
2016-03-31 859.42 380.21 181.58
2015-12-31 798.01 342.43 161.10
2015-09-30 611.39 284.02 118.24
2015-06-30 534.30 241.73 97.48
2015-03-31 90.98 3.25 32.89
2014-12-31 96.19 10.05 30.36
2014-09-30 149.72 5.07 40.62
2014-06-30 153.70 11.38 41.43
2014-03-31 145.16 12.03 36.49
2013-12-31 142.17 14.52 35.51
2013-09-30 154.14 20.68 36.05
2013-06-30 155.66 22.03 34.67
2013-03-31 174.18 31.73 34.13
2012-12-31 164.04 28.13 34.66
2012-09-30 142.83 17.93 35.34
2012-06-30 127.35 16.93 38.06

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • CD Projekt has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CD Projekt used its assets less efficiently than the PL Entertainment industry average last year based on Return on Assets.
  • CD Projekt's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CD Projekt's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Entertainment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CD Projekt has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CDR Health

 How is CD Projekt's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CD Projekt's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CD Projekt is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CD Projekt's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of CD Projekt's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1805.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CD Projekt Company Filings, last reported 4 months ago.

WSE:CDR Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,002.86 0.41 659.35
2018-09-30 958.83 0.46 602.00
2018-06-30 940.28 0.32 608.32
2018-03-31 908.63 0.23 662.18
2017-12-31 882.90 0.34 647.64
2017-09-30 834.47 0.38 638.10
2017-06-30 796.37 0.43 582.80
2017-03-31 823.24 0.47 646.43
2016-12-31 776.94 0.14 597.29
2016-09-30 691.83 0.16 552.16
2016-06-30 650.85 0.28 504.32
2016-03-31 547.12 0.41 434.88
2015-12-31 513.68 0.29 393.81
2015-09-30 446.86 0.44 303.47
2015-06-30 405.85 0.52 166.97
2015-03-31 164.52 0.58 32.25
2014-12-31 168.02 0.66 37.14
2014-09-30 170.13 0.93 47.78
2014-06-30 172.56 0.70 51.99
2014-03-31 169.01 0.45 42.76
2013-12-31 166.99 0.46 40.49
2013-09-30 164.43 0.68 31.00
2013-06-30 160.11 0.66 27.33
2013-03-31 155.99 1.31 27.73
2012-12-31 151.53 5.24 27.72
2012-09-30 143.29 7.76 22.99
2012-06-30 137.55 10.29 12.95
  • CD Projekt's level of debt (0%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (0.3% vs 0% today).
  • Debt is well covered by operating cash flow (32418.3%, greater than 20% of total debt).
  • CD Projekt earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess CD Projekt's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CD Projekt has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CDR Dividends

 What is CD Projekt's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from CD Projekt dividends. Estimated to be 1.37% next year.
If you bought PLN2,000 of CD Projekt shares you are expected to receive PLN0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate CD Projekt's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate CD Projekt's dividend against the top 25% market benchmark as the company has not reported any payouts.
Upcoming dividend payment

Purchase CD Projekt before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WSE:CDR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
Europe Entertainment Industry Average Dividend Yield Market Cap Weighted Average of 22 Stocks 2%
Poland Market Average Dividend Yield Market Cap Weighted Average of 200 Stocks 4.2%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.8%
Poland Top 25% Dividend Yield 75th Percentile 7.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WSE:CDR Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 29.69 1.00
2022-12-31 7.00 1.00
2021-12-31 5.00 7.00
2020-12-31 0.58 9.00
2019-12-31 0.21 10.00
WSE:CDR Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-11-14 0.000 0.000
2018-08-28 0.000 0.000
2018-05-24 0.000 0.000
2018-03-22 1.050 0.842
2017-03-30 1.050 1.138

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as CD Projekt has not reported any payouts.
  • Unable to verify if CD Projekt's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of CD Projekt's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as CD Projekt has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of CD Projekt's dividends in 3 years as they are not expected to pay a notable one for Poland.
X
Income/ dividend checks
We assess CD Projekt's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CD Projekt afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CD Projekt has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CDR Management

 What is the CEO of CD Projekt's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Marcin Iwinski
COMPENSATION PLN5,667,000
CEO Bio

Mr. Marcin Piotr Iwiski has been Vice President of the Management Board for International Affairs at CD Projekt Red Spólka Akcyjna (formerly, Optimus S.A.) since January 20, 2010 and serves as its Joint Chief Executive Officer and Member of The Management Board. Mr. Iwinski holds a Degree in Management and Marketing from the Warsaw University and an Master’s Degree in Management from the Warsaw University

CEO Compensation
  • Marcin's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Marcin's remuneration is higher than average for companies of similar size in Poland.
Management Team Tenure

Average tenure of the CD Projekt management team in years:

1.6
Average Tenure
  • The average tenure for the CD Projekt management team is less than 2 years, this suggests a new team.
Management Team

Marcin Iwinski

TITLE
Co-Founder
COMPENSATION
PLN6M

Adam Kicinski

TITLE
Joint CEO & President of the Management Board
COMPENSATION
PLN6M

Piotr Nielubowicz

TITLE
CFO & Vice President of the Management Board
COMPENSATION
PLN6M

Adam Badowski

TITLE
Head of CD Projekt RED & Member of the Management Board
COMPENSATION
PLN3M

Michal Nowakowski

TITLE
Senior VP of Business Development & Member of the Management Board
COMPENSATION
PLN3M

Piotr Karwowski

TITLE
Member of Management Board
COMPENSATION
PLN60K
TENURE
3.5 yrs

Oleg Klapovskiy

TITLE
Member of Management Board
COMPENSATION
PLN67K
TENURE
1.6 yrs

Maciej Nielubowicz

TITLE
Secretary of the Supervisory Board
TENURE
1.6 yrs

Rafal Zuchowicz

TITLE
Chief Accountant
Board of Directors Tenure

Average tenure of the CD Projekt board of directors in years:

3
Average Tenure
  • The tenure for the CD Projekt board of directors is about average.
Board of Directors

Katarzyna Szwarc

TITLE
Chairwoman of the Supervisory Board

Piotr Pagowski

TITLE
Deputy Chairman of The Supervisory Board

Maciej Nielubowicz

TITLE
Secretary of the Supervisory Board
TENURE
1.6 yrs

Krzysztof Kilian

TITLE
Member of Supervisory Board
TENURE
4 yrs

Michal Bien

TITLE
Member of Supervisory Board
TENURE
3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (PLN) Value (PLN)
X
Management checks
We assess CD Projekt's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CD Projekt has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CDR News

Simply Wall St News

Stocks Take A Hit: How Will CD Projekt S.A. (WSE:CDR) Fare?

Below I take a look at three key characteristics of what makes a strong defensive stock investment: its size, financial health and track record. … This consistent market outperformance illustrates a robust track record of delivering strong returns over a number of years, increasing my conviction in CD Projekt as an investment over the long run. … Next Steps: CD Projekt makes for a robust long-term investment based on its scale, financial health and track record.

Simply Wall St -

A Closer Look At CD Projekt S.A.'s (WSE:CDR) Uninspiring ROE

This article is for those who would like to learn about Return On Equity (ROE). … Our data shows CD Projekt has a return on equity of 11% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Kind Of Shareholder Owns Most CD Projekt S.A. (WSE:CDR) Stock?

So it's nice to see some insider ownership, because it may suggest that management is owner-oriented. … CD Projekt is a pretty big company. … Our analysis of the ownership of the company, below, shows that.

Simply Wall St -

CD Projekt's (WSE:CDR) Incredible 1360% Share Price Run Shows What Is Possible With Stocks

And highest quality companies can see their share prices grow by huge amounts. … (WSE:CDR) share price is up a whopping 1360% in the last half decade, a handsome return for long term holders. … Over half a decade, CD Projekt managed to grow its earnings per share at 49% a year.

Simply Wall St -

Should You Be Pleased About The CEO Pay At CD Projekt S.A.'s (WSE:CDR)

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Marcin Iwinski's Compensation Compare With Similar Sized Companies. … When we examined a selection of companies with market caps ranging from zł7.6b to zł24b, we found the median CEO total compensation was zł836k.

Simply Wall St -

Why We Think CD Projekt S.A. (WSE:CDR) Could Be Worth Looking At

(WSE:CDR) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … In the case of CDR, it

Simply Wall St -

CD Projekt S.A. (WSE:CDR) Is Trading At A 23.34% Discount

by taking the expected future cash flows and discounting them to today's value. … discounted cash flows (DCF) … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model.

Simply Wall St -

Consider These Factors, Then Buy CD Projekt S.A. (WSE:CDR)

Stock market crashes are an opportune time to buy. … High quality companies, such as CD Projekt S.A., are impacted by general market panic and sell-off, but the fundamentals of these companies stay the same. … Take the survey and be part of one of the most advanced studies of stock market investors to date.

Simply Wall St -

Should We Be Cautious About CD Projekt S.A.'s (WSE:CDR) ROE Of 12%?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … One way to conceptualize this, is that for each PLN1 of shareholders' equity it has, the company made PLN0.12 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Kind Of Investor Owns Most Of CD Projekt SA (WSE:CDR)?

The big shareholder groups in CD Projekt SA (WSE:CDR) have power over the company. … So it's nice to see some insider ownership, because it may suggest that management is owner-oriented. … Our analysis of the ownership of the company, below, shows that.

Simply Wall St -

CDR Company Info

Description

CD Projekt S.A., through its subsidiaries, engages in the development and digital distribution of videogames worldwide. The company’s product portfolio comprises The Witcher; The Witcher 2: Assassins of Kings; The Witcher 3: Wild Hunt, Hearts of Stone games, and Blood and Wine; and The Witcher Adventure Game, as well as online multiplayer games. It also distributes digital videogames through online channels directly to individual users; and its games for various hardware platforms using traditional distribution channels and digital distribution platforms. The company exports its products to the European Union member countries, Russia, the United States, Asia, and other territories. CD Projekt S.A. is headquartered in Warsaw, Poland.

Details
Name: CD Projekt S.A.
CDR
Exchange: WSE
Founded:
PLN19,800,720,000
96,120,000
Website: http://www.cdprojekt.com
Address: CD Projekt S.A.
Building E,
ul. Jagiellonska 74,
Warsaw,
03-301,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE CDR Bearer Shares Warsaw Stock Exchange PL PLN 08. Jun 2010
OTCPK OTGL.F Bearer Shares Pink Sheets LLC US USD 08. Jun 2010
DB 7CD Bearer Shares Deutsche Boerse AG DE EUR 08. Jun 2010
BST 7CD Bearer Shares Boerse-Stuttgart DE EUR 08. Jun 2010
BATS-CHIXE CDRW Bearer Shares BATS 'Chi-X Europe' GB PLN 08. Jun 2010
Number of employees
Current staff
Staff numbers
887
CD Projekt employees.
Industry
Interactive Home Entertainment
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 21:41
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/22
Last earnings filing: 2019/03/27
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.