CD Projekt S.A.

WSE:CDR Stock Report

Market Cap: zł21.8b

CD Projekt Valuation

Is CDR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CDR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
zł589.39
Fair Value
62.9% undervalued intrinsic discount
18
Number of Analysts

Below Fair Value: CDR (PLN218.5) is trading below our estimate of fair value (PLN589.39)

Significantly Below Fair Value: CDR is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CDR?

Key metric: As CDR is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CDR. This is calculated by dividing CDR's market cap by their current earnings.
What is CDR's PE Ratio?
PE Ratio49.7x
Earningszł439.27m
Market Capzł21.83b

Price to Earnings Ratio vs Peers

How does CDR's PE Ratio compare to its peers?

The above table shows the PE ratio for CDR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.1x
PLW PlayWay
13.4x5.1%zł2.0b
HUG Huuuge
3.9x-23.5%zł1.1b
11B 11 bit studios
9x-0.4%zł422.0m
BLO Bloober Team
38.1xn/azł480.1m
CDR CD Projekt
49.7x30.6%zł21.8b

Price-To-Earnings vs Peers: CDR is expensive based on its Price-To-Earnings Ratio (49.7x) compared to the peer average (16.1x).

Price to Earnings Ratio vs Industry

How does CDR's PE Ratio compare vs other companies in the PL Entertainment Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
CDR 49.7xIndustry Avg. 15.0xNo. of Companies4PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CDR is expensive based on its Price-To-Earnings Ratio (49.7x) compared to the Polish Entertainment industry average (15x).

Price to Earnings Ratio vs Fair Ratio

What is CDR's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CDR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio49.7x
Fair PE Ratio26x

Price-To-Earnings vs Fair Ratio: CDR is expensive based on its Price-To-Earnings Ratio (49.7x) compared to the estimated Fair Price-To-Earnings Ratio (26x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CDR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentzł218.50
zł153.78
-29.6%
30.4%zł241.00zł90.00n/a18
Jan ’26zł191.45
zł145.78
-23.9%
30.0%zł241.00zł90.00n/a18
Dec ’25zł167.20
zł142.33
-14.9%
27.3%zł205.00zł85.00n/a18
Nov ’25zł160.75
zł134.72
-16.2%
25.6%zł205.00zł85.00n/a18
Oct ’25zł171.60
zł134.72
-21.5%
25.6%zł205.00zł85.00n/a18
Sep ’25zł183.10
zł129.00
-29.5%
27.1%zł207.00zł85.00n/a18
Aug ’25zł160.10
zł119.47
-25.4%
25.1%zł170.00zł80.00n/a19
Jul ’25zł138.30
zł115.21
-16.7%
24.6%zł170.00zł80.00n/a19
Jun ’25zł130.30
zł111.06
-14.8%
25.3%zł170.00zł80.00n/a18
May ’25zł118.50
zł112.59
-5.0%
26.0%zł178.00zł80.00n/a17
Apr ’25zł116.90
zł112.00
-4.2%
26.6%zł178.00zł80.00n/a17
Mar ’25zł110.35
zł112.00
+1.5%
26.6%zł178.00zł80.00n/a17
Feb ’25zł104.80
zł112.00
+6.9%
26.6%zł178.00zł80.00n/a17
Jan ’25zł115.00
zł114.06
-0.8%
25.9%zł178.00zł83.00zł191.4516
Dec ’24zł111.00
zł120.50
+8.6%
26.9%zł185.00zł83.00zł167.2016
Nov ’24zł105.00
zł120.09
+14.4%
28.4%zł185.00zł80.00zł160.7516
Oct ’24zł125.20
zł125.06
-0.1%
26.1%zł185.00zł80.00zł171.6016
Sep ’24zł150.45
zł121.81
-19.0%
30.5%zł207.00zł80.00zł183.1016
Aug ’24zł160.80
zł121.44
-24.5%
30.2%zł207.00zł80.00zł160.1016
Jul ’24zł154.85
zł115.19
-25.6%
27.4%zł207.00zł80.00zł138.3016
Jun ’24zł124.00
zł114.56
-7.6%
27.3%zł207.00zł80.00zł130.3016
May ’24zł113.30
zł113.53
+0.2%
27.0%zł207.00zł80.00zł118.5017
Apr ’24zł111.22
zł117.47
+5.6%
28.0%zł215.00zł77.00zł116.9017
Mar ’24zł132.26
zł118.65
-10.3%
27.3%zł215.00zł77.00zł110.3517
Feb ’24zł138.28
zł119.22
-13.8%
28.0%zł215.00zł77.00zł104.8018
Jan ’24zł129.64
zł115.89
-10.6%
28.6%zł214.00zł75.00zł115.0018
Analyst Price Target
Consensus Narrative from 18 Analysts
zł153.78
Fair Value
42.1% overvalued intrinsic discount
18
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/19 05:25
End of Day Share Price 2025/01/17 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

CD Projekt S.A. is covered by 37 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Nicholas Michael DempseyBarclays
Nicholas Michael DempseyBarclays
James BassBerenberg