New Risk • May 06
New major risk - Revenue and earnings growth Earnings have declined by 40% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 40% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). Buy Or Sell Opportunity • Apr 21
Now 21% undervalued Over the last 90 days, the stock has risen 27% to zł3.15. The fair value is estimated to be zł3.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Mar 18
Now 24% undervalued Over the last 90 days, the stock has risen 14% to zł2.92. The fair value is estimated to be zł3.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. New Risk • Mar 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 30
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł10.7m (up 1.6% from 3Q 2024). Net loss: zł10.0m (loss widened 376% from 3Q 2024). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 30% growth forecast for the Entertainment industry in Poland. New Risk • Sep 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Reported Earnings • Sep 21
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł24.9m (down 32% from 2Q 2024). Net income: zł8.97m (up 247% from 2Q 2024). Profit margin: 36% (up from 7.1% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 30% growth forecast for the Entertainment industry in Poland. New Risk • Jul 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • May 29
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł16.3m (down 26% from 1Q 2024). Net income: zł1.00m (up zł1.05m from 1Q 2024). Profit margin: 6.2% (up from net loss in 1Q 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Duyuru • May 22
CI Games SE, Annual General Meeting, Jun 18, 2025 CI Games SE, Annual General Meeting, Jun 18, 2025. Reported Earnings • Apr 27
Full year 2024 earnings released: zł0.04 loss per share (vs zł0.071 profit in FY 2023) Full year 2024 results: zł0.04 loss per share (down from zł0.071 profit in FY 2023). Revenue: zł74.0m (down 70% from FY 2023). Net loss: zł7.38m (down 157% from profit in FY 2023). Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 29% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Jan 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (4.3% increase in shares outstanding). Market cap is less than US$100m (zł263.3m market cap, or US$63.3m). Reported Earnings • Dec 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł10.6m (down 71% from 3Q 2023). Net loss: zł2.11m (loss widened 35% from 3Q 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Entertainment industry in Poland. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł1.72, the stock trades at a trailing P/E ratio of 16.4x. Average forward P/E is 8x in the Entertainment industry in Poland. Total returns to shareholders of 6.7% over the past three years. Reported Earnings • Sep 27
Second quarter 2024 earnings released: EPS: zł0.014 (vs zł0.015 loss in 2Q 2023) Second quarter 2024 results: EPS: zł0.014 (up from zł0.015 loss in 2Q 2023). Revenue: zł36.5m (up 194% from 2Q 2023). Net income: zł2.59m (up zł5.42m from 2Q 2023). Profit margin: 7.1% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • May 30
First quarter 2024 earnings released: EPS: zł0 (vs zł0.004 loss in 1Q 2023) First quarter 2024 results: EPS: zł0 (improved from zł0.004 loss in 1Q 2023). Revenue: zł21.8m (up 122% from 1Q 2023). Net loss: zł46.0k (loss narrowed 94% from 1Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 24
Now 21% undervalued Over the last 90 days, the stock has risen 9.7% to zł1.73. The fair value is estimated to be zł2.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has declined by 36%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 75% per annum over the same time period. Duyuru • May 14
CI Games SE, Annual General Meeting, Jun 06, 2024 CI Games SE, Annual General Meeting, Jun 06, 2024. Buy Or Sell Opportunity • May 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.8% to zł1.70. The fair value is estimated to be zł2.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has declined by 36%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 75% per annum over the same time period. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to zł1.84, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 9x in the Entertainment industry in Poland. Total returns to shareholders of 37% over the past three years. Reported Earnings • Apr 21
Full year 2023 earnings: Revenues exceed analyst expectations Full year 2023 results: Revenue: zł245.0m (up 332% from FY 2022). Net income: zł13.0m (up 59% from FY 2022). Profit margin: 5.3% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.8%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Entertainment industry in Poland. Price Target Changed • Apr 18
Price target increased by 323% to zł4.80 Up from zł1.14, the current price target is provided by 1 analyst. New target price is 189% above last closing price of zł1.66. Stock is down 66% over the past year. The company is forecast to post earnings per share of zł0.17 for next year compared to zł0.045 last year. Duyuru • Jan 18
CI Games Announces to Lay Off Around 10% of Employees CI Games announced that it has made the decision to lay off around 10% of employees across the company. Reported Earnings • Dec 01
Third quarter 2023 earnings released: zł0.01 loss per share (vs zł0.022 loss in 3Q 2022) Third quarter 2023 results: zł0.01 loss per share (improved from zł0.022 loss in 3Q 2022). Revenue: zł36.9m (up 242% from 3Q 2022). Net loss: zł1.56m (loss narrowed 60% from 3Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Oct 01
Second quarter 2023 earnings released: zł0.015 loss per share (vs zł0.05 profit in 2Q 2022) Second quarter 2023 results: zł0.015 loss per share (down from zł0.05 profit in 2Q 2022). Revenue: zł12.4m (down 29% from 2Q 2022). Net loss: zł2.83m (down 131% from profit in 2Q 2022). Revenue is forecast to grow 65% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 63% per year, which means it is well ahead of earnings. Duyuru • Jun 13
CI Games SE, Annual General Meeting, Jun 29, 2023 CI Games SE, Annual General Meeting, Jun 29, 2023, at 09:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł5.57, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Entertainment industry in Poland. Total returns to shareholders of 667% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł4.88, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the Entertainment industry in Poland. Total returns to shareholders of 613% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł2.81, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 16x in the Entertainment industry in Poland. Total returns to shareholders of 353% over the past three years. Duyuru • Jan 31
CI Games S.A. to Report Q2, 2023 Results on Sep 07, 2023 CI Games S.A. announced that they will report Q2, 2023 results on Sep 07, 2023 Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł2.78, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Entertainment industry in Poland. Total returns to shareholders of 245% over the past three years. Reported Earnings • Nov 24
Third quarter 2022 earnings released: zł0.022 loss per share (vs zł0.07 profit in 3Q 2021) Third quarter 2022 results: zł0.022 loss per share (down from zł0.07 profit in 3Q 2021). Revenue: zł10.8m (down 67% from 3Q 2021). Net loss: zł3.94m (down 131% from profit in 3Q 2021). Revenue is forecast to grow 137% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improved over the past week After last week's 17% share price gain to zł2.86, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Entertainment industry in Poland. Total returns to shareholders of 202% over the past three years. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improved over the past week After last week's 20% share price gain to zł2.52, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Entertainment industry in Poland. Total returns to shareholders of 156% over the past three years. Reported Earnings • Sep 09
Second quarter 2022 earnings released: EPS: zł0.05 (vs zł0.059 in 2Q 2021) Second quarter 2022 results: EPS: zł0.05 (down from zł0.059 in 2Q 2021). Revenue: zł17.6m (down 56% from 2Q 2021). Net income: zł9.16m (down 16% from 2Q 2021). Profit margin: 52% (up from 27% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 98% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Entertainment industry in Poland. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 26
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: zł0.022 (up from zł0.015 in 1Q 2021). Revenue: zł12.9m (up 36% from 1Q 2021). Net income: zł4.02m (up 49% from 1Q 2021). Profit margin: 31% (up from 28% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) exceeded analyst estimates by 25%. Over the next year, revenue is forecast to grow 3.0%, compared to a 8.6% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to zł3.70 Up from zł1.14, the current price target is an average from 2 analysts. New target price is 151% above last closing price of zł1.48. Stock is up 5.9% over the past year. The company is forecast to post earnings per share of zł0.16 for next year compared to zł0.041 last year. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł1.34, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Entertainment industry in Poland. Total returns to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improved over the past week After last week's 15% share price gain to zł1.81, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Entertainment industry in Poland. Total returns to shareholders of 56% over the past three years. Major Estimate Revision • Nov 29
Consensus EPS estimates increase to zł0.20 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from zł103.3m to zł109.0m. EPS estimate increased from zł0.17 to zł0.20 per share. Net income forecast to shrink 24% next year vs 28% growth forecast for Entertainment industry in Poland . Consensus price target of zł3.70 unchanged from last update. Share price fell 6.3% to zł1.56 over the past week. Reported Earnings • Nov 25
Third quarter 2021 earnings: EPS and revenues exceed analyst expectations Third quarter 2021 results: EPS: zł0.07 (up from zł0.002 in 3Q 2020). Revenue: zł32.7m (up 322% from 3Q 2020). Net income: zł12.8m (up zł12.5m from 3Q 2020). Profit margin: 39% (up from 4.4% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.2%. Earnings per share (EPS) also surpassed analyst estimates by 40%. Earnings per share (EPS) surpassed analyst estimates by 40%. Over the next year, revenue is expected to shrink by 19% compared to a 16% decline forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 15% share price gain to zł1.90, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Entertainment industry in Poland. Total returns to shareholders of 129% over the past three years. Reported Earnings • Sep 05
Second quarter 2021 earnings released: EPS zł0.059 (vs zł0.02 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł39.7m (up 170% from 2Q 2020). Net income: zł10.9m (up 236% from 2Q 2020). Profit margin: 27% (up from 22% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 30
First quarter 2021 earnings released: EPS zł0.015 (vs zł0.009 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: zł9.52m (down 23% from 1Q 2020). Net income: zł2.71m (up 81% from 1Q 2020). Profit margin: 28% (up from 12% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 15% share price gain to zł1.53, the stock trades at a trailing P/E ratio of 36.9x. Average trailing P/E is 28x in the Entertainment industry in Poland. Total returns to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 16% share price gain to zł1.50, the stock is trading at a trailing P/E ratio of 18.4x, up from the previous P/E ratio of 15.9x. This compares to an average P/E of 43x in the Entertainment industry in Poland. Total returns to shareholders over the past three years are 39%. Is New 90 Day High Low • Jan 04
New 90-day high: zł1.46 The company is up 4.0% from its price of zł1.40 on 06 October 2020. The Polish market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 23% over the same period. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 18% share price gain to zł1.46, the stock is trading at a trailing P/E ratio of 17.9x, up from the previous P/E ratio of 15.1x. This compares to an average P/E of 40x in the Entertainment industry in Poland. Total returns to shareholders over the past three years are 30%. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS zł0.002 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł7.74m (up 75% from 3Q 2019). Net income: zł340.0k (up zł3.26m from 3Q 2019). Profit margin: 4.4% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 15
New 90-day low: zł1.21 The company is down 38% from its price of zł1.95 on 17 July 2020. The Polish market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 1.0% over the same period.