Company Overview
Remedy Entertainment is a renowned video game developer and publisher based in Espoo, Finland, with an office in Stockholm, Sweden. The company has established itself as a pioneer in the gaming industry, known for creating immersive worlds, memorable characters, and captivating stories. With a strong focus on innovation and creativity, Remedy develops games that appeal to millions of players worldwide.
The primary mission of Remedy Entertainment is to create exceptional gaming experiences that inspire and entertain audiences globally. The company's core values are guided by three pillars: camaraderie, pioneering spirit, and smart creativity. These values drive the development process, ensuring that every game meets the highest standards of quality and excellence.
Key Products/Services
Remedy Entertainment offers a range of games across various platforms, including PC, consoles, and mobile devices. Some of their notable titles include:
- Alan Wake Remastered and Alan Wake 2 (self-published with Epic Games Publishing)
- CONTROL and CONTROL: Resonant (self-published)
- Max Payne 1&2 remake (co-published with Rockstar Games)
The company's games are designed to provide engaging gameplay, stunning visuals, and memorable storytelling. By leveraging their proprietary Northlight game engine and tools technology, Remedy Entertainment delivers high-quality gaming experiences that set a new standard in the industry.
Benefits of Investing in Remedy Entertainment
Investing in Remedy Entertainment offers several benefits, including:
- Access to a proven track record of success: With a strong portfolio of games and a growing player base, investors can expect significant returns on their investment.
- Innovation and creativity: Remedy Entertainment's commitment to innovation and creativity ensures that the company will continue to develop new and exciting games that appeal to a wide range of audiences.
- Strong brand recognition: As a leading video game developer and publisher, Remedy Entertainment has established a strong brand reputation that is recognized globally.
Overall, Remedy Entertainment is an attractive investment opportunity for those looking to capitalize on the growing gaming industry. With its proven track record of success, commitment to innovation, and strong brand recognition, the company is well-positioned for continued growth and success in the years to come.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 13.4 | 13.5 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 |
| Target Valuation (MEur) | 235.1 | 159.9 | 103.4 | 52.1 | 72.2 | 79.5 | 79.5 |
| Targer Price | 17.48 | 11.85 | 7.62 | 3.82 | 5.29 | 5.83 | 5.83 |
| Potential, % | -20.0 | -53.3 | -45.8 | -74.9 | -69.9 | -66.8 | -66.8 |
| Recommendation | Hold | Sell | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 293.8 | 342.6 | 190.9 | 207.3 | 239.8 | 239.8 | 239.8 |
| Price | 21.85 | 25.4 | 14.06 | 15.2 | 17.58 | 17.58 | 17.58 |
| EV | 244.0 | 319.0 | 166.0 | 196.0 | 238.0 | 254.0 | 268.0 |
| P/S | 6.73 | 11.46 | 3.77 | 3.48 | 4.94 | 4.41 | 4.09 |
| EV/S | 5.59 | 10.66 | 3.27 | 3.3 | 4.92 | 4.68 | 4.56 |
| EV/EBIT | -496.97 | -14.86 | -38.69 | 5944.82 | -52.45 | -162.09 | 199.64 |
| P/E | -172.04 | -22.23 | -53.09 | -186.61 | -59.98 | -193.38 | 224.1 |
| P/B | 3.33 | 5.06 | 2.79 | 3.66 | 4.47 | 4.57 | 4.48 |
| P/OCF | 26.55 | -21.37 | 17.35 | 45.94 | 55.29 | -142.73 | 184.45 |
| EV/OCF | 22.04 | -19.89 | 15.05 | 43.47 | 54.99 | -151.48 | 205.78 |
| P/FCF | 658.83 | -13.25 | -15.99 | -22.7 | -24.46 | -14.98 | -18.41 |
| EV/FCF | 547.11 | -12.33 | -13.87 | -21.48 | -24.33 | -15.9 | -20.54 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 43.6 | 29.9 | 50.7 | 59.5 | 48.5 | 54.4 | 58.7 |
| Rev. Growth, % | -2.5 | -31.4 | 69.6 | 17.4 | -18.5 | 12.2 | 7.9 |
| Ebit | -0.5 | -21.5 | -4.3 | 0.0 | -4.5 | -1.6 | 1.3 |
| Ebit Growth, % | -103.4 | -4200.0 | 80.0 | nan | 0.0 | 64.4 | 181.2 |
| Ebit, % | -1.1 | -71.9 | -8.5 | 0.0 | -9.3 | -2.9 | 2.2 |
| Profit | -1.7 | -15.4 | -3.6 | -1.1 | -4.0 | -1.2 | 1.1 |
| EPS | -0.13 | -1.14 | -0.27 | -0.08 | -0.29 | -0.09 | 0.08 |
| Profit Growth, % | -114.5 | -805.9 | 76.6 | 69.4 | -263.6 | 70.0 | 191.7 |
| Profit, % | -3.9 | -51.5 | -7.1 | -1.8 | -8.2 | -2.2 | 1.9 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Acc. Receivable | 15.3 | 16.6 | 6.2 | 15.4 | 9.6 | 8.2 | 6.8 |
| Cash | 49.0 | 20.1 | 21.0 | 9.6 | -0.9 | -16.9 | -29.9 |
| Equity | 88.3 | 67.8 | 68.5 | 56.6 | 53.7 | 52.4 | 53.5 |
| ROE, % | -1.9 | -22.7 | -5.3 | -1.9 | -7.4 | -2.3 | 2.1 |
| ROCE, % | -0.6 | -33.5 | -6.7 | 0.0 | -8.7 | -3.2 | 2.5 |
| Net Debt | -49.8 | -23.8 | -25.3 | -11.1 | -1.3 | 14.7 | 27.7 |
| Gearing, % | -56.4 | -35.1 | -36.9 | -19.7 | -2.4 | 28.0 | 51.8 |
| Equity ratio, % | 88.7 | 85.5 | 69.0 | 64.6 | 64.0 | 63.9 | 65.5 |
| Acc. Payable | 8.2 | 7.8 | 14.8 | 12.5 | 11.5 | 11.3 | 10.9 |
| Total Assets | 99.6 | 79.3 | 99.3 | 87.5 | 83.9 | 82.1 | 81.7 |
| ROA, % | -1.7 | -19.4 | -3.6 | -1.3 | -4.8 | -1.5 | 1.3 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 11.1 | -16.0 | 11.0 | 4.5 | 4.3 | -1.7 | 1.3 |
| Investment Cash Flow | -10.6 | -9.8 | -22.9 | -13.6 | -14.1 | -14.3 | -14.3 |
| Free Cash Flow | 0.4 | -25.9 | -11.9 | -9.1 | -9.8 | -16.0 | -13.0 |
| OCF/CAPEX | 1.04 | 0.0 | 0.48 | 0.33 | 0.31 | 0.0 | 0.09 |
| Financial Cash Flow | -2.8 | -3.1 | 12.9 | -2.2 | -0.7 | 0.0 | 0.0 |
Disclaimer
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Before deciding to trade in financial instrument you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
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