Remedy: Vanguard relaunch included in estimates
By Atte Riikola
We have updated our estimates to include the reboot of the Vanguard project under the codename Kestrel. As a result, cash flows from Remedy’s projects will focus slightly more at the end of this decade. Overall, Remedy’s share valuation prices good success for future games, which we believe is also justified in light of AW2’s excellent reception. The positive momentum around AW2 is also a clear driver supporting the share in the short term. As a whole, the risk/return ratio is now too thin in the neutral scenario in line with our estimates, although the hit game option associated with each game project can change the situation quickly.
Remedy Entertainment
28.85
29
Reduce
Accumulate
Remedy Entertainment is a game developer. The business is primarily focused on the development of action games, with a particular focus on 3D technology. Examples of games developed by the company include several different versions of Alan Wake, Max Payne, and Control. Remedy also develops its own game engine and utility technology that powers many of the games. The company was founded in 1995 and has its headquarters in Espoo.
Read more on company pageKey Estimate Figures2023-11-15
| 2022 | 23e | 24e |
|---|
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 43.6 | 31.5 | 70.1 |
| growth-% | -2.5 % | -27.7 % | 122.4 % |
| EBIT (adj.) | -0.6 | -20.6 | 17.6 |
| EBIT-% (adj.) | -1.3 % | -65.2 % | 25.1 % |
| EPS (adj.) | -0.13 | -1.22 | 1.04 |
| Dividend | 0.10 | 0.10 | 0.10 |
| Dividend % | 0.5 % | 0.6 % | 0.6 % |
| P/E (adj.) | - | - | 17.2 |
| EV/EBITDA | 126.5 | - | 9.2 |
Forum discussions
