contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


remedy-confidently-toward-earnings-leap-q4

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Atte Riikola

Remedy Entertainment is a game developer. Its operations are primarily focused on the development of action games, with a particular focus on 3D technology. Examples of games that the company has developed include several different versions of Alan Wake, Max Payne, and Control. Remedy also develops its own game engine and tooling technology that powers many of its games. The company was founded in 1995 and is headquartered in Espoo, Finland.

In all good spirits—and this message can be moved elsewhere or flagged, as it is not an investment recommendation or advice. It’s mainly just an observation that occurred to me. Based on my experience as a Remedy investor, I can say that this is still minor, and it is entirely possible that we could receive all sorts of bad news later this year if risks materialize.

If it were up to me, they would speak Finnish or really thick “rally English” (ralli-englanti) there. Finns just happen to be flat in their speech, and often this exoticism is actually a differentiator.  Completely agree. I don’t understand this strange culture of subservience prevailing in Finland. Mostly, guys from Japanese game studios speak Japanese at events and an interpreter translates. It nicely doubles the visibility time at the same time.

Digital Foundry, ladies and gentlemen. From 51:35. The forum is being negative, while others are hyping it up.

No one but Finns knows how to be ashamed of “Rally English” (rallienglanti). Better to just embrace it, i.e., “own it.” It is likely largely thanks to Kasurinen that Control is a well-known gaming IP (of GOTY caliber) in the first place. It’s quite smart for both the company and investors to reduce the key person risk associated with Sami Järvi by delegating responsibility, power, and the spotlight to other talents in the company. The last thing this “trailer-gate” needs is some generic, artificially upbeat Hollywood or AI voice narrating the gameplay. As far as I’m concerned, Rally English can keep on singing in the future. At least it stands out from all the other generic crap. Ahti speaks that same Rally English, and the players love it.

Having performed such a deep analysis, can you speculate why on earth the trailer features a speaker struggling with clunky “tankero” English who sounds like they are about to fall asleep, lacking all enthusiasm, praise, and grandiosity? Is the speaker so high up in the organization that no one dares tell them that it’s maybe not a good idea… Embarrassing. My own investment case with Remedy rests on Resonant. In my excitement after the first reveal, I doubled my position, but this certainly left a flatter taste in my mouth.

My own hypothesis regarding these is that it’s a showcase build, where the risks of the player character getting beaten have been minimized.

Remedy used this same approach in the announcement trailer and in the hook at the beginning of this latest trailer. Showing “cinematic” gameplay where HUDs are removed and a little vignette is added to the image. You can see that these are effective concepts to sell exactly that feeling, and perhaps their use could be increased a bit in the future. In the first 15 seconds, they manage to show 10 different locations from the game. Three different weapon forms. A couple of abilities and at least two different boss enemies as well as several different enemy types. In my opinion, at least the success of the trailer’s hook is nearly perfect, and you can see from the reaction videos how well streamers are made to focus on the rest of the trailer. Regarding the gameplay section itself that has been discussed most on the forum (0:20 - 2:00), a few observations:  Kasurinen mentions that this specific part is from the early stages of the game - However, the player’s build is quite clearly more from the end of the game based on the health and the damage dealt. Enemy reactions in many places seem to be scripted. In the first encounter targeting clearly triggers but aggression does not. The two remaining enemies don’t attack while the player in the trailer focuses on demonstrating traversal (what would be a good Finnish equivalent for this?). In the second encounter (1:18) the first enemies don’t react practically at all and the health of the largest enemy is set to 50% beforehand, apparently so that the abilities work right away   The second enemy in the second encounter (1:21) who is on the right only reacts when the player goes to a clearly defined trigger point. You can hear how the enemy’s aggro triggers at this specific spot where the player stops   After this, finishing blows are shown and the remaining 40s of this “raw” gameplay video is a repetition of the previous traversal and different combat mechanics regarding abilities and weapon features.  After this section, the trailer switches to the middle ground between cinematic gameplay and raw gameplay, where there are good 3-5 second clips of a battle against a mini-boss. After this, some general atmosphere and a hook about a boss at the end. Clearly, the purpose of that raw gameplay section was to show traversal and different abilities and weapon modes. I agree with @Spwni that judging by the reactions, this failed in some respects as the focus went to completely the wrong place. Otherwise, as a whole, it’s quite a successful trailer. The trailer does show the diversity of enemy types and different environments very well. When taking into account previous Remedy games, the lack of enemy types has repeatedly come up in criticism. Here they are clearly trying to improve significantly. The biggest downside or risk for me was also the generic AAA narrative mentioned by @Akee. Fortunately, there was only one spot where this really jarred. Let’s hope that hasn’t been shoved into every moment of the game.

Remedy Entertainment

Remedy’s Q3 figures were clearly below our expectations. This was mainly due to timing factors and a reminder of the major fluctuations in the company's business between quarters.

<p>Remedy’s Q3 figures were clearly below our expectations. This was mainly due to timing factors and a reminder of the major fluctuations in the company's business between quarters. In operational terms, Remedy's strategy and game projects have progressed as planned, and the company reiterated with confidence its outlook that anticipates earnings growth for the whole year. Thus, the big picture of the company's growth story remains unchanged and there are clear drivers behind the significant earnings growth expectations that have been built for Q4. In our estimate, Remedy's game projects that are under development will enable the company to take the next significant growth leap in 2023-2024. When looking at these years, we consider the share valuation attractive.</p> 

	2020	21e	22e
Revenue	41.1	43.7	46.8
growth-%	29.8 %	6.4 %	7.0 %
EBIT (adj.)	13.2	14.5	14.4
EBIT-% (adj.)	32.2 %	33.2 %	30.9 %
EPS (adj.)	0.86	0.88	0.88
Dividend	0.16	0.20	0.25
Dividend %	0.4 %	1.4 %	1.7 %
P/E (adj.)	45.6	16.4	16.5
EV/EBITDA	31.5	8.1	7.6

Remedy: Confidently toward the earnings leap in Q4

Key Estimate Figures2021-11-15

Forum discussions