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-results-years-development-will-be-put-test-soon

__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.

The GTA VI news from the day before yesterday was very significant. Assuming Remedy and Rockstar have a good communication channel and have ensured that the releases and marketing for Resonant, GTA VI, and MPR don’t cannibalize each other too much, the releases should go something like this:  Atte’s predicted Q2 (6/2026) for Resonant GTA VI 11/2026 MPR 2-3/2027 (Or Q2’27)  If it doesn’t go this way, I think Resonant and Remedy are in trouble. If Resonant doesn’t hit Q2, Rockstar will dictate the pace and Remedy will be at their mercy. Why is this?  T2 confirmed in their earnings report the day before yesterday that GTA marketing will begin in the summer. Resonant needs to be out before the T2/Rockstar GTA marketing machinery starts spinning, because all the attention in the gaming industry will be on GTA once the next trailers start rolling. The 2-3 months preceding a release are the most critical for preorder/wishlist accumulation and, through that, determining the trajectory of a successful launch. If the GTA marketing machine is running at the same time as this crucial 2-3 month pre-launch period for Resonant, it will be extremely challenging to compete for attention. An early summer Q2 release would give Resonant a much longer critical window (5 months) to sell the game at a high average price before GTA VI, compared to just a few months if it’s a Q3 release. The best sales months for a Q3 release would coincide with when the GTA VI marketing machine is at its peak. A Q3 release would be more or less a rerun of Alan Wake vs. Red Dead Redemption—except this time, the opponent would be GTA VI, which is an order of magnitude more unfair. Heh.   I largely agree with everything else you wrote, but I don’t share the view that we would have to wait until Q3’27 for MPR after the GTA VI release. Granted, GTA will be on everyone’s lips through the end of 2026, but by that point, everyone already knows the game is out. Between 11/2026 and 01/2027, GTA will likely consume all the oxygen in the room, but from then on, air will start flowing back in. Publishers in the latter half of Q4’26 will certainly be happy to yield to GTA, but after that, they have to get their releases rolling. Some will see opportunities in early-year releases, and I believe that as a PC-driven game, MPR could well find space there. GTA VI will only be released on consoles initially, and I don’t believe it will come to PC for at least the first few months after launch. T2 is unlikely to put MPR out 2-3 months before or after GTA VI. This means either a release before 8/2026 or after 2/2027. I personally believe in a late Q1’27/early Q2’27 release, because an MPR release in Q2-Q3/26 would inevitably cannibalize Resonant. I don’t fundamentally believe in a Shadow Drop. Such a thing would practically have to happen in the very coming weeks to avoid cannibalizing Resonant too much—and even then, it might still do so. At this moment, I think the most logical option would be an MPR announcement “2027” or “Early 2027” in connection with SGF or the 25th anniversary in 7/2026.

Exactly, you said it! It’s unlikely that the company wants to compete with itself; instead, they’ll likely focus fully on just one release at a time—the GTA release at the end of November—the marketing blitz will probably start in the summer and continue well into the end of the year and early next year. The possibility of a shadow drop is very unlikely, as Rockstar has no previous releases using that strategy; instead, they are known mostly for heavy, multi-year marketing campaigns. With those, after the first trailer, we’ve had to wait at least a couple of years for the games..  –> So MPR in autumn 2027 at the earliest.

As for marketing costs and resource allocation, Rockstar will likely handle everything regarding Max Payne. After all, it is an IP they own and a game they publish. Remedy can focus on Control Resonant.

If MPR is aiming for early 2027 and wants a full-scale AAA marketing campaign, the promotion should realistically start as early as 2026 – teasers in the summer (SGF, Gamescom) and a full-scale gameplay/pre-order blitz in the autumn. This is the AAA standard in today’s gaming world. The problem: Resonant is currently Remedy’s most important AAA project, and its release is expected late summer – early autumn 2026. This would mean that two major AAA releases and their marketing campaigns would overlap. This overlap would cause several risks:   Competition for Remedy’s internal resources (PR team, trailers, events, dev appearances)   Competition for the marketing budget   Division of media and audience attention, which would weaken the visibility and sales potential of both games   Additionally, it should be noted that the expected release and marketing hype of GTA 6 in 2026 would mean significant competition for media attention and audience focus. If MPR were released in early 2027 with a traditional AAA campaign, it would have to compete directly with GTA 6, which would increase the risk of lost visibility. A few conclusions can be drawn from this:   Releasing MPR in early 2027 would be possible, but it would compete directly for space with the new GTA, and if released later in 2027, the development pipeline would already be almost confusingly long. If the release took until autumn 2027, the Max Payne Remake would have been in full production for over three years.   MPR could be released faster and with a lighter campaign, for example, in a shadow drop style   ATTE: In addition to Control Resonant, we are following comments on the progress of the Max Payne Remake, which we expect to be released in late 2026 or early 2027. Due to the factors mentioned above (the GTA and Resonant releases), I personally cannot believe in such a timeline. Marketing and releasing one’s own game in that time window would be complete suicide for the game. Therefore, MPR release = before the end of April 2026. Or not until 2027 Q3. This post is just for fun, but I felt the need to write my thoughts here for others to see, just in case this train of thought happens to be right for once

A good challenge, and I see it as quite a possible scenario. Especially since the production phase now seems to have taken surprisingly long. In these Remakes, there’s always a balancing act regarding how much to redo so as not to upset the existing customer base who want to experience the old game with modern bells and whistles, while at the same time redoing enough to justify calling the game a Remake and ensuring the product offers something to players. Personally, I haven’t believed that practically anything ready-made would be brought over from the old games to the new one. Mostly just the concept. As for what’s new, I would expect destructible environments + the comic book cutscenes to be turned into proper cutscenes, while keeping the option for players to also experience them in the original graphic novel format. Otherwise, my belief/wish is that they don’t go blowing up or redoing anything major in terms of the game. I would see the risk/reward ratio for radical changes being poor here. This is just my own view and I could very well be wrong. As we saw with Resonant, Remedy rarely does things without risk when it comes to their games.

I have to challenge this idea of a corridor shooter remake a bit. I don’t believe Remedy will do some direct copy-paste corridor from a 20-year-old shooter into the present day – that wouldn’t work anymore and wouldn’t interest players. Nor would Remedy do anything half-baked for their old cult classic. The difference between a remake and a remaster is precisely that a remake is built practically from the ground up. It’s been 25 years since MP1, so the assets are completely unusable. In practice, only the story and characters can be carried over, and even they require modernization and deepening. It certainly won’t be made into an open world, but I believe in AW2/Control-style semi-free progression and larger game areas. Given Remedy’s ambition, a linear corridor would be a rather surprising solution. Regarding the release, I’ll throw out a wild card: a shadow drop. A surprise release without pre-release hype. This has been seen with some remakes (e.g., Bethesda’s Oblivion), and if done right, it can create significant momentum more cheaply than traditional marketing. Risky, but potentially effective. The fact that MPR is expected to take until 2027 feels like a long development pipeline for this project. Therefore, I wouldn’t be surprised if the release came as early as this year on an unexpectedly fast schedule.

The most liked comment on the Reddit thread regarding the topic.  Anyway, jokes aside. This is otherwise equivalent to a PS+ deal, but players cannot add the game to their library permanently. Meaning for Amazon Prime subscribers in countries where Luna is available, they can play for a month, and after that, access to the game is lost. There are probably ~250M Prime subscribers. Of these, maybe ~200M have Luna included in their subscription (I didn’t bother to Google it, I asked Gemini). Of these, perhaps even optimistically 5-20% know what Luna even is. So, potential triallists maybe 10-40M. Of these, realistically even in the most bullish case, maybe a few million triallists, considering that internet speeds elsewhere in the world are not at Finland’s level and might not be sufficient for streaming, and not everyone is interested in survival horror. I’m not a software engineer, but I’m sure it requires some porting or configuration work to get AW2 running smoothly on Amazon’s servers with ray tracing etc., so it was hardly given to Amazon for free. Fundamentally, I don’t believe Remedy/Epic would enter such deals for a GOTY-level game for a total deal value under €2M. Amazon, likely as a streaming underdog, has to offer better terms to developers/publishers than Xbox and Sony (relative to the number of Luna users or triallists of the game on offer). I would guess that something in the €1-2.5M range could be recognized as revenue for Remedy (meaning a total deal value of €2-5M) from Q1, more likely at the lower end. For comparison, Atte predicts €2.5M in revenue from the PS+ deal (€5M total value) for Q4, but I consider this very bearish. But I could be wrong, and Remedy/Epic could be more desperate than I assume regarding AW2’s long-tail monetization. We will be wiser regarding the PS+ deal after next week’s interim report.

Remedy Entertainment

With the release of Alan Wake 2 on October 27, Remedy's investor story is gradually moving into a phase of profitable growth after years of strong investment. In our view, the valuation of the stock already prices Alan Wake 2 for good success, and the other projects in the pipeline are also expected to create value.

<p>With the release of Alan Wake 2 on October 27, the company’s investor story is gradually moving into a phase of profitable growth after years of strong investment. In our view, the valuation of the stock already prices Alan Wake 2 for good success, and the other projects in the pipeline are also expected to create value. We are particularly confident in the success of the traditional AAA game projects under development, whereas the multiplayer projects Condor and especially Vanguard are the biggest question marks at this point. We find Remedy's investment story very interesting looking to the end of this decade, but the current valuation keeps us in a wait-and-see mood.</p> 

	2022	23e	24e
Revenue	43.6	35.7	55.1
growth-%	-2.5 %	-18.1 %	54.4 %
EBIT (adj.)	-0.6	-14.3	2.4
EBIT-% (adj.)	-1.3 %	-40.0 %	4.4 %
EPS (adj.)	-0.13	-0.85	0.14
Dividend	0.10	0.10	0.10
Dividend %	0.5 %	0.7 %	0.7 %
P/E (adj.)	neg.	neg.	105.7
EV/EBITDA	126.5	neg.	21.2

Remedy: Results of years of development will be put to test soon

Key Estimate Figures2023-09-13

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