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Remedy: Results of years of development will be put to test soon
By Atte Riikola
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.
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.
Read more on company pageKey Estimate Figures2023-09-13
| 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. | 105.9 |
| EV/EBITDA | 126.5 | neg. | 21.2 |
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