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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Atte Riikola

Mikael Rautanen

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.

Related to this, from Kasurinen’s interview  Despite the developer’s relative inexperience with melee combat games, Kasurinen says they are confident in their work.   “We know what the competition is, and we feel we’re going to be very competitive on that front, so expect combat to be good,” he remarked. “It has a lot of versatility, a lot of choices, a lot of agency for the player, a lot of inventive ways you can fight.”    Actually, the answer to this is also from the same interview   “This is not a Soulslike game. I want to be very clear about that,” he asserted when the moniker was brought up.

I understood the genre to be action RPG, meaning not necessarily conversations but something like Diablo or Dark Souls style? So, you collect experience points, unlock new abilities for the character by choosing from “skill tree” options, and upgrade equipment and weapons. Well, these were my own conclusions based on the trailer, and it remains to be seen what it actually turns out to be.

Most likely, Q4 will have a very empty release calendar, at least for November-December, due to GTA and CoD. October will probably also be quiet, at least for the latter half of the month. Perhaps a game from Nintendo might still fit alongside CoD and GTA, but other publishers will likely avoid a Q4 release until the very last minute, preferring to postpone their games until next year. Regarding the release calendar, I would also comment that not much is known about it at this stage. The dates for a couple of big releases for the end of the year are known: GTA, CoD always comes out in November, and some Chinese ninja game, which is unlikely to be a very significant release for Westerners. Otherwise, it’s quiet. These are often held back for various announcement events. Remedy will probably reveal the date at some event in May-June. There are risks, of course, in that if everyone wants to release in August-September, there will be very tough competition there too. However, that risk is difficult to avoid. The game is unlikely to be ready before autumn. In terms of genre, I wouldn’t say there’s that much new here. What is the RPG aspect here then? Probably slightly more meaningful options in conversations, based on which the outcomes vary slightly. Probably quite superficially, and that’s perfectly fine; the illusion of choices is essential. Perhaps also slightly more versatile character development. Melee combat as a form of fighting is certainly new for Remedy.

Whatever Remedy decides to do, the launch must not be anywhere near the GTAVI release. I wouldn’t release anything in the summer, but would target some August-September, when we are still a couple of months from GTA’s launch date and thus won’t be drowned out by it. Of course, I haven’t checked now if there’s any other big AAA game coming around that time, but to my understanding, nothing hyped is coming.

I dreamt that Control Resonant will be released in December, only after the release of GTA VI, and most of the cash flows would therefore only materialize in 2027. My subconscious is therefore very skeptical about that Q2 end release forecast. Remedy historically has a desire to furiously focus on release details right up until the last minute, because so much of the company’s future depends on the release of a single game, and specifically on early-stage comments, reactions, and media coverage. Furthermore, as this is a new kind of opening for Remedy in terms of genre, it will certainly take time for developers to learn and fine-tune with Northlight.

The release of Control Resonant towards the end of Q2 will, in my own estimation, be quite challenging to achieve. Of course, the start of marketing at TGA could in a way indicate this, providing a solid six-month marketing campaign. With this Q2 release, on the other hand, the assumed sales from 2026 are quite conservative. By a rough calculation, the expectations for Control Resonant’s 2026 sales would be roughly 1.2 - 1.5M units. This is quite close to AW2’s sales pace, which was 1.3M units in just over 3 months from release.

Of course, delays are always possible in the industry, but it takes a pretty strong view to believe that the game wouldn’t be out next year. Games rarely get delayed if such finished gameplay is shown for the game and the release window is “next year”. They aren’t making an open-world game here where predictability is low and final polishing can take up to a year.

Remedy Entertainment

Remedy has progressed as planned in all its strategic objectives since the IPO a year ago. The gaming projects have progressed as scheduled, and Remedy has advanced successfully to the simultaneous...

<p>Remedy has progressed as planned in all its strategic objectives since the IPO a year ago. The gaming projects have progressed as scheduled, and Remedy has advanced successfully to the simultaneous development of two large scale gaming projects. The company has a good relationship with two strong publishers, with whom we believe the co-operation has gone well thus far. Although the progress of the strategy does not yet reflect in the company’s numbers due to the developmental stage of the projects, the development going as planned has substantially decreased Remedy’s risk level when compared to last year. We expect the multi- project model strategy transition currently underway to start to bear fruit next year. We reiterate our buy recommendation and increase our target price to 8.50 EUR (previously 7.5 EUR).</p> 

	2017	18e	19e
Revenue	17.2	20.9	31.2
growth-%	4.6 %	21.5 %	49.6 %
EBIT (adj.)	2.6	-0.0	7.7
EBIT-% (adj.)	15.0 %	-0.2 %	24.7 %
EPS (adj.)	0.16	-0.01	0.50
Dividend	0.00	0.00	0.20
Dividend %			1.3 %
P/E (adj.)	40.3	neg.	31.8
EV/EBITDA	25.8	1,045.9	20.9

Video game company for the long run

Key Estimate Figures2018-06-03

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