CI Games - Back on track following headline launch

CI Games is a European video game developer and publisher known for AAA franchises Sniper Ghost Warrior and Lords of the Fallen (LotF). In October, the company launched the latest LotF iteration, its largest title to date, which we expect to drive scalable growth. Despite some initial issues relating to gamers’ legacy hardware, post-launch fixes have driven sales of 1.2m units by end-November. LotF is the first of CI Games’ strategic pillars aimed at increasing new intellectual property and release frequency. In the near term, maintaining LotF’s momentum and generating cash are key. In the longer term, delivering on strategic plans targeting smoother revenue and reduced execution risk could drive a re-rating of the stock.