CI Games - Considering a London dual listing

Following its strategic review, announced in August 2021, CI Games has today announced that it is considering a dual listing in London. It has appointed Berenberg as its financial adviser in relation to the potential listing and announced the appointment of David Broderick (ex Keywords Studios and Ryanair) as CFO. As a domestically held stock, CI Games trades on 1.7x EV/EBITDA and 2.7x P/E in FY23e, well below its peer group. If it can successfully launch the next Sniper: Ghost Warrior game and Lords of the Fallen 2 in FY23 to establish a broad-based portfolio, both our DCF analysis and peer multiples indicate the potential for significant upside as a reward for early investors in this growth story.