contentSlug

type

ContentPage_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentPage_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
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      ...ExtensiveCoverage_Company
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    pageUrl
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
    ...ExtensiveCoverage_Snapshot
  }
  ...TrendingContent_1jQ2Cn
}

fragment ExtensiveCoverage_Company on Company {
  id
  defaultInstrument {
    estimateData {
      researchCurrency
      estimates {
        date
        recommendation
        targetPrice
      }
    }
    id
  }
}

fragment ExtensiveCoverage_Snapshot on Content {
  __isContent: __typename
  companies {
    id
    defaultInstrument {
      snapshot {
        transaction {
          date
          recommendation
          targetPrice
        }
      }
      id
    }
  }
}

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
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

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
      name
      id
    }
  }
}


modular-finance-ir-consensus-coffee-stain-consensus-estimates-q2-20262027

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

pageUrl

publishers

authors

reactionGroups

translations

imgUrl

description

changedAt

Coffee Stain Group brings together Scandinavian game developers and publishers with a portfolio of community-driven games primarily for PC and console. The company has built titles such as Goat Simulator, Satisfactory, Deep Rock Galactic, Valheim, Teardown and Welcome to Bloxburg. The group consists of several game studios, including Coffee Stain, Ghost Ship and Tuxedo Labs. The head office is located in Karlstad.

It feels like I’m just talking to myself here, but let’s throw some back-of-the-napkin math out there  Cash EBIT for the last financial year was 333 million, and so far we’re sitting at 170 million, so we’re tracking in a pretty similar ballpark. On top of that, there’s an incoming 105 million dividend from Iron Gate, which comes on top of this cash. With 150 million paid in dividends and 150 million in share buybacks, these provide roughly a 7.1% yield to support the current share price, while the dividends from the associated company still remain in the coffers. So the free cash flow yield is at quite a solid level, especially if AI-assisted game development further boosts efficiency for these smaller publishers and the Satisfactory DLC provides an extra boost to sales.  > After quarter-end, the CEO and CFO subscribed for 900,000 warrants under Warrant Program 2026/2029 at SEK 3.40 each, totaling SEK 3.06 million. The strike price is set at 135% of the volumeweighted average share price during the ten trading days following the AGM. The warrants provide for cashless exercise, with maximum dilution of approximately 0.40% of shares and 0.29% of votes, subject to recalculation under the terms  If I understand this correctly, after the quarter ended, the CEO and CFO subscribed for 900,000 warrants with a 135% strike price, meaning the share price needs to be at least 35% higher than after the AGM for them to be in the money. Maximum dilution is 0.4%. I’m not entirely sure how this should be viewed, but if the timeframe is 2026–2029, does that translate to a CAGR increase of 10.5% by 2029? + dividend yield which is currently around 3.5%, so a 14% annual return would be needed to hit the target. There have certainly been worse-sounding deals, and it’s totally achievable.

Net sales YoY +19%, supported by Valheim’s 1.0 release and expansion to PS5 and Switch.  Cash EBIT amounted to SEK 75 million (69), with a margin of 28% (31%). The lower margin reflects a higher share of sales from Valheim, where we share revenue with Iron Gate. Free cash flow after working capital amounted to SEK 68 million (78).  So a portion of that Valheim revenue went to Iron Gate, but:  At the end of the quarter, Iron Gate AB, in which Coffee Stain holds a 30% ownership, declared a dividend of which Coffee Stain’s share amounts to SEK 105 million. This amount is not included in the quarter-end cash balance.  There is a 30% ownership in Iron Gate, and dividends are now coming from there, amounting to SEK 105 million for Coffee Stain. And this money did not make it into the cash balance at the end of this quarter, which was still SEK 792 million (Cash and cash equivalent on quarter end amounted to SEK 792 million.) So in practice, cash could have been SEK 897 million at the end of the quarter. The share buyback program begins at the start of December (this was already communicated earlier). SEK 150 million in buybacks and SEK 150 million in dividends. Still plenty of cash to spare. Valheim saved the quarter while older releases were stumbling, but they are feverishly working on generating new momentum for these:  Baseline net sales slightly declined, mainly due to lower sales from Deep Rock Galactic and Welcome to Bloxburg. These games are important to our business, and returning them to growth is a priority. The teams are developing new content and adjusting their update plans based on player feedback and engagement and we hope to see that work translate into stronger performance.  Good report in my opinion, at the open it was 18.5 SEK and that price would have worked for me, but I had other things going on. Let’s see if it dips back into the 18s at some point during the day.

A minor concern that DRG and Bloxburg sales weakened, and a miss against consensus estimates, but it beat Pareto’s estimates. But let’s see how the market reacts; the dividend payment should cushion the worst of the dip in the background or soften it.

Inderes              Coffee Stain Group - Interim report Q2 July - Sept 2026: Net sales amounted...    SECOND QUARTER, JULY-SEPTEMBER 2026 (COMPARED TO JULY-SEPTEMBER 2025) > Net sales increased by 19% (18% organic growth in constant currencies) to SEK 267 million (224). > EBIT amounted to SEK...                             Earnings day

Börsvärlden              Di rekommenderar köp av Coffee Stain - ser uppsida på 50 procent    Dagens industri rekommenderar köp av spelutvecklaren Coffee Stain och ser en möjlig uppsida på 50 procent. Tidningen pekar på kommande spelsläpp, förbättrade valutaförutsättningar och möjligheter till högre utdelningar, enligt en analys under...                             In Sweden, DI turned bullish and also named Coffee Stain their stock of the week. The reasons for this include an upcoming pipeline of games, dividend distribution, 50% upside potential, and a favorable SEK-USD exchange rate for CSG. In the more extensive (paywalled) article, DI also pointed out Iron Gate’s dividend distribution, of which CSG owns 30%, which would result in a dividend share of 105 million SEK. Not all analysts have raised their price target; Danske Bank lowered its price target to 23 SEK with a Buy recommendation.

Coffee Stain showcased their Big Break event, opening up about their upcoming pipeline.

Jani Järvinen talked about Coffee Stain for quite a long time  The company was discussed in his portfolio review. It’s worth watching the whole episode, an unusually competent, smart, and nice guy.

Coffee Stain Group

Estimates compiled by Modular Finance on behalf of Coffee Stain.Number of contributors: 10 (all of which have been updated or confirmed before the report)KPI (MSEK, unless otherwise specified...

<div class="mfn-body"><p>Estimates compiled by Modular Finance on behalf of Coffee Stain.</p><p>Number of contributors: 10 (all of which have been updated or confirmed before the report)</p><table class="mfn-w-set"><tbody><tr><td colspan="1" rowspan="1" valign="top" width="365.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid"><strong>KPI (MSEK, unless otherwise specified)</strong></td><td align="right" colspan="1" rowspan="1" valign="top" width="184.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid"><strong>Q2 26/27E</strong></td></tr><tr><td colspan="1" rowspan="1" valign="top" width="365.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">Net sales</td><td align="right" colspan="1" rowspan="1" valign="top" width="184.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">271</td></tr><tr><td colspan="1" rowspan="1" valign="top" width="365.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">Organic growth (%)</td><td align="right" colspan="1" rowspan="1" valign="top" width="184.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">17.3</td></tr><tr><td colspan="1" rowspan="1" valign="top" width="365.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">Cash EBIT</td><td align="right" colspan="1" rowspan="1" valign="top" width="184.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">80.7</td></tr><tr><td colspan="1" rowspan="1" valign="top" width="365.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">Cash EBIT margin (%)</td><td align="right" colspan="1" rowspan="1" valign="top" width="184.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">29.4</td></tr></tbody></table><p>More consensus estimates can be found on Coffee Stain’s webpage: <a href="https://coffeestain.com/investors/the-share/analysts-estimates/" rel="noopener">https://coffeestain.com/investors/the-share/analysts-estimates/</a></p><p>Coffee Stain’s Q2 report will be released on Thursday 5 November 2026 at 8:00 CET.</p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong><br><a class="mfn-generated mfn-primary" href="https://storage.mfn.se/3f7dbe72-a3b4-46ce-8355-e69d557d84d8/coffee-stain-consensus-estimates-q2-2026-2027.pdf" rel="noopener">Coffee Stain – Consensus estimates Q2 2026/2027</a></p></div>

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Modular Finance IR Consensus: Coffee Stain – Consensus estimates Q2 2026/2027

Modular Finance IR Consensus: Coffee Stain – Consensus estimates Q2 2026/2027

KPI (MSEK, unless otherwise specified)	Q2 26/27E
Net sales	271
Organic growth (%)	17.3
Cash EBIT	80.7
Cash EBIT margin (%)	29.4