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

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.

Well, I was thinking about that RPG element. The things you mentioned were already done in the first Control. I don’t remember if all of them were included, but almost. The point was that there probably won’t be a huge change. They won’t go very far from what has been done before.

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.

Remedy Entertainment

After a flurry of news over the past few months, the Q4 report offered little of substance. The outlook for improvement was also of limited informative value, as the decision to choose a publishing partner or to self-publish Condor and Control 2 will have a material impact on Remedy's near-term figures.

<p>After a flurry of news over the past few months, the Q4 report offered little of substance. The outlook for improvement was also of limited informative value, as the decision to choose a publishing partner or to self-publish Condor and Control 2 will have a material impact on Remedy's near-term figures. This is an important long-term strategic decision that will shape the company's direction for the next decade. Given the potential of the Control franchise, we believe that the company will work towards self-publishing both or one of the projects, which will also require additional funding. Remedy's long-term potential is very attractive and at the current valuation we see the risk/reward ratio as a reason to stay long with the stock.</p> 

	2023	24e	25e
Revenue	33.9	50.4	59.5
growth-%	-22.2 %	48.6 %	18.0 %
EBIT (adj.)	-28.6	-12.6	-4.3
EBIT-% (adj.)	-84.4 %	-25.0 %	-7.2 %
EPS (adj.)	-1.68	-0.72	-0.25
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	168.1

Remedy: Major strategic decision ahead

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Key Estimate Figures20.03.2024

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