Remedy: Patience will be rewarded
Remedy's Q1 result was stronger than we had expected, but the main thing was that the 5 major game projects under development are progressing as planned. According to our estimates, these projects will become more clearly visible in Remedy's earnings growth only in 2024-2025, which means that some patience from investors is required. With our estimates, the share’s valuation becomes so low at that point that we consider the return/risk ratio very attractive for investors who play the long game.
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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.
Read more on company pageKey Estimate Figures16.05.2022
| 2021 | 22e | 23e | |
|---|---|---|---|
| Revenue | 44.7 | 48.1 | 62.6 |
| growth-% | 8.9 % | 7.4 % | 30.3 % |
| EBIT (adj.) | 11.4 | 6.7 | 11.1 |
| EBIT-% (adj.) | 25.5 % | 13.9 % | 17.8 % |
| EPS (adj.) | 0.67 | 0.39 | 0.66 |
| Dividend | 0.17 | 0.17 | 0.22 |
| Dividend % | 0.4 % | 1.1 % | 1.5 % |
| P/E (adj.) | 59.0 | 38.3 | 22.7 |
| EV/EBITDA | 33.0 | 17.3 | 6.9 |
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