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
    }
  }
}


remedy-q1-next-wednesday-investment-phase

__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.

To me, this feels like a small nuance difference compared to the original Control. Based on the trailer, the camera would be moved a bit further from the character, and probably a bit more emphasis will be placed on collecting scrap, character development, and the impact of choices than in the original, as a result of which the genre can be said to change from ‘action-adventure’ to ‘Action RPG’. Based on the trailer, website, and social media content, I don’t currently see this as very different from the first one in terms of genre. I also don’t really believe in the Q2 release window Aten has outlined; I think it would make sense to release this during September-October. And I believe that despite the quality of the trailer, there’s probably still enough work to be done until then. If the release were within six months, then the Reveal trailer might have already mentioned it vaguely, e.g., “Coming Summer 2026” or something similar. Control 1 was also released around this time (September-October), with good success back then. Copy n’ paste. Control Resonant looks graphically very much like its predecessor, and especially the technologies from AW2 strongly come to mind. I remember Tero mentioning back then that when developing AW2, they had to invest more in Northlight and other development tools than perhaps originally planned. Let’s hope that this previous development work now bears fruit in the form of shortened development schedules. At least until the engine needs a bigger update cycle…

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.

Remedy Entertainment

We have made changes to our quarterly estimates ahead of Remedy's Q1 report on April 26 at 9.00 am. On an annual basis, our estimates are largely unchanged, and this year Remedy is still in a clear investment phase as the company builds its strategy for the next phase of growth with 5 major game projects under development. 

<p>We have made changes to our quarterly estimates ahead of Remedy's Q1 report on April 26 at 9.00 am. On an annual basis, our estimates are largely unchanged, and this year Remedy is still in a clear investment phase as the company builds its strategy for the next phase of growth with 5 major game projects under development. However, the end of the year will see the start of the company's investor story with the release of Alan Wake 2, which is also a key near-term driver for the stock. </p> 

	2022	23e	24e
Revenue	43.6	35.6	62.1
growth-%	-2.5 %	-18.3 %	74.4 %
EBIT (adj.)	-0.6	-11.2	6.7
EBIT-% (adj.)	-1.3 %	-31.5 %	10.8 %
EPS (adj.)	-0.13	-0.67	0.39
Dividend	0.10	0.10	0.17
Dividend %	0.5 %	0.6 %	1.1 %
P/E (adj.)	neg.	neg.	41.1
EV/EBITDA	126.5	neg.	12.7

Remedy Q1 next Wednesday: In the investment phase

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Key Estimate Figures18.04.2023

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