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Research

Remedy: We keep our eye on the long game

By Atte RiikolaAnalyst
Remedy Entertainment
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We reiterate our Accumulate recommendation for Remedy and raise our target price to EUR 50.0 (previously EUR 38.0) after the H2 report again strengthened our confidence in the company's long-term value creation potential. Thanks to a multi-project model that has been built with controlled risks and is well-managed, Remedy’s preconditions for developing successful games are good. In addition, favorable market trends help the company grow into a clearly larger game house than currently over this decade. Due to a growth story that progresses strongly we still play the long game with the share, even though the valuation looks tight in the short term.

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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.

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Key Estimate Figures14.02.2021

202021e22e
Revenue41.145.948.8
growth-%29.8 %11.7 %6.3 %
EBIT (adj.)13.215.514.8
EBIT-% (adj.)32.2 %33.8 %30.3 %
EPS (adj.)0.861.020.97
Dividend0.150.200.25
Dividend %0.4 %1.7 %2.2 %
P/E (adj.)45.511.311.8
EV/EBITDA31.56.86.3

Forum discussions

Isn’t this Control Resonant precisely a leap into a new game concept, a melee-based action RPG? It has skill trees and everything. It should...
1 hour ago
by TechLead
2
Limited companies are supposed to make money, and this one hasn’t succeeded, so the share price drop is completely justified. There’s not much...
2 hours ago
by Mickwitz
0
What a crappy show, and we didn’t see Resonantia, so we’ll have to see where we hear more about it.
4 hours ago
by Hasty
3
After the previous CEO’s last few years, it’s good if the CEO focuses on doing rather than talking. From the CEO’s perspective, they should ...
yesterday
16
The stock is indeed YTD -25%, even though an important major release is coming very soon… The new CEO, Jean-Charles Gaudechon, is at least keeping...
3/24/2026, 2:19 PM
by Garda
5
As mentioned, the stock has dropped quite a bit. At the same time, Remedy’s most important game is just around the corner, which made me think...
3/24/2026, 2:00 PM
by Hasty
10
Remedy’s stock has fallen to about 11.5 euros. This is the level it was at before the release of Control in late summer 2019! The decline feeds...
3/24/2026, 10:39 AM
by Verneri Pulkkinen
49
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