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Analyst Comment

Starbreeze: PAYDAY 3 technical issues seem to have been solved

By Anton DamsténAnalyst
Starbreeze

After scheduled maintenance last week, the technical problems with PAYDAY 3 have stabilized. In September 2023, PAYDAY 3 had 3.2 million unique players (MAU), while Starbreeze Nebula reached a total of 4.5 million registered users across all titles. The peak concurrent player (CCU) count for the past five days was 124,254.

Once again, the numbers look promising, especially the figure of 3.2 million unique players. However, we should note that as the game is available through Microsoft’s subscription service Game Pass, the unique player figure does not equal sales. This introduces complexity in interpreting the statistics released by Starbreeze, as we do not have a way of separating players who bought the game from those who accessed it through their Game Pass subscription.

With the troubled launch behind them, Starbreeze will start the journey of winning back the players’ trust while keeping them engaged with the game through regular updates. The first update to the game will occur in early October and focuses on improving the game experience by making 200+ quality-of-life improvements (“QoL”). This update is followed by two additional updates in October/November that focus on QoL improvements, new content, and new functionality. The first DLC (downloadable content), Syntax Error, will be released during winter 2023. The Syntax Error DLC is one of the DLCs included in the Silver and Gold Editions of the game.

Starbreeze

0.6SEK29.09.2023, 18.00
1.15SEKTarget price
Accumulate
Recommendation updated:12.09.2023

Starbreeze operates in the gaming industry and focuses on the development, publishing and distribution of computer games and interactive entertainment. The company's portfolio includes both its own games and collaborations with other game developers. The business is aimed at gamers and distributors globally, with the largest operations in Europe. Starbreeze was founded in 1998 and is headquartered in Stockholm, Sweden.

Read more on company page

Key Estimate Figures12.09.2023

202223e24e
Revenue127.6679.0373.4
growth-%1.5 %432.1 %-45.0 %
EBIT (adj.)6.7433.979.5
EBIT-% (adj.)5.3 %63.9 %21.3 %
EPS (adj.)-0.080.300.05
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.0.63.6
EV/EBITDA18.1neg.neg.
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