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Research

Remedy: Alan Wake 2 will be an impressive game

By Atte RiikolaAnalyst
Remedy Entertainment
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We believe that Remedy's current market cap of about EUR 350 million already prices good success for Alan Wake 2 to be released on October 17, 2023, and the other projects in the production pipeline are also expected to generate value. We are particularly confident in the success of the traditional AAA game projects under development, whereas the multiplayer projects Condor and especially Vanguard are the biggest question marks at this point. All in all, we consider Remedy’s equity story to be very interesting until the end of this decade, but the increased short-term valuation suggest you should press pause on your game controller in terms of additional purchases.

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 Figures12.06.2023

202223e24e
Revenue43.636.260.6
growth-%-2.5 %-16.9 %67.4 %
EBIT (adj.)-0.6-12.25.8
EBIT-% (adj.)-1.3 %-33.6 %9.7 %
EPS (adj.)-0.13-0.910.34
Dividend0.100.100.10
Dividend %0.5 %0.6 %0.6 %
P/E (adj.)neg.neg.50.1
EV/EBITDA126.5neg.14.8

Forum discussions

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...
2 hours ago
by Henkka
2
Of course, delays are always possible in the industry, but it takes a pretty strong view to believe that the game wouldn’t be out next year....
2 hours ago
by Relaaja
4
I somewhat believe that during Midsummer, people will still be playing other Remedy games than Resonantia. If the release isn’t pushed to the...
2 hours ago
by marmot76
4
“The release of Control Resonant already in 2026 was a positive surprise compared to our expectations, and we have updated our assumption for...
3 hours ago
by Miika21
3
Control’s 2026 release window is a Trumpian half-truth in the category of Iraq’s nuclear weapons - if it’s said, it is or maybe it isn’t, facts...
3 hours ago
by Trivial
0
That followers/members tracking was handy, thanks! At this stage, so soon after the announcement, wishlists are significantly higher than the...
yesterday
by Akee
20
And with this game too, there will surely be sales (and probably offers) for e.g. Control 1. For me, at least, it made me think, ‘oh, maybe ...
yesterday
by Zesvel
3
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