Remedy: Alan Wake 2 will be an impressive game
By Atte Riikola
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.
Read more on company pageKey Estimate Figures12.06.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 43.6 | 36.2 | 60.6 |
| growth-% | -2.5 % | -16.9 % | 67.4 % |
| EBIT (adj.) | -0.6 | -12.2 | 5.8 |
| EBIT-% (adj.) | -1.3 % | -33.6 % | 9.7 % |
| EPS (adj.) | -0.13 | -0.91 | 0.34 |
| Dividend | 0.10 | 0.10 | 0.10 |
| Dividend % | 0.5 % | 0.8 % | 0.8 % |
| P/E (adj.) | neg. | neg. | 38.9 |
| EV/EBITDA | 126.5 | neg. | 10.9 |
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