Starbreeze: It starts with PAYDAY 3
Starbreeze's upcoming game, PAYDAY 3, is set to be released in H2 2023. The game is highly anticipated and will play a large role in shaping the company's future. With a loyal player base and the success of its predecessor, we believe that PAYDAY 3 will be a commercial success. However, there is always uncertainty regarding game releases and together with the limited visibility into the game projects after PAYDAY 3, it’s hard to assess the company’s long-term potential. Therefore, while we are optimistic about the company's future, we believe that the current valuation only provides a modestly positive risk/return opportunity. We consequently initiate our coverage with a Accumulate recommendation and a target price of SEK 1.15.
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 pageKey Estimate Figures30.05.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 127,602.0 | 668,993.0 | 370,247.0 |
| growth-% | 1.5 % | 424.3 % | -44.7 % |
| EBIT (adj.) | 6,746.0 | 454,819.0 | 140,380.0 |
| EBIT-% (adj.) | 5.3 % | 68.0 % | 37.9 % |
| EPS (adj.) | -0.08 | 0.27 | 0.09 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | 0.7 | 2.1 |
| EV/EBITDA | 18.1 | neg. | neg. |