Starbreeze: The year of PAYDAY
In our view, Starbreeze’s valuation already prices in a successful PAYDAY 3 and a favorable outcome for the two games after it. With the release date of PAYDAY 3 nearing, our confidence in the game’s success has increased. We are particularly encouraged by the positive feedback the game’s closed beta yielded and the positive indicators related to the game released by Starbreeze. The biggest question mark surrounds the medium to long-term future of the company and what level of confidence to assign to any projections regarding the games after PAYDAY 3. Therefore, we believe that the risk-reward ratio is quite well balanced at the current valuation, which leads us to a wait-and-see approach.
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 Figures18.08.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 127.6 | 679.0 | 373.4 |
| growth-% | 1.5 % | 432.1 % | -45.0 % |
| EBIT (adj.) | 6.7 | 433.9 | 79.5 |
| EBIT-% (adj.) | 5.3 % | 63.9 % | 21.3 % |
| EPS (adj.) | -0.08 | 0.30 | 0.05 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | 0.3 | 1.7 |
| EV/EBITDA | 18.1 | neg. | neg. |
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