Starbreeze
0.339 SEK +0.53%Starbreeze is a developer, creator, publisher, and distributor of games for PC and console, targeting the global market. With the IP PAYDAY™ as a core, Starbreeze develops games based on proprietary and third-party rights, both in-house and in partnership with external game developers. Starbreeze utilizes a ’Games as a Service’-modell, with continuous releases of add-ons and updatates to their games. The majority of operations are in Europe. The company’s headquarters is in Stockholm.
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Financial calendar
Major OwnersSource: Millistream Market Data AB
Owner | Capital | Votes |
---|---|---|
Digital Bros S.p.A | 21.0 % | 38.8 % |
Försäkringsaktiebolaget, Avanza pension | 7.0 % | 6.5 % |
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Income statement
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Revenue | 118.0 | 125.7 | 127.6 | 633.5 | 184.2 | 133.0 | 357.5 | 247.2 |
growth-% | -57.9 % | 6.5 % | 1.5 % | 396.5 % | -70.9 % | -27.8 % | 168.9 % | -30.9 % |
EBITDA | 49.3 | 6.3 | 66.3 | 439.2 | 78.3 | 17.6 | 204.1 | 95.1 |
EBIT (adj.) | 10.9 | 15.0 | 6.7 | 190.3 | -230.4 | -85.4 | -87.7 | -1.4 |
EBIT | 10.9 | -53.7 | 6.7 | 190.3 | -210.5 | -85.4 | -87.7 | -1.4 |
Profit before taxes | -130.5 | -105.2 | -54.4 | 207.7 | -205.7 | -81.4 | -84.7 | 1.1 |
Net income | -130.3 | -103.5 | -59.8 | 207.6 | -205.8 | -81.4 | -84.7 | 1.1 |
EPS (adj.) | -0.28 | -0.05 | -0.08 | 0.19 | -0.15 | -0.06 | -0.06 | 0.00 |
growth-% | -180.7 % | |||||||
Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Dividend ratio |
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Profitability and return on capital
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
EBITDA-% | 41.7 % | 5.0 % | 52.0 % | 69.3 % | 42.5 % | 13.2 % | 57.1 % | 38.5 % |
EBIT-% (adj.) | 9.2 % | 11.9 % | 5.3 % | 30.0 % | -125.0 % | -64.2 % | -24.5 % | -0.6 % |
EBIT-% | 9.2 % | -42.7 % | 5.3 % | 30.0 % | -114.2 % | -64.2 % | -24.5 % | -0.6 % |
ROE | -111.0 % | -58.9 % | -66.6 % | 43.6 % | -26.0 % | -12.6 % | -15.0 % | 0.2 % |
ROI | 2.7 % | -10.1 % | 1.4 % | 28.6 % | -26.4 % | -12.5 % | -14.0 % | 0.2 % |
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Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (SEK) | 0.88 | 0.81 | 1.28 | 0.47 | 0.34 | 0.34 | 0.34 | 0.34 |
Shares | 724.6 | 724.6 | 724.6 | 1,476.8 | 1,476.8 | 1,476.8 | 1,476.8 | 1,476.8 |
Market cap | 639.1 | 587.7 | 926.8 | 691.1 | 500.9 | 500.9 | 500.9 | 500.9 |
Enterprise value | 774.4 | 880.8 | 1,198.2 | 343.1 | 281.4 | 479.5 | 498.6 | 632.7 |
EV/S | 6.6 | 7.0 | 9.4 | 0.5 | 1.5 | 3.6 | 1.4 | 2.6 |
EV/EBITDA | 15.7 | 140.5 | 18.1 | 0.8 | 3.6 | 27.3 | 2.4 | 6.7 |
EV/EBIT (adj.) | 71.2 | 58.9 | 177.6 | 1.8 | - | - | - | - |
EV/EBIT | 71.2 | - | 177.6 | 1.8 | - | - | - | - |
P/E (adj.) | - | - | - | 2.5 | - | - | - | 452.1 |
P/E | - | - | - | 2.5 | - | - | - | 452.1 |
P/B | 2.8 | 4.8 | 16.3 | 0.8 | 0.7 | 0.8 | 1.0 | 1.0 |
P/S | 5.4 | 4.7 | 7.3 | 1.1 | 2.7 | 3.8 | 1.4 | 2.0 |
Dividend yield | ||||||||
Equity ratio | 32.2 % | 18.2 % | 7.6 % | 80.5 % | 81.2 % | 81.5 % | 66.5 % | 61.8 % |
Gearing ratio | 59.2 % | 238.7 % | 478.0 % | -38.9 % | -31.9 % | -3.5 % | -0.4 % | 25.2 % |
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Quarter data
Q2/23 | Q3/23 | Q4/23 | 2023 | Q1/24 | Q2/24e | Q3/24e | Q4/24e | 2024e | |
---|---|---|---|---|---|---|---|---|---|
Revenue | 43.2 | 494.4 | 69.2 | 633.5 | 56.6 | 39.7 | 42.0 | 45.9 | 184.2 |
EBITDA | 14.1 | 441.7 | -20.6 | 439.2 | 48.5 | 9.9 | 9.3 | 10.6 | 78.3 |
EBIT | -3.0 | 299.9 | -95.0 | 190.3 | -23.3 | -59.8 | -64.9 | -62.5 | -210.5 |
Profit before taxes | 24.1 | 299.8 | -91.5 | 207.7 | -21.0 | -59.0 | -63.6 | -62.1 | -205.7 |
Net income | 24.7 | 299.6 | -91.7 | 207.6 | -21.0 | -59.0 | -63.6 | -62.1 | -205.8 |
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Starbreeze AB announces changes in group management
Starbreeze AB: Resolutions at Starbreeze's Annual General Meeting 2024
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Starbreeze AB appoints a new interim CEO
![Heading to a pivotal second half of 2024](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/f5852911-d1af-4d01-9ccb-16896c6563fb.png)
Heading to a pivotal second half of 2024
Redeye: Starbreeze - Motivated relief rally
![Starbreeze, Webcast, Q1, 2024](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/a476c37f-7084-412f-b450-9dcfdfd0f85a.png)
Starbreeze, Webcast, Q1, 2024
![Starbreeze Q1 morning result: Signs of PD3 recovery should be visible in Q3](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/caf920fb-c6d0-4e3c-aa4f-69640636fd09.png)
Starbreeze Q1 morning result: Signs of PD3 recovery should be visible in Q3
Starbreeze AB (publ) interim report January-March 2024
Starbreeze AB: Invitation to investor presentation - first quarter 2024
![Starbreeze Q1 on Tuesday: Yet no clear evidence of a turnaround in the short-term](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/705d142f-ced5-43fb-8c25-6c308768df72.png)
Starbreeze Q1 on Tuesday: Yet no clear evidence of a turnaround in the short-term
Change in the number of shares and votes in Starbreeze AB
Starbreeze AB's annual report 2023
Notice of Annual General Meeting in Starbreeze AB (publ)
Starbreeze appoints board member Juergen Goeldner as interim CEO
Starbreeze AB: Juergen Goeldner appointed as interim CEO of Starbreeze
Starbreeze AB: "The Tribe Must Survive" now out in Early Access on Steam®
Redeye: Starbreeze - Uncertain future for Payday 3
![PAYDAY 3's recovery can't be taken for granted](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/c3b69e5b-13d0-4fb1-b9ca-5385a6b7f51d.png)
PAYDAY 3's recovery can't be taken for granted
![Starbreeze Q4 morning result: PAYDAY 3 sales and player activity fall below company expectations](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/00a32bb5-e051-4f21-b1f8-38cf708cf26b.png)