PAYDAY 3's recovery can't be taken for granted
According to Starbreeze, PAYDAY 3 sales and player activity are currently significantly lower than the company would like. The company's focus and absolute priority is now to identify the changes that need to be made to ensure that PAYDAY 3 lives up to expectations. If they are successful, Starbreeze's current valuation undoubtedly looks very low. We had assumed that the updates released in Q4 would put PD3 on the road to recovery. As this has not happened and there are few signs of recovery at present, we do not see sufficient drivers or support for the stock over the next twelve months.
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Starbreeze
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.
Read more on company pageKey Estimate Figures16.02.
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 633.5 | 160.4 | 125.8 |
growth-% | 396.47 % | -74.68 % | -21.60 % |
EBIT (adj.) | 190.3 | -88.6 | -45.8 |
EBIT-% (adj.) | 30.04 % | -55.24 % | -36.38 % |
EPS (adj.) | 0.19 | -0.06 | -0.03 |
Dividend | 0.00 | 0.00 | 0.00 |
Dividend % | |||
P/E (adj.) | 2.47 | - | - |
EV/EBITDA | 0.78 | 2.39 | 10.79 |