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.
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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 Figures30.05.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 127,602.0 | 668,993.0 | 370,247.0 |
| growth-% | 1.52 % | 424.28 % | -44.66 % |
| EBIT (adj.) | 6,746.0 | 454,819.0 | 140,380.0 |
| EBIT-% (adj.) | 5.29 % | 67.99 % | 37.92 % |
| EPS (adj.) | -0.08 | 0.27 | 0.09 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | - | 0.95 | 2.92 |
| EV/EBITDA | 18.05 | - | - |
