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.
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Starbreeze
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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 Figures18.08.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 127.6 | 679.0 | 373.4 |
| growth-% | 1.52 % | 432.13 % | -45.00 % |
| EBIT (adj.) | 6.7 | 433.9 | 79.5 |
| EBIT-% (adj.) | 5.29 % | 63.90 % | 21.30 % |
| EPS (adj.) | -0.08 | 0.30 | 0.05 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | - | 0.63 | 3.59 |
| EV/EBITDA | 18.07 | - | - |
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