contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls {
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


starbreeze-payday-3s-launch-numbers-look-promising-technical-issues-persist

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

alternatePageUrls

imgUrl

description

Analyst

Anton Damstén

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.

Starbreeze

During launch weekend, PAYDAY 3 had a peak of concurrent players (CCU) across all platforms of 218,250, and a peak of 1,347,510 unique players (DAU). The numbers look promising, but the technical issues experienced late last week have persisted, angering the community.

During launch weekend, PAYDAY 3 had a peak of concurrent players (CCU) across all platforms of 218,250, and a peak of 1,347,510 unique players (DAU). Starbreeze Nebula currently has 3,794,172 registered users. The numbers look promising, but the technical issues experienced late last week have persisted, angering the community. Based on the preliminary figures, PAYDAY 3 seems to have the prerequisites for long-term success, provided it can fix the technical issues and regain the trust of its community. Since Thursday’s official launch, PAYDAY 3 has experienced problems with its matchmaking servers. At its core, the problem hinders players from playing the game. An initial fix was rolled out on Friday, which had the game working again. However, since then, the matchmaking issue has been recurring. Throughout the weekend, Starbreeze and its third-party matchmaking partner have been rolling out patches to solve the issue, but the instability remains. The player community has reacted negatively to this persisting issue, which is reflected in the ‘Mostly Negative’ rating (23,400 reviews) the game currently has on Steam. Undoubtedly, the negative reviews reflect the disappointment in the technical issues rather than the game itself. Feedback regarding the game has been mostly good, with players praising the gameplay improvements over the previous iteration. Our estimates project approximately 4 million copies sold within the first 12 months. It’s important to note that our projection was made before the Game Pass deal. Thus, the number of copies sold will likely be lower. However, we expect that Starbreeze has been adequately compensated, mitigating any significant impact on the overall revenue stream. It’s worth highlighting that the Game Pass deal introduces complexity in interpreting the numbers released by Starbreeze, as we do not have a way of separating out players who bought the game versus players accessing it through their Game Pass subscription.

Inderes

Starbreeze: PAYDAY 3's launch numbers look promising, but technical issues persist

Probabilities of success in drug development

Drug development investment: Value creation through M&As and licensing agreements

Helsinki Stock Exchange is cheap

Return on capital (ROE, ROI, ROIC, RONIC)

Valuation methods: Valuation multiples

	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.)	-	0.73	4.12
EV/EBITDA	18.07	-	-

Starbreeze

Key Estimate Figures12.09.2023

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