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.
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 | |
|---|---|---|---|
| Omsætning | 127.602,0 | 668.993,0 | 370.247,0 |
| vækst-% | 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 |
| Udbytte | 0,00 | 0,00 | 0,00 |
| Udbytte % | |||
| P/E (adj.) | - | 0,70 | 2,17 |
| EV/EBITDA | 18,05 | - | - |