Upcoming RPG Studio Project on Track: Positive Soft Launch Results and Anticipated 2024 Release

The RPG studio's most important project is currently progressing according to schedule. A technical soft launch of the game was conducted during 2Q'23, which received positive reviews from testers. We anticipate that the release of this project will take place in 2H'24, hence the first revenues from the game appear in 2024.

We forecast that over the 2023-2024 period, the company will generate 22,0/ 28,1 million PLN in adj. net profit, which translates to an attractive multiple valuation for the company (adjusted P/E at a level of 8-10x).

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forecast 2024.RPG studio project progress technical soft launch positive reviews testers game release 2H'24 first revenues adj. net profit multiple valuation adjusted P/E.