Financials CD PROJEKT S.A.

Equities

CDR

PLOPTTC00011

Software

Market Closed - Warsaw S.E. Other stock markets 11:55:41 2024-12-06 am EST			5-day change	1st Jan Change
199.85 ^PLN	+3.55%		+19.53%	+73.78%

Dec. 03	CD PROJEKT : Target upgrade by 0.9%
Nov. 28	CD PROJEKT : Solid 9M 24 results: Project Polaris entered the production phase as planned.

Projected Income Statement: CD PROJEKT S.A.

income-statement-evolution-chart CD-PROJEKT-S-A

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	521.3	2,139	888.2	952.6	1,230	884.1	709.4	1,255
Change	-	310.32%	-58.47%	7.25%	29.14%	-28.13%	-19.76%	76.95%
EBITDA ¹	217.8	1,425	337.6	494.8	714.1	411.8	321.7	612.9
Change	-	554.23%	-76.3%	46.54%	44.33%	-42.33%	-21.88%	90.49%
EBIT ¹	180.3	1,157	232.9	377.3	469	293.9	179.6	415.5
Change	-	541.8%	-79.87%	62.02%	24.3%	-37.34%	-38.88%	131.33%
Interest Paid ¹	-0.587	-	-13.8	-55.66	-49.19	-34.73	-20	-18
Earnings before Tax (EBT) ¹	189.2	1,165	219.1	393.2	538.5	358	215.8	1,414
Change	-	515.85%	-81.19%	79.45%	36.96%	-33.52%	-39.74%	555.22%
Net income ¹	175.3	1,154	208.9	347.1	481.1	327.7	202.7	384.9
Change	-	558.43%	-81.9%	66.15%	38.61%	-31.9%	-38.13%	89.87%
Announcement Date	4/8/20	4/22/21	4/14/22	3/30/23	3/28/24	-	-	-

¹PLN in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	213.3	193	171	104.5	1,670	197.6	273	144.5	273.1	216.1	161.8	245.5	329.1	174.8	150.5	442.7	462.5	226.8	198	227.6	258.3	191.2	175.5	200	220	200	200	200
Change	-	-9.54%	-11.37%	-38.89%	1,498.14%	-88.17%	38.13%	-47.07%	88.97%	-20.86%	-25.14%	51.77%	34.03%	-46.89%	-13.88%	194.14%	4.48%	-50.97%	-12.68%	14.91%	13.52%	-25.97%	-8.25%	13.98%	10%	-9.09%	0%	0%
EBITDA ¹	115.8	99.53	76.66	30.66	1,214	47.69	83.82	42.9	116.7	107.2	73.81	148.8	164.9	74.96	52.3	189.5	285.9	84.88	62.42	110.9	98.24	97.27	89	89.17	97.78	87.08	87.26	87.42
Change	-	-14.08%	-22.98%	-60%	3,858.47%	-96.07%	75.76%	-48.82%	172.06%	-8.15%	-31.15%	101.6%	10.82%	-54.54%	-30.23%	262.36%	50.85%	-70.31%	-26.46%	77.6%	-11.39%	-0.99%	-8.5%	0.19%	9.65%	-10.93%	0.2%	0.19%
EBIT ¹	103.6	97.62	58.46	28.52	972.8	43.2	79.42	15.6	94.65	85.3	52.16	97.1	142.8	71.54	27.5	186.2	187.9	81.3	58.93	80.61	81.91	64.61	57.71	64.84	73.27	66.92	66.92	66.92
Change	-	-5.76%	-40.12%	-51.22%	3,311.21%	-95.56%	83.84%	-80.36%	506.75%	-9.88%	-38.85%	86.14%	47.05%	-49.9%	-61.56%	577.23%	0.89%	-56.73%	-27.52%	36.8%	1.61%	-21.12%	-10.67%	12.34%	13.01%	-8.67%	0%	0%
Charge d'intérêts ¹	0.125	-0.107	-4.658	-4.085	-	-16.21	-9.426	-9.216	-7.812	-10.22	-13	-18.28	-18.15	-8.825	-19.51	-12.99	-38.4	-4.213	-4.618	-18.64	-7.25	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5
Earnings before Tax (EBT) ¹	105.8	101	59.89	27.76	976.3	37.05	78.81	16.4	86.84	91.89	61.72	112	127.5	80.36	40.36	233.7	188.1	97.19	77.67	92.38	103.5	92.77	84.34	84.34	92.77	86.42	86.42	86.42
Change	-	-4.54%	-40.68%	-53.66%	3,417.59%	-96.2%	112.72%	-79.19%	429.52%	5.82%	-32.83%	81.52%	13.84%	-36.99%	-49.77%	478.92%	-19.49%	-48.34%	-20.09%	18.95%	12.01%	-10.34%	-9.09%	0%	10%	-6.85%	0%	0%
Net income ¹	108.9	91.98	54.78	23.38	984.2	32.49	72.56	16.3	87.52	68.9	44.83	98.7	134.6	69.67	21.6	202.9	191.1	100.1	69.94	78.11	89.14	77	70	70	77	70	70	70
Change	-	-15.52%	-40.45%	-57.31%	4,109.17%	-96.7%	123.35%	-77.54%	436.92%	-21.27%	-34.94%	120.18%	36.4%	-48.25%	-69%	839.19%	-5.79%	-47.65%	-30.1%	11.67%	14.12%	-13.62%	-9.09%	0%	10%	-9.09%	0%	0%
Announcement Date	4/8/20	5/28/20	9/3/20	11/25/20	4/22/21	5/31/21	9/1/21	11/29/21	4/14/22	5/26/22	9/7/22	11/28/22	3/30/23	5/29/23	8/30/23	11/28/23	3/28/24	5/28/24	8/28/24	11/25/24	-	-	-	-	-	-	-	-

¹PLN in Million

Estimates

Forecast Balance Sheet: CD PROJEKT S.A.

balance-sheet-analysis-chart CD-PROJEKT-S-A

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-462	-815	-937	-866	-859	-1,456	-1,273	-906
Change	-	-276.41%	-214.97%	-192.42%	-199.19%	-269.51%	-187.43%	-171.17%
Announcement Date	4/8/20	4/22/21	4/14/22	3/30/23	3/28/24	-	-	-

¹PLN in Million

Estimates

Cash Flow Forecast: CD PROJEKT S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	256.5	221.6	183.4	256.1	329.8	330	387	539.8
Change	-	-13.61%	-17.25%	39.67%	28.79%	0.05%	17.27%	39.47%
Free Cash Flow (FCF) ¹	125.2	693.2	784.5	149.9	281	157.5	-188.8	-11.5
Change	-	453.68%	13.17%	-80.89%	87.45%	-43.96%	-219.87%	-93.91%
Announcement Date	4/8/20	4/22/21	4/14/22	3/30/23	3/28/24	-	-	-

¹PLN in Million

Estimates

Forecast Financial Ratios: CD PROJEKT S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	41.78%	66.61%	38.01%	51.94%	58.05%	46.58%	45.35%	48.82%
EBIT Margin (%)	34.59%	54.1%	26.22%	39.61%	38.13%	33.24%	25.32%	33.1%
EBT Margin (%)	36.29%	54.47%	24.67%	41.28%	43.77%	40.49%	30.41%	112.62%
Net margin (%)	33.63%	53.97%	23.52%	36.44%	39.11%	37.06%	28.58%	30.66%
FCF margin (%)	24.02%	32.41%	88.32%	15.74%	22.85%	17.81%	-26.61%	-0.92%
FCF / Net Income (%)	71.41%	60.05%	375.5%	43.19%	58.42%	48.07%	-93.13%	-2.99%
Profitability
ROA	13.85%	33.7%	8.28%	15.66%	19.68%	11.96%	6.94%	31.6%
ROE	16.63%	70.11%	10.25%	17.67%	21.7%	12.98%	6.8%	9.3%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	49.21%	10.36%	20.65%	26.89%	26.81%	37.33%	54.55%	43%
CAPEX / EBITDA (%)	117.78%	15.55%	54.31%	51.76%	46.19%	80.13%	120.28%	88.07%
CAPEX / FCF (%)	204.88%	31.97%	23.38%	170.82%	117.37%	209.52%	-204.98%	-4,693.5%
Items per share
Cash flow per share ¹	2.153	7.084	9.605	4.03	6.091	4.466	3.336	4.371
Change	-	229.07%	35.58%	-58.05%	51.17%	-26.68%	-25.3%	31.02%
Dividend per Share ¹	1.05	5	5	-	1	1	0.5926	0.633
Change	-	376.19%	0%	-	-	0%	-40.74%	6.82%
Book Value Per Share ¹	11.5	21.73	18.81	-	23.97	26.25	27.59	32.64
Change	-	88.96%	-13.44%	-	-	9.52%	5.11%	18.3%
EPS ¹	1.74	11.49	2.07	3.44	4.8	3.276	1.993	5.956
Change	-	560.34%	-81.98%	66.18%	39.53%	-31.76%	-39.16%	198.86%
Nbr of stocks (in thousands)	96,120	100,655	100,739	100,771	99,911	99,911	99,911	99,911
Announcement Date	4/8/20	4/22/21	4/14/22	3/30/23	3/28/24	-	-	-