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CD Projekt S A : Poland's CD Projekt working on Cyberpunk expansion after profit beat

09/01/2021 | 12:10pm EDT

* H1 net profit 105 mln zlotys, above expectations

* Cyberpunk leading source of revs in H1

* Next-generation version release in late 2021

Sept 1 (Reuters) - CD Projekt is working on a first expansion of Cyberpunk 2077, Chief Executive Adam Kicinski said after the Polish video games maker reported a first-half beat on its net profit.

Cyberpunk 2077, featuring Hollywood star Keanu Reeves, was one of last year's most anticipated games, but after a bug-ridden start it was kept off Sony's PlayStation Store for six months, only returning in June.

CD Projekt did not give an update on how many units of Cyberpunk it had sold in the first half of 2021, but company officials told a conference call that the game was the leading source of revenue in the period.

Along with The Witcher 3: Wild Hunt, Cyberpunk drove CD Projekt's revenue 29% higher in the first half of the year to 470.6 million zlotys ($124 million).

CD Projekt said its net profit was 105 million zlotys, which was 28% lower compared to last year but above the 71 million expected by analysts.

The planned Cyberpunk expansion would involve a charge to gamers, similar to the ones released for The Witcher, board member Michal Nowakowski said during Wednesday's call.

"When we talk about expansions then we talk about bigger things," he said, while declining to give a specific timing for its release.

CD Projekt has been working on fixing the game since its launch and released 10 patches and fixes. Its selling costs rose to 131.2 million from 72.1 million zlotys a year before.

The video games maker plans to release next generation versions of Cyberpunk and The Witcher 3 late this year.

"Considering the relatively small number of Next Gen versions of existing high-quality games available on the market, we think CP77 could potentially become among the best-selling titles," JP Morgan analysts wrote in a note. ($1 = 3.8042 zlotys) (Reporting by Anna Pruchnicka in Gdansk; Editing by Mark Potter and Alexander Smith)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CD PROJEKT S.A. -5.94% 188.12 End-of-day quote.-31.52%
SONY GROUP CORPORATION 2.67% 12890 End-of-day quote.25.33%
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Analyst Recommendations on CD PROJEKT S.A.
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Sales 2021 1 312 M 333 M 333 M
Net income 2021 419 M 106 M 106 M
Net cash 2021 1 301 M 330 M 330 M
P/E ratio 2021 42,5x
Yield 2021 2,63%
Capitalization 18 951 M 4 819 M 4 815 M
EV / Sales 2021 13,5x
EV / Sales 2022 13,0x
Nbr of Employees 1 124
Free-Float 70,1%
Duration : Period :
CD Projekt S.A. Technical Analysis Chart | MarketScreener
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Technical analysis trends CD PROJEKT S.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus UNDERPERFORM
Number of Analysts 19
Last Close Price 188,12 PLN
Average target price 169,03 PLN
Spread / Average Target -10,1%
EPS Revisions
Managers and Directors
Marcin Piotr Iwinski Joint Chief Executive Officer
Adam Michal Kicinski President & Joint Chief Executive Officer
Piotr Marcin Nielubowicz Chief Financial Officer & Director
Katarzyna Weronika Szwarc Chairman-Supervisory Board
Piotr Stefan Pagowski Vice Chairman-Supervisory Board
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