Starbreeze
0.239 SEK -1.45%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.
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Major OwnersSource: Millistream Market Data AB
Owner | Capital | Votes |
---|---|---|
Digital Bros S.p.A | 21.0 % | 38.8 % |
Försäkringsaktiebolaget, Avanza pension | 7.0 % | 6.5 % |
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Income statement
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Revenue | 118.0 | 125.7 | 127.6 | 633.5 | 160.4 | 125.8 | 346.9 | 243.5 |
growth-% | -57.9 % | 6.5 % | 1.5 % | 396.5 % | -74.7 % | -21.6 % | 175.8 % | -29.8 % |
EBITDA | 49.3 | 6.3 | 66.3 | 439.2 | 58.1 | 27.5 | 224.5 | 121.0 |
EBIT (adj.) | 10.9 | 15.0 | 6.7 | 190.3 | -88.6 | -45.8 | -57.4 | 32.4 |
EBIT | 10.9 | -53.7 | 6.7 | 190.3 | -88.6 | -45.8 | -57.4 | 32.4 |
Profit before taxes | -130.5 | -105.2 | -54.4 | 207.7 | -84.2 | -43.2 | -55.7 | 33.7 |
Net income | -130.3 | -103.5 | -59.8 | 207.6 | -84.2 | -43.2 | -55.7 | 33.7 |
EPS (adj.) | -0.28 | -0.05 | -0.08 | 0.19 | -0.06 | -0.03 | -0.04 | 0.02 |
growth-% | -130.1 % | |||||||
Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Dividend ratio |
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Profitability and return on capital
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
EBITDA-% | 41.7 % | 5.0 % | 52.0 % | 69.3 % | 36.2 % | 21.9 % | 64.7 % | 49.7 % |
EBIT-% (adj.) | 9.2 % | 11.9 % | 5.3 % | 30.0 % | -55.2 % | -36.4 % | -16.6 % | 13.3 % |
EBIT-% | 9.2 % | -42.7 % | 5.3 % | 30.0 % | -55.2 % | -36.4 % | -16.6 % | 13.3 % |
ROE | -111.0 % | -58.9 % | -66.6 % | 43.6 % | -9.9 % | -5.5 % | -7.5 % | 4.6 % |
ROI | 2.7 % | -10.1 % | 1.4 % | 28.6 % | -10.4 % | -5.5 % | -7.5 % | 4.6 % |
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Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (SEK) | 0.88 | 0.81 | 1.28 | 0.47 | 0.24 | 0.24 | 0.24 | 0.24 |
Shares | 724.6 | 724.6 | 724.6 | 1,476.8 | 1,476.8 | 1,476.8 | 1,476.8 | 1,476.8 |
Market cap | 639.1 | 587.7 | 926.8 | 691.1 | 352.2 | 352.2 | 352.2 | 352.2 |
Enterprise value | 774.4 | 880.8 | 1,198.2 | 343.1 | 109.5 | 267.6 | 235.5 | 311.1 |
EV/S | 6.6 | 7.0 | 9.4 | 0.5 | 0.7 | 2.1 | 0.7 | 1.3 |
EV/EBITDA | 15.7 | 140.5 | 18.1 | 0.8 | 1.9 | 9.7 | 1.0 | 2.6 |
EV/EBIT (adj.) | 71.2 | 58.9 | 177.6 | 1.8 | - | - | - | 9.6 |
EV/EBIT | 71.2 | - | 177.6 | 1.8 | - | - | - | 9.6 |
P/E (adj.) | - | - | - | 2.5 | - | - | - | 10.5 |
P/E | - | - | - | 2.5 | - | - | - | 10.5 |
P/B | 2.8 | 4.8 | 16.3 | 0.8 | 0.4 | 0.5 | 0.5 | 0.5 |
P/S | 5.4 | 4.7 | 7.3 | 1.1 | 2.2 | 2.8 | 1.0 | 1.4 |
Dividend yield | ||||||||
Equity ratio | 32.2 % | 18.2 % | 7.6 % | 80.5 % | 93.0 % | 94.0 % | 85.6 % | 89.3 % |
Gearing ratio | 59.2 % | 238.7 % | 478.0 % | -38.9 % | -29.9 % | -11.0 % | -16.4 % | -5.5 % |
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Quarter data
Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 | Q1/24e | Q2/24e | Q3/24e | Q4/24e | |
---|---|---|---|---|---|---|---|---|---|
Revenue | 26.7 | 43.2 | 494.4 | 69.2 | 633.5 | 40.9 | 37.3 | 39.8 | 42.4 |
EBITDA | 4.1 | 14.1 | 441.7 | -20.6 | 439.2 | 16.3 | 10.5 | 14.9 | 16.4 |
EBIT | -11.6 | -3.0 | 299.9 | -95.0 | 190.3 | -19.6 | -25.9 | -23.3 | -19.8 |
Profit before taxes | -24.7 | 24.1 | 299.8 | -91.5 | 207.7 | -17.6 | -25.2 | -22.1 | -19.3 |
Net income | -24.9 | 24.7 | 299.6 | -91.7 | 207.6 | -17.6 | -25.2 | -22.1 | -19.3 |
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Starbreeze AB: Juergen Goeldner appointed as interim CEO of Starbreeze
Starbreeze AB: "The Tribe Must Survive" now out in Early Access on Steam®
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