Remedy Entertainment Extensive report 4/2021 Atte Riikola +358 44 593 4500
[email protected] Inderes Corporate customer This report is a summary translation of the report “Kasvupelissä on vielä monta tasoa pelattavana” published on 04/08/2021 at 07:42 Remedy Extensive report 04/08/2021 at 07:40 Recommendation Several playable levels in the growth game R isk Accumulate Buy We reiterate our Accumulate recommendation and EUR 50.0 target price for Remedy. In 2019-2020, Remedy’s (previous Accumulate) strategy moved to a growth stage thanks to a successful ramp-up of a multi-project model and the Control game Accumulate launch, and in the new 2021-2025 strategy period the company plans to accelerate. Thanks to a multi-project model EUR 50.00 Reduce that has been built with controlled risks and is well-managed, as well as a strong financial position, Remedy’s (previous EUR 50.00) Sell preconditions for developing successful games are good. In addition, favorable market trends help the company grow Share price: Recommendation into a clearly larger game studio than currently over this decade. Due to the strongly progressing growth story we play 43.75 the long game when it comes to share valuation. High Low Video game company for a long-term portfolio Today, Remedy is a purebred profitable growth company. In 2017-2018, the company built the basis for its strategy and the successful ramp-up of the multi-project model has been visible in numbers since 2019 as strong earnings growth. In Key indicators 2020, Remedy’s revenue grew by 30% to EUR 41.1 million and the EBIT margin was 32%.