DOCSLIB.ORG

11 Bit Studios Price: PLN 280.00 Free Float: 80% 12M EFV: PLN 377.0 (↑) 12M Range: PLN 159.60 – 286.00

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
11 Bit Studios Price: PLN 280.00 Free Float: 80% 12M EFV: PLN 377.0 (↑) 12M Range: PLN 159.60 – 286.00 ResultsQuarterly Preview 35/2018/RP (72) April 26, 2018 Analyst: Tomasz Rodak, CFA, [email protected], +48 (22) 504 33 23 Sector: TMT – IT software & services Market Cap: US$ 178 m Fundamental rating: Buy (→) Bloomberg code: 11B PW Market relative: Overweight (→) Av. daily turnover: US$ 0.76 m 11 bit studios Price: PLN 280.00 Free float: 80% 12M EFV: PLN 377.0 (↑) 12M range: PLN 159.60 – 286.00 Guide to adjusted profits Oops, 11 bit studios did it again No factors necessitating adjustments. Frostpunk was released on Tuesday and managed to dethrone Key data Playerunknown’s Battlegrounds (a multimillion ‘perpetual’ seller) IFRS, consolidated 2017 2018E 2019E 2020E Sales PLN m 19.5 79.8 53.4 75.2 from the 1st spot of Steam bestsellers for over 2.5 days. The EBITDA PLN m 9.2 62.6 40.0 60.6 game received a universal acclaim scoring 87/8.8 from critics/ EBIT PLN m 7.5 58.9 36.0 53.8 gamers at metacritic.com (reviews aggregator) beating This War Net profit PLN m 3.6 48.2 29.6 45.0 EPS PLN 1.60 21.72 13.35 20.31 of Mine’s score of (83/8.4). Effectively, 11 bit studios proved that EPS yoy chg % -74 1,254 -39 52 the success of This War of Mine was not just a lucky strike, but the Net debt PLN m -28.2 -69.6 -91.1 -135.8 Company, indeed, possessed a unique sense of gamers’ taste, P/E x 174.5 12.9 21.0 13.8 P/CE x 117.8 12.0 18.5 12.0 which allows the developer to repeatedly produce blockbuster EV/EBITDA x 64.1 8.8 13.2 8.0 games. EV/EBIT x 78.7 9.4 14.7 9.0 Gross dividend yield % 0.0 0.0 0.0 0.0 DPS PLN 0.00 0.00 0.00 0.00 The debut of Frostpunk is a positive surprise to us, therefore No. of shares (eop) m 2.2 2.2 2.2 2.2 we increase our sales forecast for the game to 963,000 (PC) in Source: Company, DM BOŚ SA estimates FY18 (vs. 640,000) previously. Also, expecting the increase in scale of Project 8, we upgrade the estimate of Project 8’s cost Stock performance 295 of development to PLN 15 million (from PLN 11.5 million) and WIG 11 bit studios 275 assume that Project 8 will sell 20% more copies than Frostpunk 255 (our FY18 forecast implies 50% better sales volume of Frostpunk 235 than This War of Mine). Effectively, we increase our FY18 and 215 FY19 net profit forecasts for 11 bit studios to PLN 48.2 million and 195 PLN 29.6 million (from PLN 34.7 and PLN 18.7 million respectively). 175 This boosts our 12M EFV to PLN 377.0 per share, up by 49% (from 155 PLN 253 per share). 135 115 0.08 (m) Given the current 35% valuation gap and a potential 0.06 0.04 lume 0.02 further upside to our valuation (in case of more frequent o 0.00 V 7 1 20 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 . Frostpunk’s DLCs releases (currently we assume only one DLC) . 05 04 06 07 08 09 10 11 12 01 02 03 04 or better performance of the publishing segment) we uphold Source: Bloomberg our LT fundamental Buy and ST market-relative Overweight recommendations. Upcoming events 1. Release of 1Q18 financial results: May 10 2. Debut of Moonlighter: May 29 Excellent sale of Frostpunk 3. Debut of Children of Morta: 3Q18 (our assumption) 4. Release of 2Q18 financial results: August 30, 2018 On the basis of several factors (incl. steam ranks, peak number 5. Release of Frostpunk DLC: 2H18 (our assumption) 6. Debut of Frostpunk (PS4, X1): 4Q18 (our assumption) of players, steam number of reviews, historical sales stats) we 7. Release of 3Q18 financial results: November 14 estimate that the Company may sell 550,000 copies of Frostpunk 8. Debut of Project 8: 4Q20 (our assumption) 9. Debut of Project 9: 4Q22 (our assumption) in 2Q18 (10 weeks from its release). Moreover, we browsed the sales stats of other peer games (Fig. 1) and estimated (on the Catalysts Risk factors basis of 1Q vs. 2Q and 1Q vs. 3Q volume relations) that Frostpunk 1. High earning potential of Frostpunk 1. Delay/ failure of Frostpunk/ Project 8 2. Announcements regarding further Frostpunk’s 2. Potential supply of shares from insiders may sell 963,000 and 776,000 copies in, respectively, FY18 and development and Project 8 FY19, which is, respectively, 50% and 16% higher than TWOM 3. Entering the Chinese market 4. Further development of the publishing segment sold in the same period from release. The Company might release 5. Proven track record of high quality games sales numbers on Friday’s afternoon. We expect that around 6. Very good cash position 220,000 copies will have been sold until then, which should easily return the cost of Frostpunk’s development and marketing (c. PLN 10 million). 11 bit studios Further development of Frostpunk The full program assumes issuing a maximum of 100,000 warrants (potential dilution of up to 4.5%). If assumptions City builders have nearly endless possibilities of adding DLC’s. of the program are fulfilled, the shares will be acquired at Currently the base game of Frostpunk consists of three scenarios. price which is an average share price from 2H16 with 10% 11 bit studios will surely release additional scenarios in the future. discount (c. PLN 102.6 per share – our calculation). Our We currently assume only one DLC in our forecast (in 2H18; price previous forecasts would not guarantee the fulfillment of the of US$ 9.99) and we project the sale volume at 10% of the base ongoing motivation scheme in the full amount. However, if the game. However in the middle of May, the Company will organize Company fulfills our current forecasts, the program will be the investors meeting and will inform about its plans of further fulfilled in the full scale. The full equity dilution is assumed in Frostpunk’s development. Potential frequent release of DLC’s our valuations. creates positive upside to our forecasts. 1Q18 results preview Consoles version in 4Q18? 11 bit studios will release its 1Q18 consolidated results on May 10. According to the management, the Company needs additional Due to Frostpunk’s release the Company delayed the sales two more quarters to release consoles version of Frostpunk. In our activities for TWOM to 2Q18, therefore we expect rather weak model, we conservatively delay the release of consoles version to reading. We forecast 23% yoy drop in revenues which would 4Q18 (from 3Q18). Moreover, after browsing the sales data of peer result in PLN -0.3 million net profit. 1Q18 results will have a minor games on consoles, we decided to leave our 1Q sales forecasts impact for investors in view of Frostpunk’s relase. unaltered at c. 120,000, in spite of significantly higher assumptions for a PC version. City builders are not too attractive for consoles Financial forecasts players due to their complicated controls and rather static gameplay. Due to the excellent debut of Frostpunk we modify or 2018-20E Project 8 bigger than expected? forecasts for 11 bit studios accounting for: (i) higher sales assumptions for Frostpunk, (ii) higher cost and sales assumptions The management claimed that the final shape of Project 8 (P8) is for Project 8, (iii) delay of consoles versions of Frostpunk to 4Q18 dependent on the scale of Frostpunk’s success. We believe that (from 3Q18 previously). Frostpunk’s success justifies the increase of P8. Therefore, we increase our estimate of P8’s cost of production to PLN 15 million We assume that a PC version of Frostpunk will sell 963,000 (from PLN 11.5 million; vs. PLN 8 million for Frostpunk) and copies in 2018 (vs. 640,000 previously assumed). We assume increase the sales assumptions to 120% of Frostpunk’s sales that PS4 and XboxOne versions will be released in 4Q18 (prev. volumes (vs. 110% previously). We assume that P8 will debut in 3Q18) and will sell 120,000 copies in Q1 (no change). We expect 4Q20 and will cost US$ 34.99 at its debut (vs. US$ 29.99). 11bit’s new title to debut in 4Q20 (no change) and assume a 20% higher sales volume than for Frostpunk (prev. 10% higher). Motivation program will be fulfilled Valuation and recommended actions The ongoing motivation program for 2017-2019 is dependent on two results criteria: We increase our 12M EFV (50%-50% weighted average of DCF and peer-relative approach) to PLN 377 per share (by aaIn 2017-2019: cumulative revenues exceeds PLN 126.4 million 49%), which implies 35% share price upside. With (i) P/E (on (33% weigh), the average 2018E-20E EPS) at 15.1x the Company trades with c. 34% discount vs. its peers (2018-20E P/E at 23.1x), effectively aaIn 2017-2019: cumulative gross profit (before tax) exceeds we reiterate our LT fundamental Buy and ST market-relative PLN 71.2 million (67% weigh), Overweight recommendations. Please note that the figures have been removed from this publication intentionally. 2 BASIC DEFINITIONS Banks A/R turnover (in days) = 365/(sales/average A/R)) Net Interest Margin (NIM) = net interest income/average assets Inventory turnover (in days) = 365/(COGS/average inventory)) NIM Adjusted = (net interest income adjusted for SWAPs)/average assets A/P turnover (in days) = 365/(COGS/average A/P)) Non interest income = fees&commissions + result on financial operations (trading gains) + FX gains Current ratio = ((current assets – ST deferred assets)/current liabilities) Interest Spread = (interest income/average interest earning assets)/ (interest cost/average interest bearing liabilities) Quick ratio = ((current assets – ST deferred assets – inventory)/current liabilities) Cost/Income = (general costs + depreciation + other operating costs)/ (profit on banking activity + other Interest coverage = (pre-tax profit before extraordinary items + interest payable/interest payable) operating income) Gross margin = gross profit on sales/sales ROE = net profit/average equity EBITDA margin = EBITDA/sales ROA = net income/average assets EBIT margin = EBIT/sales Non performing loans (NPL) = loans in ‘substandard’, ‘doubtful’ and ‘lost’ categories Pre-tax margin = pre-tax profit/sales NPL coverrage ratio = loan loss provisions/NPL Net margin = net profit/sales Net provision charge = provisions created – provisions released ROE = net profit/average equity ROA = (net income + interest payable)/average assets DM BOŚ S.A.
Load more

Recommended publications
  • 11 Bit Studios Spółka Akcyjna
    11 BIT STUDIOS SPÓŁKA AKCYJNA DOKUMENT INFORMACYJNY Sporządzony na potrzeby wprowadzenia akcji serii E spółki 11 bit studios S.A. do obrotu na rynku NewConnect prowadzonym jako alternatywny system obrotu przez Giełdę Papierów Wartościowych w Warszawie S.A. Niniejszy Dokument Informacyjny Uproszczony został sporządzony w związku z ubieganiem się o wprowadzenie instrumentów finansowych objętych tym dokumentem do obrotu w alternatywnym systemie obrotu prowadzonym przez Giełdę Papierów Wartościowych w Warszawie S.A. Wprowadzenie instrumentów finansowych do obrotu w alternatywnym systemie obrotu nie stanowi dopuszczenia ani wprowadzenia tych instrumentów do obrotu na rynku regulowanym prowadzonym przez Giełdę Papierów Wartościowych w Warszawie S.A. (rynku podstawowym lub równoległym). Inwestorzy powinni być świadomi ryzyka, jakie niesie za sobą inwestowanie w instrumenty finansowe notowane w alternatywnym systemie obrotu, a ich decyzje inwestycyjne powinny być poprzedzone właściwą analizą, a także, jeżeli wymaga tego sytuacja, konsultacją z doradcą inwestycyjnym. Treść niniejszego Dokumentu Informacyjnego nie była zatwierdzana przez Giełdę Papierów Wartościowych w Warszawie S.A. pod względem zgodności informacji w nim zawartych ze stanem faktycznym lub przepisami prawa. Warszawa, dnia 30 października 2012 roku Autoryzowany Doradca Capital One Advisers Sp. z o.o. Al. Ujazdowskie 41, 00-540 Warszawa, www.capitalone.pl Doradca prawny Kurek, Kościółek, Wójcik Kancelaria Radców Prawnych Sp.p. ul. Dekerta 24, 30-703 Kraków, www.kkw.pl Dokument Informacyjny Uproszczony Spółki 11 bit studios S.A. 11bit studios S.A. W imieniu Autoryzowanego Doradcy działa: Marcin Duszyński – Prezes Zarządu OŚWIADCZENIE AUTORYZOWANEGO DORADCY Oświadczam, że niniejszy Dokument Informacyjny Uproszczony został sporządzony zgodnie z wymogami określonymi w Załączniku Nr 1 do Regulaminu Alternatywnego Systemu Obrotu uchwalonego Uchwałą Nr 147/2007 Zarządu Giełdy Papierów Wartościowych w Warszawie S.A.
    [Show full text]
  • 11 Bit Studios – Quaterly Report for Q1-Q3 2018
    2 LETTER FROM THE MANAGEMENT BOARD ........................................................................................ 3 1. SELECTED FINANCIAL DATA ................................................................................................ 4 1.1. Statement of financial position .............................................................................................. 4 1.2. Statement of profit or loss ................................................................................................... 4 1.3. Statement of cash flows ...................................................................................................... 4 2. OVERVIEW ..................................................................................................................... 5 2.1. Company overview ............................................................................................................ 5 2.2. Covered periods ................................................................................................................ 5 2.3. Governing bodies as at September 30th 2018 ............................................................................. 5 2.4. Large holdings of Company shares as at the issue date of the report .................................................. 6 2.5. Holdings of Company shares by members of the management and supervisory staff as at September 30th 2018 ................................................................................................................................... 7 2.6. Headcount
    [Show full text]
  • 11 Bit Studios
    11 Bit Studios Game developer turned publisher 11 Bit Studios is a polish game developer and publisher founded by former CD-Projekt and Metropolis Software employees. The company has grown very fast and game publishing is becoming a larger and larger part of total revenues. They started out with just publishing their own developed games. They have now published five externally developed games since 2014. Introduction High growth and high-quality 11 Bit Studios was founded in 2010 by former CD Projekt and Metropolis Software employees. They released their first game in 2011 and their revenues have grown at a fast rate. Their real breakthrough was in 2018, when they released their biggest title to date, Frostpunk. The success of said title have enabled the company to grow its revenue with an average annual growth rate of 52% between 2013-2019. 1. Source: Värdeinvesteraren The company is a maker of high-quality games. Most of their games have a very high user score on Steam and on Metacritic. Their games are liked by critics and players alike. High growth and high- quality. One significant event is also that 41% of the company’s revenue was derived from publishing in 2019. That means that the income streams are more diversified and hence lowers the risk. The company is acting on a fast-growing market with tailwinds. Newzoo expects the gaming market to grow by an average annual growth-rate of 8% (“CAGR”) between 2020-2023. 2.Source: Statista Investment case Benefiting from digitalization and platform “war” – The move to digitalization helps drive higher margins.
    [Show full text]
  • Chat Session with Individual Investors Held on 4 September 2020
    Chat session with individual investors held on 4 September 2020 www.stockwatch.pl Moderator: Welcome to the investors’ chat with Adam Kiciński and Piotr Nielubowicz. Representatives of CD PROJEKT stand ready to answer your questions regarding the recent financial results and the Studio’s further plans. Moderator: Please allow me to remind you of our chat rules. Questions must first be sent to the moderator. Selected questions will be published along with replies. Any questions entered by you will be queued at the bottom of your screen. The moderator may reject questions which violate chat rules. Moderator: A notice for journalists covering today’s chat: quoting any excerpts from the conversation in your editorial content requires proper attribution. In case of questions or concerns please contact us at [email protected] Moderator: You may go ahead and ask your questions now. Our Guests will begin replying at 15:00 CET. If you are unable to view replies, please refresh the page. We also encourage participants to share the chat and comment upon it in social media using the #czatStockWatch hashtag. Adam Kiciński and Piotr Nielubowicz: We warmly welcome you to our investors’ chat concerning our H1 2020 earnings. You may go ahead and ask your questions. Marcin: Is Cyberpunk2077 geared towards next-gen consoles? I’m thinking specifically of PS5. Piotr Nielubowicz: From the moment the next-gen consoles hit the market, Cyberpunk 2077 will be playable on them owing to backwards compatibility features. Additionally, we plan to release a dedicated next-gen edition in the coming year. Michasx Blake: Do you organize any workshops for young programmers so that they can see the team in action and learn about role assignments? Adam Kiciński: Not at present; we need to focus on our development work.
    [Show full text]
  • 11 Bit Studios Is a Warsaw-Based Game Developer and Publisher Mostly Known for This War of Mine
    11 bit studios is a Warsaw-based game developer and publisher mostly known for This War of Mine. Their work is driven by philosophy summed up in a sentence MAKE YOUR MARK – creation of thought-provoking games that make you think even when you stop playing. Publisher is also known for providing all necessary support to game creators sharing the same philosophy. Contact us: 11bitstudios.com @11bitstudios @11bitstudios Children of Morta is a story-driven action RPG game about an extraordinary family of heroes. Lead the Bergons, with all their flaws and virtues, against the forthcoming Corruption. Will you be able to sacrifice everything to save the ones you care for? Genre: Action, Adventure, Indie, RPG Platform: PC, Switch, XONE, PS4 Release: Q3 2019 7LEVELS – a team hich made ts assion ecome ay lif develop test, nd istribut ga for ous latform since November 014. owever u goal t create high quality games, th ns intendo platforms ind. esides developing own titl 7LEVELS work with national d oreign lients. develop omplet qualit test yst for handl their marketin and distribution through channel l er th orld. Contact us 7lvls.com @7lvls Jet Kave Adventure Jetpack oug the ehistoric rld in a “Stone fiction” adventure platformer! Jet Adventure rin everythin you ove out D platforme Enj h skill-based action, challengin fight clever secret nd thrillin - pi n gam wher th St d ienc ficti collide. Genre Action, Adventur di latform Platform itch Release 19 A Square Softworks (A2S) is an indie game dev studio powered by NeticTech S.A. placed in Poznań oland ur team comprie of oung and amitious people for whom ameDev i not only a ob ut firt of all a fun and oful wa to epress ourelfs.
    [Show full text]
  • Polish Game Industry
    THE GAME INDUSTRY REPORT 2020 OF POLAND W ASD Enter Shift Alt Ctrl W A S D The game industry of Poland — Report 2020 Authors: Eryk Rutkowski Polish Agency for Enterprise Development Jakub Marszałkowski Indie Games Poland, Poznan University of Technology Sławomir Biedermann Polish Agency for Enterprise Development Edited by Sławomir Biedermann, Jakub Marszałkowski Cooperation: Ministry of Development Ministry of Culture and National Heritage Expert support: Game Industry Conference Published by the Polish Agency for Enterprise Development Pańska 81/83, 00-834 Warsaw, Poland www.parp.gov.pl © Polish Agency for Enterprise Development 2020 ISBN 978-83-7633-434-9 The views expressed in this publication are those of the authors and do not necessarily coincide with activities of the Polish Agency for Enterprise Development. All product names, logos and brands mentioned in this publication are the property of their respective owners. Printing of this publication has been co-financed from the European Regional Development Fund in the framework of the Smart Growth Operational Programme. 4 Table of contents Overview of the gaming sector .............................................................................................................. 7 A game has to stir up emotions Success story of 11 bit studios ............................................................................................................... 11 Global game market growth estimates and drivers ................................................................... 13 To diversify
    [Show full text]
  • Letter from the Management Board
    LETTER FROM THE MANAGEMENT BOARD Warsaw, March 26th 2018 Dear Shareholders and Investors Please be invited to read the consolidated full-year report of 11 bit studios S.A. for 2017. Please note that besides the results of 11 bit studios S.A. it also includes the results of its subsidiary, Games Republic Limited. On April 11th 2017, 11 bit studios S.A. closed the sale of this company to Lousva Trading Limited. As of that date, the 11 bit studios Group ceased to exist. In 2017, Games Republic Limited did not carry out operating activities. For 11 bit studios S.A., 2017 was a time of hard work on Frostpunk, a game that is anticipated to drive the Company's financial performance in the coming quarters and years. That is why we are absolutely determined to make sure that Frostpunk is of top quality, which, combined with its unique theme and great interest from gamers around the world, warrants expectations of solid sales. We will see whether these expectations come true on April 24th, when the game is planned to be launched on the market. In 2017, we also continued development of This War of Mine, which led to the release (November 14th) of Father’s Promise, the first of three expansion packs in the TWoM: Stories series. The product was very favourably received by the players community. The release of the other two expansion packs is scheduled for 2018. The Company also initiated work on a game with a working title Project 8, planned to go on sale after Frostpunk.
    [Show full text]
  • Akcje Serii E
    11 BIT STUDIOS SPÓŁKA AKCYJNA DOKUMENT INFORMACYJNY Sporządzony na potrzeby wprowadzenia akcji serii E spółki 11 bit studios S.A. do obrotu na rynku NewConnect prowadzonym jako alternatywny system obrotu przez Giełdę Papierów Wartościowych w Warszawie S.A. Niniejszy Dokument Informacyjny Uproszczony został sporządzony w związku z ubieganiem się o wprowadzenie instrumentów finansowych objętych tym dokumentem do obrotu w alternatywnym systemie obrotu prowadzonym przez Giełdę Papierów Wartościowych w Warszawie S.A. Wprowadzenie instrumentów finansowych do obrotu w alternatywnym systemie obrotu nie stanowi dopuszczenia ani wprowadzenia tych instrumentów do obrotu na rynku regulowanym prowadzonym przez Giełdę Papierów Wartościowych w Warszawie S.A. (rynku podstawowym lub równoległym). Inwestorzy powinni być świadomi ryzyka, jakie niesie za sobą inwestowanie w instrumenty finansowe notowane w alternatywnym systemie obrotu, a ich decyzje inwestycyjne powinny być poprzedzone właściwą analizą, a także, jeżeli wymaga tego sytuacja, konsultacją z doradcą inwestycyjnym. Treść niniejszego Dokumentu Informacyjnego nie była zatwierdzana przez Giełdę Papierów Wartościowych w Warszawie S.A. pod względem zgodności informacji w nim zawartych ze stanem faktycznym lub przepisami prawa. Warszawa, dnia 30 października 2012 roku Autoryzowany Doradca Capital One Advisers Sp. z o.o. Al. Ujazdowskie 41, 00-540 Warszawa, www.capitalone.pl Doradca prawny Kurek, Kościółek, Wójcik Kancelaria Radców Prawnych Sp.p. ul. Dekerta 24, 30-703 Kraków, www.kkw.pl Dokument Informacyjny Uproszczony Spółki 11 bit studios S.A. 11bit studios S.A. W imieniu Autoryzowanego Doradcy działa: Marcin Duszyński – Prezes Zarządu OŚWIADCZENIE AUTORYZOWANEGO DORADCY Oświadczam, że niniejszy Dokument Informacyjny Uproszczony został sporządzony zgodnie z wymogami określonymi w Załączniku Nr 1 do Regulaminu Alternatywnego Systemu Obrotu uchwalonego Uchwałą Nr 147/2007 Zarządu Giełdy Papierów Wartościowych w Warszawie S.A.
    [Show full text]
  • 11 Bit Studios' Anomaly Warzone Earth
    gamasutra.com http://www.gamasutra.com/view/feature/185535/postmortem_11_bit_studios_.php?print=1 Postmortem: 11 Bit Studios' Anomaly Warzone Earth By Paweł Miechowski The popular "inverted tower defense" game was the first created by 11 Bit Studios, a team of Polish veteran developers. Here, Paweł Miechowski, the studio's senior writer, talks about the difficulties and successes of booting up and building a game at the same time. Anyone who has ever worked on a project in the entertainment industry -- whether it's a movie, a music album, or a game -- knows well the feeling of being proud when the moment of finalizing the project arrives. This pride is some unique mixture of the joy of finishing the work and something that parents feel when their kid has learned to walk or has been given their first A in school. Of course, parents (usually) don't celebrate this moment with barrels of beer, as often happens in the game development industry. If this comparison is applied to the game industry model, then our kid has a teacher or a supervisor (the publisher), who has his own ideas for teaching the kid to walk. Sometimes it works fine, but sometimes the kid falls over on its own feet, much to frustration of the parents. Sometimes the teacher takes care of teaching the child how to walk as well as the parents, but later, in kindergarten, he doesn't pay much attention at all, and our kid is left on his own, not integrating with the others, and no one is interested in him.
    [Show full text]
  • Representation of Human Survival Behaviour in Frostpunk
    Heidi Salo IT COULD BE WORSE: REPRESENTATION OF HUMAN SURVIVAL BEHAVIOUR IN FROSTPUNK Faculty of Information Technology and Communications Bachelor’s Thesis March 2020 ABSTRACT Heidi Salo: It could be worse: Representation of human survival behaviour in Frostpunk Bachelor’s Thesis Tampere University Degree Programme of Information Studies and Interactive Media March 2020 This thesis aims to investigate human survival behaviour with a case example. The amount of survival games has grown considerably during the last decades, which is why it is important to look into the representation of human survival behaviour in a case example. This thesis investigates this matter through three different sociological perspectives: survival behaviour, risk-taking, and group influence & decision-making. A historical example of a similar scenario is also included. The case game in this thesis is Frostpunk, which is a city survival game published in 2018. The method of this thesis is a game analysis, and the matter of survival behaviour was interpreted from the perspective of Frostpunk’s non-playable characters. The results showed that even though Frostpunk offers a plausible interpretation of human survival behaviour, many improvements for future games can be proposed in order to create a more realistic game. Keywords: video games, survival games, survival behavior, risk-taking, group influence The originality of this thesis has been checked using the Turnitin OriginalityCheck service. 1 Table of Contents 1 INTRODUCTION ........................................................................................................
    [Show full text]
  • 11 Bit Studios – Annual Report of for 2018
    WIG40 LETTER FROM THE MANAGEMENT BOARD Warsaw, March 27th 2019 Dear Shareholders and Investors Please be invited to read the 2018 Annual Report of 11 bit studios S.A. It was an absolutely outstanding year for our Company, both in terms of our business achievements and financial performance. 2018 saw the premieres of Frostpunk (April 24th) and Moonlighter (May 29th), released by our 11 bit publishing division. Both releases turned out quite impressive. Frostpunk quickly moved to top positions on bestseller lists of the world's most important digital platforms, headed by Steam. Also Moonlighter climbed right up to the top on Steam, a major achievement for a relatively low-budget game of this size. The market success of Frostpunk and Moonlighter, backed by a number of awards and distinctions, demonstrated quite clearly that 11 bit studios S.A. has achieved world-class competence in the creation and release of video games. Furthermore, solid sales of both titles after mid-2018, supported by our marketing initiatives such as DLC packs and releases on new hardware platforms or in new language versions, have proved 11 bit studios S.A.’s competence in long-term monetisation of game products. The excellent sales figures reported for Frostpunk, Moonlighter and This War of Mine (even though it premiered more than four years ago) translated into record-high financial performance of 11 bit studios S.A. For 2018, the Company reported PLN 82.11m in revenue (up 328.8% on 2017) and PLN 46.95m in operating profit (up 516.1%). Net earnings came in at PLN 37.55m, a nearly ten-fold increase on the figure reported in 2018.
    [Show full text]
  • Ten Square Games
    Sector Report 1/2020/SR (50) May 5, 2020 This is a selected fragment of DM BOŚ SA’s research report. Analyst: Tomasz Rodak, CFA, [email protected], +48 (22) 504 33 23 Video Games; Recommendations Company Last Market LT fundamental ST market- 12M EFV Upside price Cap rating relative bias (PLN) (downside) (PLN) (US$ m) to 12M EFV Gaming is crisis-proof* 11 bit studios 415.00 949 Hold (↓) Neutral (↓) 538.0 (↑) 30% CD Projekt 357.50 34,363 Hold (→) Overweight (→) 352.0 (↑) -2% CI Games 0.70 113 Hold (→) Neutral (→) 0.64 (↑) -9% PlayWay 426.50 2,815 Hold (→) Neutral (→) 376.0 (↑) -12% Ten Square Games 453.00 3,280 Buy (→) Overweight (→) 503.0 (↑) 11% *at least in the short term Source: WSE, DM BOŚ SA estimates Video games developers; Multiples Since the bottom of the market collapse in mid-March, Market Cap P/E EV/EBIT WIG.GAMES has grown 86%, already exceeding the (US$ m) 2020E 2021E 2022E 2020E 2021E 2022E WSE listed companies pre-crisis level by 12%. At the same time the WIG index 11 bit studios 227 33.0 40.6 9.0 26.6 31.8 6.6 increased 21% and still stays 23% off of February’s CD Projekt 8,215 17.5 24.3 17.2 15.1 20.9 14.4 highs. The relative strength of game developers (vs wide CI Games 27 neg. 5.3 neg. neg. 2.9 neg. PlayWay 673 28.2 23.3 19.4 24.3 19.7 16.5 market) seems fully warranted as we observe a positive Ten Square Games 784 16.9 14.5 12.5 14.3 12.0 10.1 impact of the stay-home regulations imposed in the global Median 22.9 23.3 14.8 19.7 19.7 12.3 combat against the COVID-19 epidemic.
    [Show full text]