CI Games S.A. (CIG) AI Stock Analysis

CI Games S.A.

(Warsaw:CIG)

Select Model

Rating:41Neutral

Price Target:PLN 3.00▲(29.03% Upside)

Action:initiatedcoverage

Date:09/16/25

CI Games S.A. earns a very low score due to severe recent financial deterioration: collapsed revenues, negative margins, and deeply negative valuation metrics. Low balance sheet risk provides some cushion, but inconsistent cash flow and the lack of any technical or valuation strength drive the score down. No usable technical, earnings call, or corporate event data is available, so the overall analysis is dominated by poor financials and valuation.

Positive Factors

Strong Operating Cash FlowA strong operating cash flow indicates effective cash generation from core operations, providing a solid foundation for reinvestment and financial stability.

Negative Factors

Declining RevenueSignificant revenue decline poses a challenge to sustaining growth and profitability, necessitating strategic adjustments to stabilize and grow sales.

CI Games S.A. (CIG) vs. SPDR S&P 500 ETF (SPY)

Market Cap: PLN 508.77M
Dividend Yield: ―
Average Volume (3M): 245.84K
Price to Earnings (P/E): 305.9
Beta (1Y): 0.74
Revenue Growth: 11.14%
EPS Growth: 985.71%
Country: PL
Employees: 166
Sector: Communication Services
Sector Strength: 60
Industry: Electronic Gaming & Multimedia

CI Games S.A. Business Overview & Revenue Model

Company Description

Based in Warsaw, Poland, CI Games S.A. commenced operations in 2002. This global entertainment software company is actively involved in the creation, release, and worldwide marketing of video games, catering to markets throughout Europe, the Americas...

How the Company Makes Money

CI Games generates revenue primarily through the sale of video game titles across various platforms, including physical and digital distribution. The company earns money from both direct game sales and additional revenue from downloadable content (DL...

CI Games S.A. Financial Statement Overview

Summary

Financial performance is weak, with a drastic revenue decline (68% drop), gross profit margin collapse (from 56% to 28%), and negative net and EBIT margins in 2024. Balance sheet leverage is low, but return on equity has turned negative. While operation-related cash flow is still robust, overall free cash flow growth is sharply negative and volatile, heightening risk.

Income Statement

33Negative

Balance Sheet

67Positive

Cash Flow

54Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	70.71M	73.78M	80.79M	244.98M	56.69M	105.53M
Gross Profit	38.07M	33.67M	22.46M	136.43M	40.74M	65.93M
EBITDA	28.05M	32.72M	43.43M	90.95M	19.88M	63.20M
Net Income	1.74M	3.42M	-6.92M	13.05M	8.20M	38.34M
Balance Sheet
Total Assets	322.83M	281.91M	233.96M	274.99M	179.26M	152.11M
Cash, Cash Equivalents and Short-Term Investments	21.49M	2.03M	6.29M	30.23M	7.11M	37.84M
Total Debt	61.57M	52.42M	16.69M	60.13M	22.58M	4.89M
Total Liabilities	85.50M	121.22M	78.32M	114.72M	37.04M	17.00M
Stockholders Equity	232.73M	156.35M	153.05M	157.60M	140.81M	133.41M
Cash Flow
Free Cash Flow	-92.92M	-42.12M	18.20M	-11.89M	-48.49M	9.64M
Operating Cash Flow	-7.52M	44.24M	89.52M	71.11M	31.74M	54.05M
Investing Cash Flow	-81.54M	-84.90M	-77.96M	-82.99M	-80.11M	-43.98M
Financing Cash Flow	102.20M	36.40M	-35.58M	35.44M	17.24M	-420.00K

CI Games S.A. Technical Analysis

Technical Analysis SentimentNegative

Last Price2.33

Price Trends

50DMA2.45Negative

100DMA2.46Negative

200DMA2.63Negative

Market Momentum

MACD-0.03Positive

RSI34.05Neutral

STOCH20.39Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PL:CIG, the sentiment is Negative. The current price of 2.33 is below the 20-day moving average (MA) of 2.45, below the 50-day MA of 2.45, and below the 200-day MA of 2.63, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 34.05 is Neutral, neither overbought nor oversold. The STOCH value of 20.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PL:CIG.

CI Games S.A. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (60)

Financial Indicators

PL:CIG against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PL:CRJ	67Neutral	PLN 254.21M	5.65	34.87%	11.80%	125.72%	141.73%
PL:CDR	63Neutral	PLN 25.73B	41.40	18.64%	0.39%	-14.35%	36.44%
Sector *	60Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
PL:BLO	53Neutral	PLN 431.47M	11.95	21.05%	―	81.45%	124.77%
PL:11B	51Neutral	PLN 282.81M	-112.50	-1.05%	―	-22.85%	-115.99%
PL:PCF	44Neutral	PLN 149.32M	-1.05	-94.10%	―	-23.45%	31.57%
PL:CIG	41Neutral	PLN 508.77M	305.92	0.91%	―	11.14%	985.71%

* Communication Services Sector Average

Performance Comparison

PL:CIG and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
PL:CIG	CI Games S.A.	2.33	-0.48	-17.11%
PL:CDR	CD Projekt SA	257.50	2.10	0.82%
PL:11B	11 Bit Studios SA	117.00	-58.20	-33.22%
PL:BLO	Bloober Team spolka akcyjna	22.35	-3.45	-13.37%
PL:CRJ	Creepy Jar SA	354.00	-44.58	-11.19%
PL:PCF	PCF Group SA	3.24	-0.75	-18.80%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 16, 2025

CI Games S.A. AI Stock Analysis