olivLaw · European equity research
CD PROJEKT S.A. CDR.WA
Poland · GPW Warszawa · ISIN PLOPTTC00011 · Vertical: Listed companies from Poland
CD PROJEKT S.A. is a Polish video game developer and publisher whose core business covers games and digital distribution. Its 2022 annual report shows net profit attributable to shareholders of 347,093 thousand PLN, with revenue from sales higher than the prior year.
At the close of 05 Nov 2026, CD PROJEKT S.A. (CDR.WA) stock was 262.60 PLN (−0.53% on the day), with market capitalisation 26.4 bn PLN, P/E 76.3 on diluted EPS of 3.44 PLN over the last 12 months, dividend yield 0.38%, beta 0.72, 52-week range 217.40–293.10 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.9
- neutral
- Bollinger (20, 2)
- 253.99 – 274.13
- in the lower half of the band · %B 0.43 · band width 7.6%
- SMA 50 / 200
- 250.34 / 248.16
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.72 / 4.14
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.6% | −0.6% | +4.2 pp | — |
| 3 months | +5.7% | −4.2% | +9.8 pp | — |
| 6 months | −1.3% | +4.3% | −5.6 pp | — |
| Year to date | +9.0% | +7.5% | +1.5 pp | — |
| 1 year | +5.0% | +9.9% | −5.0 pp | +7.1% |
| 3 years | +139.6% | +49.8% | +89.8 pp | +3.3% |
| 5 years | +46.9% | +42.8% | +4.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 24.0, median 37.7, max 93.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 2.1 bn | 888.2 m | 952.6 m |
| Revenue YoY | unavailable | −58.5% | +7.3% |
| Net income | 1.2 bn | 208.9 m | 347.1 m |
| Net income YoY | unavailable | −81.8% | +66.1% |
| Diluted EPS | 11.45 | 2.07 | 3.44 |
| Diluted EPS YoY | unavailable | −81.9% | +66.2% |
| net % | 53.8% | 23.5% | 36.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 277.8 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 2.0 bn PLN
- Total assets
- 2.3 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 5.64x
- ROE
- 17.7%
- ROA
- 15.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.1 bn | 888.2 m | 952.6 m | esef· 04 May 2023verified |
| Cost of revenue | 491.4 m | 250.2 m | 244.0 m | esef· 04 May 2023verified |
| Gross profit | 1.6 bn | 637.9 m | 708.6 m | esef· 04 May 2023verified |
| Research & development | 256.1 m | 107.4 m | 111.6 m | esef· 04 May 2023verified |
| Operating income | 1.2 bn | 232.9 m | 377.3 m | esef· 04 May 2023verified |
| Interest expense | 9.2 m | 23.3 m | 55.7 m | esef· 04 May 2023verified |
| Pre-tax income | 1.2 bn | 219.1 m | 393.2 m | esef· 04 May 2023verified |
| Income tax | 14.8 m | 10.2 m | 46.1 m | esef· 04 May 2023verified |
| Net income | 1.2 bn | 208.9 m | 347.1 m | esef· 04 May 2023verified |
| Diluted EPS | 11.45 | 2.07 | 3.44 | esef· 04 May 2023verified |
| Dividend per share | 0.00 | 4.99 | 1.00 | esef· 04 May 2023derived |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 563.3 m | 411.6 m | 277.8 m | esef· 04 May 2023verified |
| Inventories | 7.0 m | 15.9 m | 12.7 m | esef· 04 May 2023verified |
| Current assets | 2.1 bn | 1.3 bn | 1.2 bn | esef· 04 May 2023verified |
| Property, plant & equipment, net | 105.3 m | 119.6 m | 145.3 m | esef· 04 May 2023verified |
| Goodwill | 56.4 m | 56.4 m | 56.4 m | esef· 04 May 2023verified |
| Total assets | 2.9 bn | 2.2 bn | 2.3 bn | esef· 04 May 2023verified |
| Current liabilities | 541.0 m | 228.3 m | 204.5 m | esef· 04 May 2023verified |
| Equity | 2.2 bn | 1.9 bn | 2.0 bn | esef· 04 May 2023verified |
| Shares outstanding at year end | 96.5 m | 100.9 m | 100.6 m | esef· 04 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 711.7 m | 967.8 m | 406.0 m | esef· 04 May 2023verified |
| Investing cash flow | -106.4 m | -613.8 m | -335.6 m | esef· 04 May 2023verified |
| Financing cash flow | -91.4 m | -505.8 m | -204.2 m | esef· 04 May 2023verified |
| Dividends paid | 0 | 503.7 m | 100.7 m | esef· 04 May 2023verified |
| Share repurchases | — | 0 | 100.0 m | esef· 04 May 2023verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 26.4 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 36.4% | 95 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.8x | 81 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 5.6x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 76.3x | 5 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.8% | 11 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet89/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial95/100 · 1/3 factors with a value
- Returns· partial11/100 · 1/2 factors with a value
- Valuation· partial5/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CD PROJEKT S.A. (CDR.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 952.6 m PLN in 2022; YoY growth 7.3%; net margin 36.4%; ROE 17.7%.
The estimated value range is 15.87–36.31 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 24.46 PLN, the price of 262.60 PLN leaves a potential of -90.7% (value / price − 1) and a margin of safety of -973.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 36.4%
- Interest coverage: 6.8x
- Current ratio: 5.6x
What contradicts it
- P/E (TTM): 76.3x
- Shareholder yield (distributions): 0.8%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CDR.WACd Projekt S.A. | 26.4 bn | 76.3 | 17.7% | 36.4% | +7.3% | +2% / +141% |
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for CDR.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 159.98 Total return -39% · Per year -39% | 282.46 Total return 8% · Per year 8% | 424.97 Total return 62% · Per year 62% |
| 3 years | 163.96 Total return -37% · Per year -14% | 324.91 Total return 25% · Per year 8% | 535.47 Total return 106% · Per year 27% |
| 5 years | 168.05 Total return -34% · Per year -8% | 373.74 Total return 45% · Per year 8% | 674.71 Total return 160% · Per year 21% |
- Exit P/E± 81.23
- Net margin± 56.86
- Annual revenue growth± 45.47
- Annual dilution± 4.78
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CD PROJEKT S.A. is a Polish video game developer and publisher whose core business covers games and digital distribution. Its 2022 annual report shows net profit attributable to shareholders of 347,093 thousand PLN, with revenue from sales higher than the prior year.
SWOT
Strengths
- The group reported high net profit attributable to shareholders in 2022 and holds substantial equity, giving it flexibility.
- Revenue is diversified between own products and sales of goods and materials, reducing reliance on a single revenue source.
- Long-term debt is limited relative to equity, supporting financial stability.
Weaknesses
- Operating cash flows fell in 2022 versus the prior year, which could limit internal funding.
- The dividend per share declined compared with the previous year, a sign of reallocated capital.
- The business depends on the success of a limited number of launches, which could create revenue volatility.
Opportunities
- Higher sales revenue could provide a base for new investment in development projects.
- Expanding digital distribution could raise recurring revenue if the strategy proves effective.
- Leveraging existing intellectual property could support new products and franchise extensions.
Threats
- Competition from large international publishers with bigger budgets could affect market share.
- Delays in product launches could weigh on revenue and investor confidence.
- Currency and interest rate risks noted in the report could influence financial results.
Risks
- Launch concentrationhigh
Revenue may depend on the success of a few major titles, which could create volatility if a project is delayed or underperforms.
- Declining operating cash flowsmedium
Lower operating cash flows could limit funding for development if the trend persists.
- Currency riskmedium
The report notes currency risk on foreign-currency assets and liabilities, which could affect results if exchange rates move significantly.
- Interest rate risklow
Interest income depends on rate levels, and changes could influence financial results.
- Market risk on bondslow
Foreign bonds measured at fair value are exposed to market price volatility, which could affect reported results.
Investment thesis
What would need to be true (bull case)
- Higher revenue and net profit in 2022 could indicate a recovery in commercial activity, supported by a solid balance sheet.
- Substantial equity and limited debt could provide flexibility to invest in new development projects.
- Diversified revenue between products and goods could reduce the risk tied to a single source of income.
What would break the thesis
- Lower operating cash flows could signal pressure on cash generation over the medium term.
- Dependence on successful launches could lead to volatility and uneven results from year to year.
- A lower dividend per share could indicate caution in capital allocation, which investors may interpret differently.
What to watch
- Trend in operating cash flows and internal funding capacity2023
- Major product launches and their timing2023
- Dividend policy for future fiscal yearsnext 10-K
- Evolution of currency exposure and interest rate risk2023
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The CD PROJEKT group is a video game company based in Poland; its consolidated report for fiscal 2022 shows revenue from products of 1,767,499 thousand PLN and from goods and materials of 1,183,117 thousand PLN. The balance sheet also includes capitalised development costs and intangible assets, pointing to a significant in-house development component. The company closed the year with total assets of 2,274,124 thousand PLN, of which equity of 2,033,404 thousand PLN is the largest part.
On the liabilities side, long-term debt is modest compared with equity, giving the group financial flexibility for investment. Operating cash flows were positive in 2022 but fell markedly from 2021, an element to monitor in coming periods.
The dividend policy in 2022 was reflected in a declared dividend of 1.00 PLN per share, below the 5.00 PLN per share of 2021, suggesting a change in capital allocation.
Segments
Product revenue
Revenue from product sales, at 1,767,499 thousand PLN in 2022, is the largest component of the group's top line 1.
Goods and materials revenue
Revenue from the sale of goods and materials, at 1,183,117 thousand PLN in 2022, complements the core business and contributes significantly to total revenue 1.
Market context
The annual report does not describe the video game market in detail; market context would need to come from other official sources. From the consolidated financials, revenue is split between own products and goods and materials, and the weight of these categories may vary with product launches.
Demand for the group's products may depend on release cycles and general economic conditions, factors not quantified in the annual report analysed here and to be followed in later company communications.
Trends
- Rising sales revenuetailwind
Sales revenue rose in 2022 versus 2021 and net profit increased significantly, which could suggest a recovery in commercial activity if the trend holds.
- Declining operating cash flowsheadwind
Operating cash flows fell in 2022 versus 2021, which could limit internal funding capacity if the decline continues.
- Dividend policymixed
The declared dividend per share fell in 2022 versus 2021, a change that could reflect prioritising investment or capital reserves.
- Investment in developmentmixed
Capitalised development costs and intangible assets are important balance sheet items, suggesting a continued orientation toward in-house product development.
Competitive position
The annual report analysed does not name the group's competitors. The competitive landscape in video games is typically dominated by large international companies, and direct comparisons would require data from their reports.
The group's competitive position depends on the success of product launches and on sustaining recurring revenue, which could be affected by pressure from rivals with larger development budgets.
- Activision BlizzardATVI
US video game company cited as an industry example; its financial data should be checked in its own reports.
- Electronic ArtsEA
US video game company with a broad portfolio; comparison with the Polish group requires data from its reports.
- Take-Two InteractiveTTWO
US publisher of video games, a potential competitor in the big-budget segment.
- Ubisoft
French video game publisher, an international competitor in the big-budget segment, listed in France.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202204 May 2023
- Annual report 202119 Apr 2022
- Annual report 202104 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / CD PROJEKT S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.