DM BDM analysts issued a “buy” recommendation for Artifex Mundi, setting the target price at PLN 22.8. The initiating report, as part of the Exchange’s Analytical Coverage Support Program, was published on August 30 with a rate of PLN 17.6.
“In the past few months, the company has consistently exceeded our expectations regarding the monetization of Unsolved. Apart from the impressive revenue growth, the most surprising factor for us has been the shift in the trajectory of marketing expenditures. Through further improvement in the KPIs of this application, despite seasonally unfavorable market conditions (high CPI), the company continues to increase user acquisition investments while simultaneously maintaining consistent expected returns. Keeping the above in mind, we anticipate that when user acquisition costs begin to decline (likely around the end of the 3rd or beginning of the 4th quarter), the potential of the implemented changes in the application should be further unlocked, resulting in its continued dynamic progression of results,” as one can read in the recommendation, which was written by Krzysztof Tkocz.
The BDM analyst reminded that “a new metagame should significantly translate into an improvement of the application’s KPIs.”
