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Trigon DM raised Artifex Mundi’s share target price to PLN 19.2


The broker raised Artifex Mundi’s share target price to PLN 19.2 from PLN 18.7, upholding its “buy” recommendation. The report was published on 13 June with a rate of PLN 11.75.

“We believe that the growth potential is still not exhausted, and the following months should bring a continuation of positive trends, which, given the low valuation (7x P/E 2023 on our forecast), should create an investment opportunity,” as one can read in the Trigon DM’s report.


“We forecast that revenues from the F2P segment will increase by 168% YoY in 2023, and in 2024 and 2025, they will increase by 30% and 20%, respectively. We assume further erosion of revenues in the HOPA and Premium gaming segments. We assume that the percentage share of royalties in relation to revenues from the HOPA and F2P segments will decrease (the F2P segment records lower royalty costs in relation to revenues). We assume that User Acquisition costs will remain at 60% of F2P revenues throughout the forecast period. We assume that the dynamics of spending on games at the level of capitalized costs of games will amount to approx. 10% YoY in the next three years, 2023-25 (included in CAPEX on DCF),” claims Kacper Koproń (Trigon DM), the author of the report.

TRIGON’S REPORT [in polish]