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Company overview

Remedy: Higher conviction on game sales

Redeye Research Note timeStamp 2019/09/09

We have looked at two more sales indicators for the game Control. The conclusion is that the game likely has sold better than our last estimates a week ago.

On Friday, September 6 we got a much better picture on both digital and physical sales from the entire EMEAA-regions (meaning Europe, Middle East, Asia, and Africa). The only major market that is excluded is North America, perhaps one of Remedy’s strongest markets.

https://www.gamesindustry.biz/articles/2019-09-06-supermassive-the-dark-pictures-tops-emeaa-chart

On the website gamestat.com, the game Control sold 91 000 units on Playstation the first 5-6 days. In our game sales model this means Control will sell approximately 250 000 -270 000 units on console (digital and psychical) in about one month. PC included we model total sales of 380 000 units in one month. (UPDATED)

http://gamstat.com/games/

We estimate the game will generate approximately EUR 7.5 million at full price. Adding a minimum guarantee from Epic Games Store and additional sales from discounts on the game we estimate revenues of approximately EUR 5.5 million (total EUR 13 million) during the second half of this year.

We raise our financial projections on revenues from the game Control. We estimate EUR 13 million (previous EUR 10.6 million) of revenue will be generated from the game. This is also a higher sales number than our initial estimate of EUR 11.8 million.

We also yet again raise our base case to EUR 14 (EUR 13) after a higher conviction on game sales. Our fair value range of EUR 6-21 is unchanged.

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