Updating Estimates to Reflect Industry Outlook

Goldman Sachs maintains its Sell rating on CD Projekt, lowering long-term revenue estimates by up to 19% due to the GOG business sale and a weakening macro outlook for AAA gaming.

Key Takeaways

• 1.Goldman Sachs maintains a Sell rating on CD Projekt with a revised price target of PLN223, citing a challenging macro environment for AAA games.
• 2.Revenue estimates for FY26-29 have been lowered by 9% to 19% to reflect the sale of the GOG business and reduced demand assumptions.
• 3.EPS estimates for the forecast period were adjusted by -1% to +10%, partially buoyed by a one-off gain from the GOG sale in 2025.

Table of Contents

• Changes to estimates
• Valuation and key risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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