CD Projekt (CDR)

Equity Research 19 August 2026 | 5:53PM BST

CD Projekt (CDR.WA): Updating estimates to factor in industry trends and launch cadence; Sell

Alexander Duval | Goldman Sachs International

Anant Jakhar | Goldman Sachs India SPL We update our estimates and 12M PT for CD Projekt to reflect the latest industry Ayo Odunaiya trends (more details below). | Goldman Sachs International

Changes to estimates Our FY26-29 revenue estimates are higher by +2% to +8% to reflect the cadence of new releases and our assumptions around the demand for AAA games in a tough macro backdrop. We change our gross profit estimates by +5% to +9% over FY26-29 reflecting our latest topline estimates. Our FY26-29 EBIT estimates change by +2% to +4% due to our topline, GMs and opex assumptions. Finally, our EPS estimates change by +2% to +5% across our forecast years, reflecting our updated EBIT forecasts.

Valuation and key risks We are Sell rated on CD Projekt, with a 12-month price target of PLN227 (vs PLN223 prior), based on a target P/E multiple of 40x (unchanged) applied to our slightly higher 3-year (CY25-27E) average EPS estimate. Key upside risks to our view and price target include better-than-expected sales of Cyberpunk, weaker competition from other titles and better-than-expected underlying video-game demand.

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Goldman Sachs CD Projekt (CDR.WA)

CDR.WA 12m Price Target: PLN227.00 Price: PLN258.30 Downside: 12.1%

Sell GS Forecast 12/25 12/26E 12/27E 12/28E Market cap: PLN26.1bn / $7.0bn Revenue (PLN mn) New 1, ,485.8 3,256.3 Enterprise value: Revenue (PLN mn) Old 1, ,373.4 3,174.2 PLN26.1bn / $7.0bn EBIT (PLN mn) ,016.9 3m ADTV: PLN85.7mn / $23.1mn EPS (PLN) New Poland EPS (PLN) Old European Semiconductors, P/E (X) Hardware and Gaming Tech Dividend yield (%) 0.0 0.0 NM NM M&A Rank: 3 CROCI (%) 16.5 12.4 -- -- Leases incl. in net debt & EV?: No N debt/EBITDA (ex lease,X) (0.3) (0.0) -- --

3/26 6/26E 9/26E 12/26E EPS (PLN)

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 18 Aug 2026 close.