Mispriced Opportunity: Niche Video Game Developer Only 8x Earnings

In an industry dominated by publishers with enormous budgets, we've identified a European gaming studio that combines artistic vision with commercial success, while trading under 10 times normalized earnings. This small developer has demonstrated an ability to create critically acclaimed titles on modest budgets, generating high returns on investment. With strong margins, experienced management holding significant ownership stakes, and favorable tax treatment, we believe investors have overreacted to temporary challenges. The stock is down 60% but we think the upcoming release of a highly anticipated title could be the catalyst to take shares back towards their peak. Let’s dig in…