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Codemasters Group Holdings

AIM:CDM
Snowflake Description

Flawless balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CDM
AIM
£356M
Market Cap
  1. Home
  2. GB
  3. Media
Company description

Codemasters Group Holdings Plc, together with its subsidiaries, develops and sells racing games in the United Kingdom and internationally. The last earnings update was 130 days ago. More info.


Add to Portfolio Compare Print
  • Codemasters Group Holdings has significant price volatility in the past 3 months.
CDM Share Price and Events
7 Day Returns
-1.3%
AIM:CDM
-2%
GB Entertainment
-2.2%
GB Market
1 Year Returns
2.4%
AIM:CDM
-28.5%
GB Entertainment
-25.9%
GB Market
CDM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Codemasters Group Holdings (CDM) -1.3% -21.4% -15.5% 2.4% - -
GB Entertainment -2% -22.5% -32% -28.5% -61.5% -52.2%
GB Market -2.2% -21.7% -29.6% -25.9% -26.6% -26.2%
1 Year Return vs Industry and Market
  • CDM outperformed the Entertainment industry which returned -28.5% over the past year.
  • CDM outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -25.9% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Codemasters Group Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Codemasters Group Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Codemasters Group Holdings.

AIM:CDM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.4%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for AIM:CDM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.1%
Entertainment Unlevered Beta Simply Wall St/ S&P Global 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.952 (1 + (1- 19%) (0.05%))
0.968
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.97
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (0.968 * 6.07%)
6.41%

Discounted Cash Flow Calculation for AIM:CDM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Codemasters Group Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

AIM:CDM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 6.41%)
2020 9.03 Analyst x6 8.49
2021 14.58 Analyst x4 12.87
2022 11.70 Analyst x3 9.71
2023 0.01 Analyst x1 0.01
2024 0.01 Est @ -58.05% 0.00
2025 0.00 Est @ -40.48% 0.00
2026 0.00 Est @ -28.17% 0.00
2027 0.00 Est @ -19.56% 0.00
2028 0.00 Est @ -13.54% 0.00
2029 0.00 Est @ -9.32% 0.00
Present value of next 10 years cash flows £31.00
AIM:CDM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £0.00 × (1 + 0.53%) ÷ (6.41% – 0.53%)
£0.02
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £0.02 ÷ (1 + 6.41%)10
£0.01
AIM:CDM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £31.00 + £0.01
£31.01
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £31.01 / 151.33
£0.2
AIM:CDM Discount to Share Price
Calculation Result
Value per share (GBP) From above. £0.20
Current discount Discount to share price of £2.35
= -1 x (£2.35 - £0.20) / £0.20
-1046.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Codemasters Group Holdings is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Codemasters Group Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Codemasters Group Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AIM:CDM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in GBP £0.15
AIM:CDM Share Price ** AIM (2020-04-03) in GBP £2.35
United Kingdom of Great Britain and Northern Ireland Entertainment Industry PE Ratio Median Figure of 10 Publicly-Listed Entertainment Companies 29.78x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 12.32x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Codemasters Group Holdings.

AIM:CDM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AIM:CDM Share Price ÷ EPS (both in GBP)

= 2.35 ÷ 0.15

15.25x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Codemasters Group Holdings is good value based on earnings compared to the GB Entertainment industry average.
  • Codemasters Group Holdings is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Codemasters Group Holdings's expected growth come at a high price?
Raw Data
AIM:CDM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.25x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
10.3%per year
United Kingdom of Great Britain and Northern Ireland Entertainment Industry PEG Ratio Median Figure of 6 Publicly-Listed Entertainment Companies 2.42x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 518 Publicly-Listed Companies 0.97x

*Line of best fit is calculated by linear regression .

AIM:CDM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.25x ÷ 10.3%

1.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Codemasters Group Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Codemasters Group Holdings's assets?
Raw Data
AIM:CDM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in GBP £0.44
AIM:CDM Share Price * AIM (2020-04-03) in GBP £2.35
United Kingdom of Great Britain and Northern Ireland Entertainment Industry PB Ratio Median Figure of 17 Publicly-Listed Entertainment Companies 1.14x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,323 Publicly-Listed Companies 1.06x
AIM:CDM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AIM:CDM Share Price ÷ Book Value per Share (both in GBP)

= 2.35 ÷ 0.44

5.39x

* Primary Listing of Codemasters Group Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Codemasters Group Holdings is overvalued based on assets compared to the GB Entertainment industry average.
X
Value checks
We assess Codemasters Group Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Entertainment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Entertainment industry average (and greater than 0)? (1 check)
  5. Codemasters Group Holdings has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Codemasters Group Holdings expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Codemasters Group Holdings expected to grow at an attractive rate?
  • Codemasters Group Holdings's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Codemasters Group Holdings's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • Codemasters Group Holdings's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
AIM:CDM Future Growth Rates Data Sources
Data Point Source Value (per year)
AIM:CDM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 10.3%
AIM:CDM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 15.5%
United Kingdom of Great Britain and Northern Ireland Entertainment Industry Earnings Growth Rate Market Cap Weighted Average 33.8%
United Kingdom of Great Britain and Northern Ireland Entertainment Industry Revenue Growth Rate Market Cap Weighted Average 10.8%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
AIM:CDM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
AIM:CDM Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-03-31 126 34 17 1
2022-03-31 109 33 18 4
2021-03-31 109 47 21 6
2020-04-04
2020-03-31 81 39 12 8
AIM:CDM Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-09-30 71 34 22
2019-06-30 71 29 13
2019-03-31 71 24 4
2018-12-31 63 27 -3
2018-09-30 54 30 -10
2018-06-30 59 36 -6
2018-03-31 64 42 -2
2017-03-31 50 27 -13

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Codemasters Group Holdings's earnings are expected to grow by 10.3% yearly, however this is not considered high growth (20% yearly).
  • Codemasters Group Holdings's revenue is expected to grow by 15.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
AIM:CDM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Codemasters Group Holdings Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AIM:CDM Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-03-31 0.11 0.11 0.11 1.00
2022-03-31 0.12 0.15 0.10 3.00
2021-03-31 0.14 0.17 0.11 4.00
2020-04-04
2020-03-31 0.08 0.10 0.07 6.00
AIM:CDM Past Financials Data
Date (Data in GBP Millions) EPS *
2019-09-30 0.15
2019-06-30 0.09
2019-03-31 0.03
2018-12-31 -0.02
2018-09-30 0.00
2018-06-30 0.00
2018-03-31 -0.70
2017-03-31 -0.56

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Codemasters Group Holdings is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Codemasters Group Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Codemasters Group Holdings has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Codemasters Group Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Codemasters Group Holdings's growth in the last year to its industry (Entertainment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Codemasters Group Holdings has delivered over 20% year on year earnings growth in the past 5 years.
  • Codemasters Group Holdings has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Codemasters Group Holdings has become profitable in the last year making it difficult to compare the GB Entertainment industry average.
Earnings and Revenue History
Codemasters Group Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Codemasters Group Holdings Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AIM:CDM Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 71.30 21.57 23.10 21.72
2019-06-30 71.26 12.65 23.15 25.01
2019-03-31 71.22 3.72 23.19 28.29
2018-12-31 62.57 -3.31 19.62 23.82
2018-09-30 53.93 -10.34 21.56 19.34
2018-06-30 58.75 -6.40 22.26 21.05
2018-03-31 63.57 -2.46 22.96 22.76
2017-03-31 50.06 -12.62 13.35 14.93
2016-03-31 31.00 -9.96 7.62 11.47
2015-03-31 25.56 -19.49 6.18 11.46
2014-03-31 51.97 -7.78 15.64 23.40

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Codemasters Group Holdings has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Codemasters Group Holdings used its assets more efficiently than the GB Entertainment industry average last year based on Return on Assets.
  • Unable to establish if Codemasters Group Holdings improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Codemasters Group Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Entertainment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Codemasters Group Holdings has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Codemasters Group Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Codemasters Group Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Codemasters Group Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Codemasters Group Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Codemasters Group Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Codemasters Group Holdings has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Codemasters Group Holdings Company Filings, last reported 6 months ago.

AIM:CDM Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 60.48 0.00 24.80
2019-06-30 60.48 0.00 24.80
2019-03-31 49.73 0.00 18.44
2018-12-31 49.73 0.00 18.44
2018-09-30 37.61 0.28 17.04
2018-06-30 37.61 0.28 17.04
2018-03-31 -100.27 121.67 9.14
2017-03-31 -101.17 122.47 1.25
2016-03-31 -86.78 102.29 0.81
2015-03-31 -75.79 84.31 0.51
2014-03-31 -54.31 51.23 0.30
  • Codemasters Group Holdings has no debt.
  • Codemasters Group Holdings currently has no debt however we can't compare to 5 years ago as we have no data for that period.
  • Codemasters Group Holdings has no debt, it does not need to be covered by operating cash flow.
  • Codemasters Group Holdings has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Codemasters Group Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Codemasters Group Holdings has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Codemasters Group Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Codemasters Group Holdings dividends. Estimated to be 0% next year.
If you bought £2,000 of Codemasters Group Holdings shares you are expected to receive £0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Codemasters Group Holdings's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Codemasters Group Holdings's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
AIM:CDM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Europe Entertainment Industry Average Dividend Yield Market Cap Weighted Average of 26 Stocks 2.6%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 595 Stocks 5.7%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.7%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

AIM:CDM Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-03-31 0.00 1.00
2022-03-31 0.00 3.00
2021-03-31 0.00 3.00
2020-04-04
2020-03-31 0.00 3.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Codemasters Group Holdings has not reported any payouts.
  • Unable to verify if Codemasters Group Holdings's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Codemasters Group Holdings's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Codemasters Group Holdings has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Codemasters Group Holdings's dividends in 3 years as they are not expected to pay a notable one for United Kingdom of Great Britain and Northern Ireland.
X
Income/ dividend checks
We assess Codemasters Group Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Codemasters Group Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Codemasters Group Holdings has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Codemasters Group Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Frank Sagnier
COMPENSATION £955,264
AGE 57
TENURE AS CEO 6.3 years
CEO Bio

Mr. Frank Theodore Sagnier was the Senior Vice President of Global Business Development and European Managing Director at Double Fusion, Inc. He served as the Chief Executive Officer of IsCool Entertainment since October 2, 2012. Mr. Sagnier served as the Chief Executive Officer of Power Challenge AB since March 2009. Mr. Sagnier served as the Managing Director, Chief Executive Officer and Member of Management Board of Funcom N.V until July 9, 2012. He was responsible for developing and managing Electronic Arts Europe's online business division, successfully launching EA's casual game portal Pogo in the UK and Germany, launching direct to consumer PC digital distribution and launching dynamic in game advertising. During his tenure at EA, he was involved in the marketing of major EA franchises such as The Sims, Harry Potter and FIFA, launched POGO's EA casual web casual game portal in the UK and Germany, started PC digital distribution and in game advertising in Europe. Mr. Sagnier served as Vice President of Online Publishing Europe of Electronic Arts. As Vice President of European Marketing at Electronic Arts, Mr. Sagnier was involved with some of the biggest brands in interactive entertainment such as 'The Sims' - the world's most successful PC game to date, as well as FIFA or the Harry Potter franchise. He then built the EA Partners European business division, responsible for publishing and distributing externally developed products. He served at Electronic Arts for 8 years. He had a 3 year stint in the film business as UK Marketing Director for Warner Bros. Film Distribution, launching movies such as Batman and Lethal Weapon. He has more than 15 years of experience in the games industry. He started his career at Grey Advertising Paris where he looked after Procter & Gamble brands for several years before creating Grey Entertainment and Media, a division specializing in entertainment clients such as Warner Bros., Acclaim Entertainment and Sony Music. Mr. Sagnier served as a Member of Supervisory Board of Funcom N.V. since 2008.

CEO Compensation
  • Insufficient data for Frank to compare compensation growth.
  • Frank's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team

Frank Sagnier

TITLE
CEO & Director
COMPENSATION
£955K
AGE
57
TENURE
6.3 yrs

Rashid Varachia

TITLE
CFO & Director
COMPENSATION
£615K
AGE
47
TENURE
5.3 yrs

Clive Moody

TITLE
Senior Vice President of Product Development

William Bell

TITLE
Executive Director
Board of Directors Tenure

Average tenure and age of the Codemasters Group Holdings board of directors in years:

1.9
Average Tenure
58.5
Average Age
  • The average tenure for the Codemasters Group Holdings board of directors is less than 3 years, this suggests a new board.
Board of Directors

Gerhard Florin

TITLE
Independent Non-Executive Chairman
COMPENSATION
£42K
AGE
60
TENURE
1.9 yrs

Frank Sagnier

TITLE
CEO & Director
COMPENSATION
£955K
AGE
57

Rashid Varachia

TITLE
CFO & Director
COMPENSATION
£615K
AGE
47

William Bell

TITLE
Executive Director
TENURE
0.3 yrs

Ian Pierre Gomes

TITLE
Independent Non-Executive Director
COMPENSATION
£38K
AGE
61
TENURE
1.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
X
Management checks
We assess Codemasters Group Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Codemasters Group Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Can We See Significant Institutional Ownership On The Codemasters Group Holdings Plc (LON:CDM) Share Register?

Codemasters Group Holdings is a smaller company with a market capitalization of UK£305m, so it may still be flying under the radar of many institutional investors. … Check out our latest analysis for Codemasters Group Holdings AIM:CDM Ownership Summary, August 15th 2019 What Does The Institutional Ownership Tell Us About Codemasters Group Holdings? … As you can see, institutional investors own 60% of Codemasters Group Holdings.

Simply Wall St -

Codemasters Group Holdings Plc (LON:CDM) Earns A Nice Return On Capital Employed

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Codemasters Group Holdings: 0.19 = UK£11m ÷ (UK£77m - UK£21m) (Based on the trailing twelve months to March 2019.) Therefore, Codemasters Group Holdings has an ROCE of 19%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE. … What We Can Learn From Codemasters Group Holdings's ROCE Low current liabilities and high ROCE is a good combination, making Codemasters Group Holdings look quite interesting.

Simply Wall St -

Does The Data Make Codemasters Group Holdings Plc (LON:CDM) An Attractive Investment?

Today I've chosen to put the spotlight on Codemasters Group Holdings Plc (LON:CDM) due to its excellent fundamentals in more than one area. … For those interested in digger a bit deeper into my commentary, take a look at the report on Codemasters Group Holdings here. … AIM:CDM Past and Future Earnings, June 26th 2019 Next Steps: For Codemasters Group Holdings, I've put together three essential aspects you should further examine: Historical Performance: What has CDM's returns been like over the past?

Simply Wall St -

An Intrinsic Calculation For Codemasters Group Holdings Plc (LON:CDM) Suggests It's 22% Undervalued

Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (£, Millions) £8.75 £13.69 £16.73 £17.90 £21.30 £25.10 £27.67 £29.75 £31.42 £32.78 Growth Rate Estimate Source Analyst x4 Analyst x5 Analyst x5 Analyst x1 Analyst x1 Analyst x1 Est @ 10.22% Est @ 7.53% Est @ 5.64% Est @ 4.31% Present Value (£, Millions) Discounted @ 7.65% £8.13 £11.81 £13.41 £13.33 £14.73 £16.13 £16.51 £16.49 £16.18 £15.68 Present Value of 10-year Cash Flow (PVCF)= £142.41m "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 10-year government bond rate of 1.2%.

Simply Wall St -

Estimating The Intrinsic Value Of Codemasters Group Holdings Plc (LON:CDM)

by taking the expected future cash flows and discounting them to today's value. … discounted cash flows (DCF). … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

What Does Codemasters Group Holdings Plc's (LON:CDM) Ownership Structure Look Like?

I am going to take a deep dive into Codemasters Group Holdings Plc’s (LON:CDM) most recent ownership structure, not a frequent subject of discussion among individual investors. … When it comes to ownership structure of a company, the impact has been observed in both the long-and short-term performance of shares. … Therefore, it is beneficial for us to examine CDM's ownership structure in more detail.

Simply Wall St -

Company Info

Description

Codemasters Group Holdings Plc, together with its subsidiaries, develops and sells racing games in the United Kingdom and internationally. The company’s game portfolio comprise F1 2018, an official videogame of the 2018 FIA Formula One World Championship; F1 Race Stars; Toybox Turbos; F1 Mobile Racing; DiRT Rally 2.0; ONRUSH, an off-road arcade racing; and Grid 2. It also offers interactive entertainment software. The company was incorporated in 2007 and is headquartered in Southam, the United Kingdom.

Details
Name: Codemasters Group Holdings Plc
CDM
Exchange: AIM
Founded: 2007
£355,622,593
151,328,763
Website: http://www.codemasters.com
Address: Codemasters Group Holdings Plc
Codemasters Campus,
Stoneythorpe,
Southam,
Warwickshire, CV47 2DL,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AIM CDM Ordinary Shares London Stock Exchange AIM Market GB GBP 01. Jun 2018
DB 0NY Ordinary Shares Deutsche Boerse AG DE EUR 01. Jun 2018
Number of employees
Current staff
Staff numbers
511
Codemasters Group Holdings employees.
Industry
Interactive Home Entertainment
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 04:43
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2019/11/26
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.