PLAYSIDE STUDIOS LIMITED (PLY)
Share Price Analysis and Chart

03/04/2025

1

Buy

$0.50

270.37%

Playside Studios has announced a restructure to reduce its cost base by between -$4-5m without affecting key original IP projects, notes Shaw and Partners.

The restructure is a prudent move, suggests the broker, to preserve cash ahead of the anticipated launch of its flagship title, Mouse, in the second half of 2025.

Mouse momentum continues to build, highlight the analysts, with social followers rising 6% since February. Shaw sees an opportunity for investors to play the likely excitement around this title through H2 of FY25.

FY25 guidance is unchanged, including a forecast closing cash balance between $10-15m. 

Shaw and Partners retains a Buy High Risk rating and 50 cent target price.

FORECAST
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -3.10 cents.
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

20/04/2025

1

Buy

$0.50

270.37%

Canaccord Genuity's new analyst covering Playside Studios has revisited the investment thesis for the company.

The analyst notes the company managed to generate cash to fund its original games pipeline from its work-for-hire business, despite broader industry challenges. Going into FY26, the broker expects the phased release of major games to drive operating leverage and free cash flow.

The broker is forecasting FY25 revenue of $51m vs the company's guidance of $50-54m, and earnings (EBITDA) loss of -$9m compared with guidance loss of -$6-10m.

Minor changes to EPS forecasts. Buy. Target unchanged at 50c.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -3.90 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.10 cents.