CD Projekt: Carrying Minimum Upside Ahead Of Witcher 4 Launch Date Announcement

CD Projekt (WSE:CDR) boasts a fortress balance sheet with zero debt and PLN 1.32 billion in cash, but trades at a demanding 42x trailing P/E. The investment case is highly leveraged to The Witcher 4, expected post-2026, with no new major revenue catalysts until then. Free cash flow and development cost management are critical as CDR relies on back-catalogue sales during the multi-year development cycle.