The alternatives to paying a dividend (share repurchases excluded, given the high percentage of shares in the hands of insiders (82%)) are M&A or internal reinvestment. They have no use whatsoever for M&A, and are still digesting the rapid growth in investment and structure of the last few years, so internal reinvestment makes little sense (most of those investments flow through PNL too, so the profit is the result after them, it does make sense to pay out almost all the profits)
Keep in mind their median game budget is around 1 million PLN (see data here https://www.dungeoninvesting.com/p/playway-by-the-numbers), lower if you count the ports. They just can't create that many games in their style in a way that makes sense.
Over time, as they expand their core properties and leave teams allocated to them (as they have done with HF/CMS etc) for DLCs and iterations they will be able to increase it.
Interesting. Why do they pay out such a high share? Isn't that a bit too much?
The alternatives to paying a dividend (share repurchases excluded, given the high percentage of shares in the hands of insiders (82%)) are M&A or internal reinvestment. They have no use whatsoever for M&A, and are still digesting the rapid growth in investment and structure of the last few years, so internal reinvestment makes little sense (most of those investments flow through PNL too, so the profit is the result after them, it does make sense to pay out almost all the profits)
Keep in mind their median game budget is around 1 million PLN (see data here https://www.dungeoninvesting.com/p/playway-by-the-numbers), lower if you count the ports. They just can't create that many games in their style in a way that makes sense.
Over time, as they expand their core properties and leave teams allocated to them (as they have done with HF/CMS etc) for DLCs and iterations they will be able to increase it.
Thank you for the very understandable answer.
By the way: The release of Survival Machine looks decent - Curious how it is received by the players.