My position/background:
I wanted to invest in CDPR around 2016/2017 after Witcher 3 became my favorite game. But as the stock rallied from <2.5€ to >10€ I thought they were overvalued.
Finally, I invested around 2018, as the Cyberpunk hype started going, and increased my position over the last few years.
Why/How did CDPR reach 100€ at Cyberpunk launch?
Last decade, CDPR tried to develop two games in parallel (W3 and CP2077), but allocated most developers to W3 in the pre release phase and moved most to CP2077 after the blood&wine DLC.
The growth on sales was insane: Witcher 1 was developed by a small, unknown studio, which focused on localization for the polish markets and selling games. Witcher 2 was more polished, great graphics, story and gameplay, but Witcher 3 and its expansions made CDPR one of the well known and consumer favorite studios.
So the expectations for Cyberpunk were high. Additionally, they were trying to get into separate markets: Live service games with Gwent, smaller games like Thronebreaker, and mobile games with Witcher: Monster Slayer.
In addition to Cyberpunk, a multiplayer version was planned. (possibly trying a GTA online approach)
Those combined flows of big AAA RPGs once in a while, with smaller supporting games and some online/live service elements which were expected to lead more constant income flows. (and GOG was seen as another source of growing income - hasn't been that profitable yet, but it is at least great for old games and DRM free stuff)
So future and expectations were great - but dreams were demolished after the really console launch, CDPR funding refunds, canceling their Cyberpunk online game, and spending years "fixing the game".
Long Term Expectations
CDPR moved from giving a timeline on upcoming releases and plans to more rough projects. So they don't have to crunch the developers as much, postpone releases and ship half baked games. (which is a positive point - but make discounted cashflows more difficult)
Over the last few years, CD Projekt acquired the Molasses Floods and Digital Scapes, additionally they are organically growing their existing teams and starting to do real parallel development. https://www.cdprojekt.com/en/wp-content/uploads-en/2022/10/strategy-update-2022-presentation-en.pdf
Currently, four games are in development:
Witcher 4 (developed by CD Projekt Red Europe) currently in full production, as we got our first trailer, a release in late 2026 might be feasible.
Project Sirius (by ex Molasses Floods) has been restarted/redesigned at least once so far, should contain online elements/coop multiplayer or similar. As it aims to be more indie-like, developed by a smaller team, I would expect it to be smaller in sales, similar to Thronebreaker or GWENT: Rogue Mage - which got almost no publicity. It might release in between the larger games.
Witcher 1 Remake (by external Witcher veterans) has been in early/preproduction for a few years and is developed by a smaller studio. It will use some of the tools and insights developed for Witcher 4, so I would expect a release one ore more years after Witcher 4, maybe 2028.
Cyberpunk 2 (Project Orion) is in development by the CD Projekt "Silver?" North America. They are building their new teams and are still in preproduction, but might be able to improve on the existing game. I would see it moving into full production in the coming years, and a release end of this decade. (maybe 2029)
Other drivers:
Witcher 5 and 6 can be release a few years after Witcher 4, as assets and tools can be reused. This should lead to more release.
Project Hadar is their completely new IP, still in conception phase as far as I know. It might lead to even higher margins, as no IP/licensing fees would be due. Even a release in 2030 seems optimistic, as currently all teams seem to be working on other games in the short and mid term.
The move to Unreal Engine causes more overhead at the moment to recreate the tools and for developers to learn and gain experience. In the mid term, it will simplify gaining new developers, are more people are used to unreal than the proprietary RED Engine. (it is somewhat said, to see another engine getting discarded, but reduces the effort for CDPR)
Online versions of the games (e.g. Cyberpunk online) are not explicitly mentioned yet, but I would expect at least some elements and first experiments soon after the single player RPG releases.
CDPR is trying to integrate more media, like merchandise, shows, music to earn additional money, but also bring new fans to the games. (Cyberpunk and Witcher reached new peaks after the shows and the shows gained traction by existing fans)
With 4 parallel development teams working independently on separate games, and average AAA RPG development times of 5-6 years, we might see yearly or bi-yearly releases end of this decade, starting with Witcher 4. When we include expansions, cashflows should fluctuate way less.
In summary, I would expect CDPR to grow organically and inorganically in the years to come, stabilize their profits by more frequent releases, and open new growth by diving into online elements in the mid term, which should lead to higher revenues and stock valuations.
(and even if valuations are high at times, I am proud to own my shares and would vote against acquisitions and hope they will focus on bringing great games to us players in future :D)