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Ice Code Games S.A (ICG) fair value: what the stock is really worth

As of Nov 4, 2026: fair value (intrinsic value) of Ice Code Games S.A stock PLN 0.03, price PLN 0.07, that is 52.9% below the price, quality 39 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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Communication Services PL · ISIN PLDGTAV00013

IC Thin data Nov 4, 2026

Ice Code Games S.A

ICG · WAR
Very expensive, weak quality

Our calculation puts a fair price 53% below what the stock costs today.

Low debt
Expensive Growth (revenue 3y +5.0 %/yr in PLN)
Fair value 0.0339 PLN · Strongly overvalued (−52.9%)
Quality 39/100
Loss-making · -33.2% net margin (TTM)
Negative free cash flow
Trails peers (3/10)
Narrow moat 16/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

1.42 PLN 0.0720 PLN Fair Value 0.0339 PLN Jan 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range 0.0720 PLN – 1.42 PLN · fair‑value band 0.0339 PLN – 0.0488 PLN · the 0.0720 PLN price screens above the 0.0339 PLN fair value. As of Nov 4, 2026.

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Company profile

Ice Code Games S.A., together with its subsidiary, engages in the production and publishing of video games in Poland.

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The company offers products under the Re-Legion, Hard West 2, Rogue Waters, Nightmare Frontier, and other smaller titles for PC, mobile devices, and VR. It is also involved in consultancy and development business; and provision of components and testing software, and computer games.

The company was formerly known as Avatrix S.A. and changed its name to Ice Code Games S.A. Ice Code Games S.A. was incorporated in 2007 and is headquartered in Warsaw, Poland.

Stock analysis

Ice Code Games S.A (ICG) currently trades at 0.0720 PLN, while our model-based Fair Value estimate is 0.0339 PLN, 53% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 92/100, which puts the data coverage at low.

Scenario range: 0.0339 PLN (bear) to 0.0488 PLN (bull), the price of 0.0720 PLN sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 39/100 (below-average quality), in the Communication Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Ice Code Games S.A reported revenue of 3.7M PLN in FY2025 versus 3.2M PLN in FY2022, a compound +5.0%/yr. Reported net income was −1.5M PLN in FY2025.

Key figures

Market cap 12.8M PLN (≈ $3.3M) Micro · P/S ratio 3.56 · EPS (TTM) −0.0100 PLN · Net margin −40.3% · Return on equity −51.3% · Return on assets (EBIT) −30.8% · Operating margin −463% · Revenue (TTM) 3.7M PLN.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 16 out of 100 (medium confidence).

What moves the price

The share trades about 81% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Communication Services peers we cover trades at 48% fair-value upside, at −53%, ICG screens richer than that median.

Fair Value models

Bear 0.0339 PLN Fair Value 0.0339 PLN Bull 0.0488 PLN
Price 0.0720 PLN · Downside -52.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) 0.0200 PLN 0.0200 PLN 0.0400 PLN 52
All 1 models by family
Asset-Based
NCAV (Graham) 0.0200 PLN 0.0200 PLN 0.0400 PLN 52

Open the full fair value analysis →

Quality Score breakdown

Overall quality 39/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 11
How much profit the company makes from its sales and capital
Quality Growth 51
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 46
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 10
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 43
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 11/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−47.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.0%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−62.6% (2022) → −13.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

ICG screens overvalued: fair value 53% below the price. Compare with NetEase, Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Gaming & Multimedia · 164 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside −52.9% · Bottom 25%
Profitability
Return on assets −10.4% · Bottom 25%
Net margin (12 months) −33.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 222.1% · Top 25%
Balance sheet
Debt / equity 0.00× · Below median

Valuation Multiplesvs Electronic Gaming & Multimedia median · lower = cheaper

P/B 1.94× · Pricier than median
P/S (12 months) 3.44× · Pricier than median
EV/EBITDA 4.2× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 51
FUTURE (revenue growth)100 · sector 10
PAST (return on equity)0 · sector 15
HEALTH (low debt)100 · sector 100
DIVIDEND (yield)0 · sector 60

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
37 Interactive Entertainment Network Technology Group 002555 ¥16.67 ¥38.45 +131% vs ICG
Zhejiang Century Huatong Group 002602 ¥12.87 ¥27.63 +115% vs ICG
NetEase, Inc NTES $121.26 $256.19 +111% vs ICG
KRAFTON, Inc 259960 212,000 KRW 410,472 KRW +94% vs ICG
Giant Network Group 002558 ¥21.66 ¥31.97 +48% vs ICG
International Games System Co 3293 778.00 TWD 1,094 TWD +41% vs ICG
Kingnet Network Co 002517 ¥16.93 ¥21.73 +28% vs ICG
Roblox Corporation RBLX $49.31 $44.31 −10% vs ICG
Take-Two Interactive Software, Inc TTWO $208.90 $75.06 −64% vs ICG
CD Projekt S.A CDR 264.00 PLN 67.47 PLN −74% vs ICG

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Ice Code Games S.A: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Ice Code Games S.A Fair Value". https://www.fairvalue-calculator.com/stock/ICG.WAR

Frequently asked questions

Is Ice Code Games S.A (ICG) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 0.0339 PLN versus a price of 0.0720 PLN, about 53% lower (overvalued).
What is the fair value of ICG?
Our model-based fair value for Ice Code Games S.A is 0.0339 PLN (as of Nov 4, 2026), built from audited fundamentals. The current price: 0.0720 PLN.
What is the quality score of ICG?
Ice Code Games S.A has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ice Code Games S.A (ICG)?
Our model-based price target is the fair value of 0.0339 PLN (as of Nov 4, 2026) from 1 valuation models. Cautious scenario 0.0339 PLN, optimistic scenario 0.0488 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Ice Code Games S.A stock forecast for 2026?
Our models put fair value at 0.0339 PLN, about 53% lower versus a price of 0.0720 PLN (overvalued). Cautious scenario 0.0339 PLN, optimistic scenario 0.0488 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Ice Code Games S.A (ICG)?
Ice Code Games S.A reported trailing-twelve-month revenue of about 3.7M PLN (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Ice Code Games S.A (ICG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ice Code Games S.A it is 0.0339 PLN per share (as of Nov 4, 2026), against a price of 0.0720 PLN. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Ice Code Games S.A stock overvalued or undervalued in 2026?
As of Nov 4, 2026, ICG trades above its calculated fair value: price 0.0720 PLN, fair value 0.0339 PLN, a gap of about −53% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ICG?
No. The price is what the market pays today (0.0720 PLN); the fair value is what the company's own numbers justify (0.0339 PLN). For Ice Code Games S.A the two are 0.0381 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Ice Code Games S.A worth?
The market values Ice Code Games S.A at about 12.8M PLN (market capitalisation, as of Nov 4, 2026). Per share that is 0.0720 PLN; our models calculate a fair value of 0.0339 PLN per share.
What do the bullish and bearish scenarios say about ICG?
Our models span a range for Ice Code Games S.A: cautious scenario 0.0339 PLN, base 0.0339 PLN, optimistic 0.0488 PLN per share (as of Nov 4, 2026, price 0.0720 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Ice Code Games S.A (ICG)?
Balance-sheet figures for Ice Code Games S.A (as of Nov 4, 2026): return on equity −51.3%, debt of 0.00 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is ICG from its 52-week high?
Ice Code Games S.A trades at 0.0720 PLN, about 81% below its 52-week high of 0.3780 PLN and at the low of 0.0720 PLN (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of 0.0339 PLN is for.
Which stocks are comparable to Ice Code Games S.A?
From the same area (Communication Services) we also value NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, Zhejiang Century Huatong Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ice Code Games S.A stock attractive at the current price?
The data as of Nov 4, 2026: price 0.0720 PLN, calculated fair value 0.0339 PLN (−53%), Quality Score 39/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ICG calculated?
We run Ice Code Games S.A through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.0339 PLN, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0% above its aggregate fair value. Ice Code Games S.A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ice Code Games S.A (ICG)?
The closing price on Nov 4, 2026 was 0.0720 PLN. Our model-based fair value is 0.0339 PLN, about 53% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ice Code Games S.A right now?
The price sits above even our optimistic bull case (0.0488 PLN). The favourable scenario is already priced in. Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Ice Code Games S.A

How large is the market capitalisation of Ice Code Games S.A (ICG)?
The market capitalisation of Ice Code Games S.A is 12.8M PLN (≈ $3.3M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ice Code Games S.A (ICG)?
The price-to-sales ratio of Ice Code Games S.A is 3.56 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ice Code Games S.A (ICG)?
Earnings per share at Ice Code Games S.A are −0.0100 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ice Code Games S.A (ICG)?
The net margin of Ice Code Games S.A is −40.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ice Code Games S.A (ICG)?
The return on equity (ROE) of Ice Code Games S.A is −51.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ice Code Games S.A (ICG)?
On an EBIT basis the return on assets of Ice Code Games S.A is −30.8% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ice Code Games S.A (ICG)?
The operating margin of Ice Code Games S.A is −463% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ice Code Games S.A (ICG)?
Revenue at Ice Code Games S.A is growing +222% versus a year earlier (3y avg +5.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Ice Code Games S.A (ICG) generate?
The free cash flow of Ice Code Games S.A is −1.6M PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Ice Code Games S.A (ICG) carry?
The net debt of Ice Code Games S.A is 2.3M PLN (fiscal year 2024). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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