Nitro Games Oyj (NITRO) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Nitro Games Oyj stock SEK 2.26, price SEK 1.24, upside +82.3%, quality 31 out of 100. Rating: strongly undervalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range kr 1.22 – kr 39.33 · fair‑value band kr 1.11 – kr 2.94 · the kr 1.24 price screens below the kr 2.26 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Nitro Games Oyj develops and publishes mobile games in the European Union, North America, the United Kingdom, and internationally. The company produces shooter games. It also sells virtual consumable items within its free-to-play games; and displays advertisements during gameplay.
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The company distributes its games through digital storefronts. Nitro Games Oyj was incorporated in 2007 and is headquartered in Kotka, Finland.
Stock analysis
Nitro Games Oyj (NITRO) currently trades at kr 1.24, while our model-based Fair Value estimate is kr 2.26, implying the stock looks roughly 45% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 3.26 per share, and 16 of the 22 models we run sit above the kr 1.24 price.
Bear case: the Economic Profit group reads lowest at kr 0.6700, and 6 of the 22 models stay below the price. Data coverage for this calculation is low.
Scenario range: kr 1.11 (bear) to kr 2.94 (bull), the price of kr 1.24 sits inside 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 31/100 (below-average quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Nitro Games Oyj reported revenue of €8.6M in FY2025 versus €2.6M in FY2021, a compound +34.5%/yr. Reported net income was €141K in FY2025.
Key figures
Market cap 31.0M SEK (≈ $3.1M) Micro · P/E ratio 2.3 · P/S ratio 0.04 · EPS (TTM) kr 0.5500 · Net margin 1.6% · Return on equity 40.5% · Return on assets (EBIT) −19.9% (5-year average) · Operating margin −20.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 51% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at 82%, NITRO screens cheaper than that median.
Fair Value models
Bearkr 1.11Fair Value kr 2.26Bullkr 2.94
Price kr 1.24 · Upside +82.3%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 0.4716 per share) are deliberately not added.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
FCF DCFkr 2.08kr 3.52kr 8.0174
Growth DCFkr 1.92kr 4.18kr 7.8474
EPVkr 0.3000kr 0.4400kr 0.560073
All 22 models by family
DCF Models
FCF DCFkr 2.08kr 3.52kr 8.0174
Owner Earningskr 1.27kr 3.51kr 8.0669
5Y Revenue Exitkr 0.9500kr 1.86kr 3.7668
5Y EBITDA Exitkr 5.08kr 10.22kr 20.3270
5Y P/E Exitkr 0.9400kr 2.41kr 4.3467
10Y Revenue Exitkr 1.27kr 3.01kr 3.9766
10Y EBITDA Exitkr 4.27kr 11.73kr 25.2262
10Y P/E Exitkr 1.31kr 3.00kr 5.6260
Earnings-Based
Graham-Doddkr 0.4200kr 2.94kr 4.1363
Lynch FVkr 1.38kr 1.96kr 2.5561
PEG = 1.0kr 1.38kr 1.96kr 2.5557
EPVkr 0.3000kr 0.4400kr 0.560073
Multiples
P/E Multiplekr 1.02kr 1.37kr 1.7163
P/S Multiplekr 0.7900kr 1.06kr 1.3258
EV/EBITkr 0.6200kr 1.05kr 1.4764
EV/EBITDAkr 5.97kr 8.18kr 10.3867
EV/Revenuekr 0.3200kr 0.7300kr 1.1451
Growth DCF
Growth DCFkr 1.92kr 4.18kr 7.8474
Rev-Margin DCFkr 1.06kr 2.21kr 4.5767
Economic Profit
Residual Incomekr 0.8800kr 0.9000kr 0.950071
ROIC Compounderkr 0.3000kr 0.4400kr 0.560071
Growth Earnings
Growth-Adj P/Ekr 1.86kr 2.66kr 3.4667
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−24.3%
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.
+6.0%
Revenue growth 5 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.
+49.1%
Start year 2020 (pandemic). Over 10 years: +16.5% a year
Revenue growth 11 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.
+17.7%
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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.
−238.2% (2020) → 2.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +0.7% a year for the price.
Price, fair value, quality and upside side by side.
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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
P/B1.08× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)0.37× · Cheapest 25%
Price / free cash flow (fiscal year)9.9× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Nitro Games Oyj Fair Value". https://www.fairvalue-calculator.com/stock/NITRO
Frequently asked questions
Is Nitro Games Oyj (NITRO) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 2.26 versus a price of kr 1.24, about +82% upside (undervalued).
What is the fair value of NITRO?
Our model-based fair value for Nitro Games Oyj is kr 2.26 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 1.24.
What is the quality score of NITRO?
Nitro Games Oyj has a Quality Score of 31/100. 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 Nitro Games Oyj (NITRO)?
Our model-based price target is the fair value of kr 2.26 (as of Nov 8, 2026) from 22 valuation models. Cautious scenario kr 1.11, optimistic scenario kr 2.94. It is a calculation from audited fundamentals, not an analyst target.
What is the Nitro Games Oyj stock forecast for 2026?
Our models put fair value at kr 2.26, about +82% upside versus a price of kr 1.24 (undervalued). Cautious scenario kr 1.11, optimistic scenario kr 2.94. The calculation is refreshed regularly with new filings.
What is the revenue of Nitro Games Oyj (NITRO)?
Nitro Games Oyj reported trailing-twelve-month revenue of about €7.7M (latest available figure, as of Nov 8, 2026).
What growth is priced into Nitro Games Oyj (NITRO)?
For today's price to be fair in a discounted-cash-flow model, Nitro Games Oyj would have to grow free cash flow by +2.9 % per year for five years (discount rate 9.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +49.1 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of NITRO use?
Our models discount Nitro Games Oyj at 9.4 %: a base by market capitalisation (nano), damped by beta 0.98, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Nitro Games Oyj that is +2.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.4 %) and the same formula as our fair value.
How much growth has Nitro Games Oyj (NITRO) delivered so far?
Over the past 5 years revenue at Nitro Games Oyj grew +49.1 % a year. The price currently implies free-cash-flow growth of +2.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Nitro Games Oyj (NITRO) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into Nitro Games Oyj (+2.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nitro Games Oyj (NITRO)?
The free-cash-flow yield on the price is 10.13 %: that much free cash flow Nitro Games Oyj produces per unit of market value. When it exceeds the discount rate of our models (9.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nitro Games Oyj (NITRO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nitro Games Oyj it is kr 2.26 per share (as of Nov 8, 2026), against a price of kr 1.24. It is the blended result of 22 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Nitro Games Oyj stock overvalued or undervalued in 2026?
As of Nov 8, 2026, NITRO trades below its calculated fair value: price kr 1.24, fair value kr 2.26, a gap of about +82% (undervalued). 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 NITRO?
No. The price is what the market pays today (kr 1.24); the fair value is what the company's own numbers justify (kr 2.26). For Nitro Games Oyj the two are kr 1.02 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nitro Games Oyj worth?
The market values Nitro Games Oyj at about 31.0M SEK (market capitalisation, as of Nov 8, 2026). Per share that is kr 1.24; our models calculate a fair value of kr 2.26 per share.
What do the bullish and bearish scenarios say about NITRO?
Our models span a range for Nitro Games Oyj: cautious scenario kr 1.11, base kr 2.26, optimistic kr 2.94 per share (as of Nov 8, 2026, price kr 1.24). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NITRO?
Nitro Games Oyj trades at a price-to-earnings ratio of 2.3 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 2.26 is built from several models across several years. Other multiples: P/B 1.1, P/S 0.4, EV/EBITDA 2.3.
How solid is the balance sheet of Nitro Games Oyj (NITRO)?
Balance-sheet figures for Nitro Games Oyj (as of Nov 8, 2026): return on equity 40.5%, debt of 1.07 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is NITRO from its 52-week high?
Nitro Games Oyj trades at kr 1.24, about 51% below its 52-week high of kr 2.54 and 1% above the low of kr 1.22 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 2.26 is for.
Which stocks are comparable to Nitro Games Oyj?
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 Nitro Games Oyj stock attractive at the current price?
The data as of Nov 8, 2026: price kr 1.24, calculated fair value kr 2.26 (+82%), Quality Score 31/100, from 22 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 NITRO calculated?
We run Nitro Games Oyj through 22 models from 6 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 2.26 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Nitro Games Oyj currently trades 45% below its own fair value, and the market average says nothing about that. 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 Nitro Games Oyj (NITRO)?
The closing price on Nov 6, 2026 was kr 1.24. Our model-based fair value is kr 2.26, about +82% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nitro Games Oyj right now?
The large discount to fair value meets weak quality (31/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (kr 1.11 to kr 2.94). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 Nitro Games Oyj
How large is the market capitalisation of Nitro Games Oyj (NITRO)?
The market capitalisation of Nitro Games Oyj is 31.0M SEK (≈ $3.1M). 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 Nitro Games Oyj (NITRO)?
The price-to-sales ratio of Nitro Games Oyj is 0.04 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nitro Games Oyj (NITRO)?
Earnings per share at Nitro Games Oyj are kr 0.5500 (price ÷ EPS = P/E 2.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nitro Games Oyj (NITRO)?
The net margin of Nitro Games Oyj is 1.6% (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 Nitro Games Oyj (NITRO)?
The return on equity (ROE) of Nitro Games Oyj is 40.5% (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 Nitro Games Oyj (NITRO)?
On an EBIT basis the return on assets of Nitro Games Oyj is −19.9% (avg 5y). 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 Nitro Games Oyj (NITRO)?
The operating margin of Nitro Games Oyj is −20.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nitro Games Oyj (NITRO)?
Revenue at Nitro Games Oyj is growing −35.2% versus a year earlier (3y avg +6.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nitro Games Oyj (NITRO)?
Earnings per share at Nitro Games Oyj are growing +32.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Nitro Games Oyj (NITRO) carry?
The net debt of Nitro Games Oyj is €1.5M (fiscal year 2025, ≈ 5.1 yrs of FCF). 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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Thin data
Nov 8, 2026