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Pyramid Games S.A (PDG) fair value: what the stock is really worth

As of Nov 4, 2026: fair value (intrinsic value) of Pyramid Games S.A stock PLN 1.20, price PLN 4.48, that is 73.2% below the price, quality 48 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 PLPRMGM00015

PG Thin data Nov 4, 2026

Pyramid Games S.A

PDG · WAR
Very expensive, weak quality

Our calculation puts a fair price 73% below what the stock costs today.

Low debt
Quality 48/100
Revenue last quarter 35% below a year ago.
Fair value 1.20 PLN · Strongly overvalued (−73.2%)
Weak Growth (revenue 3y −14.7 %/yr in PLN)
Loss-making · -35.0% net margin (TTM)
Negative free cash flow
Trails peers (1/10)
Narrow moat 10/100 · thin data
Thin data
⚠ Thinly traded
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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

71.30 PLN 3.98 PLN Fair Value 1.20 PLN Apr 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 3.98 PLN – 71.30 PLN · fair‑value band 0.9200 PLN – 1.49 PLN · the 4.48 PLN price screens above the 1.20 PLN fair value. As of Nov 4, 2026.

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Company profile

Pyramid Games S.A. produces PC and console games in Poland and internationally. The company engages in the creation of graphics, animation, and game assets. It also provides IT and programming services. Pyramid Games S.A. was founded in 2010 and is headquartered in Lublin, Poland.

Stock analysis

Pyramid Games S.A (PDG) currently trades at 4.48 PLN, while our model-based Fair Value estimate is 1.20 PLN, 73% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 2.82 PLN per share, and 0 of the 6 models we run sit above the 4.48 PLN price.

Bear case: the Earnings-Based group reads lowest at 0.6000 PLN, and 6 of the 6 models stay below the price. Data coverage for this calculation is low.

Scenario range: 0.9200 PLN (bear) to 1.49 PLN (bull), the price of 4.48 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 48/100 (below-average quality), in the Communication Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Pyramid Games S.A reported revenue of 1.3M PLN in FY2025 versus 2.2M PLN in FY2022, a compound −14.7%/yr. Reported net income was −382K PLN in FY2025.

Key figures

Market cap 5.8M PLN (≈ $1.5M) Micro · P/S ratio 4.04 · EPS (TTM) −0.3900 PLN · Net margin −35.0% · Return on equity −13.1% · Return on assets (EBIT) 5.0% · Operating margin −25.0% · Revenue (TTM) 1.4M PLN.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 66% below its 52-week high and 13% above 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 −73%, PDG screens richer than that median.

Fair Value models

Bear 0.9200 PLN Fair Value 1.20 PLN Bull 1.49 PLN
Price 4.48 PLN · Downside -73.2%
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
EPV 0.5200 PLN 0.6000 PLN 0.6700 PLN 71
ROIC Compounder 0.5200 PLN 0.6000 PLN 0.6700 PLN 69
EV/EBITDA 1.00 PLN 1.32 PLN 1.64 PLN 67
All 6 models by family
Earnings-Based
EPV 0.5200 PLN 0.6000 PLN 0.6700 PLN 71
Multiples
EV/EBIT 0.9200 PLN 1.20 PLN 1.49 PLN 66
EV/EBITDA 1.00 PLN 1.32 PLN 1.64 PLN 67
EV/Revenue 0.6400 PLN 0.8900 PLN 1.13 PLN 54
Asset-Based
NCAV (Graham) 1.86 PLN 2.82 PLN 3.53 PLN 54
Economic Profit
ROIC Compounder 0.5200 PLN 0.6000 PLN 0.6700 PLN 69

Open the full fair value analysis →

Quality Score breakdown

Overall quality 48/100

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

Profitability 18
How much profit the company makes from its sales and capital
Quality Growth 13
Are margins and returns getting better?
Cashflow 25
Do the profits arrive as real cash?
Financial strength 81
Debt, balance sheet and risk of trouble
Investment 100
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 17
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 3
Distance to the 52-week high, does not count
New shares 82
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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−8.4%
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.
−14.7%
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

PDG screens overvalued: fair value 73% 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 0/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 48 · Below median
Fair Value upside −73.2% · Bottom 25%
Profitability
Return on assets −9.1% · Bottom 25%
Net margin (12 months) −35.0% · Bottom 25%
Operating margin (12 months) −25.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −35.3% · Bottom 25%

Valuation Multiplesvs Electronic Gaming & Multimedia median · lower = cheaper

P/B 1.56× · Pricier than median
P/S (12 months) 4.06× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 51
FUTURE (revenue growth)0 · 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 PDG
Zhejiang Century Huatong Group 002602 ¥12.87 ¥27.63 +115% vs PDG
NetEase, Inc NTES $121.26 $256.19 +111% vs PDG
KRAFTON, Inc 259960 212,000 KRW 410,472 KRW +94% vs PDG
Giant Network Group 002558 ¥21.66 ¥31.97 +48% vs PDG
International Games System Co 3293 778.00 TWD 1,094 TWD +41% vs PDG
Kingnet Network Co 002517 ¥16.93 ¥21.73 +28% vs PDG
Roblox Corporation RBLX $49.31 $44.31 −10% vs PDG
Take-Two Interactive Software, Inc TTWO $208.90 $75.06 −64% vs PDG
CD Projekt S.A CDR 264.00 PLN 67.47 PLN −74% vs PDG

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Pyramid Games S.A: fair value per Fair Value Calculator

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

Frequently asked questions

Is Pyramid Games S.A (PDG) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 1.20 PLN versus a price of 4.48 PLN, about 73% lower (overvalued).
What is the fair value of PDG?
Our model-based fair value for Pyramid Games S.A is 1.20 PLN (as of Nov 4, 2026), built from audited fundamentals. The current price: 4.48 PLN.
What is the quality score of PDG?
Pyramid Games S.A has a Quality Score of 48/100. 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 Pyramid Games S.A (PDG)?
Our model-based price target is the fair value of 1.20 PLN (as of Nov 4, 2026) from 6 valuation models. Cautious scenario 0.9200 PLN, optimistic scenario 1.49 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Pyramid Games S.A stock forecast for 2026?
Our models put fair value at 1.20 PLN, about 73% lower versus a price of 4.48 PLN (overvalued). Cautious scenario 0.9200 PLN, optimistic scenario 1.49 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Pyramid Games S.A (PDG)?
Pyramid Games S.A reported trailing-twelve-month revenue of about 1.4M PLN (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Pyramid Games S.A (PDG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pyramid Games S.A it is 1.20 PLN per share (as of Nov 4, 2026), against a price of 4.48 PLN. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Pyramid Games S.A stock overvalued or undervalued in 2026?
As of Nov 4, 2026, PDG trades above its calculated fair value: price 4.48 PLN, fair value 1.20 PLN, a gap of about −73% (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 PDG?
No. The price is what the market pays today (4.48 PLN); the fair value is what the company's own numbers justify (1.20 PLN). For Pyramid Games S.A the two are 3.28 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Pyramid Games S.A worth?
The market values Pyramid Games S.A at about 5.8M PLN (market capitalisation, as of Nov 4, 2026). Per share that is 4.48 PLN; our models calculate a fair value of 1.20 PLN per share.
What do the bullish and bearish scenarios say about PDG?
Our models span a range for Pyramid Games S.A: cautious scenario 0.9200 PLN, base 1.20 PLN, optimistic 1.49 PLN per share (as of Nov 4, 2026, price 4.48 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Pyramid Games S.A (PDG)?
Balance-sheet figures for Pyramid Games S.A (as of Nov 4, 2026): return on equity −13.1%. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is PDG from its 52-week high?
Pyramid Games S.A trades at 4.48 PLN, about 66% below its 52-week high of 13.10 PLN and 13% above the low of 3.98 PLN (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of 1.20 PLN is for.
Which stocks are comparable to Pyramid 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 Pyramid Games S.A stock attractive at the current price?
The data as of Nov 4, 2026: price 4.48 PLN, calculated fair value 1.20 PLN (−73%), Quality Score 48/100, from 6 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 PDG calculated?
We run Pyramid Games S.A through 6 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 1.20 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. Pyramid 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 Pyramid Games S.A (PDG)?
The closing price on Nov 4, 2026 was 4.48 PLN. Our model-based fair value is 1.20 PLN, about 73% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pyramid Games S.A right now?
The price sits above even our optimistic bull case (1.49 PLN). The favourable scenario is already priced in. Weak quality (48/100) 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 Pyramid Games S.A

How large is the market capitalisation of Pyramid Games S.A (PDG)?
The market capitalisation of Pyramid Games S.A is 5.8M PLN (≈ $1.5M). 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 Pyramid Games S.A (PDG)?
The price-to-sales ratio of Pyramid Games S.A is 4.04 (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 Pyramid Games S.A (PDG)?
Earnings per share at Pyramid Games S.A are −0.3900 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pyramid Games S.A (PDG)?
The net margin of Pyramid Games S.A is −35.0% (last twelve months). 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 Pyramid Games S.A (PDG)?
The return on equity (ROE) of Pyramid Games S.A is −13.1% (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 Pyramid Games S.A (PDG)?
On an EBIT basis the return on assets of Pyramid Games S.A is 5.0% (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 Pyramid Games S.A (PDG)?
The operating margin of Pyramid Games S.A is −25.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pyramid Games S.A (PDG)?
Revenue at Pyramid Games S.A is growing −35.3% versus a year earlier (3y avg −14.7%). 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 Pyramid Games S.A (PDG) generate?
The free cash flow of Pyramid Games S.A is −184K PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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