Qiiwi Games AB (publ) (QIIWI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Qiiwi Games AB (publ) stock SEK 1.55, price SEK 4.40, that is 64.8% below the price, quality 47 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.
Qiiwi Games AB (publ) develops mobile games for casual gamers in Sweden. It sells its products through mobile platforms, such as Store, GooglePlay, Facebook, and Amazon. The company was incorporated in 2005 and is based in Alingsås, Sweden.
Stock analysis
Qiiwi Games AB (publ) (QIIWI) currently trades at kr 4.40, while our model-based Fair Value estimate is kr 1.55, 65% 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 96/100, which puts the data coverage at low.
Scenario range: kr 1.02 (bear) to kr 1.94 (bull), the price of kr 4.40 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 47/100 (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.
Qiiwi Games AB (publ) reported revenue of 15.3M SEK in FY2025 versus 63.0M SEK in FY2021, a compound −29.8%/yr. Reported net income was −7.9M SEK in FY2025.
Key figures
Market cap 38.7M SEK (≈ $3.9M) Micro · P/S ratio 2.49 · EPS (TTM) kr −0.3700 · Net margin −20.6% · Return on equity −20.5% · Return on assets (EBIT) −40.5% (5-year average) · Operating margin −1.1% · Revenue (TTM) 16.6M SEK.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).
What moves the price
The share trades about 34% below its 52-week high and 191% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at −65%, QIIWI screens richer than that median.
Fair Value models
Bearkr 1.02Fair Value kr 1.55Bullkr 1.94
Price kr 4.40 · Downside -64.8%
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.
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
−23.1%
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.
−23.7%
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.
−31.8%
Start year 2020 (pandemic). Over 10 years: +23.2% a year
Revenue growth 12 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.
+7.3%
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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.
3.2% (2020) → −49.8% (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
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
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). "Qiiwi Games AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/QIIWI
Frequently asked questions
Is Qiiwi Games AB (publ) (QIIWI) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 1.55 versus a price of kr 4.40, about 65% lower (overvalued).
What is the fair value of QIIWI?
Our model-based fair value for Qiiwi Games AB (publ) is kr 1.55 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 4.40.
What is the quality score of QIIWI?
Qiiwi Games AB (publ) has a Quality Score of 47/100. 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 Qiiwi Games AB (publ) (QIIWI)?
Our model-based price target is the fair value of kr 1.55 (as of Nov 7, 2026) from 1 valuation models. Cautious scenario kr 1.02, optimistic scenario kr 1.94. It is a calculation from audited fundamentals, not an analyst target.
What is the Qiiwi Games AB (publ) stock forecast for 2026?
Our models put fair value at kr 1.55, about 65% lower versus a price of kr 4.40 (overvalued). Cautious scenario kr 1.02, optimistic scenario kr 1.94. The calculation is refreshed regularly with new filings.
What is the revenue of Qiiwi Games AB (publ) (QIIWI)?
Qiiwi Games AB (publ) reported trailing-twelve-month revenue of about 16.6M SEK (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Qiiwi Games AB (publ) (QIIWI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Qiiwi Games AB (publ) it is kr 1.55 per share (as of Nov 7, 2026), against a price of kr 4.40. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Qiiwi Games AB (publ) stock overvalued or undervalued in 2026?
As of Nov 7, 2026, QIIWI trades above its calculated fair value: price kr 4.40, fair value kr 1.55, a gap of about −65% (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 QIIWI?
No. The price is what the market pays today (kr 4.40); the fair value is what the company's own numbers justify (kr 1.55). For Qiiwi Games AB (publ) the two are kr 2.85 per share apart. That gap is exactly why we show both numbers side by side.
How much is Qiiwi Games AB (publ) worth?
The market values Qiiwi Games AB (publ) at about 38.7M SEK (market capitalisation, as of Nov 7, 2026). Per share that is kr 4.40; our models calculate a fair value of kr 1.55 per share.
What do the bullish and bearish scenarios say about QIIWI?
Our models span a range for Qiiwi Games AB (publ): cautious scenario kr 1.02, base kr 1.55, optimistic kr 1.94 per share (as of Nov 7, 2026, price kr 4.40). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Qiiwi Games AB (publ) (QIIWI)?
Balance-sheet figures for Qiiwi Games AB (publ) (as of Nov 7, 2026): return on equity −20.5%. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is QIIWI from its 52-week high?
Qiiwi Games AB (publ) trades at kr 4.40, about 34% below its 52-week high of kr 6.64 and 191% above the low of kr 1.51 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 1.55 is for.
Which stocks are comparable to Qiiwi Games AB (publ)?
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 Qiiwi Games AB (publ) stock attractive at the current price?
The data as of Nov 7, 2026: price kr 4.40, calculated fair value kr 1.55 (−65%), Quality Score 47/100, 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 QIIWI calculated?
We run Qiiwi Games AB (publ) through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 1.55 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. Qiiwi Games AB (publ) 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 Qiiwi Games AB (publ) (QIIWI)?
The closing price on Nov 6, 2026 was kr 4.40. Our model-based fair value is kr 1.55, about 65% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Qiiwi Games AB (publ) right now?
The price sits above even our optimistic bull case (kr 1.94). The favourable scenario is already priced in. Weak quality (47/100) 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. A fairly wide model range (kr 1.02 to kr 1.94) leaves room in how you read the outcome.
Key figures of Qiiwi Games AB (publ)
How large is the market capitalisation of Qiiwi Games AB (publ) (QIIWI)?
The market capitalisation of Qiiwi Games AB (publ) is 38.7M SEK (≈ $3.9M). 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 Qiiwi Games AB (publ) (QIIWI)?
The price-to-sales ratio of Qiiwi Games AB (publ) is 2.49 (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 Qiiwi Games AB (publ) (QIIWI)?
Earnings per share at Qiiwi Games AB (publ) are kr −0.3700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Qiiwi Games AB (publ) (QIIWI)?
The net margin of Qiiwi Games AB (publ) is −20.6% (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 Qiiwi Games AB (publ) (QIIWI)?
The return on equity (ROE) of Qiiwi Games AB (publ) is −20.5% (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 Qiiwi Games AB (publ) (QIIWI)?
On an EBIT basis the return on assets of Qiiwi Games AB (publ) is −40.5% (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 Qiiwi Games AB (publ) (QIIWI)?
The operating margin of Qiiwi Games AB (publ) is −1.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Qiiwi Games AB (publ) (QIIWI)?
Revenue at Qiiwi Games AB (publ) is growing +98.5% versus a year earlier (3y avg −23.7%). 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 Qiiwi Games AB (publ) (QIIWI)?
Earnings per share at Qiiwi Games AB (publ) are growing −88.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Qiiwi Games AB (publ) (QIIWI) generate?
The free cash flow of Qiiwi Games AB (publ) is −4.5M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Qiiwi Games AB (publ) (QIIWI) hold?
Qiiwi Games AB (publ) holds more cash than debt, 4.6M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 7, 2026