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True Games Syndicate S.A (TGS) fair value: what the stock is really worth

As of Nov 4, 2026: fair value (intrinsic value) of True Games Syndicate S.A stock PLN 0.09, price PLN 0.15, that is 41.6% below the price, quality 37 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 PLKKHRB00011

TG Thin data Nov 5, 2026

True Games Syndicate S.A

TGS · WAR
Very expensive, weak quality

Our calculation puts a fair price 42% below what the stock costs today.

Fair value 0.0900 PLN · Strongly overvalued (−41.6%)
Quality 37/100
Weak Growth
Negative free cash flow
Trails peers (1/8)
Narrow moat 8/100 · 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

1.24 PLN 0.1390 PLN Fair Value 0.0900 PLN Mar 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range 0.1390 PLN – 1.24 PLN · fair‑value band 0.0700 PLN – 0.1400 PLN · the 0.1540 PLN price screens above the 0.0900 PLN fair value. As of Nov 5, 2026.

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Company profile

True Games Syndicate S.A., a game development company, creates and publishes video games for PC platforms and consoles in Poland. The company was formerly known as K&K Herbal Poland S.A. and changed its name to True Games Syndicate S.A. in March 2021.

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True Games Syndicate S.A. was founded in 2009 and is headquartered in Warsaw, Poland.

Stock analysis

True Games Syndicate S.A (TGS) currently trades at 0.1540 PLN, while our model-based Fair Value estimate is 0.0900 PLN, 42% 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: 0.0700 PLN (bear) to 0.1400 PLN (bull), the price of 0.1540 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 37/100 (below-average quality), in the Communication Services sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

True Games Syndicate S.A reported revenue of 50.3K PLN in FY2025 versus 0 PLN in FY2022. Reported net income was −3.2M PLN in FY2025.

Key figures

Market cap 2.9M PLN (≈ $750K) Micro · P/S ratio 56.5 · EPS (TTM) −0.1700 PLN · Return on equity −123% · Return on assets (EBIT) −37.2% · Operating margin −6,136% · Revenue (TTM) 50.3K PLN · Free cash flow −22.9K PLN.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).

What moves the price

The share trades about 50% below its 52-week high and 11% 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 −42%, TGS screens richer than that median.

Fair Value models

Bear 0.0700 PLN Fair Value 0.0900 PLN Bull 0.1400 PLN
Price 0.1540 PLN · Downside -41.6%
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) 0.0700 PLN 0.0900 PLN 0.1400 PLN 51
All 1 models by family
Asset-Based
NCAV (Graham) 0.0700 PLN 0.0900 PLN 0.1400 PLN 51

Open the full fair value analysis →

Quality Score breakdown

Overall quality 37/100

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

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 27
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 36
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 43
How calm the share price moves, does not count
Price momentum 8
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 5
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 growth is weak, negative or inconsistent.
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

TGS screens overvalued: fair value 42% 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 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 37 · Bottom 25%
Fair Value upside −41.6% · Below median
Profitability
Return on assets −57.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Below median

Valuation Multiplesvs Electronic Gaming & Multimedia median · lower = cheaper

P/B 1.14× · Cheaper than median
P/S (12 months) 58.19× · Priciest 25%
EV/EBITDA 14.9× · Pricier than median

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

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True Games Syndicate S.A: fair value per Fair Value Calculator

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

Frequently asked questions

Is True Games Syndicate S.A (TGS) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 0.0900 PLN versus a price of 0.1540 PLN, about 42% lower (overvalued).
What is the fair value of TGS?
Our model-based fair value for True Games Syndicate S.A is 0.0900 PLN (as of Nov 5, 2026), built from audited fundamentals. The current price: 0.1540 PLN.
What is the quality score of TGS?
True Games Syndicate S.A has a Quality Score of 37/100. 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 True Games Syndicate S.A (TGS)?
Our model-based price target is the fair value of 0.0900 PLN (as of Nov 5, 2026) from 1 valuation models. Cautious scenario 0.0700 PLN, optimistic scenario 0.1400 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the True Games Syndicate S.A stock forecast for 2026?
Our models put fair value at 0.0900 PLN, about 42% lower versus a price of 0.1540 PLN (overvalued). Cautious scenario 0.0700 PLN, optimistic scenario 0.1400 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of True Games Syndicate S.A (TGS)?
True Games Syndicate S.A reported trailing-twelve-month revenue of about 50.3K PLN (latest available figure, as of Nov 5, 2026).
What is the intrinsic value of True Games Syndicate S.A (TGS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For True Games Syndicate S.A it is 0.0900 PLN per share (as of Nov 5, 2026), against a price of 0.1540 PLN. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is True Games Syndicate S.A stock overvalued or undervalued in 2026?
As of Nov 5, 2026, TGS trades above its calculated fair value: price 0.1540 PLN, fair value 0.0900 PLN, a gap of about −42% (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 TGS?
No. The price is what the market pays today (0.1540 PLN); the fair value is what the company's own numbers justify (0.0900 PLN). For True Games Syndicate S.A the two are 0.0640 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is True Games Syndicate S.A worth?
The market values True Games Syndicate S.A at about 2.9M PLN (market capitalisation, as of Nov 5, 2026). Per share that is 0.1540 PLN; our models calculate a fair value of 0.0900 PLN per share.
What do the bullish and bearish scenarios say about TGS?
Our models span a range for True Games Syndicate S.A: cautious scenario 0.0700 PLN, base 0.0900 PLN, optimistic 0.1400 PLN per share (as of Nov 5, 2026, price 0.1540 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of True Games Syndicate S.A (TGS)?
Balance-sheet figures for True Games Syndicate S.A (as of Nov 5, 2026): return on equity −123.0%. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is TGS from its 52-week high?
True Games Syndicate S.A trades at 0.1540 PLN, about 50% below its 52-week high of 0.3080 PLN and 11% above the low of 0.1390 PLN (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of 0.0900 PLN is for.
Which stocks are comparable to True Games Syndicate 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 True Games Syndicate S.A stock attractive at the current price?
The data as of Nov 5, 2026: price 0.1540 PLN, calculated fair value 0.0900 PLN (−42%), Quality Score 37/100, 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 TGS calculated?
We run True Games Syndicate 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 0.0900 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. True Games Syndicate 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 True Games Syndicate S.A (TGS)?
The closing price on Nov 4, 2026 was 0.1540 PLN. Our model-based fair value is 0.0900 PLN, about 42% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with True Games Syndicate S.A right now?
The price sits above even our optimistic bull case (0.1400 PLN). The favourable scenario is already priced in. Weak quality (37/100) 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 (0.0700 PLN to 0.1400 PLN) leaves room in how you read the outcome.

Key figures of True Games Syndicate S.A

How large is the market capitalisation of True Games Syndicate S.A (TGS)?
The market capitalisation of True Games Syndicate S.A is 2.9M PLN (≈ $750K). 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 True Games Syndicate S.A (TGS)?
The price-to-sales ratio of True Games Syndicate S.A is 56.5 (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 True Games Syndicate S.A (TGS)?
Earnings per share at True Games Syndicate S.A are −0.1700 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of True Games Syndicate S.A (TGS)?
The return on equity (ROE) of True Games Syndicate S.A is −123% (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 True Games Syndicate S.A (TGS)?
On an EBIT basis the return on assets of True Games Syndicate S.A is −37.2% (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 True Games Syndicate S.A (TGS)?
The operating margin of True Games Syndicate S.A is −6,136% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much free cash flow does True Games Syndicate S.A (TGS) generate?
The free cash flow of True Games Syndicate S.A is −22.9K 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 True Games Syndicate S.A (TGS) carry?
The net debt of True Games Syndicate S.A is 1.1M PLN (fiscal year 2025). 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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