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11 bit studios S.A (11B) Fair Value & Analysis

Communication Services · PL · Market cap 320M PLN

1B 11 bit studios S.A 11B · WAR
Price134.00 PLN
Fair Value18.89 PLN
Upside-85.9%
Quality59/100
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Expensive Growth
Thin margins · 7.4% net margin
Low debt · generates free cash flow
Ranks above peers (9/13)
Narrow moat 30/100
Evidence: High Range 16.35 PLN – 23.84 PLN Share as image

Fair value as of: Jul 17, 2026

From 24 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from 14.62 PLN to 18.89 PLN (+29.2%) since Jul 7, 2026. Share price +0.8% over the past month.

A solid business, but screening 86% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (23.84 PLN). The favourable scenario is already priced in.
  • Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

740.00 PLN 129.70 PLN Fair Value 18.89 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 129.70 PLN – 740.00 PLN · fair‑value band 16.35 PLN – 23.84 PLN · the 134.00 PLN price screens above the 18.89 PLN fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

11 bit studios S.A (11B) currently trades at 134.00 PLN, while our model-based Fair Value estimate is 18.89 PLN, implying the stock looks roughly 85.9% overvalued today. The Quality Score stands at 59/100 (solid quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, 11 bit studios S.A generated revenue of 141M PLN at a net margin of 4.9%. Revenue grew 17.2% year over year. It earns a return on equity of 3.0%. The balance sheet holds a net cash position of 40.7M PLN. Fundamentals as of Jul 17, 2026

Our scenario range runs from 16.35 PLN (bear case) to 23.84 PLN (bull case); at 134.00 PLN, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 46% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -19% fair-value upside, at -86%, 11B screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF 150.27 PLN 237.74 PLN 398.67 PLN 80
Rev-Margin DCF 126.87 PLN 218.30 PLN 395.07 PLN 74
ROIC Compounder 74.33 PLN 82.06 PLN 88.50 PLN 72
All 24 models by family
DCF Models
FCF DCF 159.22 PLN 224.30 PLN 418.82 PLN 38
Owner Earnings 118.74 PLN 227.15 PLN 428.31 PLN 31
5Y Revenue Exit 123.50 PLN 193.03 PLN 337.90 PLN 39
5Y EBITDA Exit 247.97 PLN 444.42 PLN 830.25 PLN 41
5Y P/E Exit 95.84 PLN 163.53 PLN 250.87 PLN 38
10Y Revenue Exit 133.01 PLN 250.58 PLN 319.58 PLN 36
10Y EBITDA Exit 219.14 PLN 495.02 PLN 985.35 PLN 37
10Y P/E Exit 117.66 PLN 196.25 PLN 314.48 PLN 35
Earnings-Based
Graham-Dodd 19.53 PLN 136.21 PLN 191.14 PLN 54
Lynch FV 55.77 PLN 79.67 PLN 103.58 PLN 50
PEG = 1.0 55.77 PLN 79.67 PLN 103.58 PLN 46
EPV 74.33 PLN 82.06 PLN 88.50 PLN 59
Multiples
P/E Multiple 47.39 PLN 63.19 PLN 78.99 PLN 63
P/S Multiple 36.62 PLN 48.83 PLN 61.03 PLN 58
P/B Multiple 36.62 PLN 48.83 PLN 61.03 PLN 55
EV/EBIT 125.30 PLN 161.17 PLN 197.05 PLN 53
EV/EBITDA 285.39 PLN 374.63 PLN 463.87 PLN 54
EV/Revenue 99.28 PLN 134.26 PLN 169.25 PLN 43
Asset-Based
NCAV (Graham) 48.90 PLN 65.53 PLN 97.81 PLN 50
Growth DCF
Growth DCF 150.27 PLN 237.74 PLN 398.67 PLN 80
Rev-Margin DCF 126.87 PLN 218.30 PLN 395.07 PLN 74
Economic Profit
Residual Income 66.41 PLN 62.76 PLN 48.55 PLN 61
ROIC Compounder 74.33 PLN 82.06 PLN 88.50 PLN 72
Growth Earnings
Growth-Adj P/E 71.01 PLN 101.44 PLN 131.88 PLN 68

Widest divergence: DCF Models (224.30 PLN) versus Economic Profit (62.76 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 141M PLN
Revenue growth (YoY) +17.2%
Net margin 4.9%
Return on equity 3.0%
Free cash flow 25.1M PLN FY2025
P/E ratio 33.7
More key figures
Operating margin -21.1%
EPS (TTM) 4.35 PLN
EPS growth (YoY) -71.9%
Net cash 40.7M PLN FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 62 · Market factors (momentum, volatility) 36

Profitability 27
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 71
Earnings quality: real cash, not paper profit
Fin. Strength 91
Balance sheet, leverage, solvency risk
Investment 58
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

11 bit studios S.A. engages in the production of multiplatform video games worldwide. It also publishes games created by external developers. The company was incorporated in 2009 and is headquartered in Warsaw, Poland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

11 bit studios S.A reported revenue of 141M PLN in FY2025 versus 70.1M PLN in FY2021, a compound +19.1%/yr. Reported net income was 6.9M PLN in FY2025, compounding −29.9%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
141M PLN
Latest YoY
+0.3%
Avg. growth/yr (3Y) ⓘ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.
+23.9%
Avg. growth/yr (5Y) ⓘ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.
+10.1%
Avg. growth/yr (15Y) ⓘ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.
+46.2%
Revenue +19.1%/yr
FY21 70.1M PLN
FY22 74.2M PLN
FY23 52.3M PLN
FY24 141M PLN
FY25 141M PLN
Net income −29.9%/yr
FY21 28.7M PLN
FY22 22.9M PLN
FY23 526K PLN
FY24 6.9M PLN
FY25 6.9M PLN
Character of growth · EPS growth decomposed (2014-2025) −12.2 % p.a.
Revenue per share +16.6 pp

of which total revenue +17.5 pp · buybacks/dilution −0.9 pp

EBIT margin −13.8 pp
Tax rate −2.1 pp
Residual (interest, one-offs) −12.9 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

11B screens 86% overvalued. Compare with NetEase, Inc →

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11 bit studios S.A · Fair Value
18.89 PLN −86%Fair Value
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Cite: Fair Value Calculator (2026). "11 bit studios S.A Fair Value". https://www.fairvalue-calculator.com/stock/11B

Peer Group

Electronic Gaming & Multimedia · 152 stocks

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.

Quality Score 59 · Above median
Fair Value upside −86% · Bottom 25%
Return on equity (TTM) 5% · Above median
Return on assets 5% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) -28% · Bottom 25%
Revenue growth 13% · Above median
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Electronic Gaming & Multimedia median · lower = cheaper

P/E (TTM) 30.3× · Pricier than 75% of peers
P/B 0.36× · Cheaper than 75% of peers
P/S (TTM) 0.60× · Cheaper than median
P/FCF 3.4× · Pricier than median
EV/EBITDA 1.6× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 15
FUTURE 66 · sector 10
PAST 18 · sector 11
HEALTH 99 · sector 99
DIVIDEND 0 · sector 41

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

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
NetEase, Inc 9999 HK$202.60 HK$192.74 -5%
Electronic Arts Inc EA $207.27 $76.57 -63%
Take-Two Interactive Software, Inc TTWO $237.04 $60.45 -74%
Roblox Corporation RBLX $57.07 $21.20 -63%
Zhejiang Century Huatong Group 002602 ¥14.04 ¥14.68 +5%
KRAFTON, Inc 259960 240,500 KRW 395,557 KRW +64%
Kunlun Tech Co 300418 ¥44.61 ¥6.87 -85%
Giant Network Group 002558 ¥29.98 ¥15.69 -48%
International Games System Co 3293 704.00 TWD 568.16 TWD -19%
37 Interactive Entertainment Network Technology Group 002555 ¥19.02 ¥22.29 +17%

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Frequently asked questions

Is 11 bit studios S.A (11B) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 18.89 PLN versus a price of 134.00 PLN, about −86% (overvalued).
What is the fair value of 11B?
Our model-based fair value for 11 bit studios S.A is 18.89 PLN (as of Jul 17, 2026), built from audited fundamentals. The current price is 134.00 PLN.
What is the quality score of 11B?
11 bit studios S.A has a Quality Score of 59/100. 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 revenue of 11 bit studios S.A (11B)?
11 bit studios S.A reported trailing-twelve-month revenue of about 141M PLN (latest available figure, as of Jul 17, 2026).
What is the net profit margin of 11B?
The net profit margin of 11 bit studios S.A is about 4.9%, meaning it keeps roughly 4.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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