11 bit studios S.A (11B) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of 11 bit studios S.A stock PLN 133, price PLN 113, upside +18.1%, quality 59 out of 100. Rating: undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 113.00 PLN – 740.00 PLN · fair‑value band 98.45 PLN – 168.41 PLN · the 113.00 PLN price screens below the 133.43 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
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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.
Stock analysis
11 bit studios S.A (11B) currently trades at 113.00 PLN, while our model-based Fair Value estimate is 133.43 PLN, implying the stock looks roughly 15% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 189.12 PLN per share, and 15 of the 24 models we run sit above the 113.00 PLN price.
Bear case: the Asset-Based group reads lowest at 24.65 PLN, and 9 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 98.45 PLN (bear) to 168.41 PLN (bull), the price of 113.00 PLN 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 59/100 (solid quality), in the Communication Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
Key figures
Market cap 273M PLN (≈ $69.8M) Micro · P/S ratio 2.26 · EPS (TTM) −1.05 PLN · Net margin −2.0% · Return on equity −1.1% · Return on assets (EBIT) 7.0% (5-year average) · Operating margin 7.9% · Revenue (TTM) 128M PLN.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (low confidence).
What moves the price
The share trades about 36% below its 52-week high and at 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 18%, 11B screens richer than that median.
Fair Value models
Bear98.45 PLNFair Value 133.43 PLNBull168.41 PLN
Price 113.00 PLN · Upside +18.1%
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+0.3%
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.
+23.9%
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.
+10.1%
Start year 2020 (pandemic). Over 10 years: +19.8% a year
Revenue growth 15 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.
+46.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−24.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−24.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−24.8% vs −5.6%, slowing
Profit margin 2020 to 2025 ⓘ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.47% → 15%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
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).
+0.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−9.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about −2.5% a year for the price and −12.6% for the forecasts.
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). "11 bit studios S.A Fair Value". https://www.fairvalue-calculator.com/stock/11B
Frequently asked questions
Is 11 bit studios S.A (11B) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 133.43 PLN versus a price of 113.00 PLN, about +18% upside (undervalued).
What is the fair value of 11B?
Our model-based fair value for 11 bit studios S.A is 133.43 PLN (as of Nov 9, 2026), built from audited fundamentals. The current price: 113.00 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 price target for 11 bit studios S.A (11B)?
Our model-based price target is the fair value of 133.43 PLN (as of Nov 9, 2026) from 24 valuation models. Cautious scenario 98.45 PLN, optimistic scenario 168.41 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the 11 bit studios S.A stock forecast for 2026?
Our models put fair value at 133.43 PLN, about +18% upside versus a price of 113.00 PLN (undervalued). Cautious scenario 98.45 PLN, optimistic scenario 168.41 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of 11 bit studios S.A (11B)?
11 bit studios S.A reported trailing-twelve-month revenue of about 128M PLN (latest available figure, as of Nov 9, 2026).
What growth is priced into 11 bit studios S.A (11B)?
For today's price to be fair in a discounted-cash-flow model, 11 bit studios S.A would have to grow free cash flow by +0.5 % per year for five years (discount rate 13.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.1 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 11B use?
Our models discount 11 bit studios S.A at 13.6 %: a base by market capitalisation (micro), country premium for Poland. 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 11 bit studios S.A that is +0.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.6 %) and the same formula as our fair value.
How much growth has 11 bit studios S.A (11B) delivered so far?
Over the past 5 years revenue at 11 bit studios S.A grew +10.1 % a year. The price currently implies free-cash-flow growth of +0.5 % 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 11 bit studios S.A (11B) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into 11 bit studios S.A (+0.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of 11 bit studios S.A (11B)?
The free-cash-flow yield on the price is 9.20 %: that much free cash flow 11 bit studios S.A produces per unit of market value. When it exceeds the discount rate of our models (13.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of 11 bit studios S.A (11B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For 11 bit studios S.A it is 133.43 PLN per share (as of Nov 9, 2026), against a price of 113.00 PLN. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is 11 bit studios S.A stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 11B trades below its calculated fair value: price 113.00 PLN, fair value 133.43 PLN, a gap of about +18% (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 11B?
No. The price is what the market pays today (113.00 PLN); the fair value is what the company's own numbers justify (133.43 PLN). For 11 bit studios S.A the two are 20.43 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is 11 bit studios S.A worth?
The market values 11 bit studios S.A at about 273M PLN (market capitalisation, as of Nov 9, 2026). Per share that is 113.00 PLN; our models calculate a fair value of 133.43 PLN per share.
What do the bullish and bearish scenarios say about 11B?
Our models span a range for 11 bit studios S.A: cautious scenario 98.45 PLN, base 133.43 PLN, optimistic 168.41 PLN per share (as of Nov 9, 2026, price 113.00 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of 11 bit studios S.A (11B)?
Balance-sheet figures for 11 bit studios S.A (as of Nov 9, 2026): return on equity −1.1%, debt of 0.01 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 11B from its 52-week high?
11 bit studios S.A trades at 113.00 PLN, about 36% below its 52-week high of 176.00 PLN and at the low of 113.00 PLN (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 133.43 PLN is for.
Which stocks are comparable to 11 bit studios 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 11 bit studios S.A stock attractive at the current price?
The data as of Nov 9, 2026: price 113.00 PLN, calculated fair value 133.43 PLN (+18%), Quality Score 59/100, from 24 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 11B calculated?
We run 11 bit studios S.A through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 133.43 PLN 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. 11 bit studios S.A currently trades 15% 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 11 bit studios S.A (11B)?
The closing price on Nov 6, 2026 was 113.00 PLN. Our model-based fair value is 133.43 PLN, about +18% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with 11 bit studios S.A right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of 11 bit studios S.A (11B) come from?
Earnings per share at 11 bit studios S.A grew −12.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +16.6 %, EBIT margin −13.8 %, tax rate −2.1 %, residual (interest, one-offs) −10.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of 11 bit studios S.A
How large is the market capitalisation of 11 bit studios S.A (11B)?
The market capitalisation of 11 bit studios S.A is 273M PLN (≈ $69.8M). 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 11 bit studios S.A (11B)?
The price-to-sales ratio of 11 bit studios S.A is 2.26 (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 11 bit studios S.A (11B)?
Earnings per share at 11 bit studios S.A are −1.05 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of 11 bit studios S.A (11B)?
The net margin of 11 bit studios S.A is −2.0% (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 11 bit studios S.A (11B)?
The return on equity (ROE) of 11 bit studios S.A is −1.1% (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 11 bit studios S.A (11B)?
On an EBIT basis the return on assets of 11 bit studios S.A is 7.0% (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 11 bit studios S.A (11B)?
The operating margin of 11 bit studios S.A is 7.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at 11 bit studios S.A (11B)?
Revenue at 11 bit studios S.A is growing −33.4% versus a year earlier (3y avg +23.9%). 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 11 bit studios S.A (11B)?
Earnings per share at 11 bit studios S.A are growing −88.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does 11 bit studios S.A (11B) hold?
11 bit studios S.A holds more cash than debt, 40.7M PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 9, 2026