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3R Games S.A (3RG) Fair Value & Analysis

Consumer Cyclical · PL · Market cap 60.9M PLN

3G 3R Games S.A 3RG · WAR
Price0.7380 PLN
Fair Value0.1500 PLN
Upside-79.7%
Quality76/100
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Mixed Growth
Highly profitable · 41.8% net margin
generates free cash flow
5.29% dividend yield
Ranks above peers (9/12)
Wide moat 80/100
Evidence: High Range 0.0700 PLN – 0.1800 PLN Share as image

Fair value as of: Jul 18, 2026

From 25 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from 0.1400 PLN to 0.1500 PLN (+7.1%) since Jul 11, 2026. Share price −0.5% over the past month.

A strong business, but screening 80% overvalued on our models.

What matters now

  • A high-quality business (quality 76/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (0.1800 PLN). The favourable scenario is already priced in.
  • A fairly wide model range (0.0700 PLN to 0.1800 PLN) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

0.9721 PLN 0.2040 PLN Fair Value 0.1500 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 0.2040 PLN – 0.9721 PLN · fair‑value band 0.0700 PLN – 0.1800 PLN · the 0.7380 PLN price screens above the 0.1500 PLN fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

3R Games S.A (3RG) currently trades at 0.7380 PLN, while our model-based Fair Value estimate is 0.1500 PLN, implying the stock looks roughly 79.7% overvalued today. The Quality Score stands at 76/100 (high quality), in the Consumer Cyclical 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, 3R Games S.A generated revenue of 9.5M PLN at a net margin of 41.8%. It earns a return on equity of 19.8%. The balance sheet holds a net cash position of 2.3M PLN. The stock trades on a trailing P/E of 14.8. Fundamentals as of Jul 18, 2026

Our scenario range runs from 0.0700 PLN (bear case) to 0.1800 PLN (bull case); at 0.7380 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 31% below its 52-week high and 29% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -49% fair-value upside, at -80%, 3RG 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
Residual Income 0.2300 PLN 0.2600 PLN 0.5400 PLN 76
Growth DCF 0.2200 PLN 0.3300 PLN 0.5100 PLN 72
Gordon GGM 0.0100 PLN 0.0100 PLN 70
All 25 models by family
DCF Models
FCF DCF 0.2300 PLN 0.3100 PLN 0.5400 PLN 38
5Y Revenue Exit 0.1500 PLN 0.2200 PLN 0.3600 PLN 39
5Y EBITDA Exit 0.3400 PLN 0.5900 PLN 1.08 PLN 41
5Y P/E Exit 0.5000 PLN 1.14 PLN 2.03 PLN 38
10Y Revenue Exit 0.1800 PLN 0.3000 PLN 0.3600 PLN 36
10Y EBITDA Exit 0.2900 PLN 0.6300 PLN 1.23 PLN 37
10Y P/E Exit 0.3900 PLN 0.9300 PLN 1.82 PLN 35
Earnings-Based
Graham-Dodd 0.2500 PLN 1.76 PLN 2.47 PLN 54
Lynch FV 0.9100 PLN 1.30 PLN 1.69 PLN 50
PEG = 1.0 0.9100 PLN 1.30 PLN 1.69 PLN 46
EPV 0.2900 PLN 0.3200 PLN 0.3500 PLN 59
Dividend Discount
Gordon GGM 0.0100 PLN 0.0100 PLN 70
DDM Multi-Stage 0.0100 PLN 0.0100 PLN 61
Multiples
P/E Multiple 0.6100 PLN 0.8200 PLN 1.02 PLN 63
P/S Multiple 0.0800 PLN 0.1100 PLN 0.1400 PLN 58
P/B Multiple 0.4700 PLN 0.6300 PLN 0.7900 PLN 55
EV/EBIT 0.5700 PLN 0.7600 PLN 0.9400 PLN 53
EV/EBITDA 0.3900 PLN 0.5100 PLN 0.6400 PLN 54
EV/Revenue 0.1100 PLN 0.1400 PLN 0.1800 PLN 43
Asset-Based
NCAV (Graham) 0.1300 PLN 0.1700 PLN 0.2600 PLN 50
Growth DCF
Growth DCF 0.2200 PLN 0.3300 PLN 0.5100 PLN 72
Rev-Margin DCF 0.1700 PLN 0.2500 PLN 0.4300 PLN 67
Economic Profit
Residual Income 0.2300 PLN 0.2600 PLN 0.5400 PLN 76
ROIC Compounder 0.3200 PLN 0.4000 PLN 0.4600 PLN 67
Growth Earnings
Growth-Adj P/E 1.21 PLN 1.72 PLN 2.24 PLN 68

Widest divergence: Growth Earnings (1.72 PLN) versus Dividend Discount (0.0100 PLN). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 9.5M PLN
Revenue growth (YoY) +349%
Net margin 41.8%
Return on equity 19.8%
Free cash flow 1.4M PLN FY2025
P/E ratio 15.0
More key figures
Operating margin 40.2%
EPS (TTM) 0.0500 PLN
Dividend yield 5.3%
EPS growth (YoY) +150%
Net cash 2.3M PLN FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 76/100

Of which business quality 72 · Market factors (momentum, volatility) 49

Profitability 60
Margins and returns on capital today
Quality Growth 100
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 64
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

3R Games S.A. engages in production and distribution of games based on virtual reality technology and game development in Poland. It also publishes activities in the field of computer games. The company was formerly known as HubStyle S.A. and changed its name to 3R Games S.A. in December 2020. 3R Games S.A.

Full company description

3R Games S.A. engages in production and distribution of games based on virtual reality technology and game development in Poland. It also publishes activities in the field of computer games. The company was formerly known as HubStyle S.A. and changed its name to 3R Games S.A. in December 2020. 3R Games S.A. was incorporated in 2010 and is headquartered in Warsaw, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

3R Games S.A reported revenue of 7.7M PLN in FY2025 versus 84.0K PLN in FY2021, a compound +209.1%/yr. Reported net income was 3.0M PLN in FY2025.

Growth Quality 83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
7.7M PLN
Latest YoY
+217.5%
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.
+23.1%
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.
+2.3%
Revenue +209.1%/yr
FY21 84.0K PLN
FY22 4.1M PLN
FY23 3.6M PLN
FY24 2.4M PLN
FY25 7.7M PLN
Net income
FY21 −914K PLN
FY22 803K PLN
FY23 613K PLN
FY24 −626K PLN
FY25 3.0M PLN

3RG screens 80% overvalued. Compare with Amazon.com, Inc →

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Cite: Fair Value Calculator (2026). "3R Games S.A Fair Value". https://www.fairvalue-calculator.com/stock/3RG

Peer Group

Internet Retail · 109 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 76 · Top 25%
Fair Value upside −80% · Bottom 25%
Return on equity (TTM) 20% · Top 25%
Return on assets 13% · Top 25%
Net margin (TTM) 42% · Top 25%
Operating margin (TTM) 40% · Top 25%
Revenue growth 349% · Top 25%
Dividend yield (TTM) 5.3% · Top 25%

Valuation Multiples vs Internet Retail median · lower = cheaper

P/E (TTM) 15.0× · Cheaper than median
P/B 0.78× · Cheaper than median
P/S (TTM) 1.72× · Pricier than median
P/FCF 11.9× · Pricier than median

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 34
FUTURE 100 · sector 39
PAST 79 · sector 7
HEALTH 0 · sector 94
DIVIDEND 100 · sector 39

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

Insider activity: 45/100

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 Internet Retail stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Amazon.com, Inc AMZN $245.34 $127.67 -48%
Alibaba Group BABA $114.97 $75.75 -34%
PDD Holdings PDD $84.14 $223.51 +166%
MercadoLibre, Inc MELI $1,814 $798.98 -56%
DoorDash, Inc DASH $190.16 $38.64 -80%
Sea Limited SE $106.22 $52.70 -50%
eBay Inc EBAY $117.20 $60.13 -49%
JD.com, Inc JD €25.95 €31.88 +23%
Coupang, Inc CPNG $16.86 $2.79 -83%
Delivery Hero SE DHER €38.18 €12.71 -67%

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Frequently asked questions

Is 3R Games S.A (3RG) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 0.1500 PLN versus a price of 0.7380 PLN, about −80% (overvalued).
What is the fair value of 3RG?
Our model-based fair value for 3R Games S.A is 0.1500 PLN (as of Jul 18, 2026), built from audited fundamentals. The current price is 0.7380 PLN.
What is the quality score of 3RG?
3R Games S.A has a Quality Score of 76/100. 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 3R Games S.A (3RG)?
3R Games S.A reported trailing-twelve-month revenue of about 9.5M PLN (latest available figure, as of Jul 18, 2026).
What is the net profit margin of 3RG?
The net profit margin of 3R Games S.A is about 41.8%, meaning it keeps roughly 41.8% of revenue as net income. Based on the latest reported figures.
Does 3R Games S.A pay a dividend?
3R Games S.A currently shows a dividend yield of about 5.36% relative to its recent price (as of Jul 18, 2026).

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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