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Pullup Entertainment Société anonyme (ALPUL) Fair Value & Analysis

Communication Services · FR · Market cap €65.5M

PE Pullup Entertainment Société anonyme ALPUL · PA
Price€8.78
Fair Value€14.01
Upside+59.6%
Quality30/100
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Mixed Growth
Loss-making · -4.6% net margin
Moderate debt · generates free cash flow
Trails peers (4/13)
Narrow moat 16/100
Evidence: Medium Range €14.01 – €23.36 Share as image

Fair value as of: Jul 12, 2026

From 12 valuation models · updated 29 days ago

Fair value updated Jul 12, 2026, revised from €53.96 to €14.01 (−74.0%) since Jun 25, 2026. Share price +5.8% over the past month.

Below-average quality, screening 60% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (30/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (€14.01). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (2 years)

€23.70 €7.32 Fair Value €14.01 Mar 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

29‑month range €7.32 – €23.70 · fair‑value band €14.01 – €23.36 · the €8.78 price screens below the €14.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

Pullup Entertainment Société anonyme (ALPUL) currently trades at €8.78, while our model-based Fair Value estimate is €14.01, implying the stock looks roughly 59.6% undervalued today. The Quality Score stands at 30/100 (below-average quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Pullup Entertainment Société anonyme generated revenue of €288M at a net margin of -0.2%. Revenue declined 43.4% year over year. It earns a return on equity of 0.1%. Net debt stands at €100M. Fundamentals as of Jul 12, 2026

Our scenario range runs from €14.01 (bear case) to €23.36 (bull case); at €8.78, the current price sits below 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 64% below its 52-week high and 6% 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 60%, ALPUL screens cheaper 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 €5.91 €14.69 80
Rev-Margin DCF €6.06 €15.40 74
Gordon GGM €6.97 €11.68 €15.16 70
All 12 models by family
DCF Models
FCF DCF €0.2900 €5.27 €16.71 38
5Y Revenue Exit €6.12 €16.05 39
5Y EBITDA Exit €42.69 €102.72 €189.83 41
10Y Revenue Exit €5.67 €14.99 36
10Y EBITDA Exit €25.21 €70.82 €153.26 37
Dividend Discount
Gordon GGM €6.97 €11.68 €15.16 70
DDM Multi-Stage €6.97 €11.08 €12.56 61
Multiples
EV/EBITDA €73.70 €101.07 €128.44 54
EV/Revenue €2.29 €5.50 43
Asset-Based
NCAV (Graham) €8.70 €11.66 €17.40 50
Growth DCF
Growth DCF €5.91 €14.69 80
Rev-Margin DCF €6.06 €15.40 74

Widest divergence: Asset-Based (€11.66) versus Multiples (€2.29). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €288M
Revenue growth (YoY) -43.4%
Net margin -0.2%
Return on equity 0.1%
Free cash flow €6.5M FY2026
Operating margin 3.4%
More key figures
EPS (TTM) €-0.1200
Dividend yield 10.6%
EPS growth (YoY) -90.9%
Net debt €100M FY2026

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 30/100

Of which business quality 33 · Market factors (momentum, volatility) 24

Profitability 15
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 34
Balance sheet, leverage, solvency risk
Investment 84
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 30
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

Pullup Entertainment Société anonyme develops, publishes, and distributes games in France, the United States, Europe, the Middle East, Africa, Asia, and internationally. The company offers games for various platforms, consoles, and PC or mobile. It distributes its titles through physical or digital stores, as well as through the downloading platforms.

Full company description

Pullup Entertainment Société anonyme develops, publishes, and distributes games in France, the United States, Europe, the Middle East, Africa, Asia, and internationally. The company offers games for various platforms, consoles, and PC or mobile. It distributes its titles through physical or digital stores, as well as through the downloading platforms. Pullup Entertainment Société anonyme was founded in 1995 and is based in Paris, France.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Pullup Entertainment Société anonyme reported revenue of €281M in FY2026 versus €143M in FY2022, a compound +18.3%/yr. Reported net income was −€12.9M in FY2026.

Growth Quality 48/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
€281M
Latest YoY
−28.3%
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.
+13.2%
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.
+10.4%
Avg. growth/yr (13Y) 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.
+20.6%
Revenue +18.3%/yr
FY22 €143M
FY23 €194M
FY24 €188M
FY25 €392M
FY26 €281M
Net income
FY22 €3.0M
FY23 €7.3M
FY24 −€19.9M
FY25 €19.4M
FY26 −€12.9M

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Cite: Fair Value Calculator (2026). "Pullup Entertainment Société anonyme Fair Value". https://www.fairvalue-calculator.com/stock/ALPUL

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 30 · Bottom 25%
Fair Value upside +60% · Top 25%
Return on assets -2% · Below median
Net margin (TTM) -5% · Below median
Operating margin (TTM) -11% · Bottom 25%
Revenue growth -5% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.86× · Higher than 75% of peers

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

P/B 0.55× · Cheaper than median
P/S (TTM) 0.27× · Cheaper than 75% of peers
P/FCF 11.6× · Pricier than 75% of peers
EV/EBITDA 2.0× · 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 100 · sector 15
FUTURE 0 · sector 10
PAST 0 · sector 11
HEALTH 57 · sector 99
DIVIDEND 0 · sector 41

Insider activity: 40/100

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 Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate (as of Jul 12, 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 Pullup Entertainment Société anonyme (ALPUL) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of €14.01 versus a price of €8.78, about +60% (undervalued).
What is the fair value of ALPUL?
Our model-based fair value for Pullup Entertainment Société anonyme is €14.01 (as of Jul 12, 2026), built from audited fundamentals. The current price is €8.78.
What is the quality score of ALPUL?
Pullup Entertainment Société anonyme has a Quality Score of 30/100. 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 Pullup Entertainment Société anonyme (ALPUL)?
Pullup Entertainment Société anonyme reported trailing-twelve-month revenue of about €288M (latest available figure, as of Jul 12, 2026).
What is the net profit margin of ALPUL?
The net profit margin of Pullup Entertainment Société anonyme is about -0.2%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Pullup Entertainment Société anonyme pay a dividend?
Pullup Entertainment Société anonyme currently shows a dividend yield of about 10.58% relative to its recent price (as of Jul 12, 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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