CI Games S.A (CIGMF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of CI Games S.A $0.09, price $0.74, upside -87.9%, quality 31 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
59‑month range $0.3900 – $1.55 · fair‑value band $0.0700 – $0.1100 · the $0.7420 price screens above the $0.0900 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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CI Games SE, together with its subsidiaries, engages in the production, publishing, and distribution of video games in Poland and internationally. The company offers Lords of the Fallen, Project 3, and Sniper Ghost Warrior game products. It distributes its own game titles and sells licenses to various platforms, including PlayStation, Xbox, and PC consoles.
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CI Games SE, together with its subsidiaries, engages in the production, publishing, and distribution of video games in Poland and internationally. The company offers Lords of the Fallen, Project 3, and Sniper Ghost Warrior game products. It distributes its own game titles and sells licenses to various platforms, including PlayStation, Xbox, and PC consoles. The company was founded in 2002 and is based in Warsaw, Poland.
Stock analysis
CI Games S.A (CIGMF) currently trades at $0.7420, while our model-based Fair Value estimate is $0.0900, 87.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of $0.1200 per share, and 0 of the 14 models we run sit above the $0.7420 price.
Bear case: the Economic Profit group reads lowest at $0.0200, and 14 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: $0.0700 (bear) to $0.1100 (bull), the price of $0.7420 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 31/100 (below-average quality), in the Communication Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
CI Games S.A reported revenue of 73.8M PLN in FY2025 versus 106M PLN in FY2021, a compound −8.6%/yr. Reported net income was 3.4M PLN in FY2025, compounding −45.4%/yr from FY2021.
Key figures
Market cap $181M · P/S ratio 0.70 · Net margin 4.6% · Return on equity 1.4% · Return on assets (EBIT) 8.8% · Revenue growth (YoY) −16.1% · EPS growth (YoY) +100% · Free cash flow −40.3M PLN.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 52% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 44% fair-value upside, at −88%, CIGMF screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($0.0200 to $0.4900). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear $0.0700Fair Value $0.0900Bull $0.1100
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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. 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.Evidence ⓘEvidence = 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.37/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−8.7%
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.
+9.2%
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.
+9.9%
Start year 2020 (pandemic). Over 10 years: +11.4% a year
Revenue growth 17 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.
+5.5%
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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.
−48.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−48.7%
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.−48.7% vs −11.4%, 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.19% → 4%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 17.7%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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 · 138 stocks
P/B1.16× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM)0.70× · Cheaper than median
EV/EBITDA31.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 52
FUTURE (revenue growth)0· sector 10
PAST (return on equity)5· sector 15
HEALTH (low debt)99· sector 100
DIVIDEND (yield)0· sector 57
VALUE 0: the price sits above our fair-value range.
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). "CI Games S.A Fair Value". https://www.fairvalue-calculator.com/stock/CIGMF
Frequently asked questions
Is CI Games S.A (CIGMF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $0.0900 versus the last price from Sep 25, 2026 of $0.7420, about −88% upside (overvalued).
What is the fair value of CIGMF?
Our model-based fair value for CI Games S.A is $0.0900 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $0.7420.
What is the quality score of CIGMF?
CI Games S.A has a Quality Score of 31/100. 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 CI Games S.A (CIGMF)?
Our model-based price target is the fair value of $0.0900 (as of Sep 24, 2026) from 14 valuation models. Cautious scenario $0.0700, optimistic scenario $0.1100. It is a calculation from audited fundamentals, not an analyst target.
What is the CI Games S.A stock forecast for 2026?
Our models put fair value at $0.0900, about −88% upside versus the last price from Sep 25, 2026 of $0.7420 (overvalued). Cautious scenario $0.0700, optimistic scenario $0.1100. The calculation is refreshed regularly with new filings.
What is the intrinsic value of CI Games S.A (CIGMF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CI Games S.A it is $0.0900 per share (as of Sep 24, 2026), against a price of $0.7420. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is CI Games S.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CIGMF trades above its calculated fair value: price $0.7420, fair value $0.0900, a gap of about −88% (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 CIGMF?
No. The price is what the market pays today ($0.7420); the fair value is what the company's own numbers justify ($0.0900). For CI Games S.A the two are $0.6520 per share apart. That gap is exactly why we show both numbers side by side.
How much is CI Games S.A worth?
The market values CI Games S.A at about $181M (market capitalisation, as of Sep 24, 2026). Per share that is $0.7420; our models calculate a fair value of $0.0900 per share.
What do the bullish and bearish scenarios say about CIGMF?
Our models span a range for CI Games S.A: cautious scenario $0.0700, base $0.0900, optimistic $0.1100 per share (as of Sep 24, 2026, price $0.7420). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of CI Games S.A (CIGMF)?
Balance-sheet figures for CI Games S.A (as of Sep 24, 2026): return on equity 1.4%, debt of 0.02 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is CIGMF from its 52-week high?
CI Games S.A trades at $0.7420, about 52% below its 52-week high of $1.55 and 7% above the low of $0.6940 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $0.0900 is for.
Which stocks are comparable to CI Games 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 CI Games S.A stock attractive at the current price?
The data as of Sep 24, 2026: price $0.7420, calculated fair value $0.0900 (−88%), Quality Score 31/100, from 14 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 CIGMF calculated?
We run CI Games S.A through 14 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, 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 14.5 % above its aggregate fair value. CI Games 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 CI Games S.A (CIGMF)?
The latest price we hold is from Sep 25, 2026 and stands at $0.7420. Our model-based fair value is $0.0900, about −88% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CI Games S.A right now?
The price sits above even our optimistic bull case ($0.1100). The favourable scenario is already priced in. Weak quality (31/100) 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.
Key figures of CI Games S.A
How large is the market capitalisation of CI Games S.A (CIGMF)?
The market capitalisation of CI Games S.A is $181M. 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 CI Games S.A (CIGMF)?
The price-to-sales ratio of CI Games S.A is 0.70 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of CI Games S.A (CIGMF)?
The net margin of CI Games S.A is 4.6% (fiscal year 2025). 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 CI Games S.A (CIGMF)?
The return on equity (ROE) of CI Games S.A is 1.4% (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 CI Games S.A (CIGMF)?
On an EBIT basis the return on assets of CI Games S.A is 8.8% (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.
How fast is revenue growing at CI Games S.A (CIGMF)?
Revenue at CI Games S.A is growing −16.1% versus a year earlier (3y avg +9.2%). 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 CI Games S.A (CIGMF)?
Earnings per share at CI Games S.A are growing +100% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does CI Games S.A (CIGMF) generate?
The free cash flow of CI Games S.A is −40.3M 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 CI Games S.A (CIGMF) carry?
The net debt of CI Games S.A is 50.4M 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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Thin data
Sep 24, 2026