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Fragbite Group AB (FRAG) fair value: what the stock is really worth

As of Sep 28, 2026: fair value of Fragbite Group AB SEK 16.05, price SEK 5.80, upside +176.7%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Communication Services · SE · ISIN SE0015949334

FG Thin data Sep 27, 2026

Fragbite Group AB

FRAG · ST

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value kr 16.05 · Strongly undervalued (+176.7%)
!Quality 39/100
!Weak Growth (revenue 5y +99.1 %/yr)
✓Solidly profitable · 16.5% net margin (TTM)
!Low debt · negative free cash flow
✓Ranks above peers (7/11)
!Moderate moat 48/100
!Insider activity 45/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 617.38 kr 3.98 Fair Value kr 16.05 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range kr 3.98 – kr 617.38 · fair‑value band kr 12.03 – kr 20.06 · the kr 5.80 price screens below the kr 16.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Fragbite Group AB (publ) develops and publishes games, game engines, game products, and esports content in Sweden. The company develops Ips; and operates tournament concepts and an editorial business. It also offers marketing services in esports and gaming, as well as operates an advertising network.

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Fragbite Group AB (publ) develops and publishes games, game engines, game products, and esports content in Sweden. The company develops Ips; and operates tournament concepts and an editorial business. It also offers marketing services in esports and gaming, as well as operates an advertising network. The company was formerly known as FunRock AB and changed its name to Fragbite Group AB (publ) in June 2021. Fragbite Group AB (publ) was founded in 2002 and is headquartered in Stockholm, Sweden.

Stock analysis

Fragbite Group AB (FRAG) currently trades at kr 5.80, while our model-based Fair Value estimate is kr 16.05, implying the stock looks roughly 63.9% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of kr 43.85 per share, and 10 of the 11 models we run sit above the kr 5.80 price.

Bear case: the Asset-Based group reads lowest at kr 5.54, and 1 of the 11 models stay below the price. Evidence for this calculation is low.

Scenario range: kr 12.03 (bear) to kr 20.06 (bull), the price of kr 5.80 sits below 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 39/100 (below-average quality), in the Communication Services sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Fragbite Group AB reported revenue of 144M SEK in FY2025 versus 124M SEK in FY2021, a compound +3.8%/yr. Reported net income was 7.6M SEK in FY2025.

Key figures

Market cap 42.6M SEK (≈ $4.3M) · P/E ratio 2.3 · P/S ratio 0.12 · EPS (TTM) kr 2.49 · Net margin 5.3% · Return on equity 28.8% · Return on assets (EBIT) −43.5% · Operating margin −156%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 62% below its 52-week high and 31% 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 177%, FRAG screens cheaper than that median.

Fair Value models

Bear kr 12.03 Fair Value kr 16.05 Bull kr 20.06
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 1.85 per share) are deliberately not added. 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.
Highest evidence
Owner Earnings kr 129.32 kr 280.86 kr 587.30 67
EV/EBITDA kr 5.77 kr 6.12 kr 6.47 67
Residual Income kr 7.43 kr 8.49 kr 11.60 66
All 11 models by family
DCF Models
Owner Earnings kr 129.32 kr 280.86 kr 587.30 67
Earnings-Based
Graham-Dodd kr 6.42 kr 44.76 kr 62.82 59
Lynch FV kr 23.13 kr 33.04 kr 42.95 57
PEG = 1.0 kr 23.13 kr 33.04 kr 42.95 54
Multiples
P/E Multiple kr 15.57 kr 20.77 kr 25.96 63
P/S Multiple kr 12.03 kr 16.05 kr 20.06 58
P/B Multiple kr 12.03 kr 16.05 kr 20.06 55
EV/EBITDA kr 5.77 kr 6.12 kr 6.47 67
Asset-Based
NCAV (Graham) kr 4.14 kr 5.54 kr 8.28 54
Economic Profit
Residual Income kr 7.43 kr 8.49 kr 11.60 66
Growth Earnings
Growth-Adj P/E kr 30.70 kr 43.85 kr 57.01 64

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Quality Score breakdown

Overall quality 39/100

Of which business quality 40 · Market factors (momentum, volatility) 28

Profitability 47
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 43
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−32.5%
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.
−17.3%
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.
+99.1%
Start year 2020 (pandemic)
Revenue growth 6 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.
+120.8%
Profit margin (trend) ⓘ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.
−486.0% (2020) → −64.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed

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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 · 143 stocks

Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside +176.7% · Top 25%
Profitability
Return on equity (TTM) 28.8% · Top 25%
Return on assets −39.8% · Bottom 25%
Net margin (TTM) 16.5% · Above median
Operating margin (TTM) −155.8% · Bottom 25%
Growth and dividend
Revenue growth −91.7% · Bottom 25%

Valuation Multiplesvs Electronic Gaming & Multimedia median · lower = cheaper

P/E (TTM) 2.3× · Cheapest 25%
P/B 0.64× · Cheaper than median
P/S (TTM) 0.38× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 48
FUTURE (revenue growth)0 · sector 10
PAST (return on equity)100 · sector 17
HEALTH (low debt)100 · sector 99
DIVIDEND (yield)0 · sector 55

Context: sector, industry, market

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

Similar stocks

10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate.

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Konami Group KNM £212.70 £65.39 −69%
NetEase, Inc NTES $115.41 $253.97 +120%
Take-Two Interactive Software, Inc TTWO $201.44 $75.29 −63%
Roblox Corporation RBLX $46.44 $45.24 −3%
Zhejiang Century Huatong Group 002602 ¥14.23 ¥27.63 +94%
International Games System Co 3293 761.00 TWD 1,094 TWD +44%
Giant Network Group 002558 ¥23.62 ¥31.97 +35%
CD Projekt S.A CDR 244.60 PLN 269.06 PLN +10%
KRAFTON, Inc 259960 198,000 KRW 410,472 KRW +107%
37 Interactive Entertainment Network Technology Group 002555 ¥17.38 ¥39.02 +125%

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kr 16.05 +64%Fair Value
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Cite: Fair Value Calculator (2026). "Fragbite Group AB Fair Value". https://www.fairvalue-calculator.com/stock/FRAG

Frequently asked questions

Is Fragbite Group AB (FRAG) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of kr 16.05 versus a price of kr 5.80, about +177% upside (undervalued).
What is the fair value of FRAG?
Our model-based fair value for Fragbite Group AB is kr 16.05 (as of Sep 27, 2026), built from audited fundamentals. The current price: kr 5.80.
What is the quality score of FRAG?
Fragbite Group AB has a Quality Score of 39/100. 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 Fragbite Group AB (FRAG)?
Our model-based price target is the fair value of kr 16.05 (as of Sep 27, 2026) from 11 valuation models. Cautious scenario kr 12.03, optimistic scenario kr 20.06. It is a calculation from audited fundamentals, not an analyst target.
What is the Fragbite Group AB stock forecast for 2026?
Our models put fair value at kr 16.05, about +177% upside versus a price of kr 5.80 (undervalued). Cautious scenario kr 12.03, optimistic scenario kr 20.06. The calculation is refreshed regularly with new filings.
What is the revenue of Fragbite Group AB (FRAG)?
Fragbite Group AB reported trailing-twelve-month revenue of about 112M SEK (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of Fragbite Group AB (FRAG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fragbite Group AB it is kr 16.05 per share (as of Sep 27, 2026), against a price of kr 5.80. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Fragbite Group AB stock overvalued or undervalued in 2026?
As of Sep 27, 2026, FRAG trades below its calculated fair value: price kr 5.80, fair value kr 16.05, a gap of about +177% (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 FRAG?
No. The price is what the market pays today (kr 5.80); the fair value is what the company's own numbers justify (kr 16.05). For Fragbite Group AB the two are kr 10.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fragbite Group AB worth?
The market values Fragbite Group AB at about 42.6M SEK (market capitalisation, as of Sep 27, 2026). Per share that is kr 5.80; our models calculate a fair value of kr 16.05 per share.
What do the bullish and bearish scenarios say about FRAG?
Our models span a range for Fragbite Group AB: cautious scenario kr 12.03, base kr 16.05, optimistic kr 20.06 per share (as of Sep 27, 2026, price kr 5.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FRAG?
Fragbite Group AB trades at a price-to-earnings ratio of 2.3 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 16.05 is built from several models across several years. Other multiples: P/B 0.6, P/S 0.4.
How solid is the balance sheet of Fragbite Group AB (FRAG)?
Balance-sheet figures for Fragbite Group AB (as of Sep 27, 2026): return on equity 28.8%. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is FRAG from its 52-week high?
Fragbite Group AB trades at kr 5.80, about 62% below its 52-week high of kr 15.30 and 31% above the low of kr 4.43 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of kr 16.05 is for.
Which stocks are comparable to Fragbite Group AB?
From the same area (Communication Services) we also value Konami Group, NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, 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 Fragbite Group AB stock attractive at the current price?
The data as of Sep 27, 2026: price kr 5.80, calculated fair value kr 16.05 (+177%), Quality Score 39/100, from 11 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 FRAG calculated?
We run Fragbite Group AB through 11 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 kr 16.05, 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 16.1 % above its aggregate fair value. Fragbite Group AB currently trades 177 % 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 Fragbite Group AB (FRAG)?
The closing price on Sep 28, 2026 was kr 5.80. Our model-based fair value is kr 16.05, about +177% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fragbite Group AB right now?
The large discount to fair value meets weak quality (39/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 12.03). The market is more pessimistic than our downside scenario. 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 Fragbite Group AB

How large is the market capitalisation of Fragbite Group AB (FRAG)?
The market capitalisation of Fragbite Group AB is 42.6M SEK (≈ $4.3M). 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 Fragbite Group AB (FRAG)?
The price-to-sales ratio of Fragbite Group AB is 0.12 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fragbite Group AB (FRAG)?
Earnings per share at Fragbite Group AB are kr 2.49 (price ÷ EPS = P/E 2.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Fragbite Group AB (FRAG)?
The net margin of Fragbite Group AB is 5.3% (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 Fragbite Group AB (FRAG)?
The return on equity (ROE) of Fragbite Group AB is 28.8% (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 Fragbite Group AB (FRAG)?
On an EBIT basis the return on assets of Fragbite Group AB is −43.5% (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 Fragbite Group AB (FRAG)?
The operating margin of Fragbite Group AB is −156% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fragbite Group AB (FRAG)?
Revenue at Fragbite Group AB is growing −91.7% versus a year earlier (3y avg −17.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Fragbite Group AB (FRAG) generate?
The free cash flow of Fragbite Group AB is −41.0M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Fragbite Group AB (FRAG) hold?
Fragbite Group AB holds more cash than debt, 38.1M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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