Frozen Way Spolka Akcyjna (FRW) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Frozen Way Spolka Akcyjna stock PLN 32.39, price PLN 25.60, upside +26.5%, quality 65 out of 100. Rating: undervalued. 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. As of Nov 4, 2026.
How to read this chart
43‑month range 24.60 PLN – 60.46 PLN · fair‑value band 22.95 PLN – 45.13 PLN · the 25.60 PLN price screens below the 32.39 PLN fair value. As of Nov 4, 2026.
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Frozen Way Spolka Akcyjna engages in the development, production, and publishing of games and game add-ons for personal computers, play station, Xbox, and Nintendo consoles. The company is based in Kraków, Poland.
Stock analysis
Frozen Way Spolka Akcyjna (FRW) currently trades at 25.60 PLN, while our model-based Fair Value estimate is 32.39 PLN, implying the stock looks roughly 21% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 47.26 PLN per share, and 18 of the 24 models we run sit above the 25.60 PLN price.
Bear case: the Asset-Based group reads lowest at 14.81 PLN, and 6 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 22.95 PLN (bear) to 45.13 PLN (bull), the price of 25.60 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 65/100 (solid quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Frozen Way Spolka Akcyjna reported revenue of 11.9M PLN in FY2025 versus 10.3M PLN in FY2022, a compound +5.0%/yr. Reported net income was 2.8M PLN in FY2025, compounding −25.5%/yr from FY2022.
Key figures
Market cap 27.0M PLN (≈ $6.9M) Micro · P/E ratio 13.1 · P/S ratio 3.10 · EPS (TTM) 1.96 PLN · Dividend yield 14.8% · Net margin 23.7% · Return on assets (EBIT) 40.1% · Free cash flow 1.6M PLN.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 84 out of 100 (low confidence).
What moves the price
The share trades about 33% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 48% fair-value upside, at 27%, FRW screens richer than that median.
Fair Value models
Bear22.95 PLNFair Value 32.39 PLNBull45.13 PLN
Price 25.60 PLN · Upside +26.5%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1.66 PLN 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.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.63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−11.7%
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.
+5.0%
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
−15.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−30.0%
Dividend (yield on the price)14.8%
Profit margin 2022 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.67% → 29%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
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).
+4.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about +1.4% a year for the price.
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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). "Frozen Way Spolka Akcyjna Fair Value". https://www.fairvalue-calculator.com/stock/FRW.WAR
Frequently asked questions
Is Frozen Way Spolka Akcyjna (FRW) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 32.39 PLN versus a price of 25.60 PLN, about +27% upside (undervalued).
What is the fair value of FRW?
Our model-based fair value for Frozen Way Spolka Akcyjna is 32.39 PLN (as of Nov 4, 2026), built from audited fundamentals. The current price: 25.60 PLN.
What is the quality score of FRW?
Frozen Way Spolka Akcyjna has a Quality Score of 65/100. 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 Frozen Way Spolka Akcyjna (FRW)?
Our model-based price target is the fair value of 32.39 PLN (as of Nov 4, 2026) from 24 valuation models. Cautious scenario 22.95 PLN, optimistic scenario 45.13 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Frozen Way Spolka Akcyjna stock forecast for 2026?
Our models put fair value at 32.39 PLN, about +27% upside versus a price of 25.60 PLN (undervalued). Cautious scenario 22.95 PLN, optimistic scenario 45.13 PLN. The calculation is refreshed regularly with new filings.
Does Frozen Way Spolka Akcyjna pay a dividend?
Frozen Way Spolka Akcyjna currently shows a dividend yield of 14.78% relative to its recent price (as of Nov 4, 2026).
What growth is priced into Frozen Way Spolka Akcyjna (FRW)?
For today's price to be fair in a discounted-cash-flow model, Frozen Way Spolka Akcyjna would have to grow free cash flow by +4.6 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +5.0 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of FRW use?
Our models discount Frozen Way Spolka Akcyjna at 10.6 %: a base by market capitalisation (nano), 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 Frozen Way Spolka Akcyjna that is +4.6 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Frozen Way Spolka Akcyjna (FRW) delivered so far?
Over the past 3 years revenue at Frozen Way Spolka Akcyjna grew +5.0 % a year. The price currently implies +4.6 % per year free-cash-flow growth a 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 Frozen Way Spolka Akcyjna (FRW) growing?
The median revenue growth in the sector is +3.7 % a year. That is the yardstick for the growth priced into Frozen Way Spolka Akcyjna (+4.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Frozen Way Spolka Akcyjna (FRW)?
The free-cash-flow yield on the price is 5.88 %: that much free cash flow Frozen Way Spolka Akcyjna produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Frozen Way Spolka Akcyjna (FRW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Frozen Way Spolka Akcyjna it is 32.39 PLN per share (as of Nov 4, 2026), against a price of 25.60 PLN. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Frozen Way Spolka Akcyjna stock overvalued or undervalued in 2026?
As of Nov 4, 2026, FRW trades below its calculated fair value: price 25.60 PLN, fair value 32.39 PLN, a gap of about +27% (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 FRW?
No. The price is what the market pays today (25.60 PLN); the fair value is what the company's own numbers justify (32.39 PLN). For Frozen Way Spolka Akcyjna the two are 6.79 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Frozen Way Spolka Akcyjna worth?
The market values Frozen Way Spolka Akcyjna at about 27.0M PLN (market capitalisation, as of Nov 4, 2026). Per share that is 25.60 PLN; our models calculate a fair value of 32.39 PLN per share.
What do the bullish and bearish scenarios say about FRW?
Our models span a range for Frozen Way Spolka Akcyjna: cautious scenario 22.95 PLN, base 32.39 PLN, optimistic 45.13 PLN per share (as of Nov 4, 2026, price 25.60 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FRW?
Frozen Way Spolka Akcyjna trades at a price-to-earnings ratio of 13.1 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 32.39 PLN is built from several models across several years. Other multiples: P/B 0.4.
How far is FRW from its 52-week high?
Frozen Way Spolka Akcyjna trades at 25.60 PLN, about 33% below its 52-week high of 38.07 PLN and 4% above the low of 24.60 PLN (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of 32.39 PLN is for.
Which stocks are comparable to Frozen Way Spolka Akcyjna?
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 Frozen Way Spolka Akcyjna stock attractive at the current price?
The data as of Nov 4, 2026: price 25.60 PLN, calculated fair value 32.39 PLN (+27%), Quality Score 65/100, 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 FRW calculated?
We run Frozen Way Spolka Akcyjna through 24 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 32.39 PLN, 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 15.0% above its aggregate fair value. Frozen Way Spolka Akcyjna currently trades 21% 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 Frozen Way Spolka Akcyjna (FRW)?
The closing price on Nov 4, 2026 was 25.60 PLN. Our model-based fair value is 32.39 PLN, about +27% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Frozen Way Spolka Akcyjna right now?
Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (22.95 PLN to 45.13 PLN) leaves room in how you read the outcome.
Key figures of Frozen Way Spolka Akcyjna
How large is the market capitalisation of Frozen Way Spolka Akcyjna (FRW)?
The market capitalisation of Frozen Way Spolka Akcyjna is 27.0M PLN (≈ $6.9M). 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 Frozen Way Spolka Akcyjna (FRW)?
The price-to-sales ratio of Frozen Way Spolka Akcyjna is 3.10 (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 Frozen Way Spolka Akcyjna (FRW)?
Earnings per share at Frozen Way Spolka Akcyjna are 1.96 PLN (price ÷ EPS = P/E 13.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Frozen Way Spolka Akcyjna (FRW)?
The dividend yield of Frozen Way Spolka Akcyjna is 14.8% (payout 193%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Frozen Way Spolka Akcyjna (FRW)?
The net margin of Frozen Way Spolka Akcyjna is 23.7% (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 EBIT return on assets of Frozen Way Spolka Akcyjna (FRW)?
On an EBIT basis the return on assets of Frozen Way Spolka Akcyjna is 40.1% (avg 4y). 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.
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