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Gaming Factory S.A (GIF) Fair Value & Analysis

Communication Services · PL · Market cap 27.3M PLN

GF Gaming Factory S.A GIF · WAR
Price4.36 PLN
Fair Value1.65 PLN
Upside-62.2%
Quality72/100
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Expensive Growth
Highly profitable · 20.3% net margin
negative free cash flow
Ranks above peers (9/10)
Wide moat 74/100
Evidence: High Range 1.26 PLN – 2.04 PLN Share as image

Fair value as of: Jul 20, 2026

From 17 valuation models · updated 21 days ago

Fair value updated Jul 20, 2026, revised from 1.08 PLN to 1.65 PLN (+52.8%) since Jul 16, 2026. Share price −6.6% over the past month.

A solid business, but screening 62% overvalued on our models.

What matters now

  • A high-quality business (quality 72/100), 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 (2.04 PLN). The favourable scenario is already priced in.
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Price vs Fair Value (5 years)

15.20 PLN 4.36 PLN Fair Value 1.65 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.

How to read this chart

60‑month range 4.36 PLN – 15.20 PLN · fair‑value band 1.26 PLN – 2.04 PLN · the 4.36 PLN price screens above the 1.65 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 20, 2026.

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Analysis

Gaming Factory S.A (GIF) currently trades at 4.36 PLN, while our model-based Fair Value estimate is 1.65 PLN, implying the stock looks roughly 62.2% overvalued today. The Quality Score stands at 72/100 (solid quality), in the Communication Services 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, Gaming Factory S.A generated revenue of 13.4M PLN at a net margin of -40.3%. It earns a return on equity of -29.8%. Fundamentals as of Jul 20, 2026

Our scenario range runs from 1.26 PLN (bear case) to 2.04 PLN (bull case); at 4.36 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 49% below its 52-week high, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -19% fair-value upside, at -62%, GIF 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 2.31 PLN 2.61 PLN 3.81 PLN 76
Gordon GGM 1.73 PLN 2.90 PLN 3.77 PLN 70
Growth-Adj P/E 11.89 PLN 16.99 PLN 22.08 PLN 68
All 17 models by family
DCF Models
Owner Earnings 1.99 PLN 3.70 PLN 6.69 PLN 31
Earnings-Based
Graham-Dodd 2.49 PLN 17.34 PLN 24.33 PLN 54
Lynch FV 8.96 PLN 12.80 PLN 16.63 PLN 50
PEG = 1.0 8.96 PLN 12.80 PLN 16.63 PLN 46
EPV 2.92 PLN 3.24 PLN 3.51 PLN 59
Dividend Discount
Gordon GGM 1.73 PLN 2.90 PLN 3.77 PLN 70
DDM Multi-Stage 1.73 PLN 2.75 PLN 3.12 PLN 61
Multiples
P/E Multiple 6.03 PLN 8.04 PLN 10.05 PLN 63
P/S Multiple 4.66 PLN 6.22 PLN 7.77 PLN 58
P/B Multiple 4.66 PLN 6.22 PLN 7.77 PLN 55
EV/EBIT 5.26 PLN 6.95 PLN 8.63 PLN 53
EV/EBITDA 10.42 PLN 13.82 PLN 17.22 PLN 54
EV/Revenue 4.04 PLN 5.69 PLN 7.33 PLN 43
Asset-Based
NCAV (Graham) 1.31 PLN 1.75 PLN 2.61 PLN 50
Economic Profit
Residual Income 2.31 PLN 2.61 PLN 3.81 PLN 76
ROIC Compounder 3.19 PLN 4.08 PLN 4.75 PLN 67
Growth Earnings
Growth-Adj P/E 11.89 PLN 16.99 PLN 22.08 PLN 68

Widest divergence: Growth Earnings (16.99 PLN) versus Asset-Based (1.75 PLN). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 13.4M PLN
Revenue growth (YoY) +415%
Net margin 20.3%
Return on equity -29.8%
Free cash flow −1.3M PLN FY2025
Operating margin 27.2%
More key figures
EPS (TTM) -0.8900 PLN
EPS growth (YoY) +500%
Net cash 582K PLN FY2025

Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 72/100

Of which business quality 68 · Market factors (momentum, volatility) 25

Profitability 54
Margins and returns on capital today
Quality Growth 100
Are margins and returns improving?
Cashflow 46
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 66
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

Gaming Factory S.A. develops, publishes, and distributes computer games worldwide. It offers games for PC, PlayStation, Xbox, and Nintendo Switch platforms. The company was founded in 2017 and is based in Warsaw, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Gaming Factory S.A reported revenue of 15.9M PLN in FY2025 versus 1.3M PLN in FY2021, a compound +86.0%/yr. Reported net income was 2.2M PLN in FY2025.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
15.9M PLN
Latest YoY
+375.8%
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.
+84.7%
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.
+40.9%
Avg. growth/yr (7Y) 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.
+157.9%
Revenue +86.0%/yr
FY21 1.3M PLN
FY22 2.5M PLN
FY23 2.4M PLN
FY24 3.3M PLN
FY25 15.9M PLN
Net income
FY21 −349K PLN
FY22 −7.8M PLN
FY23 −4.0M PLN
FY24 −9.1M PLN
FY25 2.2M PLN

GIF screens 62% overvalued. Compare with NetEase, Inc →

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Cite: Fair Value Calculator (2026). "Gaming Factory S.A Fair Value". https://www.fairvalue-calculator.com/stock/GIF

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 72 · Top 25%
Fair Value upside −62% · Bottom 25%
Return on equity (TTM) 25% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 27% · Top 25%
Revenue growth 298% · Top 25%

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

P/B 0.46× · Cheaper than median
P/S (TTM) 0.39× · Cheaper than median
EV/EBITDA 1.1× · 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 0 · sector 15
FUTURE 100 · sector 10
PAST 100 · sector 11
HEALTH 0 · sector 99
DIVIDEND 0 · sector 41

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

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 20, 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 Gaming Factory S.A (GIF) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of 1.65 PLN versus a price of 4.36 PLN, about −62% (overvalued).
What is the fair value of GIF?
Our model-based fair value for Gaming Factory S.A is 1.65 PLN (as of Jul 20, 2026), built from audited fundamentals. The current price is 4.36 PLN.
What is the quality score of GIF?
Gaming Factory S.A has a Quality Score of 72/100. 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 Gaming Factory S.A (GIF)?
Gaming Factory S.A reported trailing-twelve-month revenue of about 13.4M PLN (latest available figure, as of Jul 20, 2026).
What is the net profit margin of GIF?
The net profit margin of Gaming Factory S.A is about -40.3%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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