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Embark Group (LADYLU) fair value: what the stock is really worth
As of Aug 3, 2026: fair value of Embark Group SEK 0.84, price SEK 0.48, upside +74.3%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Thin data
Sep 24, 2026
Embark Group
LADYLU · STClearly undervaluedStrong Fair Value upside, but quality is only moderate.
✓Fair value kr 0.8400 · Strongly undervalued (+74.3%)
!Quality 51/100
✓Healthy Growth (revenue 5y +366.1 %/yr)
!Loss over the last twelve months · -135.2% net margin (TTM) · fiscal year 2025 3.1%
✓generates free cash flow
!Narrow moat 15/100
!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
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
60‑month range kr 0.2520 – kr 3.30 · fair‑value band kr 0.5300 – kr 1.09 · the kr 0.4820 price screens below the kr 0.8400 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Embark Group AB (publ) engages in the design and development of games. The company offers slot, casual casino, and bespoke games. The company was formerly known as LL Lucky Games AB (publ) and changed its name to Embark Group AB (publ) in July 2024. Embark Group AB (publ)was incorporated in 2019 and is based in Stockholm, Sweden.
Stock analysis
Embark Group (LADYLU) currently trades at kr 0.4820, while our model-based Fair Value estimate is kr 0.8400, implying the stock looks roughly 42.6% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 1.23 per share, and 18 of the 24 models we run sit above the kr 0.4820 price.
Bear case: the Asset-Based group reads lowest at kr 0.1100, and 6 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 0.5300 (bear) to kr 1.09 (bull), the price of kr 0.4820 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 51/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Embark Group reported revenue of 166M SEK in FY2025 versus 1.9M SEK in FY2021, a compound +204.5%/yr. Reported net income was 5.2M SEK in FY2025.
Key figures
Market cap 143M SEK (≈ $14.3M) · P/S ratio 3.27 · EPS (TTM) kr −0.5000 · Net margin 3.1% · Return on equity −171% · Return on assets (EBIT) −60.6% · Operating margin −24.0% · Revenue growth (YoY) +23.0%.
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 53% 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 44% fair-value upside, at 74%, LADYLU screens cheaper than that median.
Fair Value models
Bear kr 0.5300
Fair Value kr 0.8400
Bull kr 1.09
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.
Highest evidence
FCF DCF
kr 0.8800
kr 1.35
kr 2.81
71
EPV
kr 0.3200
kr 0.3700
kr 0.4100
70
Growth DCF
kr 0.8300
kr 1.57
kr 2.75
70
All 24 models by family
DCF Models
FCF DCF
kr 0.8800
kr 1.35
kr 2.81
71
Owner Earnings
kr 1.29
kr 2.84
kr 5.98
66
5Y Revenue Exit
kr 0.5300
kr 0.8500
kr 1.51
65
5Y EBITDA Exit
kr 1.13
kr 2.05
kr 3.87
66
5Y P/E Exit
kr 0.4800
kr 0.9200
kr 1.49
64
10Y Revenue Exit
kr 0.6300
kr 1.23
kr 1.56
62
10Y EBITDA Exit
kr 1.07
kr 2.48
kr 4.97
59
10Y P/E Exit
kr 0.6100
kr 1.12
kr 1.91
57
Earnings-Based
Graham-Dodd
kr 0.1200
kr 0.8500
kr 1.20
61
Lynch FV
kr 0.4400
kr 0.6300
kr 0.8200
59
PEG = 1.0
kr 0.4400
kr 0.6300
kr 0.8200
55
EPV
kr 0.3200
kr 0.3700
kr 0.4100
70
Multiples
P/E Multiple
kr 0.3000
kr 0.4000
kr 0.4900
63
P/S Multiple
kr 0.2300
kr 0.3100
kr 0.3800
58
P/B Multiple
kr 0.2300
kr 0.3100
kr 0.3800
55
EV/EBIT
kr 0.4600
kr 0.6100
kr 0.7600
63
EV/EBITDA
kr 1.18
kr 1.57
kr 1.96
64
EV/Revenue
kr 0.3500
kr 0.5000
kr 0.6400
51
Asset-Based
NCAV (Graham)
kr 0.0800
kr 0.1100
kr 0.1600
51
Growth DCF
Growth DCF
kr 0.8300
kr 1.57
kr 2.75
70
Rev-Margin DCF
kr 0.5800
kr 0.9700
kr 1.79
65
Economic Profit
Residual Income
kr 0.1400
kr 0.1600
kr 0.2200
68
ROIC Compounder
kr 0.4300
kr 0.6800
kr 0.8400
68
Growth Earnings
Growth-Adj P/E
kr 0.5900
kr 0.8400
kr 1.09
65
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Set up alert →Quality Score breakdown
Overall quality
51/100
Of which business quality 57 · Market factors (momentum, volatility) 35
Profitability
64
Margins and returns on capital today
Quality Growth
99
Are margins and returns improving?
Cashflow
61
Earnings quality: real cash, not paper profit
Fin. Strength
58
Balance sheet, leverage, solvency risk
Investment
28
Disciplined investing over empire-building
Low Volatility
50
Calm price path (market factor)
Momentum
32
Price trend over the last 3–12 months (market factor)
52W Momentum
25
Distance to the 52-week high (market factor)
Net Issuance
22
Share count: buybacks or dilution?
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.
90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+79.9%
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.
+220.8%
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.
+366.1%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
−5,701.4% (2020) → 6.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than 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 (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about −6.5% 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 · 138 stocks
Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs Electronic Gaming & Multimedia median · lower = cheaper
Context: sector, industry, market
- Is the Communication Services sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Communication Services
- Valuation of the Sweden 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.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| NetEase, Inc NTES | $121.82 | $254.16 | +109% |
| Take-Two Interactive Software, Inc TTWO | $203.62 | $75.29 | −63% |
| Roblox Corporation RBLX | $43.00 | $45.24 | +5% |
| 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% |
| KRAFTON, Inc 259960 | 198,000 KRW | 410,472 KRW | +107% |
| CD Projekt S.A CDR | 244.60 PLN | 269.06 PLN | +10% |
| 37 Interactive Entertainment Network Technology Group 002555 | ¥17.38 | ¥39.02 | +125% |
| Kingnet Network Co 002517 | ¥16.17 | ¥22.00 | +36% |
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Frequently asked questions
Is Embark Group (LADYLU) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 0.8400 versus the last price from Aug 3, 2026 of kr 0.4820, about +74% upside (undervalued).
What is the fair value of LADYLU?
Our model-based fair value for Embark Group is kr 0.8400 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Aug 3, 2026): kr 0.4820.
What is the quality score of LADYLU?
Embark Group has a Quality Score of 51/100. 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 Embark Group (LADYLU)?
Our model-based price target is the fair value of kr 0.8400 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 0.5300, optimistic scenario kr 1.09. It is a calculation from audited fundamentals, not an analyst target.
What is the Embark Group stock forecast for 2026?
Our models put fair value at kr 0.8400, about +74% upside versus the last price from Aug 3, 2026 of kr 0.4820 (undervalued). Cautious scenario kr 0.5300, optimistic scenario kr 1.09. The calculation is refreshed regularly with new filings.
What growth is priced into Embark Group (LADYLU)?
For today's price to be fair in a discounted-cash-flow model, Embark Group would have to grow free cash flow by -4.6 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +366.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of LADYLU use?
Our models discount Embark Group at 9.5 %: a base by market capitalisation (nano), country premium for Sweden. 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 Embark Group that is -4.6 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Embark Group (LADYLU) delivered so far?
Over the past 5 years revenue at Embark Group grew +366.1 % 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 Embark Group (LADYLU) growing?
The median revenue growth in the sector is +3.0 % a year. That is the yardstick for the growth priced into Embark Group (-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 Embark Group (LADYLU)?
The free-cash-flow yield on the price is 10.00 %: that much free cash flow Embark Group produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Embark Group (LADYLU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Embark Group it is kr 0.8400 per share (as of Sep 24, 2026), against a price of kr 0.4820. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Embark Group stock overvalued or undervalued in 2026?
As of Sep 24, 2026, LADYLU trades below its calculated fair value: price kr 0.4820, fair value kr 0.8400, a gap of about +74% (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 LADYLU?
No. The price is what the market pays today (kr 0.4820); the fair value is what the company's own numbers justify (kr 0.8400). For Embark Group the two are kr 0.3580 per share apart. That gap is exactly why we show both numbers side by side.
How much is Embark Group worth?
The market values Embark Group at about 143M SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 0.4820; our models calculate a fair value of kr 0.8400 per share.
What do the bullish and bearish scenarios say about LADYLU?
Our models span a range for Embark Group: cautious scenario kr 0.5300, base kr 0.8400, optimistic kr 1.09 per share (as of Sep 24, 2026, price kr 0.4820). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Embark Group (LADYLU)?
Balance-sheet figures for Embark Group (as of Sep 24, 2026): return on equity −171.3%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is LADYLU from its 52-week high?
Embark Group trades at kr 0.4820, about 53% below its 52-week high of kr 1.03 and 4% above the low of kr 0.4640 (as of Aug 3, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.8400 is for.
Which stocks are comparable to Embark Group?
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 Embark Group stock attractive at the current price?
The data as of Sep 24, 2026: price kr 0.4820, calculated fair value kr 0.8400 (+74%), Quality Score 51/100, 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 LADYLU calculated?
We run Embark Group 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 kr 0.8400, 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. Embark Group currently trades 43 % 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 Embark Group (LADYLU)?
The latest price we hold is from Aug 3, 2026 and stands at kr 0.4820. Our model-based fair value is kr 0.8400, about +74% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Embark Group right now?
The price is below even our cautious bear case (kr 0.5300). 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. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 0.5300 to kr 1.09) leaves room in how you read the outcome.
Key figures of Embark Group
How large is the market capitalisation of Embark Group (LADYLU)?
The market capitalisation of Embark Group is 143M SEK (≈ $14.3M). 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 Embark Group (LADYLU)?
The price-to-sales ratio of Embark Group is 3.27 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Embark Group (LADYLU)?
Earnings per share at Embark Group are kr −0.5000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Embark Group (LADYLU)?
The net margin of Embark Group is 3.1% (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 Embark Group (LADYLU)?
The return on equity (ROE) of Embark Group is −171% (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 Embark Group (LADYLU)?
On an EBIT basis the return on assets of Embark Group is −60.6% (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 Embark Group (LADYLU)?
The operating margin of Embark Group is −24.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Embark Group (LADYLU)?
Revenue at Embark Group is growing +23.0% versus a year earlier (3y avg +221%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Embark Group (LADYLU) carry?
The net debt of Embark Group is 15.8M SEK (fiscal year 2024, ≈ 1.1 yrs of FCF). 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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