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PlayWay S.A (PLW) Fair Value & Analysis

Communication Services · PL · Market cap 1.6B PLN

PS PlayWay S.A PLW · WAR
Price250.00 PLN
Fair Value53.32 PLN
Upside-78.7%
Quality80/100
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Expensive Growth
Highly profitable · 24.8% net margin
Low debt · generates free cash flow
7.34% dividend yield
Ranks above peers (9/14)
Wide moat 86/100
Evidence: Medium Range 39.99 PLN – 66.65 PLN Share as image

Fair value as of: Jul 12, 2026

From 26 valuation models · updated 29 days ago

Fair value updated Jul 12, 2026, revised from 353.18 PLN to 53.32 PLN (−84.9%) since Jun 24, 2026. Share price +4.2% over the past month.

A strong business, but screening 79% overvalued on our models.

What matters now

  • A high-quality business (quality 80/100), 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 (66.65 PLN). The favourable scenario is already priced in.
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Price vs Fair Value (5 years)

368.35 PLN 179.12 PLN Fair Value 53.32 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range 179.12 PLN – 368.35 PLN · fair‑value band 39.99 PLN – 66.65 PLN · the 250.00 PLN price screens above the 53.32 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

PlayWay S.A (PLW) currently trades at 250.00 PLN, while our model-based Fair Value estimate is 53.32 PLN, implying the stock looks roughly 78.7% overvalued today. The Quality Score stands at 80/100 (high 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: medium).

Over the trailing twelve months, PlayWay S.A generated revenue of 298M PLN at a net margin of 23.4%. Revenue grew 10.9% year over year. It earns a return on equity of 23.4%. The balance sheet holds a net cash position of 122M PLN. Fundamentals as of Jul 12, 2026

Our scenario range runs from 39.99 PLN (bear case) to 66.65 PLN (bull case); at 250.00 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 19% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -19% fair-value upside, at -79%, PLW 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
Growth DCF 257.92 PLN 416.95 PLN 709.53 PLN 80
Residual Income 58.16 PLN 71.03 PLN 141.09 PLN 76
Rev-Margin DCF 166.64 PLN 288.74 PLN 486.73 PLN 74
All 26 models by family
DCF Models
FCF DCF 274.19 PLN 392.52 PLN 746.17 PLN 38
Owner Earnings 103.51 PLN 196.48 PLN 369.00 PLN 31
5Y Revenue Exit 166.64 PLN 254.31 PLN 430.79 PLN 39
5Y EBITDA Exit 272.01 PLN 471.41 PLN 853.39 PLN 41
5Y P/E Exit 215.63 PLN 420.18 PLN 689.21 PLN 38
10Y Revenue Exit 197.98 PLN 346.24 PLN 444.49 PLN 36
10Y EBITDA Exit 271.00 PLN 545.56 PLN 1,048 PLN 37
10Y P/E Exit 233.78 PLN 438.90 PLN 785.40 PLN 35
Earnings-Based
Graham-Dodd 71.31 PLN 497.31 PLN 697.90 PLN 54
Lynch FV 173.02 PLN 247.17 PLN 321.33 PLN 50
PEG = 1.0 173.02 PLN 247.17 PLN 321.33 PLN 46
EPV 175.12 PLN 196.70 PLN 214.69 PLN 59
Dividend Discount
Gordon GGM 205.82 PLN 370.88 PLN 510.57 PLN 70
DDM Multi-Stage 205.82 PLN 338.79 PLN 396.19 PLN 61
Multiples
P/E Multiple 173.03 PLN 230.71 PLN 288.39 PLN 63
P/S Multiple 117.43 PLN 156.58 PLN 195.72 PLN 58
P/B Multiple 133.71 PLN 178.28 PLN 222.84 PLN 55
EV/EBIT 299.03 PLN 393.10 PLN 487.17 PLN 53
EV/EBITDA 273.16 PLN 358.61 PLN 444.06 PLN 54
EV/Revenue 110.77 PLN 151.03 PLN 191.29 PLN 43
Asset-Based
NCAV (Graham) 26.50 PLN 35.51 PLN 52.99 PLN 50
Growth DCF
Growth DCF 257.92 PLN 416.95 PLN 709.53 PLN 80
Rev-Margin DCF 166.64 PLN 288.74 PLN 486.73 PLN 74
Economic Profit
Residual Income 58.16 PLN 71.03 PLN 141.09 PLN 76
ROIC Compounder 200.70 PLN 255.73 PLN 321.88 PLN 72
Growth Earnings
Growth-Adj P/E 230.01 PLN 328.58 PLN 427.16 PLN 68

Widest divergence: DCF Models (392.52 PLN) versus Asset-Based (35.51 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 298M PLN
Revenue growth (YoY) +10.9%
Net margin 23.4%
Return on equity 23.4%
Free cash flow 126M PLN FY2025
P/E ratio 13.6
More key figures
Operating margin 41.2%
EPS (TTM) 17.68 PLN
Dividend yield 9.4%
EPS growth (YoY) -74.2%
Net cash 122M PLN FY2024

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 80/100

Of which business quality 79 · Market factors (momentum, volatility) 56

Profitability 79
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 89
Earnings quality: real cash, not paper profit
Fin. Strength 96
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 43
Distance to the 52-week high (market factor)
Net Issuance 70
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

PlayWay S.A. produces and publishes games and applications in Poland and internationally. It sells its products to computers, consoles, and mobile phones through How Steam, Google Play, App store, Amazon App store, Microsoft store, Nintendo E-Shop, and PlayStore platforms. The company was founded in 2011 and is headquartered in Warsaw, Poland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PlayWay S.A reported revenue of 298M PLN in FY2025 versus 234M PLN in FY2021, a compound +6.2%/yr. Reported net income was 69.9M PLN in FY2025, compounding −14.0%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
298M PLN
Latest YoY
−1.5%
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.
+5.0%
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.
+12.7%
Avg. growth/yr (11Y) ⓘ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.
+43.0%
Revenue +6.2%/yr
FY21 234M PLN
FY22 257M PLN
FY23 274M PLN
FY24 303M PLN
FY25 298M PLN
Net income −14.0%/yr
FY21 128M PLN
FY22 112M PLN
FY23 107M PLN
FY24 170M PLN
FY25 69.9M PLN
Character of growth · EPS growth decomposed (2014-2024) +46.9 % p.a.
Revenue per share +50.0 pp

of which total revenue +51.6 pp · buybacks/dilution −1.6 pp

EBIT margin −1.0 pp
Tax rate +1.4 pp
Residual (interest, one-offs) −3.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

PLW screens 79% overvalued. Compare with NetEase, Inc →

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PlayWay S.A · Fair Value
53.32 PLN −79%Fair Value
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Cite: Fair Value Calculator (2026). "PlayWay S.A Fair Value". https://www.fairvalue-calculator.com/stock/PLW

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 80 · Top 25%
Fair Value upside −79% · Bottom 25%
Return on equity (TTM) 21% · Top 25%
Return on assets 18% · Top 25%
Net margin (TTM) 25% · Top 25%
Operating margin (TTM) 58% · Top 25%
Revenue growth 6% · Above median
Dividend yield (TTM) 7.3% · Top 25%

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

P/E (TTM) 21.1× · Pricier than median
P/B 1.22× · Pricier than median
P/S (TTM) 1.41× · Pricier than median
P/FCF 3.4× · Pricier than median
EV/EBITDA 2.0× · 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 32 · sector 10
PAST 85 · sector 11
HEALTH 100 · sector 99
DIVIDEND 100 · sector 41

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

Insider activity: 40/100

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 12, 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 PlayWay S.A (PLW) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of 53.32 PLN versus a price of 250.00 PLN, about −79% (overvalued).
What is the fair value of PLW?
Our model-based fair value for PlayWay S.A is 53.32 PLN (as of Jul 12, 2026), built from audited fundamentals. The current price is 250.00 PLN.
What is the quality score of PLW?
PlayWay S.A has a Quality Score of 80/100. 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 PlayWay S.A (PLW)?
PlayWay S.A reported trailing-twelve-month revenue of about 298M PLN (latest available figure, as of Jul 12, 2026).
What is the net profit margin of PLW?
The net profit margin of PlayWay S.A is about 23.4%, meaning it keeps roughly 23.4% of revenue as net income. Based on the latest reported figures.
Does PlayWay S.A pay a dividend?
PlayWay S.A currently shows a dividend yield of about 9.42% relative to its recent price (as of Jul 12, 2026).

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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