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Atari SA (PONGF) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Atari SA $47.51, price $20.00, upside +137.6%, quality 29 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
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Communication Services · US · Home France · ISIN FR0010478248

AS Atari SA logo Thin data Sep 24, 2026

Atari SA

PONGF · US

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

✓Fair value $47.51 · Strongly undervalued (+137.6%)
!Quality 29/100
!Mixed Growth (revenue 5y +6.8 %/yr)
!Loss-making · -27.1% net margin (TTM)
!Negative equity (buybacks among others) · negative free cash flow
!Narrow moat 13/100
!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

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Price vs Fair Value

$218.77 $0.6000 Fair Value $47.51 Mar 2021 Oct 2026

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 $0.6000 – $218.77 · fair‑value band $30.68 – $64.34 · the $20.00 price screens below the $47.51 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Atari SA operates as a multi-platform, interactive entertainment, and licensing products company worldwide. The company offers video games, hardware, and consumer products.

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Atari SA operates as a multi-platform, interactive entertainment, and licensing products company worldwide. The company offers video games, hardware, and consumer products. It provides monetization of video games through multiple channels, multimedia production, and licensing activities; Atari videogame computer system; and Atari Blockchain, which develops and markets non-fungible tokens (NFTs) and develops ecosystem around the Atari Token. It owns and manages a portfolio of approximately 200 games and franchises under the Breakout, Asteroids, Centipede, Missile Command, Pong, and RollerCoaster Tycoon brands. The company was formerly known as Infogrames Entertainment SA and changed its name to Atari SA in May 2009. Atari SA was founded in 1972 and is based in Paris, France.

Stock analysis

Atari SA (PONGF) currently trades at $20.00, while our model-based Fair Value estimate is $47.51, implying the stock looks roughly 57.9% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: $30.68 (bear) to $64.34 (bull), the price of $20.00 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 29/100 (below-average quality), in the Communication Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Atari SA reported revenue of €33.6M in FY2025 versus €18.9M in FY2021, a compound +15.5%/yr. Reported net income was −€12.6M in FY2025.

Key figures

Market cap $65.1M · P/S ratio 1.68 · EPS (TTM) $−5.43 · Dividend yield 1.4% · Net margin −37.5% · Return on equity −578% · Return on assets (EBIT) −26.7% · Operating margin −13.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades about 50% below its 52-week high and 67% 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 138%, PONGF screens cheaper than that median.

Fair Value models

Bear $30.68 Fair Value $47.51 Bull $64.34
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
EV/EBITDA $34.74 $51.39 $68.04 66
All 1 models by family
Multiples
EV/EBITDA $34.74 $51.39 $68.04 66

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Quality Score breakdown

Overall quality 29/100

Of which business quality 31 · Market factors (momentum, volatility) 26

Profitability 21
Margins and returns on capital today
Quality Growth 92
Are margins and returns improving?
Cashflow 30
Earnings quality: real cash, not paper profit
Fin. Strength 5
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 23
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. 13/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+62.5%
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.
+31.2%
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.
+6.8%
Start year 2020 (pandemic). Over 10 years: +16.2% a year
Revenue growth 24 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.
−11.7%
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.
12.5% (2020) → −11.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Compare Atari SA with another stock

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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
Quality Score 29 · Bottom 25%
Fair Value upside +96.1% · Top 25%
Profitability
Return on assets 3.8% · Above median
Net margin (TTM) −27.1% · Bottom 25%
Operating margin (TTM) −13.8% · Bottom 25%
Growth and dividend
Revenue growth 38.0% · Top 25%
Dividend yield (TTM) 1.4% · Below median

Valuation Multiplesvs Electronic Gaming & Multimedia median · lower = cheaper

P/S (TTM) 1.68× · Pricier than median
EV/EBITDA 6.5× · Cheaper than median

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.

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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Atari SA · Fair Value
$47.51 +58%Fair Value
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Cite: Fair Value Calculator (2026). "Atari SA Fair Value". https://www.fairvalue-calculator.com/stock/PONGF

Frequently asked questions

Is Atari SA (PONGF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $47.51 versus a price of $20.00, about +138% upside (undervalued).
What is the fair value of PONGF?
Our model-based fair value for Atari SA is $47.51 (as of Sep 24, 2026), built from audited fundamentals. The current price: $20.00.
What is the quality score of PONGF?
Atari SA has a Quality Score of 29/100. 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 Atari SA (PONGF)?
Our model-based price target is the fair value of $47.51 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario $30.68, optimistic scenario $64.34. It is a calculation from audited fundamentals, not an analyst target.
What is the Atari SA stock forecast for 2026?
Our models put fair value at $47.51, about +138% upside versus a price of $20.00 (undervalued). Cautious scenario $30.68, optimistic scenario $64.34. The calculation is refreshed regularly with new filings.
What is the revenue of Atari SA (PONGF)?
Atari SA reported trailing-twelve-month revenue of about €38.8M (latest available figure, as of Sep 24, 2026).
Does Atari SA pay a dividend?
Atari SA currently shows a dividend yield of about 1.38% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Atari SA (PONGF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Atari SA it is $47.51 per share (as of Sep 24, 2026), against a price of $20.00. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Atari SA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PONGF trades below its calculated fair value: price $20.00, fair value $47.51, a gap of about +138% (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 PONGF?
No. The price is what the market pays today ($20.00); the fair value is what the company's own numbers justify ($47.51). For Atari SA the two are $27.51 per share apart. That gap is exactly why we show both numbers side by side.
How much is Atari SA worth?
The market values Atari SA at about $65.1M (market capitalisation, as of Sep 24, 2026). Per share that is $20.00; our models calculate a fair value of $47.51 per share.
What do the bullish and bearish scenarios say about PONGF?
Our models span a range for Atari SA: cautious scenario $30.68, base $47.51, optimistic $64.34 per share (as of Sep 24, 2026, price $20.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is PONGF from its 52-week high?
Atari SA trades at $20.00, about 50% below its 52-week high of $40.00 and 67% above the low of $12.00 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $47.51 is for.
Which stocks are comparable to Atari SA?
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 Atari SA stock attractive at the current price?
The data as of Sep 24, 2026: price $20.00, calculated fair value $47.51 (+138%), Quality Score 29/100, from 1 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 PONGF calculated?
We run Atari SA through 1 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 $47.51, 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. Atari SA currently trades 58 % 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 Atari SA (PONGF)?
The closing price on Oct 2, 2026 was $20.00. Our model-based fair value is $47.51, about +138% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Atari SA right now?
The large discount to fair value meets weak quality (29/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($30.68). 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. A fairly wide model range ($30.68 to $64.34) leaves room in how you read the outcome.

Key figures of Atari SA

How large is the market capitalisation of Atari SA (PONGF)?
The market capitalisation of Atari SA is $65.1M. 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 Atari SA (PONGF)?
The price-to-sales ratio of Atari SA is 1.68 (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 Atari SA (PONGF)?
Earnings per share at Atari SA are $−5.43. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Atari SA (PONGF)?
The dividend yield of Atari SA is 1.4%. 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 Atari SA (PONGF)?
The net margin of Atari SA is −37.5% (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 Atari SA (PONGF)?
The return on equity (ROE) of Atari SA is −578% (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 Atari SA (PONGF)?
On an EBIT basis the return on assets of Atari SA is −26.7% (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 Atari SA (PONGF)?
The operating margin of Atari SA is −13.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Atari SA (PONGF)?
Revenue at Atari SA is growing +38.0% versus a year earlier (3y avg +31.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Atari SA (PONGF)?
Earnings per share at Atari SA are growing +103% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Atari SA (PONGF) generate?
The free cash flow of Atari SA is −€8.1M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Atari SA (PONGF) carry?
The net debt of Atari SA is €50.5M (fiscal year 2025). 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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