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Qiiwi Games AB (publ) (QIIWI) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Qiiwi Games AB (publ) SEK 1.55, price SEK 5.48, upside -71.7%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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Thin data
Sep 23, 2026
Qiiwi Games AB (publ)
QIIWI · STWeakest SetupStrongly overvalued and low quality.
!Fair value kr 1.55 · Strongly overvalued (−72%)
!Quality 42/100
!Weak Growth (revenue 5y −31.8 %/yr)
!Loss-making · -44.6% net margin (TTM)
!negative free cash flow
!Trails peers (2/9)
!Narrow moat 10/100
!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 23, 2026.
How to read this chart
60‑month range kr 1.38 – kr 47.50 · fair‑value band kr 1.02 – kr 1.94 · the kr 5.48 price screens above the kr 1.55 fair value. Dashed = 300-day average. As of Sep 23, 2026.
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Company profile
Qiiwi Games AB (publ) develops mobile games for casual gamers in Sweden. It sells its products through mobile platforms, such as Store, GooglePlay, Facebook, and Amazon. The company was incorporated in 2005 and is based in Alingsås, Sweden.
Stock analysis
Qiiwi Games AB (publ) (QIIWI) currently trades at kr 5.48, while our model-based Fair Value estimate is kr 1.55, implying the stock looks roughly 253.6% overvalued today.
Show more
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: kr 1.02 (bear) to kr 1.94 (bull), the price of kr 5.48 sits above 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 42/100 (below-average quality), in the Communication Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Qiiwi Games AB (publ) reported revenue of 15.3M SEK in FY2025 versus 63.0M SEK in FY2021, a compound −29.8%/yr. Reported net income was −7.9M SEK in FY2025.
Key figures
Market cap 20.5M SEK (≈ $2.1M) · P/S ratio 1.53 · EPS (TTM) kr −0.6500 · Net margin −51.9% · Return on equity −33.0% · Return on assets (EBIT) −40.5% · Operating margin −26.6% · Revenue (TTM) 13.4M SEK.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 263% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at −72%, QIIWI screens richer than that median.
Fair Value models
Bear kr 1.02
Fair Value kr 1.55
Bull kr 1.94
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.
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
NCAV (Graham)
kr 0.8600
kr 1.15
kr 1.72
51
All 1 models by family
Asset-Based
NCAV (Graham)
kr 0.8600
kr 1.15
kr 1.72
51
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Set up alert →Quality Score breakdown
Overall quality
42/100
Of which business quality 44 · Market factors (momentum, volatility) 78
Profitability
13
Margins and returns on capital today
Quality Growth
20
Are margins and returns improving?
Cashflow
2
Earnings quality: real cash, not paper profit
Fin. Strength
97
Balance sheet, leverage, solvency risk
Investment
67
Disciplined investing over empire-building
Low Volatility
35
Calm price path (market factor)
Momentum
100
Price trend over the last 3–12 months (market factor)
52W Momentum
89
Distance to the 52-week high (market factor)
Net Issuance
84
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.
0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−23.1%
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.
−23.7%
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.
−31.8%
Start year 2020 (pandemic). Over 10 years: +23.2% a year
Revenue growth 12 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.
+7.3%
’14
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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.
3.2% (2020) → −49.8% (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
QIIWI screens 254% overvalued. Compare with Konami Group →
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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 · 148 stocks
Beats the industry median on 2/8 measures
Overall it trails 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 |
|---|---|---|---|
| Konami Group KNM | £210.55 | £65.48 | −69% |
| NetEase, Inc NTES | $118.76 | $254.19 | +114% |
| Take-Two Interactive Software, Inc TTWO | $205.53 | $75.97 | −63% |
| Roblox Corporation RBLX | $49.87 | $46.00 | −8% |
| Zhejiang Century Huatong Group 002602 | ¥14.62 | ¥27.63 | +89% |
| KRAFTON, Inc 259960 | 198,000 KRW | 395,557 KRW | +100% |
| Giant Network Group 002558 | ¥24.33 | ¥31.97 | +31% |
| International Games System Co 3293 | 729.00 TWD | 1,094 TWD | +50% |
| CD Projekt S.A CDR | 249.30 PLN | 274.23 PLN | +10% |
| 37 Interactive Entertainment Network Technology Group 002555 | ¥17.83 | ¥38.44 | +116% |
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Frequently asked questions
Is Qiiwi Games AB (publ) (QIIWI) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of kr 1.55 versus a price of kr 5.48, about −72% upside (overvalued).
What is the fair value of QIIWI?
Our model-based fair value for Qiiwi Games AB (publ) is kr 1.55 (as of Sep 23, 2026), built from audited fundamentals. The current price: kr 5.48.
What is the quality score of QIIWI?
Qiiwi Games AB (publ) has a Quality Score of 42/100. 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 Qiiwi Games AB (publ) (QIIWI)?
Our model-based price target is the fair value of kr 1.55 (as of Sep 23, 2026) from 1 valuation models. Cautious scenario kr 1.02, optimistic scenario kr 1.94. It is a calculation from audited fundamentals, not an analyst target.
What is the Qiiwi Games AB (publ) stock forecast for 2026?
Our models put fair value at kr 1.55, about −72% upside versus a price of kr 5.48 (overvalued). Cautious scenario kr 1.02, optimistic scenario kr 1.94. The calculation is refreshed regularly with new filings.
What is the revenue of Qiiwi Games AB (publ) (QIIWI)?
Qiiwi Games AB (publ) reported trailing-twelve-month revenue of about 13.4M SEK (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Qiiwi Games AB (publ) (QIIWI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Qiiwi Games AB (publ) it is kr 1.55 per share (as of Sep 23, 2026), against a price of kr 5.48. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Qiiwi Games AB (publ) stock overvalued or undervalued in 2026?
As of Sep 23, 2026, QIIWI trades above its calculated fair value: price kr 5.48, fair value kr 1.55, a gap of about −72% (overvalued). 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 QIIWI?
No. The price is what the market pays today (kr 5.48); the fair value is what the company's own numbers justify (kr 1.55). For Qiiwi Games AB (publ) the two are kr 3.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is Qiiwi Games AB (publ) worth?
The market values Qiiwi Games AB (publ) at about 20.5M SEK (market capitalisation, as of Sep 23, 2026). Per share that is kr 5.48; our models calculate a fair value of kr 1.55 per share.
What do the bullish and bearish scenarios say about QIIWI?
Our models span a range for Qiiwi Games AB (publ): cautious scenario kr 1.02, base kr 1.55, optimistic kr 1.94 per share (as of Sep 23, 2026, price kr 5.48). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Qiiwi Games AB (publ) (QIIWI)?
Balance-sheet figures for Qiiwi Games AB (publ) (as of Sep 23, 2026): return on equity −33.0%. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is QIIWI from its 52-week high?
Qiiwi Games AB (publ) trades at kr 5.48, about 17% below its 52-week high of kr 6.64 and 263% above the low of kr 1.51 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 1.55 is for.
Which stocks are comparable to Qiiwi Games AB (publ)?
From the same area (Communication Services) we also value Konami Group, NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, 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 Qiiwi Games AB (publ) stock attractive at the current price?
The data as of Sep 23, 2026: price kr 5.48, calculated fair value kr 1.55 (−72%), Quality Score 42/100, 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 QIIWI calculated?
We run Qiiwi Games AB (publ) 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 kr 1.55, 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 14.1 % above its aggregate fair value. Qiiwi Games AB (publ) itself currently trades above fair value. 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 Qiiwi Games AB (publ) (QIIWI)?
The closing price on Sep 23, 2026 was kr 5.48. Our model-based fair value is kr 1.55, about −72% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Qiiwi Games AB (publ) right now?
The price sits above even our optimistic bull case (kr 1.94). The favourable scenario is already priced in. Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 (kr 1.02 to kr 1.94) leaves room in how you read the outcome.
Key figures of Qiiwi Games AB (publ)
How large is the market capitalisation of Qiiwi Games AB (publ) (QIIWI)?
The market capitalisation of Qiiwi Games AB (publ) is 20.5M SEK (≈ $2.1M). 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 Qiiwi Games AB (publ) (QIIWI)?
The price-to-sales ratio of Qiiwi Games AB (publ) is 1.53 (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 Qiiwi Games AB (publ) (QIIWI)?
Earnings per share at Qiiwi Games AB (publ) are kr −0.6500. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Qiiwi Games AB (publ) (QIIWI)?
The net margin of Qiiwi Games AB (publ) is −51.9% (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 Qiiwi Games AB (publ) (QIIWI)?
The return on equity (ROE) of Qiiwi Games AB (publ) is −33.0% (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 Qiiwi Games AB (publ) (QIIWI)?
On an EBIT basis the return on assets of Qiiwi Games AB (publ) is −40.5% (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 Qiiwi Games AB (publ) (QIIWI)?
The operating margin of Qiiwi Games AB (publ) is −26.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Qiiwi Games AB (publ) (QIIWI)?
Revenue at Qiiwi Games AB (publ) is growing −37.8% versus a year earlier (3y avg −23.7%). 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 Qiiwi Games AB (publ) (QIIWI)?
Earnings per share at Qiiwi Games AB (publ) are growing −88.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Qiiwi Games AB (publ) (QIIWI) generate?
The free cash flow of Qiiwi Games AB (publ) is −4.5M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Qiiwi Games AB (publ) (QIIWI) hold?
Qiiwi Games AB (publ) holds more cash than debt, 4.6M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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