TROPHY GAMES Development AS (TGAMES) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of TROPHY GAMES Development AS DKK 10.40, price DKK 13.80, upside -24.6%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range kr 3.13 – kr 16.45 · fair‑value band kr 6.25 – kr 13.00 · the kr 13.80 price screens above the kr 10.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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TROPHY GAMES Development A/S engages in the developing, manufacturing, publishing, and selling of online games for computers, web, mobiles, and related products in Denmark. It primarily focuses on football management games. The company was incorporated in 2006 and is based in Copenhagen, Denmark.
Stock analysis
TROPHY GAMES Development AS (TGAMES) currently trades at kr 13.80, while our model-based Fair Value estimate is kr 10.40, implying the stock looks roughly 32.7% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 21.96 per share, and 8 of the 24 models we run sit above the kr 13.80 price.
Bear case: the Asset-Based group reads lowest at kr 1.67, and 16 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 6.25 (bear) to kr 13.00 (bull), the price of kr 13.80 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 70/100 (solid quality), in the Communication Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
TROPHY GAMES Development AS reported revenue of 126M DKK in FY2025 versus 37.7M DKK in FY2021, a compound +35.4%/yr. Reported net income was 12.5M DKK in FY2025.
Key figures
Market cap 366M DKK (≈ $55.7M) · P/E ratio 28.8 · P/S ratio 2.85 · EPS (TTM) kr 0.4800 · Net margin 9.9% · Return on equity 20.1% · Return on assets (EBIT) 2.6% · Operating margin 11.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 28% 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 −25%, TGAMES screens richer than that median.
Fair Value models
Bear kr 6.25Fair Value kr 10.40Bull kr 13.00
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 0.3564 per share) are deliberately not added.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.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+40.4%
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.
+35.7%
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.
+32.6%
Start year 2020 (pandemic)
Revenue growth 8 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.
+55.1%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+52.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+52.1%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘ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.15% → 16%
2025 sits 164% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+44.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Denmark: IMF forecast 2.1% a year to 2030, 2.0% from 2016 to 2025) that is about +41.5% 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 · 143 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "TROPHY GAMES Development AS Fair Value". https://www.fairvalue-calculator.com/stock/TGAMES
Frequently asked questions
Is TROPHY GAMES Development AS (TGAMES) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of kr 10.40 versus a price of kr 13.80, about −25% upside (overvalued).
What is the fair value of TGAMES?
Our model-based fair value for TROPHY GAMES Development AS is kr 10.40 (as of Sep 27, 2026), built from audited fundamentals. The current price: kr 13.80.
What is the quality score of TGAMES?
TROPHY GAMES Development AS has a Quality Score of 70/100. 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 TROPHY GAMES Development AS (TGAMES)?
Our model-based price target is the fair value of kr 10.40 (as of Sep 27, 2026) from 24 valuation models. Cautious scenario kr 6.25, optimistic scenario kr 13.00. It is a calculation from audited fundamentals, not an analyst target.
What is the TROPHY GAMES Development AS stock forecast for 2026?
Our models put fair value at kr 10.40, about −25% upside versus a price of kr 13.80 (overvalued). Cautious scenario kr 6.25, optimistic scenario kr 13.00. The calculation is refreshed regularly with new filings.
What is the revenue of TROPHY GAMES Development AS (TGAMES)?
TROPHY GAMES Development AS reported trailing-twelve-month revenue of about 147M DKK (latest available figure, as of Sep 27, 2026).
What growth is priced into TROPHY GAMES Development AS (TGAMES)?
For today's price to be fair in a discounted-cash-flow model, TROPHY GAMES Development AS would have to grow free cash flow by +44.5 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +32.6 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of TGAMES use?
Our models discount TROPHY GAMES Development AS at 11.0 %: a base by market capitalisation (micro), damped by beta 0.02, country premium for Denmark. 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 TROPHY GAMES Development AS that is +44.5 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has TROPHY GAMES Development AS (TGAMES) delivered so far?
Over the past 5 years revenue at TROPHY GAMES Development AS grew +32.6 % a year. The price currently implies +44.5 % 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 TROPHY GAMES Development AS (TGAMES) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into TROPHY GAMES Development AS (+44.5 % 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 TROPHY GAMES Development AS (TGAMES)?
The free-cash-flow yield on the price is 0.97 %: that much free cash flow TROPHY GAMES Development AS produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TROPHY GAMES Development AS (TGAMES)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TROPHY GAMES Development AS it is kr 10.40 per share (as of Sep 27, 2026), against a price of kr 13.80. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is TROPHY GAMES Development AS stock overvalued or undervalued in 2026?
As of Sep 27, 2026, TGAMES trades above its calculated fair value: price kr 13.80, fair value kr 10.40, a gap of about −25% (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 TGAMES?
No. The price is what the market pays today (kr 13.80); the fair value is what the company's own numbers justify (kr 10.40). For TROPHY GAMES Development AS the two are kr 3.40 per share apart. That gap is exactly why we show both numbers side by side.
How much is TROPHY GAMES Development AS worth?
The market values TROPHY GAMES Development AS at about 366M DKK (market capitalisation, as of Sep 27, 2026). Per share that is kr 13.80; our models calculate a fair value of kr 10.40 per share.
What do the bullish and bearish scenarios say about TGAMES?
Our models span a range for TROPHY GAMES Development AS: cautious scenario kr 6.25, base kr 10.40, optimistic kr 13.00 per share (as of Sep 27, 2026, price kr 13.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TGAMES?
TROPHY GAMES Development AS trades at a price-to-earnings ratio of 28.8 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 10.40 is built from several models across several years. Other multiples: P/B 5.5, P/S 2.5, EV/EBITDA 11.0.
How solid is the balance sheet of TROPHY GAMES Development AS (TGAMES)?
Balance-sheet figures for TROPHY GAMES Development AS (as of Sep 27, 2026): return on equity 20.1%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is TGAMES from its 52-week high?
TROPHY GAMES Development AS trades at kr 13.80, about 16% below its 52-week high of kr 16.45 and 28% above the low of kr 10.75 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of kr 10.40 is for.
Which stocks are comparable to TROPHY GAMES Development AS?
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 TROPHY GAMES Development AS stock attractive at the current price?
The data as of Sep 27, 2026: price kr 13.80, calculated fair value kr 10.40 (−25%), Quality Score 70/100, 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 TGAMES calculated?
We run TROPHY GAMES Development AS 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 10.40, 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 16.1 % above its aggregate fair value. TROPHY GAMES Development AS 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 TROPHY GAMES Development AS (TGAMES)?
The closing price on Sep 25, 2026 was kr 13.80. Our model-based fair value is kr 10.40, about −25% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TROPHY GAMES Development AS right now?
A high-quality business (quality 70/100), 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 (kr 13.00). The favourable scenario is already priced in. A fairly wide model range (kr 6.25 to kr 13.00) leaves room in how you read the outcome.
Key figures of TROPHY GAMES Development AS
How large is the market capitalisation of TROPHY GAMES Development AS (TGAMES)?
The market capitalisation of TROPHY GAMES Development AS is 366M DKK (≈ $55.7M). 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 TROPHY GAMES Development AS (TGAMES)?
The price-to-sales ratio of TROPHY GAMES Development AS is 2.85 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TROPHY GAMES Development AS (TGAMES)?
Earnings per share at TROPHY GAMES Development AS are kr 0.4800 (price ÷ EPS = P/E 28.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of TROPHY GAMES Development AS (TGAMES)?
The net margin of TROPHY GAMES Development AS is 9.9% (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 TROPHY GAMES Development AS (TGAMES)?
The return on equity (ROE) of TROPHY GAMES Development AS is 20.1% (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 TROPHY GAMES Development AS (TGAMES)?
On an EBIT basis the return on assets of TROPHY GAMES Development AS is 2.6% (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 TROPHY GAMES Development AS (TGAMES)?
The operating margin of TROPHY GAMES Development AS is 11.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TROPHY GAMES Development AS (TGAMES)?
Revenue at TROPHY GAMES Development AS is growing +93.6% versus a year earlier (3y avg +35.7%). 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 cash does TROPHY GAMES Development AS (TGAMES) hold?
TROPHY GAMES Development AS holds more cash than debt, 23.0M DKK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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