The Dust S.A (THD) fair value: what the stock is really worth
As of Oct 23, 2026: fair value (intrinsic value) of The Dust S.A stock PLN 2.80, price PLN 1.17, upside +139.3%, quality 39 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?Yes
Good quality?No
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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 Oct 14, 2026.
How to read this chart
60‑month range 0.1140 PLN – 24.00 PLN · fair‑value band 2.11 PLN – 3.50 PLN · the 1.17 PLN price screens below the 2.80 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 14, 2026.
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The Dust S.A. engages in the production and distribution of games for stationary electronic devices. It provides games for PCs, and consoles. The company was founded in 2014 and is headquartered in Wroclaw, Poland.
Stock analysis
The Dust S.A (THD) currently trades at 1.17 PLN, while our model-based Fair Value estimate is 2.80 PLN, implying the stock looks roughly 58.2% undervalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 81/100, which puts the data coverage at low.
Scenario range: 2.11 PLN (bear) to 3.50 PLN (bull), the price of 1.17 PLN 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 39/100 (below-average quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
The Dust S.A reported revenue of 963K PLN in FY2025 versus −197K PLN in FY2021. Reported net income was −60.2K PLN in FY2025.
Key figures
Market cap 3.5M PLN (≈ $901K) Micro · P/S ratio 7.62 · EPS (TTM) −0.0900 PLN · Net margin −6.3% · Return on equity −15.2% · Return on assets (EBIT) −16.0% · Operating margin −35.9% · Revenue (TTM) 436K PLN.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 19 out of 100 (medium confidence).
What moves the price
The share trades about 47% below its 52-week high and 926% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 57% fair-value upside, at 139%, THD screens cheaper than that median.
Fair Value models
Bear2.11 PLNFair Value 2.80 PLNBull3.50 PLN
Price 1.17 PLN · Upside +139.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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.Coverage ⓘCoverage = 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.43/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−92.6%
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.
+148.7%
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.
+17.6%
Start year 2020 (pandemic)
Revenue growth 9 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.
+13.3%
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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.
−277.1% (2020) → −32.5% (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
Price, fair value, quality and upside side by side.
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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 · 136 stocks
Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside+139.3% · Top 25%
Profitability
Return on equity (12 months)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets−1.1% · Below median
Net margin (12 months)4.5% · Below median
Operating margin (12 months)−35.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)0.0% · Below median
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months)8.11× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)100· sector 59
FUTURE (revenue growth)0· sector 23
PAST (return on equity)0· sector 20
HEALTH (low debt)0· sector 99
DIVIDEND (yield)0· sector 52
PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.
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). "The Dust S.A Fair Value". https://www.fairvalue-calculator.com/stock/THD
Frequently asked questions
Is The Dust S.A (THD) overvalued or undervalued?
As of Oct 14, 2026, our model estimates a fair value of 2.80 PLN versus a price of 1.17 PLN, about +139% upside (undervalued).
What is the fair value of THD?
Our model-based fair value for The Dust S.A is 2.80 PLN (as of Oct 14, 2026), built from audited fundamentals. The current price: 1.17 PLN.
What is the quality score of THD?
The Dust S.A has a Quality Score of 39/100. 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 The Dust S.A (THD)?
Our model-based price target is the fair value of 2.80 PLN (as of Oct 14, 2026) from 1 valuation models. Cautious scenario 2.11 PLN, optimistic scenario 3.50 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the The Dust S.A stock forecast for 2026?
Our models put fair value at 2.80 PLN, about +139% upside versus a price of 1.17 PLN (undervalued). Cautious scenario 2.11 PLN, optimistic scenario 3.50 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of The Dust S.A (THD)?
The Dust S.A reported trailing-twelve-month revenue of about 436K PLN (latest available figure, as of Oct 14, 2026).
What is the intrinsic value of The Dust S.A (THD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For The Dust S.A it is 2.80 PLN per share (as of Oct 14, 2026), against a price of 1.17 PLN. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is The Dust S.A stock overvalued or undervalued in 2026?
As of Oct 14, 2026, THD trades below its calculated fair value: price 1.17 PLN, fair value 2.80 PLN, a gap of about +139% (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 THD?
No. The price is what the market pays today (1.17 PLN); the fair value is what the company's own numbers justify (2.80 PLN). For The Dust S.A the two are 1.63 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is The Dust S.A worth?
The market values The Dust S.A at about 3.5M PLN (market capitalisation, as of Oct 14, 2026). Per share that is 1.17 PLN; our models calculate a fair value of 2.80 PLN per share.
What do the bullish and bearish scenarios say about THD?
Our models span a range for The Dust S.A: cautious scenario 2.11 PLN, base 2.80 PLN, optimistic 3.50 PLN per share (as of Oct 14, 2026, price 1.17 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of The Dust S.A (THD)?
Balance-sheet figures for The Dust S.A (as of Oct 14, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is THD from its 52-week high?
The Dust S.A trades at 1.17 PLN, about 47% below its 52-week high of 2.20 PLN and 926% above the low of 0.1140 PLN (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2.80 PLN is for.
Which stocks are comparable to The Dust S.A?
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 The Dust S.A stock attractive at the current price?
The data as of Oct 14, 2026: price 1.17 PLN, calculated fair value 2.80 PLN (+139%), Quality Score 39/100, 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 THD calculated?
We run The Dust S.A 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 2.80 PLN, 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 12.3 % above its aggregate fair value. The Dust S.A 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 The Dust S.A (THD)?
The closing price on Oct 23, 2026 was 1.17 PLN. Our model-based fair value is 2.80 PLN, about +139% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with The Dust S.A right now?
The large discount to fair value meets weak quality (39/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (2.11 PLN). 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.
Key figures of The Dust S.A
How large is the market capitalisation of The Dust S.A (THD)?
The market capitalisation of The Dust S.A is 3.5M PLN (≈ $901K). 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 The Dust S.A (THD)?
The price-to-sales ratio of The Dust S.A is 7.62 (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 The Dust S.A (THD)?
Earnings per share at The Dust S.A are −0.0900 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of The Dust S.A (THD)?
The net margin of The Dust S.A is −6.3% (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 The Dust S.A (THD)?
The return on equity (ROE) of The Dust S.A is −15.2% (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 The Dust S.A (THD)?
On an EBIT basis the return on assets of The Dust S.A is −16.0% (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 The Dust S.A (THD)?
The operating margin of The Dust S.A is −35.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much free cash flow does The Dust S.A (THD) generate?
The free cash flow of The Dust S.A is −111K PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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Thin data
Oct 14, 2026