Ultimate Games SA (ULG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Ultimate Games SA stock PLN 28.71, price PLN 11.35, upside +153.0%, quality 79 out of 100. Rating: strongly undervalued. Calculated from audited financials with 17 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 6.85 PLN – 23.37 PLN · fair‑value band 13.76 PLN – 52.28 PLN · the 11.35 PLN price screens below the 28.71 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Ultimate Games S.A. engages in the production and distribution of games for various platforms internationally. The company offers production and sale of games and applications for mobile platforms with iOS, Android operating systems, PC, Mac computers, Nintendo Switch, Microsoft Xbox and PlayStation.
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The company also offers mobile applications, advertising, and other services. Ultimate Games S.A. was incorporated in 2017 and is based in Warsaw, Poland.
Stock analysis
Ultimate Games SA (ULG) currently trades at 11.35 PLN, while our model-based Fair Value estimate is 28.71 PLN, implying the stock looks roughly 60% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 84.39 PLN per share, and 14 of the 17 models we run sit above the 11.35 PLN price.
Bear case: the Asset-Based group reads lowest at 3.96 PLN, and 3 of the 17 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 13.76 PLN (bear) to 52.28 PLN (bull), the price of 11.35 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 79/100 (high quality), in the Communication Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Ultimate Games SA reported revenue of 43.5M PLN in FY2025 versus 22.6M PLN in FY2021, a compound +17.8%/yr. Reported net income was 9.5M PLN in FY2025, compounding +10.4%/yr from FY2021.
Key figures
Market cap 59.4M PLN (≈ $15.2M) Micro · P/E ratio 9.6 · P/S ratio 1.66 · EPS (TTM) 1.18 PLN · Dividend yield 4.4% · Net margin 18.0% · Return on equity 22.4% · Return on assets (EBIT) 13.3% (4-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at 153%, ULG screens cheaper than that median.
Fair Value models
Bear13.76 PLNFair Value 28.71 PLNBull52.28 PLN
Price 11.35 PLN · Upside +153.0%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.5831 PLN 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.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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+80.0%
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.
+17.1%
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.
+24.0%
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.
+323.2%
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What shareholders gained per year (last 5 years) ⓘ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.
+12.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.3%
Dividend (yield on the price)4.4%
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.48% → 25%
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 · 164 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). "Ultimate Games SA Fair Value". https://www.fairvalue-calculator.com/stock/ULG
Frequently asked questions
Is Ultimate Games SA (ULG) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 28.71 PLN versus a price of 11.35 PLN, about +153% upside (undervalued).
What is the fair value of ULG?
Our model-based fair value for Ultimate Games SA is 28.71 PLN (as of Nov 8, 2026), built from audited fundamentals. The current price: 11.35 PLN.
What is the quality score of ULG?
Ultimate Games SA has a Quality Score of 79/100. 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 Ultimate Games SA (ULG)?
Our model-based price target is the fair value of 28.71 PLN (as of Nov 8, 2026) from 17 valuation models. Cautious scenario 13.76 PLN, optimistic scenario 52.28 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Ultimate Games SA stock forecast for 2026?
Our models put fair value at 28.71 PLN, about +153% upside versus a price of 11.35 PLN (undervalued). Cautious scenario 13.76 PLN, optimistic scenario 52.28 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Ultimate Games SA (ULG)?
Ultimate Games SA reported trailing-twelve-month revenue of about 35.8M PLN (latest available figure, as of Nov 8, 2026).
Does Ultimate Games SA pay a dividend?
Ultimate Games SA currently shows a dividend yield of 4.41% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Ultimate Games SA (ULG) and when is the ex-dividend date?
Ultimate Games SA pays a dividend of 0.5 PLN per share a year, a dividend yield of 4.4%. The last ex-dividend date was Jul 30, 2026. A dividend has been paid every year since at least 2019. The payout ratio is 42.4% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Ultimate Games SA (ULG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ultimate Games SA it is 28.71 PLN per share (as of Nov 8, 2026), against a price of 11.35 PLN. It is the blended result of 17 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Ultimate Games SA stock overvalued or undervalued in 2026?
As of Nov 8, 2026, ULG trades below its calculated fair value: price 11.35 PLN, fair value 28.71 PLN, a gap of about +153% (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 ULG?
No. The price is what the market pays today (11.35 PLN); the fair value is what the company's own numbers justify (28.71 PLN). For Ultimate Games SA the two are 17.36 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Ultimate Games SA worth?
The market values Ultimate Games SA at about 59.4M PLN (market capitalisation, as of Nov 8, 2026). Per share that is 11.35 PLN; our models calculate a fair value of 28.71 PLN per share.
What do the bullish and bearish scenarios say about ULG?
Our models span a range for Ultimate Games SA: cautious scenario 13.76 PLN, base 28.71 PLN, optimistic 52.28 PLN per share (as of Nov 8, 2026, price 11.35 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ULG?
Ultimate Games SA trades at a price-to-earnings ratio of 9.6 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 28.71 PLN is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2018 to 2025), reported earnings: 17.4. Other multiples: P/B 2.6, P/S 1.7, EV/EBITDA 6.3.
How solid is the balance sheet of Ultimate Games SA (ULG)?
Balance-sheet figures for Ultimate Games SA (as of Nov 8, 2026): return on equity 22.4%. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
How far is ULG from its 52-week high?
Ultimate Games SA trades at 11.35 PLN, about 27% below its 52-week high of 15.45 PLN and 3% above the low of 11.05 PLN (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 28.71 PLN is for.
Which stocks are comparable to Ultimate Games 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 Ultimate Games SA stock attractive at the current price?
The data as of Nov 8, 2026: price 11.35 PLN, calculated fair value 28.71 PLN (+153%), Quality Score 79/100, from 17 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 ULG calculated?
We run Ultimate Games SA through 17 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 28.71 PLN builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Ultimate Games SA currently trades 60% 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 Ultimate Games SA (ULG)?
The closing price on Nov 6, 2026 was 11.35 PLN. Our model-based fair value is 28.71 PLN, about +153% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ultimate Games SA right now?
The rarer combination: high quality (79/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (13.76 PLN). The market is more pessimistic than our downside scenario. The model range is unusually wide (13.76 PLN to 52.28 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Key figures of Ultimate Games SA
How large is the market capitalisation of Ultimate Games SA (ULG)?
The market capitalisation of Ultimate Games SA is 59.4M PLN (≈ $15.2M). 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 Ultimate Games SA (ULG)?
The price-to-sales ratio of Ultimate Games SA is 1.66 (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 Ultimate Games SA (ULG)?
Earnings per share at Ultimate Games SA are 1.18 PLN (price ÷ EPS = P/E 9.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ultimate Games SA (ULG)?
The dividend yield of Ultimate Games SA is 4.4% (payout 42.4%). 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 Ultimate Games SA (ULG)?
The net margin of Ultimate Games SA is 18.0% (last twelve months). 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 Ultimate Games SA (ULG)?
The return on equity (ROE) of Ultimate Games SA is 22.4% (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 Ultimate Games SA (ULG)?
On an EBIT basis the return on assets of Ultimate Games SA is 13.3% (avg 4y). 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 Ultimate Games SA (ULG)?
The operating margin of Ultimate Games SA is 17.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ultimate Games SA (ULG)?
Revenue at Ultimate Games SA is growing +27.2% versus a year earlier (3y avg +17.1%). 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 Ultimate Games SA (ULG)?
Earnings per share at Ultimate Games SA are growing −1.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ultimate Games SA (ULG) generate?
The free cash flow of Ultimate Games SA is −1.4M PLN (fiscal year 2024). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Ultimate Games SA (ULG) hold?
Ultimate Games SA holds more cash than debt, 6.5M PLN net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Nov 8, 2026