PlaySide Studios (ASX: PLY) is still being priced like a sleepy, low-growth work-for-hire studio, despite now sitting on the largest and most statistically credible IP slate in its history, backed by hard wishlist data and a materially leaner cost base. After reviewing the updated Steam wishlist data, indie comps, sell-through ratios, past margins and the latest company guidance, my view is: If the upcoming slate lands even “normally well”, FY26 earnings power justifies a move from ~0.265 today into the 0.70–1.00 range over the next 12–18 months, with upside beyond that if one title genuinely breaks out.Read more