Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €3.31, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 15x in the Entertainment industry in Germany. Total returns to shareholders of 14% over the past three years. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: zł0.57 (vs zł0.16 in 3Q 2024) Third quarter 2025 results: EPS: zł0.57 (up from zł0.16 in 3Q 2024). Revenue: zł12.6m (up 97% from 3Q 2024). Net income: zł3.00m (up 270% from 3Q 2024). Profit margin: 24% (up from 13% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Annuncio • Nov 06
Ultimate Games S.A. to Report Q3, 2025 Results on Nov 06, 2025 Ultimate Games S.A. announced that they will report Q3, 2025 results on Nov 06, 2025 Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €3.01, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 44x in the Entertainment industry in Germany. Total returns to shareholders of 9.4% over the past three years. Reported Earnings • Sep 14
Second quarter 2025 earnings released: EPS: zł0.30 (vs zł0.08 in 2Q 2024) Second quarter 2025 results: EPS: zł0.30 (up from zł0.08 in 2Q 2024). Revenue: zł8.94m (up 68% from 2Q 2024). Net income: zł1.53m (up 265% from 2Q 2024). Profit margin: 17% (up from 7.9% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Sep 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 53% per year over the past 5 years. High level of non-cash earnings (26% accrual ratio). Minor Risk Market cap is less than US$100m (€13.7m market cap, or US$16.1m). Annuncio • Aug 21
Ultimate Games S.A. to Report First Half, 2025 Results on Sep 12, 2025 Ultimate Games S.A. announced that they will report first half, 2025 results on Sep 12, 2025 Upcoming Dividend • Jul 18
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 25 July 2025. Payment date: 08 August 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (4.4%). Higher than average of industry peers (1.6%). Annuncio • Jun 24
Ultimate Games S.A. announces Annual dividend, payable on August 08, 2025 Ultimate Games S.A. announced Annual dividend of PLN 0.5000 per share payable on August 08, 2025, ex-date on July 25, 2025 and record date on July 28, 2025. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: zł0.31 (vs zł0.27 in 1Q 2024) First quarter 2025 results: EPS: zł0.31 (up from zł0.27 in 1Q 2024). Revenue: zł7.44m (up 32% from 1Q 2024). Net income: zł1.64m (up 18% from 1Q 2024). Profit margin: 22% (down from 25% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 21% per year. Reported Earnings • Apr 17
Full year 2024 earnings released: EPS: zł0.53 (vs zł0.70 loss in FY 2023) Full year 2024 results: EPS: zł0.53 (up from zł0.70 loss in FY 2023). Revenue: zł24.2m (up 5.1% from FY 2023). Net income: zł2.76m (up zł6.41m from FY 2023). Profit margin: 11% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. New Risk • Dec 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.32m (US$9.76m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 45% per year over the past 5 years. Market cap is less than US$10m (€9.32m market cap, or US$9.76m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: zł0.16 (vs zł0.12 in 3Q 2023) Third quarter 2024 results: EPS: zł0.16 (up from zł0.12 in 3Q 2023). Revenue: zł6.43m (up 11% from 3Q 2023). Net income: zł811.0k (up 28% from 3Q 2023). Profit margin: 13% (up from 11% in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 13
Second quarter 2024 earnings released: EPS: zł0.082 (vs zł0.081 in 2Q 2023) Second quarter 2024 results: EPS: zł0.082. Revenue: zł5.33m (down 9.0% from 2Q 2023). Net income: zł420.0k (down 1.4% from 2Q 2023). Profit margin: 7.9% (up from 7.3% in 2Q 2023). Upcoming Dividend • Aug 12
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 19 August 2024. Payment date: 30 August 2024. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (2.0%). Upcoming Dividend • Jun 07
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 28 June 2024. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 4.4%. Lower than top quartile of German dividend payers (4.5%). Higher than average of industry peers (1.7%). Reported Earnings • May 20
First quarter 2024 earnings released: EPS: zł0.27 (vs zł0.36 in 1Q 2023) First quarter 2024 results: EPS: zł0.27 (down from zł0.36 in 1Q 2023). Revenue: zł5.64m (down 9.1% from 1Q 2023). Net income: zł1.39m (down 26% from 1Q 2023). Profit margin: 25% (down from 30% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Annuncio • May 18
Ultimate Games S.A., Annual General Meeting, Jun 11, 2024 Ultimate Games S.A., Annual General Meeting, Jun 11, 2024. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: zł0.12 (vs zł0.34 in 3Q 2022) Third quarter 2023 results: EPS: zł0.12 (down from zł0.34 in 3Q 2022). Revenue: zł5.78m (down 33% from 3Q 2022). Net income: zł633.0k (down 60% from 3Q 2022). Profit margin: 11% (down from 18% in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł5.86m (down 13% from 2Q 2022). Net income: zł426.0k (down 61% from 2Q 2022). Profit margin: 7.3% (down from 16% in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. New Risk • Aug 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (€19.5m market cap, or US$21.4m). Upcoming Dividend • Jun 10
Upcoming dividend of zł0.50 per share at 4.0% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 30 June 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.1%). Annuncio • May 17
Ultimate Games S.A., Annual General Meeting, Jun 13, 2023 Ultimate Games S.A., Annual General Meeting, Jun 13, 2023, at 09:30 Central European Standard Time. Buying Opportunity • Apr 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €3.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 14
Full year 2022 earnings released: zł1.67 loss per share (vs zł1.22 profit in FY 2021) Full year 2022 results: zł1.67 loss per share (down from zł1.22 profit in FY 2021). Revenue: zł27.2m (up 20% from FY 2021). Net loss: zł7.95m (down 224% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Buying Opportunity • Mar 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.3%. The fair value is estimated to be €3.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has grown by 10.0%. Reported Earnings • Sep 18
Second quarter 2022 earnings released: EPS: zł0.18 (vs zł0.36 in 2Q 2021) Second quarter 2022 results: EPS: zł0.18 (down from zł0.36 in 2Q 2021). Revenue: zł6.70m (down 2.4% from 2Q 2021). Net income: zł1.10m (down 42% from 2Q 2021). Profit margin: 16% (down from 28% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €3.67, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 15x in the Entertainment industry in Germany. Total loss to shareholders of 8.3% over the past three years. Upcoming Dividend • Jun 07
Upcoming dividend of zł1.50 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 27 June 2022. Trailing yield: 7.0%. Within top quartile of German dividend payers (4.2%). Higher than average of industry peers (1.7%). Reported Earnings • May 19
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł5.89m (up 20% from 1Q 2021). Net income: zł1.93m (down 23% from 1Q 2021). Profit margin: 33% (down from 51% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annuncio • May 10
Ultimate Games S.A., Annual General Meeting, Jun 03, 2022 Ultimate Games S.A., Annual General Meeting, Jun 03, 2022, at 09:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €3.94, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 29x in the Entertainment industry in Germany. Total returns to shareholders of 1.2% over the past three years. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €4.21, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 41x in the Entertainment industry in Germany. Total returns to shareholders of 20% over the past three years. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS zł0.21 (vs zł0.42 in 3Q 2020) Third quarter 2021 results: Net income: zł1.12m (down 49% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 25
Second quarter 2021 earnings released: EPS zł0.36 (vs zł0.60 in 2Q 2020) Second quarter 2021 results: Net income: zł1.89m (down 40% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł6.38, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 37x in the Entertainment industry in Europe. Total loss to shareholders of 2.5% over the past year. Upcoming Dividend • Jun 02
Upcoming dividend of zł2.00 per share Eligible shareholders must have bought the stock before 09 June 2021. Payment date: 21 June 2021. Trailing yield: 6.3%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 16% share price gain to zł6.86, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 38x in the Entertainment industry in Europe. Total returns to shareholders of 38% over the past year. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł6.16, the stock is trading at a trailing P/E ratio of 19.3x, down from the previous P/E ratio of 22.7x. This compares to an average P/E of 36x in the Entertainment industry in Europe. Total returns to shareholders over the past year are 43%. Is New 90 Day High Low • Feb 27
New 90-day low: €6.16 The company is down 9.0% from its price of €6.74 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: €7.26 The company is up 17% from its price of €6.21 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Entertainment industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: €7.13 The company is up 18% from its price of €6.04 on 10 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Entertainment industry, which is up 19% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: €7.01 The company is up 6.0% from its price of €6.63 on 25 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Entertainment industry, which is up 25% over the same period. Is New 90 Day High Low • Oct 31
New 90-day low: €5.30 The company is down 23% from its price of €6.91 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 6.0% over the same period. Reported Earnings • Sep 18
First half earnings released Over the last 12 months the company has reported total profits of zł6.81m, up 107% from the prior year. Total revenue was zł11.1m over the last 12 months, up 112% from the prior year. Annuncio • Aug 18
Ultimate Games S.A. (WSE:ULG) acquired 98% stake in Gt Gold S.A. and Quantum SA for PLN 0.20 million. Ultimate Games S.A. (WSE:ULG) acquired 98% stake in Gt Gold S.A. and Quantum SA for PLN 0.20 million on August 10, 2020. Ultimate Games S.A. acquired 98 shares of Gt Gold S.A. from a natural person and 98,000 shares of Quantum SA. On August 10, 2020, the Extraordinary General Meetings of the above-mentioned of companies decided to change the name of Quantum to Console Way and Gt Gold S.A. to Manager Games.
Ultimate Games S.A. (WSE:ULG) completed the acquisition of 98% stake in Gt Gold S.A. and Quantum SA on August 10, 2020.