공시 • May 18
Games Operators S.A., Annual General Meeting, Jun 11, 2026 Games Operators S.A., Annual General Meeting, Jun 11, 2026, at 11:00 Central European Standard Time. 공시 • Aug 26
Games Operators S.A. to Report First Half, 2025 Results on Sep 30, 2025 Games Operators S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Reported Earnings • Oct 02
Second quarter 2024 earnings released: EPS: zł1.48 (vs zł0.067 loss in 2Q 2023) Second quarter 2024 results: EPS: zł1.48 (up from zł0.067 loss in 2Q 2023). Revenue: zł19.1m (up zł18.1m from 2Q 2023). Net income: zł8.19m (up zł8.56m from 2Q 2023). Profit margin: 43% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 28
Upcoming dividend of zł0.21 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 19 July 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (1.7%). Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: zł0.05 (vs zł0.059 in 1Q 2023) First quarter 2024 results: EPS: zł0.05 (down from zł0.059 in 1Q 2023). Revenue: zł1.05m (up 16% from 1Q 2023). Net income: zł251.0k (down 23% from 1Q 2023). Profit margin: 24% (down from 36% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. 공시 • May 31
Games Operators S.A., Annual General Meeting, Jun 27, 2024 Games Operators S.A., Annual General Meeting, Jun 27, 2024. New Risk • Apr 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 28x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 19% per year over the past 5 years. High level of non-cash earnings (37% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (16% net profit margin). Revenue is less than US$5m (zł4.7m revenue, or US$1.2m). Market cap is less than US$100m (€34.5m market cap, or US$36.7m). Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: zł0.14 (vs zł0.61 in FY 2022) Full year 2023 results: EPS: zł0.14 (down from zł0.61 in FY 2022). Revenue: zł4.84m (down 20% from FY 2022). Net income: zł751.0k (down 78% from FY 2022). Profit margin: 16% (down from 56% in FY 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 02
Second quarter 2023 earnings released: zł0.10 loss per share (vs zł0.25 profit in 2Q 2022) Second quarter 2023 results: zł0.10 loss per share (down from zł0.25 profit in 2Q 2022). Revenue: zł1.07m (down 30% from 2Q 2022). Net loss: zł369.0k (down 128% from profit in 2Q 2022). Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €7.08, the stock trades at a trailing P/E ratio of 78.7x. Average trailing P/E is 17x in the Entertainment industry in Germany. Total returns to shareholders of 308% over the past year. New Risk • Aug 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.9% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 141% Paying a dividend despite having no free cash flows. Earnings have declined by 5.7% per year over the past 5 years. High level of non-cash earnings (26% accrual ratio). Minor Risks Revenue is less than US$5m (zł5.0m revenue, or US$1.2m). Market cap is less than US$100m (€38.2m market cap, or US$41.8m). Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €5.80, the stock trades at a trailing P/E ratio of 57.8x. Average trailing P/E is 19x in the Entertainment industry in Germany. Total returns to shareholders of 305% over the past year. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €5.04, the stock trades at a trailing P/E ratio of 48.4x. Average trailing P/E is 18x in the Entertainment industry in Germany. Total returns to shareholders of 281% over the past year. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €4.65, the stock trades at a trailing P/E ratio of 49.1x. Average trailing P/E is 20x in the Entertainment industry in Germany. Total returns to shareholders of 249% over the past year. Upcoming Dividend • Jun 23
Upcoming dividend of zł0.60 per share at 2.8% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 14 July 2023. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.1%). New Risk • Jun 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 99% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 99% Paying a dividend despite having no free cash flows. Earnings have declined by 5.7% per year over the past 5 years. High level of non-cash earnings (26% accrual ratio). Minor Risks Revenue is less than US$5m (zł5.0m revenue, or US$1.2m). Market cap is less than US$100m (€22.4m market cap, or US$24.3m). 공시 • May 31
Games Operators S.A., Annual General Meeting, Jun 23, 2023 Games Operators S.A., Annual General Meeting, Jun 23, 2023, at 13:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €3.84, the stock trades at a trailing P/E ratio of 28.9x. Average trailing P/E is 17x in the Entertainment industry in Germany. Total returns to shareholders of 182% over the past year. Buying Opportunity • Mar 03
Now 24% undervalued Over the last 90 days, the stock is up 77%. The fair value is estimated to be €4.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 12%. Buying Opportunity • Feb 15
Now 24% undervalued Over the last 90 days, the stock is up 118%. The fair value is estimated to be €4.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 12%. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €3.03, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 34x in the Entertainment industry in Germany. Total returns to shareholders of 62% over the past year. 공시 • Feb 05
Games Operators S.A. to Report Q3, 2023 Results on Nov 29, 2023 Games Operators S.A. announced that they will report Q3, 2023 results on Nov 29, 2023 Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 15% share price gain to €2.10, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 31x in the Entertainment industry in Germany. Total returns to shareholders of 14% over the past year. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: zł0.30 (vs zł0.24 in 3Q 2021) Third quarter 2022 results: EPS: zł0.30 (up from zł0.24 in 3Q 2021). Revenue: zł1.27m (down 59% from 3Q 2021). Net income: zł1.71m (up 32% from 3Q 2021). Reported Earnings • Oct 04
Second quarter 2022 earnings released: EPS: zł0.25 (vs zł0.051 in 2Q 2021) Second quarter 2022 results: EPS: zł0.25 (up from zł0.051 in 2Q 2021). Revenue: zł1.53m (down 16% from 2Q 2021). Net income: zł1.34m (up 392% from 2Q 2021). Profit margin: 87% (up from 15% in 2Q 2021). The increase in margin was driven by lower expenses. Upcoming Dividend • Sep 22
Upcoming dividend of zł0.44 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 21 October 2022. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 17% share price gain to €1.84, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 19x in the Entertainment industry in Germany. Total loss to shareholders of 27% over the past year. 공시 • Jun 07
Games Operators S.A., Annual General Meeting, Jun 30, 2022 Games Operators S.A., Annual General Meeting, Jun 30, 2022, at 13:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 21% share price gain to €1.76, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 15x in the Entertainment industry in Germany. Total loss to shareholders of 48% over the past year. Reported Earnings • Dec 03
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł0.24 (up from zł0.09 in 3Q 2020). Revenue: zł3.05m (up 65% from 3Q 2020). Net income: zł1.30m (up 174% from 3Q 2020). Profit margin: 42% (up from 26% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 31%, compared to a 304% growth forecast for the industry in Germany. Reported Earnings • Oct 03
Second quarter 2021 earnings released: EPS zł0.05 (vs zł0.12 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł1.84m (down 51% from 2Q 2020). Net income: zł272.0k (down 58% from 2Q 2020). Profit margin: 15% (down from 17% in 2Q 2020). The decrease in margin was driven by lower revenue. Reported Earnings • Jun 03
First quarter 2021 earnings released: EPS zł0.16 (vs zł0.096 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: zł2.08m (up 119% from 1Q 2020). Net income: zł881.0k (up 80% from 1Q 2020). Profit margin: 42% (down from 52% in 1Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Apr 04
Full year 2020 earnings released: EPS zł0.35 (vs zł0.84 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: zł7.96m (up 22% from FY 2019). Net income: zł1.89m (down 55% from FY 2019). Profit margin: 24% (down from 65% in FY 2019). The decrease in margin was driven by higher expenses.