Ten Square Games S.A.

DB:1HQ Stock Report

Market Cap: €113.8m

Ten Square Games Valuation

Is 1HQ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 1HQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 1HQ (€17.68) is trading below our estimate of fair value (€35.19)

Significantly Below Fair Value: 1HQ is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 1HQ?

Key metric: As 1HQ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 1HQ. This is calculated by dividing 1HQ's market cap by their current earnings.
What is 1HQ's PE Ratio?
PE Ratio8.1x
Earningszł60.45m
Market Capzł491.20m

Price to Earnings Ratio vs Peers

How does 1HQ's PE Ratio compare to its peers?

The above table shows the PE ratio for 1HQ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average14.6x
EDL Edel SE KGaA
7.9x9.7%€97.9m
BST Bastei Lübbe
11.7x0.1%€125.4m
BVB Borussia Dortmund GmbH Kommanditgesellschaft auf Aktien
7.9x-16.4%€348.8m
NWO New Work
30.7x32.3%€366.5m
1HQ Ten Square Games
8.1x-2.2%€491.2m

Price-To-Earnings vs Peers: 1HQ is good value based on its Price-To-Earnings Ratio (8.1x) compared to the peer average (14.6x).

Price to Earnings Ratio vs Industry

How does 1HQ's PE Ratio compare vs other companies in the European Entertainment Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
1HQ 8.1xIndustry Avg. 12.3xNo. of Companies12PE01224364860+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 1HQ is good value based on its Price-To-Earnings Ratio (8.1x) compared to the European Entertainment industry average (12.4x).

Price to Earnings Ratio vs Fair Ratio

What is 1HQ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

1HQ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.1x
Fair PE Ratio10.8x

Price-To-Earnings vs Fair Ratio: 1HQ is good value based on its Price-To-Earnings Ratio (8.1x) compared to the estimated Fair Price-To-Earnings Ratio (10.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 1HQ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€17.68
€22.19
+25.5%
12.7%€24.60€17.13n/a6
Nov ’25€18.14
€22.51
+24.1%
12.1%€24.59€17.12n/a7
Oct ’25€21.72
€22.79
+4.9%
12.1%€24.90€17.34n/a7
Sep ’25€21.68
€21.95
+1.3%
12.0%€24.51€17.11n/a7
Aug ’25€19.45
€22.09
+13.6%
11.4%€24.59€17.63n/a7
Jul ’25€18.48
€23.59
+27.7%
13.9%€29.22€17.77n/a7
Jun ’25€19.74
€23.59
+19.5%
13.9%€29.22€17.77n/a7
May ’25€19.20
€23.94
+24.7%
8.6%€26.63€19.86n/a6
Apr ’25€21.34
€23.59
+10.5%
9.4%€26.42€19.70n/a5
Mar ’25€21.76
€22.80
+4.8%
10.3%€26.27€19.59n/a5
Feb ’25€23.24
€22.93
-1.3%
10.3%€26.42€19.70n/a5
Jan ’25€22.12
€22.87
+3.4%
10.3%€26.34€19.64n/a5
Dec ’24€21.00
€22.12
+5.3%
11.0%€26.38€19.67n/a5
Nov ’24€17.50
€21.18
+21.0%
17.4%€28.06€15.71€18.146
Oct ’24€17.14
€19.85
+15.8%
18.2%€27.11€15.18€21.726
Sep ’24€17.95
€20.14
+12.2%
19.4%€28.18€16.01€21.686
Aug ’24€18.63
€20.14
+8.1%
19.4%€28.18€16.01€19.456
Jul ’24€17.48
€20.56
+17.6%
19.0%€27.84€15.81€18.486
Jun ’24€17.59
€20.56
+16.9%
19.0%€27.84€15.81€19.746
May ’24€18.39
€21.20
+15.3%
15.2%€27.31€16.83€19.206
Apr ’24€19.79
€28.47
+43.9%
15.5%€37.21€23.31€21.346
Mar ’24€26.90
€40.28
+49.7%
61.6%€95.03€24.61€21.766
Feb ’24€26.22
€39.89
+52.1%
61.6%€94.12€24.38€23.246
Jan ’24€25.54
€39.14
+53.2%
64.7%€94.70€21.75€22.126
Dec ’23€27.58
€43.42
+57.4%
61.6%€94.89€21.80€21.006
Nov ’23€20.90
€40.96
+96.0%
66.4%€92.95€20.10€17.506

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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