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11B

11 bit studios WSE:11B Stock Report

Last Price

zł510.00

Market Cap

zł1.2b

7D

-0.6%

1Y

10.4%

Updated

15 Aug, 2022

Data

Company Financials +
11B fundamental analysis
Snowflake Score
Valuation0/6
Future Growth6/6
Past Performance3/6
Financial Health5/6
Dividends0/6

11B Stock Overview

11 bit studios S.A. develops and sells cross-platform video games worldwide.

Rewards

Earnings are forecast to grow 52.13% per year

Earnings have grown 19.9% per year over the past 5 years

Risk Analysis

No risks detected for 11B from our risk checks.

11 bit studios Competitors

Price History & Performance

Summary of all time highs, changes and price drops for 11 bit studios
Historical stock prices
Current Share Pricezł510.00
52 Week Highzł595.00
52 Week Lowzł395.20
Beta0.38
1 Month Change5.81%
3 Month Change2.00%
1 Year Change10.39%
3 Year Change32.47%
5 Year Change163.50%
Change since IPO6,267.04%

Recent News & Updates

Shareholder Returns

11BPL EntertainmentPL Market
7D-0.6%1.6%3.7%
1Y10.4%-41.2%-21.2%

Return vs Industry: 11B exceeded the Polish Entertainment industry which returned -41.2% over the past year.

Return vs Market: 11B exceeded the Polish Market which returned -21.2% over the past year.

Price Volatility

Is 11B's price volatile compared to industry and market?
11B volatility
11B Average Weekly Movement5.0%
Entertainment Industry Average Movement6.9%
Market Average Movement6.3%
10% most volatile stocks in PL Market12.1%
10% least volatile stocks in PL Market4.2%

Stable Share Price: 11B is less volatile than 75% of Polish stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: 11B's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2009222Przemyslaw Marszalhttps://www.11bitstudios.com

11 bit studios S.A. develops and sells cross-platform video games worldwide. It sells its video games through specialized online platforms. 11 bit studios S.A. was incorporated in 2009 and is headquartered in Warsaw, Poland.

11 bit studios Fundamentals Summary

How do 11 bit studios's earnings and revenue compare to its market cap?
11B fundamental statistics
Market Capzł1.21b
Earnings (TTM)zł28.90m
Revenue (TTM)zł73.03m

42.0x

P/E Ratio

16.6x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
11B income statement (TTM)
Revenuezł73.03m
Cost of Revenuezł29.86m
Gross Profitzł43.18m
Other Expenseszł14.28m
Earningszł28.90m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 25, 2022

Earnings per share (EPS)12.14
Gross Margin59.12%
Net Profit Margin39.57%
Debt/Equity Ratio4.2%

How did 11B perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is 11B undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 11B?

Other financial metrics that can be useful for relative valuation.

11B key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue15.3x
Enterprise Value/EBITDA29.7x
PEG Ratio0.8x

Price to Earnings Ratio vs Peers

How does 11B's PE Ratio compare to its peers?

11B PE Ratio vs Peers
The above table shows the PE ratio for 11B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average14.2x
PCF PCF Group Spólka Akcyjna
21.8x33.1%zł1.5b
HUG Huuuge
11.9x4.3%zł1.9b
PLW PlayWay
16.1x6.2%zł2.2b
TEN Ten Square Games
7x-4.6%zł795.5m
11B 11 bit studios
42x52.1%zł1.2b

Price-To-Earnings vs Peers: 11B is expensive based on its Price-To-Earnings Ratio (42x) compared to the peer average (14.2x).


Price to Earnings Ratio vs Industry

How does 11B's PE Ratio compare vs other companies in the PL Entertainment Industry?

Price-To-Earnings vs Industry: 11B is expensive based on its Price-To-Earnings Ratio (42x) compared to the Polish Entertainment industry average (15.1x)


Price to Earnings Ratio vs Fair Ratio

What is 11B'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.

11B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio42x
Fair PE Ratio26.3x

Price-To-Earnings vs Fair Ratio: 11B is expensive based on its Price-To-Earnings Ratio (42x) compared to the estimated Fair Price-To-Earnings Ratio (26.3x).


Share Price vs Fair Value

What is the Fair Price of 11B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 11B (PLN510) is trading above our estimate of fair value (PLN482.35)

Significantly Below Fair Value: 11B is trading above our estimate of fair value.


Analyst Price Targets

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

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is 11 bit studios forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


52.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 11B's forecast earnings growth (52.1% per year) is above the savings rate (2.6%).

Earnings vs Market: 11B's earnings (52.1% per year) are forecast to grow faster than the Polish market (7.4% per year).

High Growth Earnings: 11B's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 11B's revenue (30.8% per year) is forecast to grow faster than the Polish market (5% per year).

High Growth Revenue: 11B's revenue (30.8% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 11B's Return on Equity is forecast to be high in 3 years time (35.4%)


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Past Performance

How has 11 bit studios performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


19.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 11B has high quality earnings.

Growing Profit Margin: 11B's current net profit margins (39.6%) are higher than last year (37%).


Past Earnings Growth Analysis

Earnings Trend: 11B's earnings have grown by 19.9% per year over the past 5 years.

Accelerating Growth: 11B's earnings growth over the past year (9.4%) is below its 5-year average (19.9% per year).

Earnings vs Industry: 11B earnings growth over the past year (9.4%) underperformed the Entertainment industry 26.7%.


Return on Equity

High ROE: 11B's Return on Equity (14.3%) is considered low.


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Financial Health

How is 11 bit studios's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 11B's short term assets (PLN123.6M) exceed its short term liabilities (PLN14.2M).

Long Term Liabilities: 11B's short term assets (PLN123.6M) exceed its long term liabilities (PLN10.4M).


Debt to Equity History and Analysis

Debt Level: 11B has more cash than its total debt.

Reducing Debt: Insufficient data to determine if 11B's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: 11B's debt is well covered by operating cash flow (536%).

Interest Coverage: 11B earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is 11 bit studios's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate 11B's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate 11B's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if 11B's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if 11B's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as 11B has not reported any payouts.


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Management

How experienced are the management team and are they aligned to shareholders interests?

2.3yrs

Average board tenure


CEO

Przemyslaw Marszal

1.75yrs

Tenure

zł734,824

Compensation

Mr. Przemyslaw Piotr Marszal serves as Member of the Management Board at 11 Bit Studios S.A., and Serves as President of the Management board since November 2020 and served as its an Art Director. Mr. Mars...


CEO Compensation Analysis

Compensation vs Market: Przemyslaw's total compensation ($USD159.89K) is below average for companies of similar size in the Polish market ($USD353.16K).

Compensation vs Earnings: Przemyslaw's compensation has been consistent with company performance over the past year.


Board Members

Experienced Board: 11B's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

11 bit studios S.A.'s employee growth, exchange listings and data sources


Key Information

  • Name: 11 bit studios S.A.
  • Ticker: 11B
  • Exchange: WSE
  • Founded: 2009
  • Industry: Interactive Home Entertainment
  • Sector: Media
  • Implied Market Cap: zł1.214b
  • Shares outstanding: 2.38m
  • Website: https://www.11bitstudios.com

Number of Employees


Location

  • 11 bit studios S.A.
  • Brzeska 2
  • Warsaw
  • 03-737
  • Poland

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/15 00:00
End of Day Share Price2022/08/12 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.