Loading...

11 bit studios

WSE:11B
Snowflake Description

Outstanding track record with exceptional growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
11B
WSE
PLN917M
Market Cap
  1. Home
  2. PL
  3. Media
Company description

11 bit studios S.A. develops and sells cross-platform video games worldwide. The last earnings update was 41 days ago. More info.


Add to Portfolio Compare Print
  • 11 bit studios has significant price volatility in the past 3 months.
11B Share Price and Events
7 Day Returns
1.9%
WSE:11B
-1%
PL Entertainment
1.9%
PL Market
1 Year Returns
-10.5%
WSE:11B
16.5%
PL Entertainment
2.2%
PL Market
11B Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
11 bit studios (11B) 1.9% -2% 9% -10.5% 425% 3312.8%
PL Entertainment -1% -6.7% 7.6% 16.5% 450% 837.2%
PL Market 1.9% 4.5% -1.7% 2.2% 19.4% -5.6%
1 Year Return vs Industry and Market
  • 11B underperformed the Entertainment industry which returned 16.5% over the past year.
  • 11B underperformed the Market in Poland which returned 2.2% over the past year.
Price Volatility
11B
Industry
5yr Volatility vs Market

11B Value

 Is 11 bit studios undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of 11 bit studios to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for 11 bit studios.

WSE:11B Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.7%
Perpetual Growth Rate 10-Year PL Government Bond Rate 2.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WSE:11B
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
Entertainment Unlevered Beta Simply Wall St/ S&P Global 0.93
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.934 (1 + (1- 19%) (1.42%))
0.963
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.96
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (0.963 * 7.14%)
9.73%

Discounted Cash Flow Calculation for WSE:11B using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for 11 bit studios is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

WSE:11B DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 9.73%)
2019 30.70 Analyst x4 27.98
2020 18.62 Analyst x5 15.47
2021 80.40 Analyst x4 60.86
2022 44.10 Analyst x5 30.42
2023 90.60 Analyst x3 56.96
2024 110.89 Est @ 22.39% 63.53
2025 129.21 Est @ 16.53% 67.47
2026 145.27 Est @ 12.42% 69.13
2027 159.14 Est @ 9.55% 69.02
2028 171.15 Est @ 7.54% 67.65
Present value of next 10 years cash flows PLN528.49
WSE:11B DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= PLN171.15 × (1 + 2.85%) ÷ (9.73% – 2.85%)
PLN2,559.71
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN2,559.71 ÷ (1 + 9.73%)10
PLN1,011.74
WSE:11B Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN528.49 + PLN1,011.74
PLN1,540.22
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN1,540.22 / 2.29
PLN673.41
WSE:11B Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN673.41
Current discount Discount to share price of PLN401.00
= -1 x (PLN401.00 - PLN673.41) / PLN673.41
40.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price 11 bit studios is available for.
Intrinsic value
40%
Share price is PLN401 vs Future cash flow value of PLN673.41
Current Discount Checks
For 11 bit studios to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 11 bit studios's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • 11 bit studios's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for 11 bit studios's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are 11 bit studios's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:11B PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in PLN PLN18.64
WSE:11B Share Price ** WSE (2019-06-25) in PLN PLN401
Poland Entertainment Industry PE Ratio Median Figure of 20 Publicly-Listed Entertainment Companies 21.65x
Poland Market PE Ratio Median Figure of 454 Publicly-Listed Companies 10.83x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of 11 bit studios.

WSE:11B PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= WSE:11B Share Price ÷ EPS (both in PLN)

= 401 ÷ 18.64

21.51x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • 11 bit studios is good value based on earnings compared to the PL Entertainment industry average.
  • 11 bit studios is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does 11 bit studios's expected growth come at a high price?
Raw Data
WSE:11B PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.51x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
32.4%per year
Europe Entertainment Industry PEG Ratio Median Figure of 31 Publicly-Listed Entertainment Companies 1.63x
Poland Market PEG Ratio Median Figure of 108 Publicly-Listed Companies 1.06x

*Line of best fit is calculated by linear regression .

WSE:11B PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.51x ÷ 32.4%

0.66x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • 11 bit studios is good value based on expected growth next year.
Price based on value of assets
What value do investors place on 11 bit studios's assets?
Raw Data
WSE:11B PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in PLN PLN42.15
WSE:11B Share Price * WSE (2019-06-25) in PLN PLN401
Poland Entertainment Industry PB Ratio Median Figure of 34 Publicly-Listed Entertainment Companies 3.61x
Poland Market PB Ratio Median Figure of 687 Publicly-Listed Companies 0.98x
WSE:11B PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= WSE:11B Share Price ÷ Book Value per Share (both in PLN)

= 401 ÷ 42.15

9.51x

* Primary Listing of 11 bit studios.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • 11 bit studios is overvalued based on assets compared to the PL Entertainment industry average.
X
Value checks
We assess 11 bit studios's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Entertainment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Entertainment industry average (and greater than 0)? (1 check)
  5. 11 bit studios has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

11B Future Performance

 How is 11 bit studios expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
32.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is 11 bit studios expected to grow at an attractive rate?
  • 11 bit studios's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • 11 bit studios's earnings growth is expected to exceed the Poland market average.
  • 11 bit studios's revenue growth is expected to exceed the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:11B Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:11B Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 32.4%
WSE:11B Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 21.1%
Poland Entertainment Industry Earnings Growth Rate Market Cap Weighted Average 33.8%
Europe Entertainment Industry Revenue Growth Rate Market Cap Weighted Average 8%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.6%
Poland Market Revenue Growth Rate Market Cap Weighted Average 5.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WSE:11B Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:11B Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 195 141 133 3
2022-12-31 78 76 62 2
2021-12-31 147 92 94 5
2020-12-31 72 31 24 6
2019-12-31 81 46 31 6
WSE:11B Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-03-31 94 55 43
2018-12-31 82 39 38
2018-09-30 67 39 33
2018-06-30 56 31 28
2018-03-31 19 6 4
2017-12-31 19 8 4
2017-09-30 21 8 5
2017-06-30 24 10 7
2017-03-31 23 10 7
2016-12-31 27 12 13
2016-09-30 25 11 9
2016-06-30 23 11 10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • 11 bit studios's earnings are expected to grow significantly at over 20% yearly.
  • 11 bit studios's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WSE:11B Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from 11 bit studios Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:11B Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 58.20 58.20 58.20 1.00
2022-12-31 26.89 37.80 15.98 2.00
2021-12-31 41.35 47.69 32.74 4.00
2020-12-31 11.78 21.06 5.87 4.00
2019-12-31 13.11 14.90 11.31 2.00
WSE:11B Past Financials Data
Date (Data in PLN Millions) EPS *
2019-03-31 18.64
2018-12-31 16.42
2018-09-30 14.31
2018-06-30 12.62
2018-03-31 1.57
2017-12-31 1.58
2017-09-30 2.19
2017-06-30 2.96
2017-03-31 3.33
2016-12-31 5.83
2016-09-30 4.27
2016-06-30 4.57

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • 11 bit studios is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess 11 bit studios's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Poland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
11 bit studios has a total score of 6/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

11B Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare 11 bit studios's growth in the last year to its industry (Entertainment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 11 bit studios has delivered over 20% year on year earnings growth in the past 5 years.
  • 11 bit studios's 1-year earnings growth exceeds its 5-year average (1115.6% vs 36.1%)
  • 11 bit studios's earnings growth has exceeded the PL Entertainment industry average in the past year (1115.6% vs 98.1%).
Earnings and Revenue History
11 bit studios's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from 11 bit studios Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:11B Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 94.05 42.97 18.61
2018-12-31 82.11 37.55 16.51
2018-09-30 67.40 32.64 13.28
2018-06-30 56.24 28.20 10.15
2018-03-31 18.56 3.53 5.89
2017-12-31 19.19 3.56 5.90
2017-09-30 20.91 4.91 6.68
2017-06-30 23.81 6.63 7.76
2017-03-31 22.74 7.38 7.17
2016-12-31 27.02 12.93 6.72
2016-09-30 24.76 9.47 6.56
2016-06-30 22.81 10.14 5.08
2016-03-31 24.43 11.94 4.82
2015-12-31 23.17 11.57 4.35
2015-09-30 30.12 19.94 2.41
2015-06-30 27.44 18.37 1.54
2015-03-31 21.41 13.93 1.33
2014-12-31 15.80 9.18 0.97
2014-09-30 2.69 -0.29 2.48
2014-06-30 2.38 -0.57 2.12
2014-03-31 3.58 0.42 1.78
2013-12-31 4.30 1.01 1.78
2013-09-30 3.97 0.88 0.96
2013-06-30 4.32 1.40 0.96
2013-03-31 3.38 1.01 0.96
2012-12-31 3.35 1.34 0.96
2012-09-30 2.94 1.06 0.44
2012-06-30 2.80 1.31 0.44

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • 11 bit studios made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • 11 bit studios used its assets more efficiently than the PL Entertainment industry average last year based on Return on Assets.
  • 11 bit studios has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess 11 bit studios's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Entertainment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
11 bit studios has a total score of 6/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

11B Health

 How is 11 bit studios's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up 11 bit studios's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • 11 bit studios is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • 11 bit studios's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of 11 bit studios's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 5.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from 11 bit studios Company Filings, last reported 2 months ago.

WSE:11B Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 96.40 12.69 63.96
2018-12-31 89.91 12.79 51.25
2018-09-30 78.83 0.00 56.58
2018-06-30 73.34 0.00 48.25
2018-03-31 45.24 0.00 26.16
2017-12-31 46.22 0.00 28.18
2017-09-30 42.25 0.00 27.41
2017-06-30 43.08 0.00 28.46
2017-03-31 41.06 0.00 29.19
2016-12-31 42.13 0.00 29.11
2016-09-30 36.36 0.00 27.13
2016-06-30 34.94 0.00 24.60
2016-03-31 33.26 0.00 24.89
2015-12-31 28.68 0.00 22.97
2015-09-30 26.57 0.00 19.16
2015-06-30 24.64 0.00 16.29
2015-03-31 21.51 0.00 14.65
2014-12-31 17.02 0.00 7.77
2014-09-30 6.74 0.00 0.98
2014-06-30 6.92 0.00 1.92
2014-03-31 7.39 0.00 3.34
2013-12-31 7.92 0.00 3.49
2013-09-30 7.01 0.00 3.62
2013-06-30 7.31 0.00 3.82
2013-03-31 6.97 0.00 4.03
2012-12-31 6.91 0.00 3.47
2012-09-30 6.14 0.00 3.93
2012-06-30 3.22 0.00 1.60
  • 11 bit studios's level of debt (13.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 13.2% today).
  • Debt is well covered by operating cash flow (433.9%, greater than 20% of total debt).
  • 11 bit studios earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess 11 bit studios's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. 11 bit studios has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

11B Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from 11 bit studios dividends. Estimated to be 2.29% next year.
If you bought PLN2,000 of 11 bit studios shares you are expected to receive PLN0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate 11 bit studios's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate 11 bit studios's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WSE:11B Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Europe Entertainment Industry Average Dividend Yield Market Cap Weighted Average of 22 Stocks 2%
Poland Market Average Dividend Yield Market Cap Weighted Average of 203 Stocks 4.2%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.8%
Poland Top 25% Dividend Yield 75th Percentile 7.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WSE:11B Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 19.65 1.00
2021-12-31 5.24 2.00
2020-12-31 7.40 1.00
2019-12-31 8.40 1.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as 11 bit studios has not reported any payouts.
  • Unable to verify if 11 bit studios's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of 11 bit studios's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as 11 bit studios has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.3x coverage).
X
Income/ dividend checks
We assess 11 bit studios's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can 11 bit studios afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. 11 bit studios has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

11B Management

 What is the CEO of 11 bit studios's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Grzegorz Miechowski
COMPENSATION PLN1,631,935
CEO Bio

Mr. Grzegorz Miechowski serves as the President of the Management Board of 11 Bit Studios S.A., and served as its Chief Executive Officer. Mr. Miechowski served as a Team Leader and Chief Executive Officer of a Game Development Company. In 1993, he developed a Teenagent adventure game which was a notable success in Poland. He is a Graduate of the Wroclaw University of Technology.

CEO Compensation
  • Grzegorz's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Grzegorz's remuneration is higher than average for companies of similar size in Poland.
Management Team

Grzegorz Miechowski

TITLE
President of the Management Board
COMPENSATION
PLN2M

Michal Drozdowski

TITLE
Member of the Management Board
COMPENSATION
PLN2M

Przemyslaw Marszal

TITLE
Member of the Management Board
COMPENSATION
PLN2M
Board of Directors Tenure

Average tenure of the 11 bit studios board of directors in years:

0.1
Average Tenure
  • The average tenure for the 11 bit studios board of directors is less than 3 years, this suggests a new board.
Board of Directors

Wojciech Ozimek

TITLE
Chairman of Supervisory Board
TENURE
0.1 yrs

Jacek Czykiel

TITLE
Vice Chairman of the Supervisory Board

Radoslaw Marter

TITLE
Independent Member of the Supervisory Board

Marcin Kuciapski

TITLE
Member of the Supervisory Board
TENURE
0.1 yrs

Piotr Wierzbicki

TITLE
Member of the Supervisory Board
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (PLN) Value (PLN)
X
Management checks
We assess 11 bit studios's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 11 bit studios has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

11B News

Simply Wall St News

Are Investors Undervaluing 11 bit studios S.A. (WSE:11B) By 40%?

We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (PLN, Millions) PLN30.70 PLN18.62 PLN80.40 PLN44.10 PLN90.60 PLN110.89 PLN129.21 PLN145.27 PLN159.14 PLN171.15 Growth Rate Estimate Source Analyst x4 Analyst x5 Analyst x4 Analyst x5 Analyst x3 Est @ 22.39% Est @ 16.53% Est @ 12.42% Est @ 9.55% Est @ 7.54% Present Value (PLN, Millions) Discounted @ 9.8% PLN27.96 PLN15.45 PLN60.74 PLN30.34 PLN56.78 PLN63.29 PLN67.17 PLN68.78 PLN68.63 PLN67.22 Present Value of 10-year Cash Flow (PVCF)= PLN526.36m "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = zł171m × (1 + 2.9%) ÷ (9.8% – 2.9%) = zł2.5b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = PLNzł2.5b ÷ ( 1 + 9.8%)10 = PLN995.20m The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is PLN1.52b.

Simply Wall St -

Do Directors Own 11 bit studios S.A. (WSE:11B) Shares?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'. … 11 bit studios is a smaller company with a market capitalization of zł850m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

Does 11 bit studios (WSE:11B) Deserve A Spot On Your Watchlist?

The market is a voting machine in the short term, but a weighing machine in the long term, so share price follows earnings per share (EPS) eventually. … I like to see top-line growth as an indication that growth is sustainable, and I look for a high earnings before interest and taxation (EBIT) margin to point to a competitive moat (though some companies with low margins also have moats). … You can take a look at the company's revenue and earnings growth trend, in the chart below.

Simply Wall St -

Is 11 bit studios S.A.'s (WSE:11B) ROE Of 42% Impressive?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … That means that for every PLN1 worth of shareholders' equity, it generated PLN0.42 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

11 bit studios S.A. (WSE:11B): Can Growth Justify Its March Share Price?

Let’s look into this by assessing 11B's expected growth over the next few years. … According to the analysts covering the company, the following few years should bring about good growth prospects for 11 bit studios … The consensus forecast from 5 analysts is

Simply Wall St -

These Fundamentals Make 11 bit studios S.A. (WSE:11B) Truly Worth Looking At

Help shape the future of investing tools and receive a $20 prize! … Upon building up an investment case for a stock, we should look at various aspects. … In the case of 11B, it

Simply Wall St -

What Should We Expect From 11 bit studios S.A.'s (WSE:11B) Earnings In The Next 12 Months?

Help shape the future of investing tools and you could win a $250 gift card! … (WSE:11B) released its earnings update. … with earnings expected to grow by 0.3% in the upcoming year

Simply Wall St -

Do Insiders Own Shares In 11 bit studios S.A. (WSE:11B)?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … 11 bit studios is a smaller company with a market capitalization of zł613m, so it may still be flying under the radar of many institutional investors. … institutional investors have bought into the company

Simply Wall St -

What Investors Should Know About 11 bit studios S.A.'s (WSE:11B) Financial Strength

(WSE:11B), which has zero-debt on its balance sheet, can maximize capital returns by increasing debt due to its lower cost of capital. … However, the trade-off is 11B will have to follow strict debt obligations which will reduce its financial flexibility. … Is 11B growing fast enough to value financial flexibility over lower cost of capital.

Simply Wall St -

Should You Like 11 bit studios S.A.’s (WSE:11B) High Return On Capital Employed?

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … The formula for calculating the return on capital employed is:

Simply Wall St -

11B Company Info

Description

11 bit studios S.A. develops and sells cross-platform video games worldwide. The company sells its video games through specialized Internet platforms. 11 bit studios S.A. was founded in 2009 and is based in Warsaw, Poland.

Details
Name: 11 bit studios S.A.
11B
Exchange: WSE
Founded: 2009
PLN917,166,799
2,287,199
Website: http://www.11bitstudios.com
Address: 11 bit studios S.A.
ul. Bertolta Brechta 7,
Warsaw,
03-472,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE 11B Common Bearer Shares Warsaw Stock Exchange PL PLN 12. Jan 2011
BST 11C Common Bearer Shares Boerse-Stuttgart DE EUR 12. Jan 2011
Number of employees
Current staff
Staff numbers
112
11 bit studios employees.
Industry
Interactive Home Entertainment
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 03:07
End of day share price update: 2019/06/25 00:00
Last estimates confirmation: 2019/05/20
Last earnings filing: 2019/05/16
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.