11 bit studios
11 bit studios S.A. develops and sells cross-platform video games worldwide. The last earnings update was 41 days ago. More info.
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- 11 bit studios has significant price volatility in the past 3 months.
11B Share Price and Events
7 Day Returns
1 Year Returns
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
Related Companies
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for 11 bit studios.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess 11 bit studios's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Entertainment industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Entertainment industry average (and greater than 0)? (1 check) 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
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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess 11 bit studios's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Poland market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from 11 bit studios Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess 11 bit studios's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Entertainment industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from 11 bit studios Company Filings, last reported 2 months ago.
| 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.
Financial health checks
We assess 11 bit studios's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) 11 bit studios has a total score of 5/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
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
- 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.
| 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.
| 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.
Income/ dividend checks
We assess 11 bit studios's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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
President of the Management Board
PLN2M
Michal Drozdowski
Member of the Management Board
PLN2M
Przemyslaw Marszal
Member of the Management Board
PLN2M
Board of Directors Tenure
Average tenure of the 11 bit studios board of directors in years:
- 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
Chairman of Supervisory Board
0.1 yrs
Jacek Czykiel
Vice Chairman of the Supervisory Board
Radoslaw Marter
Independent Member of the Supervisory Board
Marcin Kuciapski
Member of the Supervisory Board
0.1 yrs
Piotr Wierzbicki
Member of the Supervisory Board
0.1 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (PLN) | Value (PLN) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess 11 bit studios's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleDo 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 - – Full articleDoes 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 - – Full articleIs 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 - – Full article11 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 - – Full articleThese 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 - – Full articleWhat 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 - – Full articleDo 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 - – Full articleWhat 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 - – Full articleShould 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 - – Full article11B 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
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.
