11 bit studios Valuation

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

11B (PLN136) is trading below our estimate of [[future cash flow value]] (PLN283.34)

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

Valuation Score

3/6

Valuation Score 3/6

Below Future Cash Flow Value
Significantly Below Future Cash Flow Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Future Cash Flow 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.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: 11B (PLN136) is trading below our estimate of future cash flow value (PLN283.34)

Significantly Below Future Cash Flow Value: 11B is trading below future cash flow value by more than 20%.

Key Valuation Metric

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

Key metric: As 11B is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 11B. This is calculated by dividing 11B's market cap by their current earnings.
What is 11B's PE Ratio?
PE Ratio	31.2x
Earnings	zł10.53m
Market Cap	zł328.74m

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/Revenue	1.8x
Enterprise Value/EBITDA	9.6x
PEG Ratio	0.6x

Price to Earnings Ratio vs Peers

How does 11B's PE Ratio compare to its 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.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	14.9x
ART Artifex Mundi	12.1x	26.37%	zł267.4m
BLO Bloober Team	9.9x	n/a	zł462.7m
GOP Games Operators	17.1x	n/a	zł73.4m
CRJ Creepy Jar	20.3x	17.08%	zł349.7m
11B 11 bit studios	31.2x	55.06%	zł328.7m

Price-To-Earnings vs Peers: 11B is expensive based on its Price-To-Earnings Ratio (31.2x) compared to the peer average (14.9x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

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

0 Companies	Price / Earnings	Estimated Growth	Market Cap

No more companies available in this PE range

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 11B is expensive based on its Price-To-Earnings Ratio (31.2x) compared to the Polish Entertainment industry average (13.1x).

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 Ratio	31.2x
Fair PE Ratio	31.5x

Price-To-Earnings vs Fair Ratio: 11B is good value based on its Price-To-Earnings Ratio (31.2x) compared to the estimated Fair Price-To-Earnings Ratio (31.5x).

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 11B forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	zł136.00	zł188.57 +38.66%	36.44%	zł355.00	zł140.00	n/a	7
Jun ’27	zł149.90	zł187.69 +25.21%	36.78%	zł355.00	zł140.00	n/a	7
May ’27	zł159.90	zł197.17 +23.31%	35.94%	zł355.00	zł155.00	n/a	6
Apr ’27	zł134.40	zł197.36 +46.84%	34.73%	zł355.00	zł140.00	n/a	7
Mar ’27	zł140.00	zł215.93 +54.23%	34.66%	zł355.00	zł140.00	n/a	7
Feb ’27	zł144.80	zł222.50 +53.66%	31.54%	zł355.00	zł150.00	n/a	7
Jan ’27	zł144.00	zł222.50 +54.51%	31.54%	zł355.00	zł150.00	n/a	7
Dec ’26	zł167.00	zł222.50 +33.23%	31.54%	zł355.00	zł150.00	n/a	7
Nov ’26	zł176.90	zł231.79 +31.03%	28.68%	zł355.00	zł155.00	n/a	7
Oct ’26	zł191.00	zł231.79 +21.35%	28.68%	zł355.00	zł155.00	n/a	7
Sep ’26	zł184.00	zł234.83 +27.63%	30.38%	zł355.00	zł155.00	n/a	6
Aug ’26	zł184.20	zł234.83 +27.49%	30.38%	zł355.00	zł155.00	n/a	6
Jul ’26	zł212.00	zł233.00 +9.91%	31.13%	zł355.00	zł155.00	n/a	6
Jun ’26	zł216.00	zł231.57 +7.21%	29.58%	zł355.00	zł140.00	zł149.90	7
May ’26	zł218.00	zł224.50 +2.98%	29.73%	zł355.00	zł140.00	zł159.90	8
Apr ’26	zł201.40	zł222.29 +10.37%	31.98%	zł355.00	zł140.00	zł134.40	7
Mar ’26	zł209.00	zł241.71 +15.65%	31.47%	zł355.00	zł140.00	zł140.00	7
Feb ’26	zł194.00	zł241.71 +24.59%	31.47%	zł355.00	zł140.00	zł144.80	7
Jan ’26	zł170.20	zł241.71 +42.02%	31.47%	zł355.00	zł140.00	zł144.00	7
Dec ’25	zł251.00	zł343.71 +36.94%	22.15%	zł434.00	zł230.00	zł167.00	7
Nov ’25	zł258.00	zł425.14 +64.78%	39.30%	zł815.00	zł275.00	zł176.90	7
Oct ’25	zł303.50	zł452.00 +48.93%	35.60%	zł815.00	zł275.00	zł191.00	7
Sep ’25	zł636.00	zł726.57 +14.24%	12.34%	zł840.00	zł540.00	zł184.00	7
Aug ’25	zł630.00	zł726.57 +15.33%	12.34%	zł840.00	zł540.00	zł184.20	7
Jul ’25	zł624.00	zł730.14 +17.01%	12.81%	zł840.00	zł540.00	zł212.00	7
Jun ’25	zł631.00	zł699.86 +10.91%	12.46%	zł840.00	zł540.00	zł216.00	7

AnalystPriceTarget

Community Contributor

zł188.57

Fair Value

27.9% undervalued

Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/06/26 23:30
End of Day Share Price	2026/06/26 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

11 bit studios S.A. is covered by 11 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Piotr Poniatowski	Biuro maklerskie mBanku
Beata Szparaga-Wasniewska	Biuro maklerskie mBanku
Piotr Zielonka	Erste Bank Polska S.A.