New Risk • 8h
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 23% Last year net profit margin: 45% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Cash payout ratio: 243% Minor Risks Profit margins are more than 30% lower than last year (23% net profit margin). Revenue is less than US$5m (zł15m revenue, or US$4.1m). Market cap is less than US$100m (zł79.2m market cap, or US$21.8m). Announcement • May 18
Games Operators S.A., Annual General Meeting, Jun 11, 2026 Games Operators S.A., Annual General Meeting, Jun 11, 2026, at 11:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł12.00, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 11x in the Entertainment industry in Poland. Total loss to shareholders of 11% over the past three years. New Risk • Feb 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Dividend per share is over 8x cash flows per share. High level of non-cash earnings (38% accrual ratio). Minor Risks Revenue is less than US$5m (zł15m revenue, or US$4.3m). Market cap is less than US$100m (zł59.3m market cap, or US$16.6m). New Risk • Jan 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 162% Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Revenue is less than US$5m (zł15m revenue, or US$4.2m). Market cap is less than US$100m (zł66.7m market cap, or US$18.5m). Reported Earnings • Dec 03
Third quarter 2025 earnings released: EPS: zł0.12 (vs zł0.30 in 3Q 2024) Third quarter 2025 results: EPS: zł0.12 (down from zł0.30 in 3Q 2024). Revenue: zł2.73m (down 48% from 3Q 2024). Net income: zł665.0k (down 59% from 3Q 2024). Profit margin: 24% (down from 31% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 06
Now 20% overvalued Over the last 90 days, the stock has fallen 16% to zł15.20. The fair value is estimated to be zł12.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last 3 years. Earnings per share has grown by 57%. Reported Earnings • Oct 05
Second quarter 2025 earnings released: EPS: zł0.074 (vs zł1.49 in 2Q 2024) Second quarter 2025 results: EPS: zł0.074 (down from zł1.49 in 2Q 2024). Revenue: zł4.45m (down 77% from 2Q 2024). Net income: zł418.0k (down 95% from 2Q 2024). Profit margin: 9.4% (down from 43% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 12
Upcoming dividend of zł1.00 per share Eligible shareholders must have bought the stock before 19 September 2025. Payment date: 30 September 2025. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Polish dividend payers (7.3%). Lower than average of industry peers (1.5%). Announcement • Aug 26
Games Operators S.A. to Report First Half, 2025 Results on Sep 30, 2025 Games Operators S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Reported Earnings • Jun 02
First quarter 2025 earnings released: EPS: zł0.15 (vs zł0.046 in 1Q 2024) First quarter 2025 results: EPS: zł0.15 (up from zł0.046 in 1Q 2024). Revenue: zł2.97m (up 200% from 1Q 2024). Net income: zł812.0k (up 224% from 1Q 2024). Profit margin: 27% (up from 25% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł16.60, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 14x in the Entertainment industry in Poland. Total returns to shareholders of 113% over the past three years. Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: zł0.30 (vs zł0.22 in 3Q 2023) Third quarter 2024 results: EPS: zł0.30 (up from zł0.22 in 3Q 2023). Revenue: zł5.36m (up 257% from 3Q 2023). Net income: zł1.63m (up 37% from 3Q 2023). Profit margin: 30% (down from 79% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 02
Second quarter 2024 earnings released: EPS: zł1.48 (vs zł0.067 loss in 2Q 2023) Second quarter 2024 results: EPS: zł1.48 (up from zł0.067 loss in 2Q 2023). Revenue: zł19.1m (up zł18.1m from 2Q 2023). Net income: zł8.19m (up zł8.56m from 2Q 2023). Profit margin: 43% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 28
Upcoming dividend of zł0.21 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 19 July 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 0.9%. Lower than top quartile of Polish dividend payers (7.7%). Lower than average of industry peers (2.1%). Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: zł0.05 (vs zł0.059 in 1Q 2023) First quarter 2024 results: EPS: zł0.05 (down from zł0.059 in 1Q 2023). Revenue: zł1.05m (up 16% from 1Q 2023). Net income: zł251.0k (down 23% from 1Q 2023). Profit margin: 24% (down from 36% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • May 31
Games Operators S.A., Annual General Meeting, Jun 27, 2024 Games Operators S.A., Annual General Meeting, Jun 27, 2024. New Risk • Apr 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 19% per year over the past 5 years. High level of non-cash earnings (37% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (16% net profit margin). Revenue is less than US$5m (zł4.7m revenue, or US$1.2m). Market cap is less than US$100m (zł162.2m market cap, or US$40.3m). Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: zł0.14 (vs zł0.61 in FY 2022) Full year 2023 results: EPS: zł0.14 (down from zł0.61 in FY 2022). Revenue: zł4.84m (down 20% from FY 2022). Net income: zł751.0k (down 78% from FY 2022). Profit margin: 16% (down from 56% in FY 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 21% per year. Reported Earnings • Oct 02
Second quarter 2023 earnings released: zł0.10 loss per share (vs zł0.25 profit in 2Q 2022) Second quarter 2023 results: zł0.10 loss per share (down from zł0.25 profit in 2Q 2022). Revenue: zł1.07m (down 30% from 2Q 2022). Net loss: zł369.0k (down 128% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Aug 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 5.7% per year over the past 5 years. High level of non-cash earnings (26% accrual ratio). Minor Risks Revenue is less than US$5m (zł5.0m revenue, or US$1.2m). Market cap is less than US$100m (zł202.4m market cap, or US$49.8m). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł22.80, the stock trades at a trailing P/E ratio of 53.6x. Average trailing P/E is 23x in the Entertainment industry in Poland. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł21.40, the stock trades at a trailing P/E ratio of 50.3x. Average trailing P/E is 20x in the Entertainment industry in Poland. Total loss to shareholders of 45% over the past three years. Upcoming Dividend • Jun 23
Upcoming dividend of zł0.60 per share at 2.8% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 14 July 2023. Trailing yield: 2.8%. Lower than top quartile of Polish dividend payers (7.3%). Higher than average of industry peers (1.8%). Announcement • May 31
Games Operators S.A., Annual General Meeting, Jun 23, 2023 Games Operators S.A., Annual General Meeting, Jun 23, 2023, at 13:00 Central European Standard Time. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł17.35, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 18x in the Entertainment industry in Poland. Total loss to shareholders of 48% over the past three years. Buying Opportunity • Mar 03
Now 21% undervalued Over the last 90 days, the stock is up 68%. The fair value is estimated to be zł19.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 12%. Buying Opportunity • Feb 14
Now 22% undervalued Over the last 90 days, the stock is up 98%. The fair value is estimated to be zł18.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 12%. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł14.50, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 16x in the Entertainment industry in Poland. Total returns to shareholders of 70% over the past year. Announcement • Feb 05
Games Operators S.A. to Report Q3, 2023 Results on Nov 29, 2023 Games Operators S.A. announced that they will report Q3, 2023 results on Nov 29, 2023 Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 17% share price gain to zł9.90, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 13x in the Entertainment industry in Poland. Total returns to shareholders of 17% over the past year. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: zł0.30 (vs zł0.24 in 3Q 2021) Third quarter 2022 results: EPS: zł0.30 (up from zł0.24 in 3Q 2021). Revenue: zł1.27m (down 59% from 3Q 2021). Net income: zł1.71m (up 32% from 3Q 2021). Reported Earnings • Oct 04
Second quarter 2022 earnings released: EPS: zł0.25 (vs zł0.051 in 2Q 2021) Second quarter 2022 results: EPS: zł0.25 (up from zł0.051 in 2Q 2021). Revenue: zł1.53m (down 16% from 2Q 2021). Net income: zł1.34m (up 392% from 2Q 2021). Profit margin: 87% (up from 15% in 2Q 2021). The increase in margin was driven by lower expenses. Upcoming Dividend • Sep 22
Upcoming dividend of zł0.44 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 21 October 2022. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Polish dividend payers (8.8%). Higher than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 16% share price gain to zł8.70, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 15x in the Entertainment industry in Poland. Total loss to shareholders of 19% over the past year. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 19% share price gain to zł8.12, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 16x in the Entertainment industry in Poland. Total loss to shareholders of 47% over the past year. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to zł7.00, the stock trades at a trailing P/E ratio of 13.9x. Average forward P/E is 14x in the Entertainment industry in Poland. Total loss to shareholders of 68% over the past year. Reported Earnings • Dec 03
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: zł0.24 (up from zł0.09 in 3Q 2020). Revenue: zł3.05m (up 65% from 3Q 2020). Net income: zł1.30m (up 174% from 3Q 2020). Profit margin: 42% (up from 26% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 31% compared to a 22% decline forecast for the industry in Poland. Reported Earnings • Oct 03
Second quarter 2021 earnings released: EPS zł0.05 (vs zł0.12 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł1.84m (down 51% from 2Q 2020). Net income: zł272.0k (down 58% from 2Q 2020). Profit margin: 15% (down from 17% in 2Q 2020). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to zł12.00, the stock trades at a trailing P/E ratio of 28.1x. Average forward P/E is 22x in the Entertainment industry in Poland. Total loss to shareholders of 68% over the past year. Reported Earnings • Jun 03
First quarter 2021 earnings released: EPS zł0.16 (vs zł0.096 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: zł2.08m (up 119% from 1Q 2020). Net income: zł881.0k (up 80% from 1Q 2020). Profit margin: 42% (down from 52% in 1Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Apr 04
Full year 2020 earnings released: EPS zł0.35 (vs zł0.84 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: zł7.96m (up 22% from FY 2019). Net income: zł1.89m (down 55% from FY 2019). Profit margin: 24% (down from 65% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Mar 16
New 90-day low: zł19.90 The company is down 9.0% from a price of zł21.80 on 16 December 2020. Underperformed the Polish market, which is up 6.0% over the last 90 days. Exceeded the Entertainment industry, which is down 16% over the same period. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł24.50, the stock is trading at a trailing P/E ratio of 56.8x, down from the previous P/E ratio of 70.7x. This compares to an average P/E of 38x in the Entertainment industry in Poland. Is New 90 Day High Low • Feb 06
New 90-day high: zł32.60 The company is up 45% from its price of zł22.50 on 06 November 2020. The Polish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is down 18% over the same period. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 35% share price gain to zł30.00, the stock is trading at a trailing P/E ratio of 69.5x, up from the previous P/E ratio of 51.5x. This compares to an average P/E of 42x in the Entertainment industry in Poland. Is New 90 Day High Low • Jan 18
New 90-day high: zł30.00 The company is up 16% from its price of zł25.75 on 20 October 2020. The Polish market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 24% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: zł20.25 The company is down 40% from its price of zł34.00 on 29 September 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 29% over the same period. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 23% share price gain to zł28.20, the stock is trading at a trailing P/E ratio of 42.8x, up from the previous P/E ratio of 34.7x. This compares to an average P/E of 32x in the Entertainment industry in Poland. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 20% share price decline to zł20.25, the stock is trading at a trailing P/E ratio of 30.7x, down from the previous P/E ratio of 38.6x. This compares to an average P/E of 32x in the Entertainment industry in Poland. Is New 90 Day High Low • Oct 29
New 90-day low: zł22.20 The company is down 38% from its price of zł35.85 on 30 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 12% over the same period. Valuation Update With 7 Day Price Move • Oct 15
Market pulls back on stock over the past week After last week's 19% share price decline to zł26.00, the stock is trading at a trailing P/E ratio of 39.4x, down from the previous P/E ratio of 48.5x. This compares to an average P/E of 34x in the Entertainment industry in Poland. Is New 90 Day High Low • Oct 12
New 90-day low: zł30.49 The company is down 25% from its price of zł40.50 on 14 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 2.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: zł35.00 The company is down 14% from its price of zł40.80 on 26 June 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 4.0% over the same period.