Ten Square Games S.A.

WSE:TEN Stock Report

Market Cap: zł459.8m

Ten Square Games Valuation

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

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: TEN (PLN72.5) is trading below our estimate of fair value (PLN147.14)

Significantly Below Fair Value: TEN is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TEN. This is calculated by dividing TEN's market cap by their current earnings.
What is TEN's PE Ratio?
PE Ratio9.1x
Earningszł50.81m
Market Capzł459.80m

Price to Earnings Ratio vs Peers

How does TEN's PE Ratio compare to its peers?

The above table shows the PE ratio for TEN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.7x
11B 11 bit studios
7.9x12.6%zł368.9m
BLO Bloober Team
35.5xn/azł447.3m
HUG Huuuge
3.4x-24.4%zł925.9m
CRJ Creepy Jar
20x7.2%zł177.3m
TEN Ten Square Games
9.1x5.1%zł459.8m

Price-To-Earnings vs Peers: TEN is good value based on its Price-To-Earnings Ratio (9.1x) compared to the peer average (16.7x).

Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
TEN 9.1xIndustry Avg. 12.8xNo. of Companies6PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TEN is good value based on its Price-To-Earnings Ratio (9.1x) compared to the Polish Entertainment industry average (12.8x).

Price to Earnings Ratio vs Fair Ratio

What is TEN'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.

TEN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.1x
Fair PE Ratio11.5x

Price-To-Earnings vs Fair Ratio: TEN is good value based on its Price-To-Earnings Ratio (9.1x) compared to the estimated Fair Price-To-Earnings Ratio (11.5x).

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 TEN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentzł72.50
zł96.63
+33.3%
11.0%zł105.00zł74.00n/a6
Dec ’25zł78.20
zł95.85
+22.6%
12.7%zł106.30zł74.00n/a6
Nov ’25zł80.05
zł97.30
+21.5%
12.1%zł106.30zł74.00n/a7
Oct ’25zł93.90
zł97.30
+3.6%
12.1%zł106.30zł74.00n/a7
Sep ’25zł95.10
zł94.93
-0.2%
12.0%zł106.00zł74.00n/a7
Aug ’25zł86.05
zł95.21
+10.6%
11.4%zł106.00zł76.00n/a7
Jul ’25zł84.60
zł100.93
+19.3%
13.9%zł125.00zł76.00n/a7
Jun ’25zł88.80
zł100.93
+13.7%
13.9%zł125.00zł76.00n/a7
May ’25zł86.25
zł102.47
+18.8%
8.6%zł114.00zł85.00n/a6
Apr ’25zł96.40
zł101.76
+5.6%
9.4%zł114.00zł85.00n/a5
Mar ’25zł96.00
zł98.96
+3.1%
10.3%zł114.00zł85.00n/a5
Feb ’25zł103.00
zł98.96
-3.9%
10.3%zł114.00zł85.00n/a5
Jan ’25zł96.40
zł98.96
+2.7%
10.3%zł114.00zł85.00n/a5
Dec ’24zł94.05
zł95.60
+1.6%
11.0%zł114.00zł85.00zł78.205
Nov ’24zł79.65
zł94.33
+18.4%
17.4%zł125.00zł70.00zł80.056
Oct ’24zł84.90
zł91.50
+7.8%
18.2%zł125.00zł70.00zł93.906
Sep ’24zł84.05
zł89.33
+6.3%
19.4%zł125.00zł71.00zł95.106
Aug ’24zł80.40
zł89.33
+11.1%
19.4%zł125.00zł71.00zł86.056
Jul ’24zł78.75
zł92.33
+17.2%
19.0%zł125.00zł71.00zł84.606
Jun ’24zł81.90
zł92.33
+12.7%
19.0%zł125.00zł71.00zł88.806
May ’24zł81.95
zł97.00
+18.4%
15.2%zł125.00zł77.00zł86.256
Apr ’24zł92.85
zł133.17
+43.4%
15.5%zł174.00zł109.00zł96.406
Mar ’24zł131.10
zł188.17
+43.5%
61.6%zł444.00zł115.00zł96.006
Feb ’24zł127.50
zł188.17
+47.6%
61.6%zł444.00zł115.00zł103.006
Jan ’24zł126.60
zł183.50
+44.9%
64.7%zł444.00zł102.00zł96.406
Dec ’23zł132.10
zł203.17
+53.8%
61.6%zł444.00zł102.00zł94.056

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 04:11
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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 here.

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 .

Analyst Sources

Ten Square Games S.A. is covered by 13 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kamil KliszczBiuro maklerskie mBanku
Tomasz RodakDom Maklerski Banku Ochrony Srodowiska S.A.
Tomasz DudaErste Group Bank AG