Ten Square Games Valuation
Is TEN undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
3/6Valuation Score 3/6
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 (PLN90) is trading above our estimate of fair value (PLN65.84)
Significantly Below Fair Value: TEN is trading above our estimate of fair value.
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.
| What is TEN's PE Ratio? | |
|---|---|
| PE Ratio | 7.7x |
| Earnings | zł74.56m |
| Market Cap | zł572.39m |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 1.3x |
| Enterprise Value/EBITDA | 5x |
| PEG Ratio | -5.3x |
Price to Earnings Ratio vs Peers
How does TEN's PE Ratio compare to its peers?
| Company | Forward PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 18.6x | ||
BLO Bloober Team | 29.6x | n/a | zł474.3m |
CRJ Creepy Jar | 15.8x | 7.46% | zł286.0m |
HUG Huuuge | 4.9x | -20.39% | zł1.3b |
11B 11 bit studios | 24.1x | 10.60% | zł381.9m |
TEN Ten Square Games | 7.7x | -1.45% | zł572.4m |
Price-To-Earnings vs Peers: TEN is good value based on its Price-To-Earnings Ratio (7.7x) compared to the peer average (18.6x).
Price to Earnings Ratio vs Industry
How does TEN's PE Ratio compare vs other companies in the PL Entertainment Industry?
| 0 Companies | Price / Earnings | Estimated Growth | Market Cap |
|---|
| 0 Companies | Estimated Growth | Market Cap |
|---|
Price-To-Earnings vs Industry: TEN is good value based on its Price-To-Earnings Ratio (7.7x) compared to the Polish Entertainment industry average (14.4x).
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.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 7.7x |
| Fair PE Ratio | 10.5x |
Price-To-Earnings vs Fair Ratio: TEN is good value based on its Price-To-Earnings Ratio (7.7x) compared to the estimated Fair Price-To-Earnings Ratio (10.5x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | zł90.00 | zł89.41 -0.65% | 8.84% | zł99.00 | zł79.27 | n/a | 5 |
| Nov ’26 | zł90.50 | zł89.41 -1.20% | 8.84% | zł99.00 | zł79.27 | n/a | 5 |
| Oct ’26 | zł88.40 | zł86.81 -1.79% | 7.71% | zł99.00 | zł79.27 | n/a | 5 |
| Sep ’26 | zł82.70 | zł86.81 +4.97% | 7.71% | zł99.00 | zł79.27 | n/a | 5 |
| Aug ’26 | zł80.20 | zł89.96 +12.17% | 6.76% | zł99.00 | zł83.00 | n/a | 5 |
| Jul ’26 | zł85.00 | zł92.60 +8.94% | 7.89% | zł101.00 | zł83.00 | n/a | 5 |
| Jun ’26 | zł102.20 | zł89.60 -12.33% | 12.97% | zł101.00 | zł70.00 | n/a | 5 |
| May ’26 | zł95.30 | zł92.17 -3.29% | 13.09% | zł105.00 | zł70.00 | n/a | 6 |
| Apr ’26 | zł89.00 | zł92.17 +3.56% | 13.09% | zł105.00 | zł70.00 | n/a | 6 |
| Mar ’26 | zł79.30 | zł93.08 +17.38% | 11.84% | zł105.00 | zł74.00 | n/a | 6 |
| Feb ’26 | zł78.35 | zł93.08 +18.80% | 11.84% | zł105.00 | zł74.00 | n/a | 6 |
| Jan ’26 | zł72.00 | zł96.63 +34.21% | 11.03% | zł105.00 | zł74.00 | n/a | 6 |
| Dec ’25 | zł78.20 | zł95.85 +22.57% | 12.67% | zł106.30 | zł74.00 | n/a | 6 |
| Nov ’25 | zł80.05 | zł97.30 +21.55% | 12.12% | zł106.30 | zł74.00 | zł90.50 | 7 |
| Oct ’25 | zł93.90 | zł97.30 +3.62% | 12.12% | zł106.30 | zł74.00 | zł88.40 | 7 |
| Sep ’25 | zł95.10 | zł94.93 -0.18% | 12.02% | zł106.00 | zł74.00 | zł82.70 | 7 |
| Aug ’25 | zł86.05 | zł95.21 +10.65% | 11.44% | zł106.00 | zł76.00 | zł80.20 | 7 |
| Jul ’25 | zł84.60 | zł100.93 +19.30% | 13.94% | zł125.00 | zł76.00 | zł85.00 | 7 |
| Jun ’25 | zł88.80 | zł100.93 +13.66% | 13.94% | zł125.00 | zł76.00 | zł102.20 | 7 |
| May ’25 | zł86.25 | zł102.47 +18.80% | 8.62% | zł114.00 | zł85.00 | zł95.30 | 6 |
| Apr ’25 | zł96.40 | zł101.76 +5.56% | 9.36% | zł114.00 | zł85.00 | zł89.00 | 5 |
| Mar ’25 | zł96.00 | zł98.96 +3.08% | 10.30% | zł114.00 | zł85.00 | zł79.30 | 5 |
| Feb ’25 | zł103.00 | zł98.96 -3.92% | 10.30% | zł114.00 | zł85.00 | zł78.35 | 5 |
| Jan ’25 | zł96.40 | zł98.96 +2.66% | 10.30% | zł114.00 | zł85.00 | zł72.00 | 5 |
| Dec ’24 | zł94.05 | zł95.60 +1.65% | 10.96% | zł114.00 | zł85.00 | zł78.20 | 5 |
| Nov ’24 | zł79.65 | zł94.33 +18.43% | 17.43% | zł125.00 | zł70.00 | zł80.05 | 6 |
Analyst Forecast: Target price is lower than the current share price.
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2025/11/18 10:24 |
| End of Day Share Price | 2025/11/18 00:00 |
| Earnings | 2025/06/30 |
| Annual Earnings | 2024/12/31 |
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 |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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
Ten Square Games S.A. is covered by 13 analysts. 2 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 |
| Kamil Kliszcz | Biuro maklerskie mBanku |
| Piotr Bogusz | Erste Group Bank AG |