Ten Square Games Valuation

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

TEN (PLN108.4) is trading below our estimate of [[future cash flow value]] (PLN169.52)

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

Valuation Score

5/6

Valuation Score 5/6

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 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.

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: TEN (PLN108.4) is trading below our estimate of future cash flow value (PLN169.52)

Significantly Below Future Cash Flow Value: TEN 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 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 Ratio	10.9x
Earnings	zł63.09m
Market Cap	zł689.73m

TEN 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	1.5x
Enterprise Value/EBITDA	7.4x
PEG Ratio	1x

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.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	11x
HUG Huuuge	3.4x	-13.42%	zł913.0m
CRJ Creepy Jar	8.9x	-35.26%	zł373.5m
BLO Bloober Team	9.8x	n/a	zł458.9m
PLW PlayWay	22.1x	20.39%	zł1.7b
TEN Ten Square Games	10.9x	10.90%	zł689.7m

Price-To-Earnings vs Peers: TEN is good value based on its Price-To-Earnings Ratio (10.9x) compared to the peer average (11x).

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 TEN'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: TEN is good value based on its Price-To-Earnings Ratio (10.9x) compared to the Polish Entertainment industry average (11x).

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 Ratio	10.9x
Fair PE Ratio	13x

Price-To-Earnings vs Fair Ratio: TEN is good value based on its Price-To-Earnings Ratio (10.9x) compared to the estimated Fair Price-To-Earnings Ratio (13x).

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.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	zł108.40	zł107.32 -1.00%	21.94%	zł150.00	zł83.00	n/a	5
Jul ’27	zł94.00	zł107.32 +14.17%	21.94%	zł150.00	zł83.00	n/a	5
Jun ’27	zł89.05	zł106.92 +20.07%	21.93%	zł150.00	zł83.00	n/a	5
May ’27	zł107.40	zł106.92 -0.45%	21.93%	zł150.00	zł83.00	n/a	5
Apr ’27	zł101.40	zł92.92 -8.36%	43.94%	zł150.00	zł25.00	n/a	5
Mar ’27	zł104.20	zł107.52 +3.19%	21.55%	zł150.00	zł83.00	n/a	5
Feb ’27	zł114.60	zł92.01 -19.71%	12.83%	zł112.00	zł79.27	n/a	5
Jan ’27	zł91.00	zł92.01 +1.11%	12.83%	zł112.00	zł79.27	n/a	5
Dec ’26	zł90.20	zł89.41 -0.87%	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	zł107.00	5
Jul ’26	zł85.00	zł92.60 +8.94%	7.89%	zł101.00	zł83.00	zł94.00	5
Jun ’26	zł102.20	zł89.60 -12.33%	12.97%	zł101.00	zł70.00	zł89.05	5
May ’26	zł95.30	zł92.17 -3.29%	13.09%	zł105.00	zł70.00	zł107.40	6
Apr ’26	zł89.00	zł92.17 +3.56%	13.09%	zł105.00	zł70.00	zł101.40	6
Mar ’26	zł79.30	zł93.08 +17.38%	11.84%	zł105.00	zł74.00	zł104.20	6
Feb ’26	zł78.35	zł93.08 +18.80%	11.84%	zł105.00	zł74.00	zł114.60	6
Jan ’26	zł72.00	zł96.63 +34.21%	11.03%	zł105.00	zł74.00	zł91.00	6
Dec ’25	zł78.20	zł95.85 +22.57%	12.67%	zł106.30	zł74.00	zł90.20	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

AnalystPriceTarget

Community Contributor

zł107.32

Fair Value

1.0% overvalued

Number of Analysts

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	2026/08/04 14:25
End of Day Share Price	2026/08/04 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

Ten Square Games S.A. is covered by 12 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
Beata Szparaga-Wasniewska	Biuro maklerskie mBanku
Tomasz Sokolowski	Erste Bank Polska S.A.