Ultimate Games Valuation

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

ULG (PLN8.78) is trading above our estimate of [[fair value]] (PLN1.74)

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

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: ULG (PLN8.78) is trading above our estimate of fair value (PLN1.74)

Significantly Below Fair Value: ULG is trading above our estimate of fair value.

Key Valuation Metric

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

Key metric: As ULG is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for ULG. This is calculated by dividing ULG's market cap by their current revenue.
What is ULG's PS Ratio?
PS Ratio	2x
Sales	zł22.61m
Market Cap	zł45.92m

ULG 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	1.9x
Enterprise Value/EBITDA	11.4x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does ULG's PS Ratio compare to its peers?

The above table shows the PS ratio for ULG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	18.1x
SOK SONKA	50.5x	n/a	zł42.4m
MOV Movie Games	3x	n/a	zł42.6m
BCS Big Cheese Studio Spolka Akcyjna	4.3x	n/a	zł51.4m
GIF Gaming Factory	14.6x	n/a	zł43.6m
ULG Ultimate Games	2x	n/a	zł45.9m

Price-To-Sales vs Peers: ULG is good value based on its Price-To-Sales Ratio (2x) compared to the peer average (18.1x).

Price to Sales Ratio vs Industry

How does ULG's PS Ratio compare vs other companies in the PL Entertainment Industry?

6 Companies	Price / Sales	Estimated Growth	Market Cap
BBT BoomBit	0.6x	n/a	US$32.88m
EMU e-Muzyka	0.4x	n/a	US$23.93m
PLI Platige Image	0.3x	n/a	US$9.28m
QUB QubicGames	0.4x	n/a	US$3.57m

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: ULG is good value based on its Price-To-Sales Ratio (2x) compared to the Polish Entertainment industry average (3.7x).

Price to Sales Ratio vs Fair Ratio

What is ULG's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ULG PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate ULG's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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