Buy Or Sell Opportunity • May 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.3% to €55.10. The fair value is estimated to be €70.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 6.7%. Revenue is forecast to decline by 3.9% in 2 years. Earnings are forecast to grow by 72% in the next 2 years. New Risk • May 12
New major risk - Revenue and earnings growth Earnings have declined by 2.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 128% Cash payout ratio: 111% Earnings have declined by 2.8% per year over the past 5 years. Reported Earnings • Dec 03
Third quarter 2025 earnings released: EPS: zł1.79 (vs zł6.93 in 3Q 2024) Third quarter 2025 results: EPS: zł1.79 (down from zł6.93 in 3Q 2024). Revenue: zł75.3m (flat on 3Q 2024). Net income: zł11.8m (down 74% from 3Q 2024). Profit margin: 16% (down from 60% in 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 5.7% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 05
Second quarter 2025 earnings released: EPS: zł5.36 (vs zł7.45 in 2Q 2024) Second quarter 2025 results: EPS: zł5.36 (down from zł7.45 in 2Q 2024). Revenue: zł73.3m (down 12% from 2Q 2024). Net income: zł35.4m (down 28% from 2Q 2024). Profit margin: 48% (down from 59% in 2Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Duyuru • Aug 27
PlayWay S.A. to Report First Half, 2025 Results on Sep 30, 2025 PlayWay S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Declared Dividend • Jun 06
Dividend of zł22.55 announced Shareholders will receive a dividend of zł22.55. Ex-date: 7th July 2025 Payment date: 15th July 2025 Dividend yield will be 30%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is not adequately covered by earnings (97% earnings payout ratio) nor is it covered by cash flows (104% cash payout ratio). The dividend has increased by an average of 37% per year over the past 7 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 8.3% to bring the payout ratio under control. EPS is expected to grow by 25% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Duyuru • Jun 04
PlayWay S.A. announces Annual dividend, payable on July 15, 2025 PlayWay S.A. announced Annual dividend of PLN 22.5500 per share payable on July 15, 2025, ex-date on July 07, 2025 and record date on July 08, 2025. Reported Earnings • Jun 02
First quarter 2025 earnings released: EPS: zł4.73 (vs zł5.63 in 1Q 2024) First quarter 2025 results: EPS: zł4.73 (down from zł5.63 in 1Q 2024). Revenue: zł68.9m (down 1.8% from 1Q 2024). Net income: zł31.2m (down 16% from 1Q 2024). Profit margin: 45% (down from 53% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: zł6.93 (vs zł4.15 in 3Q 2023) Third quarter 2024 results: EPS: zł6.93 (up from zł4.15 in 3Q 2023). Revenue: zł75.7m (up 29% from 3Q 2023). Net income: zł45.7m (up 67% from 3Q 2023). Profit margin: 60% (up from 47% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 6.1% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Oct 01
Second quarter 2024 earnings released: EPS: zł7.46 (vs zł7.62 in 2Q 2023) Second quarter 2024 results: EPS: zł7.46. Revenue: zł83.2m (up 16% from 2Q 2023). Net income: zł49.2m (up 47% from 2Q 2023). Profit margin: 59% (up from 47% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Entertainment industry in Germany. Duyuru • Jul 30
An undisclosed buyer agreed to acquire 53.27% stake in Big Cheese Studio Spolka Akcyjna (WSE:BCS) from PlayWay S.A. (WSE:PLW) for PLN 31.17 million. An undisclosed buyer agreed to acquire 53.27% stake in Big Cheese Studio Spolka Akcyjna (WSE:BCS) from PlayWay S.A. (WSE:PLW) for PLN 31.17 million on July 26, 2024. The shares will be purchase at PLN 14.15 per share. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €64.50, the stock trades at a trailing P/E ratio of 16.3x. Average forward P/E is 14x in the Entertainment industry in Europe. Total loss to shareholders of 20% over the past three years. Upcoming Dividend • Jun 25
Upcoming dividend of zł21.82 per share Eligible shareholders must have bought the stock before 02 July 2024. Payment date: 10 July 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.4%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.7%). Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: zł5.62 (vs zł4.55 in 1Q 2023) First quarter 2024 results: EPS: zł5.62 (up from zł4.55 in 1Q 2023). Revenue: zł70.2m (up 10% from 1Q 2023). Net income: zł37.1m (up 24% from 1Q 2023). Profit margin: 53% (up from 47% in 1Q 2023). Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Entertainment industry in Germany are expected to grow by 5.4%. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 13% per year. New Risk • Jun 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 139% Cash payout ratio: 103% Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Duyuru • May 29
PlayWay S.A., Annual General Meeting, Jun 20, 2024 PlayWay S.A., Annual General Meeting, Jun 20, 2024, at 11:00 Central European Standard Time. New Risk • May 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 139% Cash payout ratio: 103% Minor Risk Large one-off items impacting financial results. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: zł19.14 (vs zł17.02 in FY 2022) Full year 2023 results: EPS: zł19.14. Revenue: zł277.0m (up 7.4% from FY 2022). Net income: zł106.7m (down 5.0% from FY 2022). Profit margin: 39% (down from 44% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Entertainment industry in Germany. Duyuru • Apr 24
An unknown buyer acquired a 20.93% stake in 3R Games S.A. (WSE:3RG) from PlayWay S.A. (WSE:PLW). An unknown buyer acquired a 20.93% stake in 3R Games S.A. (WSE:3RG) from PlayWay S.A. (WSE:PLW) on April 22, 2024.An unknown buyer completed the acquisition of a 20.93% stake in 3R Games S.A. (WSE:3RG) from PlayWay S.A. (WSE:PLW) on April 22, 2024. New Risk • Jan 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 139% Cash payout ratio: 114% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (37% net profit margin). New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Cash payout ratio: 119% Earnings are forecast to decline by an average of 8.9% per year for the foreseeable future. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €77.10, the stock trades at a trailing P/E ratio of 22.3x. Average forward P/E is 13x in the Entertainment industry in Germany. Total loss to shareholders of 17% over the past three years. Reported Earnings • Oct 07
Second quarter 2023 earnings released: EPS: zł7.62 (vs zł5.52 in 2Q 2022) Second quarter 2023 results: EPS: zł7.62. Revenue: zł71.6m (up 7.5% from 2Q 2022). Net income: zł33.6m (down 7.9% from 2Q 2022). Profit margin: 47% (down from 55% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Entertainment industry in Germany. Upcoming Dividend • Aug 14
Upcoming dividend of zł19.39 per share at 4.7% yield Eligible shareholders must have bought the stock before 21 August 2023. Payment date: 29 August 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.7%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (1.8%). New Risk • Jun 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • Jun 04
PlayWay S.A., Annual General Meeting, Jun 30, 2023 PlayWay S.A., Annual General Meeting, Jun 30, 2023, at 13:30 Central European Standard Time. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 23% share price gain to €76.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Entertainment industry in Europe. Total loss to shareholders of 12% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €62.17 per share. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: zł6.38 (vs zł6.49 in 3Q 2021) Third quarter 2022 results: EPS: zł6.38 (down from zł6.49 in 3Q 2021). Revenue: zł76.7m (up 15% from 3Q 2021). Net income: zł42.1m (down 1.7% from 3Q 2021). Profit margin: 55% (down from 64% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Entertainment industry in Germany. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improved over the past week After last week's 16% share price gain to €61.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Entertainment industry in Europe. Total loss to shareholders of 26% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €36.93 per share. Reported Earnings • Oct 03
Second quarter 2022 earnings released: EPS: zł5.52 (vs zł3.87 in 2Q 2021) Second quarter 2022 results: EPS: zł5.52 (up from zł3.87 in 2Q 2021). Revenue: zł66.6m (up 30% from 2Q 2021). Net income: zł36.4m (up 42% from 2Q 2021). Profit margin: 55% (up from 50% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Entertainment industry in Germany. Duyuru • Jun 21
PlayWay S.A. Announces Dividend for the Year 2021 PlayWay S.A. announced that it will pay PLN 19.22 DPS from 2021 profit, or PLN 126.9 million in total. Reported Earnings • Jun 01
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł52.7m (up 26% from 1Q 2021). Net income: zł40.3m (up 58% from 1Q 2021). Profit margin: 76% (up from 61% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Over the next year, revenue is forecast to grow 10%, compared to a 131% growth forecast for the industry in Germany. Duyuru • May 13
PlayWay S.A. Recommends Dividend for the Year 2021 PlayWay S.A. recommended that shareholders take PLN 19.22 DPS from 2021 profit, or PLN 126.9 million in total, the company said in a market filing. Reported Earnings • May 01
Full year 2021 earnings released: EPS: zł22.55 (vs zł30.30 in FY 2020) Full year 2021 results: EPS: zł22.55 (down from zł30.30 in FY 2020). Revenue: zł234.1m (up 43% from FY 2020). Net income: zł127.1m (down 36% from FY 2020). Profit margin: 54% (down from 122% in FY 2020). The decrease in margin was primarily driven by lower expenses. Over the next year, revenue is forecast to grow 12%, compared to a 181% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 30% share price gain to €71.90, the stock trades at a trailing P/E ratio of 18.6x. Average forward P/E is 20x in the Entertainment industry in Germany. Total returns to shareholders of 96% over the past three years. Reported Earnings • Dec 03
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: zł6.49 (up from zł3.27 in 3Q 2020). Revenue: zł67.0m (up 104% from 3Q 2020). Net income: zł42.8m (up 98% from 3Q 2020). Profit margin: 64% (down from 66% in 3Q 2020). Revenue exceeded analyst estimates by 14%. Over the next year, revenue is forecast to grow 50%, compared to a 303% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 40% per year. Reported Earnings • Oct 01
Second quarter 2021 earnings released: EPS zł3.87 (vs zł19.40 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł51.3m (down 20% from 2Q 2020). Net income: zł25.6m (down 80% from 2Q 2020). Profit margin: 50% (down from 199% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 15
Upcoming dividend of zł12.74 per share Eligible shareholders must have bought the stock before 22 June 2021. Payment date: 30 June 2021. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.9%). Reported Earnings • Jun 03
First quarter 2021 earnings released: EPS zł3.88 (vs zł3.21 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: zł41.8m (up 33% from 1Q 2020). Net income: zł25.5m (up 21% from 1Q 2020). Profit margin: 61% (down from 67% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł122, the stock is trading at a trailing P/E ratio of 19.1x, down from the previous P/E ratio of 22.7x. This compares to an average P/E of 34x in the Entertainment industry in Europe. Total returns to shareholders over the past three years are 536%. Is New 90 Day High Low • Jan 27
New 90-day high: €148 The company is up 34% from its price of €111 on 29 October 2020. The German market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €109 per share. Duyuru • Jan 06
PlayWay S.A. (WSE:PLW) signed a letter of intent to acquire an unknown minority stake in Platynowe Inwestycje S.A. (WSE:PIW) from Patro Invest sp. z o.o. PlayWay S.A. (WSE:PLW) signed a letter of intent to acquire an unknown minority stake in Platynowe Inwestycje S.A. (WSE:PIW) from Patro Invest sp. z o.o on January 5, 2021. Under the terms of the transaction, F and G series shares will be acquired. Transaction also includes subscription of H series shares. DIGITAL MELODY GAMES and GAMES INCUBATOR are also parties to the transaction. PlayWay intends to own 72.8% stake together with its units and investors, 32.85 owned by PlayWay and units and 40% stake owned by investors chosen by PlayWay. Is New 90 Day High Low • Jan 05
New 90-day high: €139 The company is up 22% from its price of €114 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Entertainment industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €102 per share. Reported Earnings • Dec 02
Third quarter 2020 earnings released: EPS zł3.27 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł32.8m (down 2.0% from 3Q 2019). Net income: zł21.6m (down 18% from 3Q 2019). Profit margin: 66% (down from 78% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has increased by 102% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Nov 27
New 90-day high: €132 The company is up 25% from its price of €105 on 28 August 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €87.57 per share. Is New 90 Day High Low • Oct 13
New 90-day high: €125 The company is up 2.0% from its price of €122 on 15 July 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €83.67 per share. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total profits of zł208.0m, up 362% from the prior year. Total revenue was zł164.1m over the last 12 months, up 91% from the prior year. Duyuru • Sep 23
PlayWay S.A. to Report First Half, 2020 Results on Sep 30, 2020 PlayWay S.A. announced that they will report first half, 2020 results on Sep 30, 2020 Duyuru • Sep 22
HubStyle S.A. (WSE:HUB) agreed to acquire 3R Studio Mobile Sp. z o.o. from PlayWay S.A. (WSE:PLW) and others. HubStyle S.A. (WSE:HUB) agreed to acquire 3R Studio Mobile Sp. z o.o. from PlayWay S.A. (WSE:PLW) and others on September 21, 2020. Duyuru • Sep 17
PlayWay S.A. (WSE:PLW) acquired 75% of 3RStudio Mobile Sp. z o. o. for PLN 0.04 million. PlayWay S.A. (WSE:PLW) acquired 75% of 3RStudio Mobile Sp. z o. o. for PLN 0.04 million on September 15, 2020. PlayWay acquired 0.04 million shares from 3RStudio.
PlayWay S.A. (WSE:PLW) completed the acquisition of 75% of 3RStudio Mobile Sp. z o. o. on September 15, 2020. Duyuru • Sep 04
PlayWay S.A. (WSE:PLW) acquired EastTransfers S.A. for PLN 0.1 million. PlayWay S.A. (WSE:PLW) acquired EastTransfers S.A. for PLN 0.1 million on September 3, 2020. The new company would be used to create new development team.
PlayWay S.A. (WSE:PLW) completed acquisition of EastTransfers S.A. for million on September 3, 2020. Duyuru • Aug 04
PlayWay S.A. (WSE:PLW) acquired a 94.1% stake in GK III SA for PLN 0.02 million. PlayWay S.A. (WSE:PLW) acquired a 94.1% stake in GK III SA for PLN 0.02 million on July 31, 2020. Gk III shareholders have changed its name to Gameplanet.
PlayWay S.A. (WSE:PLW) completed the acquisition of a 94.1% stake in GK III SA on July 31, 2020.