11 bit studios S.A. (11B.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1390.5%

-PLN 1,471.12

vs PLN 114.00 price

Levered DCF

-PLN 550.18

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

7.85

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	50.17×	59.72×	2,459.09×	61.08×	45.52×	29.39×	38.57×	15.71×
P/B	1.47×	1.79×	5.72×	6.23×	6.62×	6.67×	7.64×	6.56×
P/S	2.47×	2.93×	24.84×	18.84×	18.62×	12.6×	12.85×	7.18×
EV / EBITDA	4.27×	17.31×	281.9×	40.95×	31.52×	21.25×	27.45×	11.15×
Gross margin	19.0%	49.8%	81.1%	99.1%	99.2%	99.6%	99.4%	99.7%
Operating margin	15.4%	-2.0%	14.5%	37.4%	42.8%	46.8%	33.5%	57.2%
Net margin	4.9%	4.9%	1.0%	30.8%	40.9%	42.9%	30.5%	45.7%
Current ratio	3.19×	3.33×	2.71×	9.97×	9.74×	10.33×	4.29×	9.26×
Debt / equity	0.02×	0.03×	0.03×	0.04×	0.05×	0.07×	0.1×	0.14×
Interest coverage	69.35×	-6.29×	12.75×	56.95×	243.37×	298.9×	2,001.96×	21,918.18×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	3.0%	0.2%	10.2%	14.5%	22.7%	18.1%	41.8%
Return on invested capital	5.4%	-1.2%	-5.8%	9.9%	13.0%	21.3%	15.6%	35.8%
Return on assets	2.6%	2.6%	0.2%	9.4%	13.1%	20.1%	13.9%	34.4%
Free cash flow yield	7.2%	0.4%	-2.8%	-0.9%	0.9%	0.7%	3.0%	2.1%
Earnings yield	2.0%	1.7%	0.0%	1.6%	2.2%	3.4%	2.4%	6.4%
Enterprise value	PLN 307.4M	PLN 351.8M	PLN 1.3B	PLN 1.4B	PLN 1.3B	PLN 1.1B	PLN 919.1M	PLN 586.3M
Net debt / EBITDA	-0.57×	-2.94×	-6.75×	-0.66×	-0.42×	-0.25×	0.13×	-0.07×
Cash conversion cycle (days)	43	48	25	-339	-841	-65	-4,391	-292