3R Games S.A. (3RG.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

-512.4%

-PLN 2.73

vs PLN 0.66 price

Levered DCF

-PLN 1.51

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

42.1

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	18.68×	-45.5×	51.23×	40.37×	-56.45×	-15.16×	-1.73×	-1.17×
P/B	2.67×	1.58×	1.75×	2.05×	3.7×	5.51×	-2.75×	7.06×
P/S	7.34×	11.78×	8.77×	7.88×	613.65×	2,636.71×	1.32×	1.23×
EV / EBITDA	16.82×	947.69×	49.42×	34.75×	-69.62×	-97.61×	-5.1×	-1.13×
Gross margin	68.7%	-13.1%	60.7%	22.7%	-1153.6%	-3503.2%	47.1%	64.6%
Operating margin	42.8%	-26.2%	16.8%	22.3%	-1179.8%	-3748.4%	-47.5%	-113.6%
Net margin	39.3%	-25.9%	17.1%	19.5%	-1088.1%	-17383.9%	-64.5%	-106.2%
Current ratio	7.95×	7.42×	7.05×	1.17×	3.4×	0.91×	0.52×	0.64×
Debt / equity	0×	0×	0×	0.05×	0.21×	0.11×	-2.33×	0.01×
Interest coverage	0×	0×	75×	7.05×	-9.53×	-2.31×	-13.05×	-78.33×
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	14.3%	-3.5%	3.4%	5.1%	-6.6%	-36.3%	134.3%	-609.1%
Return on invested capital	14.6%	-3.5%	3.3%	5.5%	-5.9%	-7.1%	-75.3%	-642.0%
Return on assets	13.7%	-3.4%	3.3%	4.8%	-5.3%	-32.0%	-68.7%	-192.1%
Free cash flow yield	2.4%	-1.2%	2.9%	5.0%	-4.3%	-4.0%	-69.2%	-41.7%
Earnings yield	5.4%	-2.2%	2.0%	2.5%	-1.8%	-6.6%	-48.9%	-86.3%
Enterprise value	PLN 53.9M	PLN 27.5M	PLN 30.4M	PLN 32.4M	PLN 54.4M	PLN 82.6M	PLN 22.7M	PLN 10.5M
Net debt / EBITDA	-0.73×	-33.55×	-1.54×	-0.01×	-3.7×	-0.99×	-2.24×	0×
Cash conversion cycle (days)	376	231	381	31	663	1,534	66	-112