CI Games S.A. (CIG.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

-211.7%

-PLN 2.51

vs PLN 2.25 price

Levered DCF

-PLN 1.30

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.75

Safe zone

Rating

C+

Overall 2 / 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	146.93×	-34.48×	29.45×	56.69×	7.89×	31.23×	-45.35×	-5.47×
P/B	3.21×	1.56×	2.44×	3.3×	2.16×	2.26×	2.16×	1.85×
P/S	6.8×	2.96×	1.57×	8.2×	2.74×	4.73×	2.75×	5.64×
EV / EBITDA	16.88×	5.74×	4.55×	24.18×	4.05×	6.99×	7.31×	-12.38×
Gross margin	45.6%	27.8%	55.7%	71.9%	62.5%	42.0%	38.9%	22.1%
Operating margin	2.7%	-4.8%	12.9%	13.8%	38.2%	19.0%	-3.7%	-101.8%
Net margin	4.6%	-8.6%	5.3%	14.5%	36.3%	15.4%	-6.1%	-103.2%
Current ratio	0.28×	0.83×	0.95×	0.64×	6.04×	7.39×	1.15×	2.38×
Debt / equity	0.34×	0.11×	0.38×	0.16×	0.04×	0.06×	0.41×	0.25×
Interest coverage	1.28×	-1.53×	8.37×	17.61×	203.37×	25.83×	-2.61×	-230.7×
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	2.2%	-4.5%	8.3%	5.8%	28.7%	7.4%	-4.8%	-34.0%
Return on invested capital	0.9%	-1.8%	7.2%	3.5%	25.2%	6.9%	24.9%	-25.5%
Return on assets	1.2%	-3.0%	4.7%	4.6%	25.2%	6.4%	-3.0%	-24.6%
Free cash flow yield	-8.4%	7.6%	-3.1%	-10.4%	3.3%	8.3%	-16.8%	-13.5%
Earnings yield	0.7%	-2.9%	3.4%	1.8%	13.3%	3.3%	-2.2%	-18.3%
Enterprise value	PLN 552.3M	PLN 249.2M	PLN 414.1M	PLN 480.6M	PLN 255.7M	PLN 195.4M	PLN 148.7M	PLN 128M
Net debt / EBITDA	1.54×	0.24×	0.33×	0.8×	-0.52×	-0.79×	0.9×	-0.4×
Cash conversion cycle (days)	70	15	-15	-168	45	54	136	42