Gaming Factory S.A. (GIF.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

-8994.2%

-PLN 283.72

vs PLN 3.19 price

Levered DCF

-PLN 215.63

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.68

Grey 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	17.68×	-4.69×	-17×	-4.16×	-99.57×	10.59×	22.36×	63.88×
P/B	2.51×	3.11×	2.88×	1.44×	1.15×	1.93×	8.08×	23.59×
P/S	2.5×	12.75×	27.44×	12.8×	26.11×	21.29×	88.56×	8,346.67×
EV / EBITDA	5.68×	-5.2×	-9,911.19×	-2.77×	-47.98×	5.42×	17.85×	52.87×
Gross margin	28.6%	-11.6%	97.6%	207.3%	372.2%	189.5%	393.4%	2861.9%
Operating margin	16.1%	-86.1%	-151.8%	-204.2%	-119.0%	49.2%	10.3%	-4742.9%
Net margin	14.0%	-270.9%	-161.9%	-307.7%	-26.2%	201.0%	394.7%	13171.4%
Current ratio	3.61×	6.94×	26.13×	26.09×	32.29×	27.57×	8.46×	35.23×
Debt / equity	0.04×	0.03×	0×	0×	0×	0×	0×	0×
Interest coverage	53.31×	-360.38×	-741×	0×	-792×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	4.4%	2.5%	1.4%	0.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-433.2%	26.6%	31.9%	3.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.0%	-66.1%	-17.0%	-34.6%	-1.2%	18.2%	36.0%	37.2%
Return on invested capital	12.4%	-14.6%	-15.0%	-19.9%	-5.0%	3.4%	0.8%	-11.4%
Return on assets	10.3%	-44.4%	-15.6%	-31.6%	-1.1%	16.8%	33.5%	36.6%
Free cash flow yield	-3.4%	-10.8%	-10.4%	-10.1%	-16.3%	-2.4%	-4.3%	-1.2%
Earnings yield	5.6%	-21.3%	-5.9%	-24.0%	-1.0%	9.4%	4.5%	1.6%
Enterprise value	PLN 39.2M	PLN 40.2M	PLN 59.5M	PLN 22.3M	PLN 20.4M	PLN 42.5M	PLN 101.8M	PLN 171.7M
Net debt / EBITDA	-0.08×	0.31×	1,252.88×	1.25×	33.79×	-2.35×	-0.44×	-1.12×
Cash conversion cycle (days)	28	51	71,166	-758	-773	-814	63	-328