Games Operators S.A. (GOP.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

-65.2%

PLN 4.11

vs PLN 11.80 price

Levered DCF

PLN 1.25

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

16.16

Safe zone

Rating

A-

Overall 4 / 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	17.14×	6.1×	219.29×	14.07×	20.65×	2,726.32×	55.7×	62.86×
P/B	2.18×	2.71×	9.51×	2.36×	2.68×	6.18×	22.02×	46.31×
P/S	4.01×	2.75×	35.03×	7.87×	4.99×	13.74×	35.97×	51.78×
EV / EBITDA	9.21×	4.47×	177.3×	9.61×	12.25×	106.83×	42.39×	52.73×
Gross margin	48.7%	67.7%	77.3%	153.2%	57.2%	93.5%	129.4%	127.6%
Operating margin	31.0%	46.6%	26.4%	33.9%	18.3%	6.9%	80.5%	93.3%
Net margin	23.4%	45.1%	15.8%	55.7%	24.1%	0.5%	64.7%	82.7%
Current ratio	8.51×	9.56×	3.2×	9.49×	23.27×	39.86×	59.85×	67.67×
Debt / equity	0×	0.01×	0.02×	0.02×	0.03×	0×	0×	0×
Interest coverage	88.42×	144.92×	11.79×	14.22×	55.18×	136.75×	309.88×	991×
Dividend yield	9.3%	1.5%	2.0%	5.1%	3.6%	0.0%	0.0%	0.0%
Payout ratio	158.8%	8.9%	439.4%	71.4%	74.7%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	44.4%	4.3%	16.7%	13.0%	0.2%	39.6%	73.9%
Return on invested capital	15.3%	40.5%	6.9%	9.0%	9.0%	0.2%	39.5%	71.0%
Return on assets	11.1%	38.9%	3.2%	14.6%	12.0%	0.2%	38.9%	72.9%
Free cash flow yield	3.8%	11.1%	-1.5%	-4.9%	6.9%	2.3%	0.7%	1.2%
Earnings yield	5.8%	16.4%	0.5%	7.1%	4.8%	0.0%	1.8%	1.6%
Enterprise value	PLN 48.1M	PLN 66.3M	PLN 159M	PLN 38.5M	PLN 37.7M	PLN 97.1M	PLN 232.7M	PLN 217M
Net debt / EBITDA	-2.16×	-0.9×	-7.82×	-2.17×	-4.34×	-13.46×	-0.5×	-0.73×
Cash conversion cycle (days)	346	173	2,536	-573	1,443	2,514	-751	-377