Qiiwi Games AB (publ) (QIIWI.ST) 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

-201.8%

-SEK 4.15

vs SEK 4.08 price

Levered DCF

-SEK 5.13

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

9.89

Safe zone

Rating

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	-2.51×	-6.47×	-1.3×	-5.19×	-18.25×	225.64×	-299.87×	-11.95×
P/B	1.25×	1.9×	1.18×	1.36×	2.76×	39.19×	12.89×	4.04×
P/S	1.3×	2.29×	1.41×	2.34×	3.13×	6.98×	8.9×	3.55×
EV / EBITDA	-3.36×	-11.23×	-1.53×	-5.61×	-24.72×	107.33×	142.48×	-11.94×
Gross margin	-10.3%	97.3%	102.2%	89.4%	88.6%	90.9%	102.1%	20.4%
Operating margin	-49.8%	-41.6%	-109.0%	-56.6%	-19.6%	3.2%	-1.5%	-29.6%
Net margin	-51.9%	-35.4%	-108.7%	-45.2%	-17.3%	3.1%	-1.9%	-29.7%
Current ratio	10.5×	10.06×	6.52×	23.86×	14.55×	1.69×	3.24×	5.46×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	-38.43×	-434.47×	-202.15×	-1,081.67×	-88.94×	19.73×	-2.18×	-212.84×
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	-49.9%	-29.3%	-90.8%	-26.3%	-15.2%	17.5%	-2.8%	-33.8%
Return on invested capital	-47.9%	-34.4%	-90.9%	-33.0%	-16.7%	18.1%	-2.2%	-33.7%
Return on assets	-45.6%	-26.9%	-79.2%	-25.4%	-13.8%	9.7%	-2.3%	-30.0%
Free cash flow yield	-22.7%	-19.1%	-54.5%	-23.3%	-9.2%	1.4%	-2.6%	-9.2%
Earnings yield	-39.8%	-15.4%	-77.1%	-19.3%	-5.5%	0.4%	-0.2%	-8.4%
Enterprise value	SEK 15.3M	SEK 40.6M	SEK 26.2M	SEK 35.6M	SEK 138M	SEK 709.4M	SEK 191.8M	SEK 53.8M
Net debt / EBITDA	1.01×	1.36×	0.59×	7.09×	10.67×	-2.3×	-3.74×	2.24×
Cash conversion cycle (days)	49	-293	-99	245	-139	-31	1,987	-42