Ten Square Games S.A. (TEN.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

+585.0%

PLN 622.35

vs PLN 90.85 price

Levered DCF

PLN 675.24

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.93

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	7.52×	7.42×	46.57×	17.68×	17.98×	26.35×	18.77×	15.97×
P/B	2.63×	2.04×	2.43×	2.7×	7.23×	16.78×	15.56×	13.83×
P/S	1.6×	1.29×	1.62×	1.72×	4.01×	6.91×	5.94×	5.05×
EV / EBITDA	4.66×	3.84×	12.65×	9.46×	13.98×	21.61×	15.83×	11.91×
Gross margin	83.0%	82.8%	83.3%	87.0%	91.5%	95.6%	95.3%	93.6%
Operating margin	24.0%	19.7%	0.8%	13.5%	26.2%	29.7%	35.1%	38.4%
Net margin	21.3%	17.4%	3.5%	9.6%	22.3%	26.2%	31.7%	31.6%
Current ratio	1.23×	1.42×	1.76×	1.88×	2.12×	3.93×	7.57×	4.31×
Debt / equity	0.03×	0.03×	0.02×	0.03×	0.04×	0.03×	0×	0×
Interest coverage	55.43×	24.36×	0.57×	12.21×	62.66×	736.09×	40,332.56×	48,858.37×
Dividend yield	17.3%	0.0%	7.4%	7.8%	2.9%	0.7%	1.9%	1.1%
Payout ratio	130.0%	0.0%	344.0%	140.1%	51.4%	18.1%	35.8%	17.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	34.9%	27.6%	5.2%	15.1%	40.2%	63.7%	82.9%	86.7%
Return on invested capital	34.0%	25.5%	1.0%	17.3%	40.9%	82.5%	82.4%	84.9%
Return on assets	20.6%	16.1%	3.3%	9.9%	27.2%	46.8%	72.0%	67.0%
Free cash flow yield	16.4%	22.0%	15.7%	10.6%	6.9%	4.8%	4.4%	6.8%
Earnings yield	13.3%	13.5%	2.2%	5.6%	5.6%	3.8%	5.3%	6.3%
Enterprise value	PLN 464.6M	PLN 361.6M	PLN 549.3M	PLN 808.4M	PLN 2.4B	PLN 3.8B	PLN 1.4B	PLN 542.2M
Net debt / EBITDA	-1.15×	-1.44×	-3.63×	-1.37×	-0.73×	-1.31×	-0.88×	-0.87×
Cash conversion cycle (days)	-43	1	-1	-18	-2	-135	-117	-627