Ultimate Games S.A. (ULG.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

+67.4%

PLN 23.02

vs PLN 13.75 price

Levered DCF

PLN 1.41

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

9.5

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	6.57×	15.06×	-14.29×	-9.83×	19.75×	5.04×	24.1×	54.38×
P/B	0×	1.8×	2.2×	2.69×	2.8×	3.58×	12.28×	29.84×
P/S	1.44×	1.73×	2.26×	2.88×	5.57×	11.08×	13.95×	28.45×
EV / EBITDA	0×	9.62×	14.76×	-6.82×	14.24×	3.52×	18.42×	57.78×
Gross margin	0.0%	47.4%	88.5%	113.4%	110.8%	117.5%	116.5%	118.6%
Operating margin	25.3%	18.0%	16.3%	20.8%	26.9%	47.9%	62.7%	48.4%
Net margin	21.8%	11.4%	-15.9%	-29.3%	28.2%	219.9%	58.1%	52.6%
Current ratio	0×	9.32×	13.26×	13.02×	10.98×	17.93×	8.59×	11.34×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	1,089.5×	289.77×	5,643×	358.29×	395.67×	0×	0×
Dividend yield	4.2%	6.3%	5.0%	10.0%	8.3%	1.3%	1.8%	0.0%
Payout ratio	27.5%	94.7%	-71.6%	-98.7%	163.8%	6.4%	43.2%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.0%	11.9%	-15.4%	-27.3%	14.2%	71.1%	51.2%	55.1%
Return on invested capital	0.0%	13.4%	11.9%	12.7%	8.9%	10.5%	44.4%	43.2%
Return on assets	0.0%	9.5%	-12.7%	-20.3%	11.3%	58.8%	45.8%	50.5%
Free cash flow yield	0.0%	-3.5%	1.5%	0.6%	0.8%	-0.3%	1.6%	0.3%
Earnings yield	15.2%	6.6%	-7.0%	-10.2%	5.1%	19.8%	4.2%	1.8%
Enterprise value	PLN 0	PLN 35.2M	PLN 42.3M	PLN 67.9M	PLN 108.4M	PLN 143.8M	PLN 97.6M	PLN 107.1M
Net debt / EBITDA	0×	-1.78×	-3.47×	1.03×	-2.32×	-0.51×	-0.79×	-0.91×
Cash conversion cycle (days)	0	448	1,269	-684	-477	-285	-519	-603