Financials VARSAV Game Studios S.A.

Equities

VAR

PLYORIM00019

Software

End-of-day quote Warsaw S.E. 06:00:00 2024-06-06 pm EDT 5-day change 1st Jan Change
0.6 PLN -0.99% Intraday chart for VARSAV Game Studios S.A. +8.70% -5.96%

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 5.087 58.14 52.73 37.49 22.46 11.47
Enterprise Value (EV) 1 2.679 53.41 44.36 29.48 16.93 11.29
P/E ratio -14.4 x -19.2 x 22.9 x 20.6 x -12.1 x -4.59 x
Yield - - - - - -
Capitalization / Revenue 7.26 x 245 x 12.8 x 81.3 x 26 x 11.3 x
EV / Revenue 3.82 x 225 x 10.8 x 63.9 x 19.6 x 11.1 x
EV / EBITDA -4.99 x -25.3 x -41.1 x -59.2 x -36.5 x 9.46 x
EV / FCF -1.9 x -107 x -37.1 x -12.1 x -10.7 x -6.01 x
FCF Yield -52.7% -0.94% -2.7% -8.27% -9.32% -16.6%
Price to Book 3.52 x 8.05 x 5.46 x 3.24 x 2.36 x 1.64 x
Nbr of stocks (in thousands) 4,170 20,050 20,050 20,050 20,050 20,050
Reference price 2 1.220 2.900 2.630 1.870 1.120 0.5720
Announcement Date 5/30/18 3/21/19 3/20/20 5/31/21 5/31/22 5/31/23
1PLN in Million2PLN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 0.7008 0.2369 4.109 0.4612 0.8625 1.012
EBITDA 1 -0.537 -2.114 -1.08 -0.4976 -0.4634 1.194
EBIT 1 -1.321 -2.918 -1.872 -0.609 -0.5384 1.181
Operating Margin -188.5% -1,231.93% -45.56% -132.06% -62.42% 116.69%
Earnings before Tax (EBT) 1 -1.527 -3.03 2.36 2.157 -1.302 -2.764
Net income 1 -1.527 -3.03 2.301 1.818 -1.861 -2.501
Net margin -217.89% -1,278.99% 56% 394.31% -215.73% -247.03%
EPS 2 -0.0846 -0.1511 0.1148 0.0907 -0.0928 -0.1247
Free Cash Flow 1 -1.412 -0.5012 -1.196 -2.437 -1.579 -1.876
FCF margin -201.44% -211.55% -29.1% -528.47% -183.04% -185.36%
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - - - - - -
Dividend per Share - - - - - -
Announcement Date 5/30/18 3/21/19 3/20/20 5/31/21 5/31/22 5/31/23
1PLN in Million2PLN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 - - - - - -
Net Cash position 1 2.41 4.73 8.37 8.01 5.52 0.18
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -1.41 -0.5 -1.2 -2.44 -1.58 -1.88
ROE (net income / shareholders' equity) -29.2% -45% 27.2% 17.1% -17.6% -30.3%
ROA (Net income/ Total Assets) -13.7% -25.3% -13% -3.35% -2.61% 6.09%
Assets 1 11.11 11.97 -17.63 -54.25 71.28 -41.07
Book Value Per Share 2 0.3500 0.3600 0.4800 0.5800 0.4700 0.3500
Cash Flow per Share 2 0.0300 0.1700 0.1100 0.0800 0.0400 0.0200
Capex 1 0.12 0.03 - - - -
Capex / Sales 16.48% 10.64% - - - -
Announcement Date 5/30/18 3/21/19 3/20/20 5/31/21 5/31/22 5/31/23
1PLN in Million2PLN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

1st Jan change Capi.
-5.96% 3.41M
-21.99% 209B
+1.63% 59.31B
-21.92% 57.19B
-11.27% 46.22B
-9.81% 36.62B
-10.63% 28.31B
+105.55% 26.95B
-0.27% 20.89B
+8.90% 14.51B
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