olivLaw · European equity research
Ci Games Spółka Europejska CIG.WA
Poland · GPW Warszawa · ISIN PLCTINT00018 · Vertical: Listed companies from Poland
At the close of 06 Nov 2026, Ci Games Spółka Europejska (CIG.WA) stock was 2.40 PLN (+0.42% on the day), with market capitalisation 491.8 m PLN, P/E 60.0 on diluted EPS of 0.04 PLN over the last 12 months, beta 0.56, 52-week range 2.20–3.42 PLN.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.6
- neutral
- Bollinger (20, 2)
- 2.26 – 2.57
- in the lower half of the band · %B 0.46 · band width 13.1%
- SMA 50 / 200
- 2.43 / 2.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.6% | −0.6% | −3.0 pp | — |
| 3 months | −7.0% | −4.2% | −2.8 pp | — |
| 6 months | −21.1% | +4.3% | −25.4 pp | — |
| Year to date | −8.7% | +7.5% | −16.3 pp | — |
| 1 year | −15.3% | +9.9% | −25.3 pp | +5.9% |
| 3 years | −14.3% | +49.8% | −64.1 pp | +1.8% |
| 5 years | +35.6% | +42.8% | −7.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 7.9, median 32.4, max 62.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 46.0 m | 105.5 m | 56.7 m |
| Revenue YoY | unavailable | +129.4% | −46.3% |
| Net income | 7.0 m | 36.8 m | 8.2 m |
| Net income YoY | unavailable | +428.9% | −77.7% |
| Diluted EPS | 0.04 | 0.20 | 0.04 |
| Diluted EPS YoY | unavailable | +400.0% | −80.0% |
| net % | 15.1% | 34.9% | 14.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 6.6 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 142.2 m PLN
- Total assets
- 179.3 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.64x
- ROE
- 5.9%
- ROA
- 4.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 46.0 m | 105.5 m | 56.7 m | esef· 23 May 2023verified |
| Cost of revenue | 26.7 m | 39.6 m | 15.9 m | esef· 23 May 2023verified |
| Gross profit | 19.3 m | 65.9 m | 40.7 m | esef· 23 May 2023verified |
| Operating income | 8.7 m | 40.3 m | 7.8 m | esef· 23 May 2023verified |
| Interest expense | 338.0 k | 231.0 k | 444.0 k | esef· 23 May 2023verified |
| Pre-tax income | 8.5 m | 42.8 m | 11.4 m | esef· 23 May 2023verified |
| Income tax | 1.4 m | 4.5 m | 2.8 m | esef· 23 May 2023verified |
| Net income | 7.0 m | 36.8 m | 8.2 m | esef· 23 May 2023verified |
| Diluted EPS | 0.04 | 0.20 | 0.04 | esef· 23 May 2023verified |
| Weighted average diluted shares | 167.8 k | 182.9 k | — | esef· 13 Apr 2022verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 28.2 m | 37.8 m | 6.6 m | esef· 23 May 2023verified |
| Receivables | 10.5 m | 17.2 m | 12.2 m | esef· 23 May 2023verified |
| Inventories | 1.6 m | 2.6 m | 1.2 m | esef· 23 May 2023verified |
| Current assets | 41.2 m | 61.3 m | 20.8 m | esef· 23 May 2023verified |
| Property, plant & equipment, net | 437.0 k | 1.8 m | 1.5 m | esef· 23 May 2023verified |
| Intangibles (excl. goodwill) | 59.0 m | 81.0 m | 152.0 m | esef· 23 May 2023verified |
| Total assets | 110.3 m | 152.1 m | 179.3 m | esef· 23 May 2023verified |
| Current liabilities | 5.6 m | 10.2 m | 32.4 m | esef· 23 May 2023verified |
| Total liabilities | 13.7 m | 17.0 m | 37.0 m | esef· 23 May 2023verified |
| Equity | 96.5 m | 135.1 m | 142.2 m | esef· 23 May 2023verified |
| Shares outstanding at year end | 174.0 m | 184.0 m | 204.9 m | esef· 23 May 2023derived |
Cash flow · PLN
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 491.8 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 14.5% | 82 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 17.6x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 60.0x | 11 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial82/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial11/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CI GAMES SPÓŁKA EUROPEJSKA (CIG.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 56.7 m PLN in 2022; YoY growth -46.3%; net margin 14.5%; ROE 6.0%.
The estimated value range is 0.24–0.70 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.41 PLN, the price of 2.40 PLN leaves a potential of -83.0% (value / price − 1) and a margin of safety of -487.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.5%
- Interest coverage: 17.6x
What contradicts it
- Current ratio: 0.6x
- P/E (TTM): 60.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.0 bn | 37.8 | 7.8% | 2.9% | +19.8% | +18% / +199% |
| BDX.WABudimex Spółka Akcyjna | 18.9 bn | 35.3 | 41.5% | 6.2% | +8.9% | +18% / +33% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.7 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.6 | 18.1% | 12.0% | +36.5% | +6% / +50% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −15% / −26% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +88% |
| ACT.WAAction S.A. | 999.4 m | 27.2 | 8.3% | 1.5% | +6.1% | +71% / +171% |
| BRS.WABoryszew Spółka Akcyjna | 874.1 m | 8.2 | 6.3% | 1.6% | +8.4% | −25% / −28% |
| AGO.WAAgora Spółka Akcyjna | 588.0 m | — | -14.2% | -9.2% | +15.2% | +37% / +18% |
| CIG.WACi Games Spółka Europejska | 491.8 m | 60.0 | 6.0% | 14.5% | −46.3% | −18% / +4% |
| AMB.WAAmbra S.A. | 462.9 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 344.7 m | 1.4 | 16.3% | 7.0% | −27.5% | −40% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 298.5 m | 11.0 | 8.9% | 11.6% | −22.0% | −11% / +2% |
| ART.WAArtifex Mundi S.A. | 229.7 m | 17.7 | 35.7% | 33.3% | +51.9% | +48% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 192.4 m | 9.4 | 11.4% | 13.8% | +21.8% | −2% / −22% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BMC.WABumech Spółka Akcyjna | 156.9 m | — | -3.4% | -3.9% | −40.0% | −36% / −49% |
| BBT.WABoomBit Spółka Akcyjna | 71.9 m | 4.5 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.6 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 36.3 m | 62.0 | 1.2% | 1.3% | −67.5% | −31% / −46% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.1 m | 0.5 | 115.4% | 964.7% | +13.0% | −29% / −43% |
| BCM.WABETACOM Spółka Akcyjna | 26.3 m | 17.3 | 8.0% | 0.9% | +21.3% | +6% / +2% |
| AWM.WAAirway Medix Spółka Akcyjna | 13.8 m | — | -25.8% | -117,400.0% | −97.7% | −26% / −45% |
1- and 3-year price returns: for CIG.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.28 Total return -47% · Per year -47% | 2.28 Total return -5% · Per year -5% | 3.45 Total return 44% · Per year 44% |
| 3 years | 1.02 Total return -58% · Per year -25% | 2.06 Total return -14% · Per year -5% | 3.45 Total return 44% · Per year 13% |
| 5 years | 0.81 Total return -66% · Per year -20% | 1.86 Total return -23% · Per year -5% | 3.45 Total return 44% · Per year 8% |
- Exit P/E± 0.51
- Net margin± 0.36
- Annual revenue growth± 0.33
- Annual dilution± 0.03
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202223 May 2023
- Annual report 202113 Apr 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.