olivLaw · European equity research
All in! Games Spółka Akcyjna ALG.WA
Poland · GPW Warszawa · ISIN PLSNTFG00017 · Vertical: Listed companies from Poland
All in! Games is a Polish publisher and developer of video games for PC and the PlayStation, Xbox and Nintendo Switch consoles. Its 2023 annual report shows a net loss and negative equity, and management describes a shift toward its own studios, with some divisions sold or contributed to subsidiaries. The financing position makes funding and going-concern questions the central points of the analysis.
At the close of 03 Nov 2026, All in! Games Spółka Akcyjna (ALG.WA) stock was 0.67 PLN (−0.59% on the day), with market capitalisation 38.1 m PLN, beta 0.10, 52-week range 0.64–1.02 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.3
- neutral
- Bollinger (20, 2)
- 0.63 – 0.73
- in the lower half of the band · %B 0.44 · band width 14.1%
- SMA 50 / 200
- 0.72 / 0.79
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above 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 | −4.3% | +0.4% | −4.6 pp | — |
| 3 months | −8.9% | −3.3% | −5.7 pp | — |
| 6 months | −18.2% | +4.0% | −22.2 pp | — |
| Year to date | +5.3% | +8.1% | −2.8 pp | — |
| 1 year | −29.8% | +10.7% | −40.5 pp | +7.1% |
| 3 years | −55.1% | +50.1% | −105.2 pp | +3.8% |
| 5 years | −83.3% | +43.6% | −126.9 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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 27.2 m | 14.3 m | 4.0 m |
| Revenue YoY | unavailable | −47.6% | −72.2% |
| Net income | 3.3 m | -40.2 m | -6.2 m |
| Net income YoY | unavailable | −1,335.6% | unavailable |
| Diluted EPS | 0.06 | -0.67 | -0.11 |
| Diluted EPS YoY | unavailable | −1,216.7% | unavailable |
| net % | 12.0% | -282.1% | -156.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 71.4 k PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- -18.3 m PLN
- Total assets
- 20.4 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.19x
- ROE
- unavailable
- ROA
- -36.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 27.2 m | 14.3 m | 4.0 m | esef· 07 May 2024verified |
| Cost of revenue | 10.0 m | 11.1 m | 613.4 k | esef· 07 May 2024verified |
| Gross profit | 17.2 m | 3.2 m | 3.4 m | esef· 07 May 2024verified |
| Operating income | -798.1 k | -40.3 m | -5.0 m | esef· 07 May 2024verified |
| Interest expense | 2.6 m | 1.0 m | 1.6 m | esef· 07 May 2024verified |
| Pre-tax income | 1.6 m | -41.2 m | -5.6 m | esef· 07 May 2024verified |
| Income tax | -1.6 m | -671.3 k | 962.6 k | esef· 07 May 2024verified |
| Net income | 3.3 m | -40.2 m | -6.2 m | esef· 07 May 2024verified |
| Diluted EPS | 0.06 | -0.67 | -0.11 | esef· 07 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 385.9 k | 137.2 k | 71.4 k | esef· 07 May 2024verified |
| Receivables | 9.5 m | 4.2 m | 6.0 m | esef· 07 May 2024verified |
| Current assets | 11.9 m | 4.3 m | 6.1 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 1.4 m | 1.2 m | 618.5 k | esef· 07 May 2024verified |
| Total assets | 51.3 m | 13.8 m | 20.4 m | esef· 07 May 2024verified |
| Current liabilities | 16.5 m | 24.2 m | 32.1 m | esef· 07 May 2024verified |
| Total liabilities | 33.9 m | 28.6 m | 38.7 m | esef· 07 May 2024verified |
| Equity | 17.4 m | -14.8 m | -18.3 m | esef· 07 May 2024verified |
| Shares outstanding at year end | 54.2 m | 60.0 m | 56.6 m | esef· 07 May 2024derived |
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: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 38.1 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · 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: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -156.9% | 5 (vs peers) | 38% |
| 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 | -3.1x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
All in! Games Spółka Akcyjna (ALG.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 4.0 m PLN in 2023; YoY growth -72.2%; net margin -156.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -156.9%
- Interest coverage: -3.1x
- Current ratio: 0.2x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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. | 19.7 bn | 39.2 | 7.8% | 2.9% | +19.8% | +22% / +211% |
| BDX.WABudimex Spółka Akcyjna | 19.2 bn | 36.0 | 41.5% | 6.2% | +8.9% | +20% / +36% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.9 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 15.5 bn | 22.1 | 17.0% | 3.9% | +18.0% | +94% / +87% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.8 bn | 20.2 | 18.1% | 12.0% | +36.5% | +9% / +55% |
| 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% | −16% / −27% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 11.9 | 15.9% | 22.1% | −21.6% | +11% / +85% |
| ACT.WAAction S.A. | 1.1 bn | 28.7 | 8.3% | 1.5% | +6.1% | +80% / +186% |
| BRS.WABoryszew Spółka Akcyjna | 887.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −27% |
| AGO.WAAgora Spółka Akcyjna | 585.6 m | — | -14.2% | -9.2% | +15.2% | +36% / +17% |
| AMB.WAAmbra S.A. | 463.4 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 386.3 m | 1.6 | 16.3% | 7.0% | −27.5% | −33% / −73% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 301.0 m | 11.1 | 8.9% | 11.6% | −22.0% | −10% / +3% |
| ART.WAArtifex Mundi S.A. | 231.4 m | 17.8 | 35.7% | 33.3% | +51.9% | +49% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 196.8 m | 9.6 | 11.4% | 13.8% | +21.8% | +0% / −20% |
| BMC.WABumech Spółka Akcyjna | 159.1 m | — | -3.4% | -3.9% | −40.0% | −35% / −48% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BBT.WABoomBit Spółka Akcyjna | 72.4 m | 4.6 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 51.9 m | 1.0 | 36.0% | 208.3% | +50.2% | −4% / +5% |
| ALG.WAAll in! Games Spółka Akcyjna | 38.1 m | — | — | -156.9% | −72.2% | −30% / −58% |
| BMX.WABioMaxima Spółka Akcyjna | 37.4 m | 63.8 | 1.2% | 1.3% | −67.5% | −29% / −44% |
| 06N.WAMagna Polonia Spółka Akcyjna | 32.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −26% / −40% |
| BCM.WABETACOM Spółka Akcyjna | 26.4 m | 17.4 | 8.0% | 0.9% | +21.3% | +6% / +3% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for ALG.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
All in! Games is a Polish publisher and developer of video games for PC and the PlayStation, Xbox and Nintendo Switch consoles. Its 2023 annual report shows a net loss and negative equity, and management describes a shift toward its own studios, with some divisions sold or contributed to subsidiaries. The financing position makes funding and going-concern questions the central points of the analysis.
SWOT
Strengths
Weaknesses
Opportunities
- If in-house studios release successful games, the group could reduce its dependence on third-party publishing 1.
- The EXO ONE game, scheduled for 2024, could bring new revenue while titles with declining sales fade 1.
- Converting debts into equity, mentioned as an objective, could improve the financial structure 1.
Threats
- If financing is not secured, the going concern of the business could be called into question, as the report notes 1.
- Currency movements affect revenue and costs without hedging through derivative instruments 1.
- Enforcement actions and guarantees over subsidiary shares could lead to the loss of assets 1.
Risks
- Going concernhigh
The report mentions a net loss, negative working capital and negative equity, and the situation depends on the success of the financing measures announced by management 1.
- Debt and enforcementhigh
A dispute with The Farm 51 Group led to enforcement proceedings, and the debt to One More Level is secured by shares of a subsidiary 1.
- Dependence on shareholder financingmedium
The loan line of 25 mln PLN is not revolving and must be repaid by August 2025, creating refinancing pressure 1.
- Currency riskmedium
Revenue in foreign currencies and debts in euro and dollars are not covered by derivative instruments, exposing results to exchange rate movements 1.
Investment thesis
What would need to be true (bull case)
- If the releases planned for 2024 sell well, revenue from EXO ONE and the company's own titles could ease financial pressure and improve equity 1.
- Majority control over development subsidiaries could allow the group to capture more value from its own games if they succeed commercially 1.
- Converting some debts into equity, as management mentions, could strengthen the balance sheet over the medium term 1.
What would break the thesis
- The net loss, negative working capital and negative equity point to a fragile financial position that could limit investment in new games 1.
- Enforcement and debts secured by subsidiary shares could reduce the group's control over its assets if payments are not met 1.
- Gradually reducing publishing before in-house studios generate substantial revenue could leave the group without a clear income source during the transition 1.
What to watch
- Launch of EXO ONE and its revenueQ2 2024
- Progress of enforcement and the dispute with The Farm 51 Group2024
- Capitalisation measures, including any share capital increase or sale of subsidiary shares2024
- Repayment of the loan line and of the debt to One More Level2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The All in! Games group's main business is publishing, distributing and producing PC video games, according to the note 1.1.1 of the annual report 1. The parent company, registered in Kraków, was formed in 2011, was listed on NewConnect from 2013 and on the Main Market of the Warsaw Stock Exchange from 2017 1. According to the report 1, the group operates in two segments, and the company intends to gradually reduce its publishing activity in favour of its own teams and titles.
The group includes three subsidiaries based in Kraków: Ironbird Creations S.A., which is working on the game Phantom Hellcat; Happy Little Moments S.A., which released Coloring Plane (Red Wings) and Coloring Pages: Lumberhill Tales; and Taming Chaos S.A., a studio focused on games with experimental mechanics 1. The report shows that the two in-house development teams were sold or contributed to subsidiaries, and that the games already released continue to generate revenue 1.
The 2023 report shows a group still dependent on external funding: a net loss, negative working capital and a shareholder loan line maturing in August 2025 1. Management says game development involves high costs relative to revenue and expects revenue from the EXO ONE launch in 2024 1.
Segments
Game publishing
The publishing segment generates revenue from titles already released, including Backfirewall, released in January 2023 1. Management intends not to acquire new publishing titles 1.
In-house development
The development segment includes Ironbird Creations, Happy Little Moments and Taming Chaos, which pursue proprietary projects and the commercialisation of their own games 1. According to the report, these subsidiaries are intended to become the main growth driver, but their results are not yet visible in the 2023 figures 1.
Market context
The PC and console game market is described in the report as selling mainly through large platforms, where players pay upfront and the platforms carry little credit risk 1. The company notes that reliance on a few platforms such as those of Google, Microsoft, Valve and Sony limits payment risk but leaves distribution terms in their hands 1.
The group's revenue is earned mainly in euro and US dollars, while part of service purchases are paid in euro, dollars and pounds sterling 1. The report states that no hedging instruments are used, so currency movements directly affect results 1.
Trends
- Reduction of publishing activityheadwind
Management says that after the sale of in-house development divisions, the group will gradually reduce third-party game publishing, which could lower revenue volumes in the short term 1.
- Focus on own titlesmixed
A strategy centred on own titles through Ironbird Creations, Happy Little Moments and Taming Chaos could support margins over the medium term if the games reach the market, but the report does not yet give revenue data for these projects 1.
- EXO ONE launchtailwind
The company expects the EXO ONE launch, scheduled for the second quarter of 2024, to partly offset the decline in revenue from games released before 2023 1.
- Pressure from financing and debtheadwind
Debts to shareholders and third parties, including arrears owed to The Farm 51 Group and obligations to One More Level, with enforcement proceedings begun in 2024, are a continuing source of pressure 1.
Competitive position
The report does not name competitors, but shows that the group operates in the same market as other publishers and developers releasing games on PC and on Sony, Microsoft and Nintendo consoles 1. The degree of competition in this market is largely determined by access to platforms and promotion budgets 1.
For a publisher of the group's size, the main competitive advantage would be a proprietary studio portfolio, but this is still under development and has no sales track record comparable to larger competitors 1.
- The Farm 51 Group S.A.
Creditor named in the report, with a repayment schedule for a debt of 2.7 mln PLN; not a direct competitor in game publishing.
- One More Level S.A.
Publishing partner and creditor whose debt of the group is secured; appears in the report as a contractual party rather than a rival.
- Naraven Games
Producer of Backfirewall, published by the group; relevant as a production partner.
- Future Frends Limited
Producer of EXO ONE, scheduled for release in 2024; relevant as a production partner.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202307 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / All in! Games Spółka Akcyjna · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.