olivLaw · European equity research
G5 Entertainment AB (publ) G5EN.ST
Sweden · Nasdaq Stockholm · ISIN SE0001824004 · Vertical: Listed companies from Sweden
G5 Entertainment develops and publishes free-to-play games for tablets, mobile phones and computers, aimed at a core audience of women over 35. For fiscal 2024 the company reported revenue of 1 135 MSEK, down 14 percent, with a gross margin of 68.4 percent and a high equity ratio. Changes in app store rules, such as the EU Digital Markets Act, are relevant now for its business model.
At the close of 05 Nov 2026, G5 Entertainment AB (publ) (G5EN.ST) stock was 68.60 SEK (+2.54% on the day), with market capitalisation 532.1 m SEK, P/E 17.7 on diluted EPS of 3.87 SEK over the last 12 months, beta 0.50, 52-week range 49.45–94.90 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 63.5
- strong (55–70)
- Bollinger (20, 2)
- 63.71 – 67.64
- above the upper band · %B 1.24 · band width 6.0%
- SMA 50 / 200
- 64.52 / 63.72
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.38 / 0.22
- 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 | −3.9% | −0.6% | −3.3 pp | — |
| 3 months | −1.6% | −4.2% | +2.6 pp | — |
| 6 months | +33.2% | +4.3% | +28.9 pp | — |
| Year to date | −25.1% | +7.5% | −32.6 pp | — |
| 1 year | −27.6% | +9.9% | −37.5 pp | −8.5% |
| 3 years | −54.6% | +49.8% | −104.4 pp | +12.3% |
| 5 years | −82.6% | +42.8% | −125.4 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 50 percentile of its own 4-quarter history (min 7.2, median 16.8, max 26.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.1 bn | 941.6 m |
| Revenue YoY | unavailable | −5.7% | −14.0% | −17.0% |
| Net income | 66.9 m | 127.6 m | 119.0 m | 30.0 m |
| Net income YoY | unavailable | +90.6% | −6.7% | −74.8% |
| Diluted EPS | 7.96 | 15.84 | 15.22 | 3.87 |
| Diluted EPS YoY | unavailable | +99.0% | −3.9% | −74.6% |
| net % | 4.8% | 9.7% | 10.5% | 3.2% |
| Free cash flow | 296.3 m | 237.1 m | 282.0 m | 141.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 216.2 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 457.0 m SEK
- Total assets
- 544.0 m SEK
- Debt / equity
- unavailable
- Current ratio
- 4.28x
- ROE
- 5.9%
- ROA
- 5.0%
- FCF margin
- 15.0%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.1 bn | 941.6 m | esef· 28 Oct 2026verified |
| Cost of revenue | 463.7 m | 427.5 m | 358.4 m | 276.7 m | esef· 28 Oct 2026verified |
| Gross profit | 936.4 m | 892.4 m | 776.1 m | 664.9 m | esef· 28 Oct 2026verified |
| Research & development | 364.1 m | 363.7 m | 312.0 m | 276.6 m | esef· 28 Oct 2026verified |
| Operating income | 79.5 m | 111.5 m | 116.8 m | 23.0 m | esef· 28 Oct 2026verified |
| Interest expense | 5.5 m | 1.2 m | 354.0 k | 2.3 m | esef· 28 Oct 2026verified |
| Pre-tax income | 75.6 m | 136.7 m | 126.0 m | 28.4 m | esef· 28 Oct 2026verified |
| Income tax | 8.7 m | 9.1 m | 7.0 m | -1.6 m | esef· 28 Oct 2026verified |
| Net income | 66.9 m | 127.6 m | 119.0 m | 30.0 m | esef· 28 Oct 2026verified |
| Diluted EPS | 7.96 | 15.84 | 15.22 | 3.87 | esef· 28 Oct 2026verified |
| Weighted average diluted shares | 8.4 m | 8.1 m | 7.8 m | 7.7 m | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 177.5 m | 182.3 m | 275.5 m | 216.2 m | esef· 28 Oct 2026verified |
| Current assets | 351.4 m | 340.1 m | 406.9 m | 334.7 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 16.7 m | 12.9 m | 9.2 m | — | esef· 08 May 2025verified |
| Intangibles (excl. goodwill) | 273.1 m | 220.4 m | 213.0 m | 176.2 m | esef· 28 Oct 2026verified |
| Total assets | 657.9 m | 610.1 m | 666.7 m | 544.0 m | esef· 28 Oct 2026verified |
| Current liabilities | 166.1 m | 113.9 m | 109.8 m | 78.2 m | esef· 28 Oct 2026verified |
| Equity | 488.8 m | 491.4 m | 554.3 m | 457.0 m † | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 8.4 m | 8.1 m | 7.8 m | 7.8 m | esef· 28 Oct 2026derived |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 304.8 m | 241.2 m | 283.3 m | 143.3 m | esef· 28 Oct 2026verified |
| Capex | 8.4 m | 4.0 m | 1.4 m | 2.1 m | esef· 28 Oct 2026verified |
| Free cash flow | 296.3 m ≈ | 237.1 m ≈ | 282.0 m ≈ | 141.2 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -176.7 m | -113.2 m | -119.3 m | -98.1 m | esef· 28 Oct 2026verified |
| Financing cash flow | -108.6 m | -119.5 m | -76.6 m | -76.2 m | esef· 28 Oct 2026verified |
| Share repurchases | 48.1 m | 54.0 m | 12.9 m | 13.1 m | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 532.1 m SEK
Key indicators
Coverage and freshness
Score by group
- Quality71
- Growth0
- Balance sheet100
- Returns35
- Valuation83
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
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.2% | 42 (vs peers) | 10% |
| FCF conversion · Quality | 470.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -12.4% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -21.4% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 10.1x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 4.3x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 17.7x | 69 (vs peers) | 16% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 26.5% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.5% | 35 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns· partial35/100 · 1/2 factors with a value
- Valuation83/100 · 2/3 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
G5 Entertainment AB (publ) (G5EN.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 941.6 m SEK in 2025; YoY growth -17.0%; net margin 3.2%; ROE 5.9%.
The estimated value range is 60.06–130.76 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 82.33 SEK, the price of 68.60 SEK leaves a potential of 20.0% (value / price − 1) and a margin of safety of 16.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 470.5%
- Interest coverage: 10.1x
- Current ratio: 4.3x
- FCF yield: 26.5%
What contradicts it
- Revenue CAGR 3Y: -12.4%
- EPS CAGR 3Y: -21.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · 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 | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for G5EN.ST 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 (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 36.68 Total return -47% · Per year -47% | 65.17 Total return -5% · Per year -5% | 98.61 Total return 44% · Per year 44% |
| 3 years | 29.12 Total return -58% · Per year -25% | 58.82 Total return -14% · Per year -5% | 98.61 Total return 44% · Per year 13% |
| 5 years | 23.12 Total return -66% · Per year -20% | 53.08 Total return -23% · Per year -5% | 98.61 Total return 44% · Per year 8% |
- Exit P/E± 14.70
- Net margin± 10.29
- Annual revenue growth± 9.30
- Annual dilution± 0.86
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
G5 Entertainment develops and publishes free-to-play games for tablets, mobile phones and computers, aimed at a core audience of women over 35. For fiscal 2024 the company reported revenue of 1 135 MSEK, down 14 percent, with a gross margin of 68.4 percent and a high equity ratio. Changes in app store rules, such as the EU Digital Markets Act, are relevant now for its business model.
SWOT
Strengths
- The company has a high gross margin, a solid balance sheet with high equity ratio, and an own game portfolio that generates most of its revenue 1.
- The core audience is loyal, has spending power and plays daily, which gives a monetisation advantage 1.
- The business model is scalable, and the company has integrated artificial intelligence into many internal processes 1.
Weaknesses
- Revenue fell in 2024 and the company relies heavily on a few titles, especially in the Hidden Object series 1.
- The company made no global launch in 2024, which shows difficulties in executing the launch plan 1.
- The company does not hedge its currency exposure and is exposed to several currencies without protection through hedging instruments 1.
Opportunities
- EU regulatory changes could allow better margins through direct channels and alternative payments, if they are widely adopted 1.
- The G5 Store platform, which already has a strongly positive effect on revenue, could increase the share of direct revenue 1.
- The core audience grows over time and the mobile market keeps expanding, which could support new launches 1.
Threats
- Competition in mobile games is intense, and new entrants may attract players and raise user acquisition costs 1.
- Dependence on Apple, Google, Amazon and Microsoft as distributors may expose the company to changes in terms or visibility 1.
- The conflict in Ukraine and Russia creates risks for staff, payments and operational continuity, with uncertainty about its development 1.
Risks
- Dependence on distributorshigh
Most revenue and users come through the Apple, Google, Amazon and Microsoft stores, and a change of terms or visibility could affect results 1.
- Player preferenceshigh
It is difficult to predict demand for new games, and the lack of successful launches could affect market share and financial results 1.
- Conflict in Ukraine and Russiahigh
Operations in Ukraine and Russia are exposed to security risks, sanctions and fund transfer issues, and the course of the conflict remains uncertain 1.
- Capitalised development costsmedium
The company capitalises development expenses, and any impairments could affect the balance sheet and results 1.
- Currency riskmedium
Revenue is mainly in USD, EUR and SEK, while costs are in several other currencies, without protection through hedging 1.
Investment thesis
What would need to be true (bull case)
- If European regulatory changes take effect, the company could achieve better margins through G5 Store and alternative payments 1.
- The core audience is loyal and spends on games, which could support stable revenue over the long term 1.
- The strong balance sheet and high gross margin provide flexibility for investment and returns to shareholders 1.
What would break the thesis
- Revenue fell in 2024, and the lack of a global launch could indicate difficulties in execution 1.
- Dependence on a few titles and on the large app stores exposes the company to concentration risks 1.
- The conflict in Ukraine and Russia remains an important source of uncertainty for operations and staff 1.
What to watch
- Development of revenue and margins in the quarterly reportQ1 2026
- Number of global launches compared with the plan of one to two games per year2026
- Share of revenue from G5 Store and the effects of the DMA on store fees2026
- Development of staff and operations in Russia and Ukrainenext annual report
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
G5 Entertainment AB (publ), headquartered in Stockholm, develops and publishes free-to-play games for tablets, mobile phones and computers 1. The company focuses on four evergreen genres aimed at a core audience of women over 35, who are loyal and have money to spend on games. Management describes the business model as simple and scalable, since the number of players can grow without a proportional increase in the organisation 1.
The strategy for the coming years involves developing own games, improving the existing portfolio and expanding the direct-to-consumer platform G5 Store with lower store fees, which could improve profitability 1. Management has communicated an intention to launch five to six games per year in soft launch and one to two games globally 1.
Segments
Hidden Object
Hidden Object games are the largest segment by revenue, especially the Sherlock series, while Hidden City remains the company's leading title even though Sherlock is catching up quickly 1. The games are designed to engage players over a long period and include the G5 Friends social network and in-game purchases 1.
Match-3
The company considers Match-3 one of the largest mobile game genres, estimated to generate over ten billion dollars in annual revenue across the genre 1. The Jewels series has brought success to the company in this genre, which is also highly profitable for G5 1.
Solitaire / Match-2
Mahjong Solitaire, one of the company's first genres, is its largest title in this segment, a Match-2 game that is well liked by the core audience 1.
Market context
The mobile games market has grown strongly with the spread of smartphones and tablets, and Newzoo estimated revenue at 98 billion dollars in 2024, with a forecast of over 106 billion dollars by 2027 1. The market declined in 2022 after the pandemic peak of 2021, and the renewed growth rests on a broader audience and the popularity of free-to-play games among the company's core audience 1.
Distribution is dominated by platforms such as Apple App Store and Google Play, but the EU Digital Markets Act requires these platforms to allow alternative payments and distribution 1. Apple's revised terms, with fees between 0 and 20 percent or a fixed fee per download, could create opportunities for better margins for publishers over time 1.
Trends
- Changes in app distributiontailwind
The Digital Markets Act and Apple's new terms may open alternative channels such as G5 Store, which could reduce dependence on the large stores and improve margins if adoption grows 1.
- Growth in mobile gamestailwind
Mobile games are the fastest-growing segment of the games industry, and the company's core audience is growing in size, which supports long-term demand 1.
- User acquisition costsmixed
User acquisition costs fell in 2024 but remain a significant part of marketing expenses, and the company wants to attract more users organically 1.
- Conflict in Ukraine and Russiaheadwind
The conflict has led the company to reduce staff in Russia and relocate development to other countries, which increased operational complexity and created uncertainty about the longer-term outlook 1.
Competitive position
Competition includes large listed companies such as Microsoft, which owns King, Take-Two, which owns Zynga, Electronic Arts and Ubisoft, as well as mobile-focused companies such as Playtika, Rovio, AppLovin and Huuuge, which the company considers most comparable to G5 1. There are also many unlisted companies active in evergreen games, such as Wooga, MyTona, Vizor Interactive, Scopely and Playrix 1.
Entry barriers to the mobile games industry are relatively low, but the growing supply makes more marketing capital necessary, and competitors with more revenue sources may withstand changes in preferences better 1.
- PlaytikaPLTK
Mobile-focused company that the source considers one of the most comparable to G5 1.
- MicrosoftMSFT
Owns King, one of the large competitors active across several platforms 1.
- Take-Two InteractiveTTWO
Owns Zynga and is active in mobile games 1.
- AppLovinAPP
Mobile-focused company mentioned as close to the G5 profile 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202309 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / G5 Entertainment AB (publ) · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.