olivLaw · European equity research
HUUUGE, Inc. HUG.WA
Poland · GPW Warszawa · Vertical: Listed companies from Poland
HUUUGE, Inc. is a mobile game developer that publishes its own titles and, in some cases, games from third-party developers, monetized mainly through virtual coins sold to players. In fiscal 2022 the company recorded a significant impairment on one title, which shows its dependence on the success of individual games.
At the close of 05 Nov 2026, HUUUGE, Inc. (HUG.WA) stock was 24.75 PLN (−1.00% on the day), with beta 0.29, 52-week range 20.60–25.75 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 57.9
- strong (55–70)
- Bollinger (20, 2)
- 23.35 – 25.46
- in the upper half of the band · %B 0.66 · band width 8.7%
- SMA 50 / 200
- 23.01 / 22.73
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.42 / 0.48
- 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 | +10.5% | −0.6% | +11.1 pp | — |
| 3 months | +12.2% | −4.2% | +16.4 pp | — |
| 6 months | +15.1% | +4.3% | +10.8 pp | — |
| Year to date | +3.6% | +7.5% | −4.0 pp | — |
| 1 year | +3.6% | +9.9% | −6.4 pp | +7.1% |
| 3 years | −9.8% | +49.8% | −59.7 pp | +3.3% |
| 5 years | −25.8% | +42.8% | −68.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 332.7 m | 373.7 m | 318.6 m |
| Revenue YoY | unavailable | +12.3% | −14.7% |
| Net income | -82.6 m | -9.7 m | 32.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.46 | -0.12 | 0.40 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -24.8% | -2.6% | 10.0% |
| Free cash flow | 71.1 m | 27.2 m | 69.9 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 222.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 240.7 m USD
- Total assets
- 286.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 6.99x
- ROE
- 13.7%
- ROA
- 10.9%
- FCF margin
- 22.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 332.7 m | 373.7 m | 318.6 m | esef· 02 May 2023verified |
| Cost of revenue | 99.6 m | 112.2 m | 96.9 m | esef· 02 May 2023verified |
| Gross profit | 233.1 m | 261.5 m | 221.7 m | esef· 02 May 2023verified |
| Research & development | 29.8 m | 33.1 m | 29.6 m | esef· 02 May 2023verified |
| Operating income | 50.2 m | 44.6 m | 38.6 m | esef· 02 May 2023verified |
| Interest expense | 128.5 m | 45.6 m | 1.7 m | esef· 02 May 2023verified |
| Pre-tax income | -76.2 m | -1.0 m | 39.1 m | esef· 02 May 2023verified |
| Income tax | 6.4 m | 8.7 m | 7.0 m | esef· 02 May 2023verified |
| Net income | -82.6 m | -9.7 m | 32.0 m | esef· 02 May 2023verified |
| Diluted EPS | -1.46 | -0.12 | 0.40 | esef· 02 May 2023verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 94.2 m | 204.4 m | 222.2 m | esef· 02 May 2023verified |
| Receivables | 29.2 m | 27.7 m | 25.9 m | esef· 02 May 2023verified |
| Current assets | 124.5 m | 232.4 m | 248.9 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 2.7 m | 3.7 m | 3.2 m | esef· 02 May 2023verified |
| Goodwill | 2.8 m | 2.7 m | 2.5 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 1.5 m | 40.2 m | 12.1 m | esef· 02 May 2023verified |
| Total assets | 141.8 m | 299.9 m | 286.3 m | esef· 02 May 2023verified |
| Accounts payable | 37.8 m | 52.7 m | 24.3 m | esef· 02 May 2023verified |
| Current liabilities | 54.8 m | 60.9 m | 35.6 m | esef· 02 May 2023verified |
| Equity | -96.0 m | 226.1 m | 240.7 m | esef· 02 May 2023verified |
| Shares outstanding at year end | 56.6 m | 80.7 m | 80.0 m | esef· 02 May 2023derived |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 73.2 m | 29.8 m | 71.0 m | esef· 02 May 2023verified |
| Capex | 2.1 m | 2.6 m | 1.0 m | esef· 02 May 2023verified |
| Free cash flow | 71.1 m ≈ | 27.2 m ≈ | 69.9 m ≈ | esef· 02 May 2023derived |
| Investing cash flow | -5.5 m | -16.0 m | -32.6 m | esef· 02 May 2023verified |
| Financing cash flow | -14.0 k | 96.6 m | -21.8 m | esef· 02 May 2023verified |
≈ 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
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.55 – 7.03 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.55 – 7.03 (Mid 4.43)17 companies used · median multiple 11.1x · quartiles 6.4x – 17.6x06N.WA, 1AT.WA, ACP.WA, ACT.WA, ALI.WA, AMB.WA, APN.WA, ARH.WA, ART.WA, ASE.WA, ATC.WA, ATG.WA, BBD.WA, BBT.WA, BCM.WA, BDX.WA, BRS.WA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.0% | 72 (vs peers) | 27% |
| FCF conversion · Quality | 218.5% | 100 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 22.4x | 100 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 7.0x | 100 (on a fixed band) | 18% |
| 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 sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality86/100 · 2/3 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
HUUUGE, INC. (HUG.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 318.6 m USD in 2022; YoY growth -14.7%; net margin 10.0%; ROE 13.7%.
The estimated value range is 2.55–7.03 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. 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: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 10.0%
- FCF conversion: 218.5%
- Interest coverage: 22.4x
- Current ratio: 7.0x
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for HUG.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
Scenarios are not available. input data missing
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
HUUUGE, Inc. is a mobile game developer that publishes its own titles and, in some cases, games from third-party developers, monetized mainly through virtual coins sold to players. In fiscal 2022 the company recorded a significant impairment on one title, which shows its dependence on the success of individual games 1.
SWOT
Strengths
- The company owns a portfolio of in-house games and can change virtual coin prices at any time, according to its financial statements.
- Managing liquidity through short-term money market funds that can be accessed on the same day gives the company financial flexibility.
- The company controls updates and modifications of its games, which lets it respond quickly to player behavior.
Weaknesses
- A significant impairment of one title in 2022 shows that game performance can be volatile and hard to forecast.
- Revenue depends on a limited number of titles, and the failure of one could materially affect group results.
- The company pays substantial commissions to distribution platforms, which compresses margins on virtual coin sales.
Opportunities
- Expanding the portfolio with new titles, including through a development team formed from staff of a closed studio, could diversify revenue sources.
- Publishing contracts with third-party developers could expand the catalogue without bearing the full cost of creation.
- If existing games keep their users, repeat virtual coin purchases could generate recurring revenue.
Threats
- Changes in commission terms by distribution platforms could reduce the company's margins.
- Intense competition for player attention and app store visibility could reduce revenue from new titles.
- Regulatory or tax interpretation changes could affect deferred taxes and group profitability.
Risks
- Impairment of intangible assetshigh
Reducing the carrying value of a game shows that assets linked to titles can face significant adjustments if performance declines.
- Dependence on distribution platformshigh
All in-app sales pass through stores run by third parties, which can change their terms or commissions.
- Recoverability of deferred tax assetsmedium
Recognition of deferred tax assets depends on estimated future taxable profits, and a deterioration in results could undermine that assumption.
- Estimates for provisionsmedium
Provisions and contingent liabilities depend on management judgments, which adds uncertainty to reported results.
- Dependence on new titlesmedium
The success of a new title is not assured, and development investment may not be recovered from the revenue it generates.
Investment thesis
What would need to be true (bull case)
- If new titles prove popular, the company could quickly recover its development and user acquisition investments.
- The virtual coin monetization model could generate recurring revenue from a loyal player base.
- Good liquidity and control over its own games give the company flexibility in the face of market changes.
What would break the thesis
- The impairment of a major title shows that game performance can decline rapidly, and revenue could remain volatile.
- High commissions from distribution platforms could limit margins if terms deteriorate.
- Dependence on a few titles and their success could make results hard to anticipate over the long term.
What to watch
- Trend in virtual coin revenue and margin after commissionsQ1 2027
- Performance of recently launched games and any further asset impairment2027
- Changes in commission terms of distribution platformsnext 10-K
- Deferred tax assets and estimates of future taxable profitnext 10-K
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
According to the consolidated financial statements for the year ended December 31, 2022, the group develops and distributes mobile games. In-app revenue comes mainly from selling virtual coins to users, and the company treats players as its customers 1. The company distributes both in-house games and games of external developers under publishing contracts 1.
For accounting purposes the group acts as a principal in its relationship with players and presents in-app revenue on a gross basis, not net of commissions 1. Fees to external developers under publishing contracts are charged directly to research and development expenses as they are incurred 1.
The company changed the presentation of amortization of acquired games, moving it from general and administrative expenses to cost of sales, with retrospective effect on comparative figures 1.
Segments
In-house mobile games
Internally developed titles are the primary contributors to group revenue. For the Traffic Puzzle game, the carrying value was reduced by 26,087 thousand USD to 6,330 thousand USD, as no further material user acquisition or development spending was planned for the title 1.
Third-party developer games
The group also publishes games created by other developers under exclusive distribution and operation contracts. Payments to these developers are largely variable, linked to turnover and cumulative gains from the game 1.
Market context
The mobile game market is distributed mainly through app stores run by Apple App Store, Google Play, Facebook and Amazon App Store. These platforms usually charge a 30% fee on prices paid by users, and only when virtual items are purchased 1.
The 13% discount rate used in the impairment test reflects the company's weighted average cost of capital, which points to a high-risk environment for game projects 1.
Trends
- Dependence on app store commissionsheadwind
The typical commission of up to 30% charged by distribution platforms reduces the margin on virtual coin sales, and any change in these platform terms could affect profitability.
- Title lifecycleheadwind
The impairment of the Traffic Puzzle game shows that a title's performance can decline quickly, so the company's success depends on continuously launching new games.
- Conservative accounting for third-party developersmixed
Recognizing costs of external developers as expenses as they arise, rather than as assets, gives a more conservative picture of long-term profitability.
- Virtual coin monetization modeltailwind
Selling virtual coins remains the main revenue model, which could support recurring revenue if players keep making purchases in existing games.
Competitive position
The analyzed sources do not identify direct competitors of the company. The mobile game market is nonetheless competitive, and the company competes for player attention and for position in app stores.
Because the company relies on the same distribution platforms as other developers, competition for visibility and user acquisition budgets could influence the results of its titles.
- Other mobile game developers
The sources do not name specific competitors; competition comes from developers publishing games on the same app stores.
- App distribution platforms
Apple App Store, Google Play, Facebook and Amazon App Store are distribution channels but also a cost factor through their commissions.
- Third-party game publishers
Developers with whom the company signs publishing contracts could, in some cases, publish on their own or with other partners.
- Games with similar monetization
Titles selling virtual coins compete for the same player spending budgets in the mobile segment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / HUUUGE, Inc. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.