olivLaw · European equity research
Movie Games S.A. MOV.WA
Poland · GPW Warszawa · ISIN PLMVGMS00011 · Vertical: Listed companies from Poland
Movie Games S.A. is a Polish group that develops and publishes video games through a structure of subsidiaries and stakes in several studios. In 2023 the group reported a gross loss, while operating cash flow turned positive, a shift in trend worth monitoring.
At the close of 05 Nov 2026, Movie Games S.A. (MOV.WA) stock was 6.70 PLN (+1.52% on the day), with market capitalisation 17.2 m PLN, dividend yield 0.00%, beta 0.08, 52-week range 5.23–11.48 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)
- 49.2
- neutral
- Bollinger (20, 2)
- 5.74 – 8.27
- in the lower half of the band · %B 0.38 · band width 36.1%
- SMA 50 / 200
- 6.37 / 7.40
- mixed trend
- MACD (12, 26, 9)
- 0.06 / 0.15
- 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 | +10.4% | −0.6% | +11.0 pp | — |
| 3 months | −1.2% | −4.2% | +3.0 pp | — |
| 6 months | −22.0% | +4.3% | −26.3 pp | — |
| Year to date | −25.6% | +7.5% | −33.1 pp | — |
| 1 year | −42.2% | +9.9% | −52.2 pp | +7.1% |
| 3 years | −77.4% | +49.8% | −127.2 pp | +3.3% |
| 5 years | −89.7% | +42.8% | −132.5 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 | 11.3 m | 6.5 m | 4.5 m |
| Revenue YoY | unavailable | −42.8% | −30.3% |
| Net income | 8.4 m | 3.1 m | -9.0 m |
| Net income YoY | unavailable | −63.3% | −391.5% |
| Diluted EPS | 2.78 | 1.20 | -3.50 |
| Diluted EPS YoY | unavailable | −56.8% | −391.7% |
| net % | 74.3% | 47.7% | -199.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 2.7 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 28.5 m PLN
- Total assets
- 38.9 m PLN
- Debt / equity
- unavailable
- Current ratio
- 2.19x
- ROE
- -28.0%
- ROA
- -21.8%
- 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 | 11.3 m | 6.5 m | 4.5 m | esef· 08 May 2024verified |
| Operating income | 1.8 m | -2.9 m | -9.7 m | esef· 08 May 2024verified |
| Depreciation & amortisation | 1.5 m | 1.6 m | 2.8 m | esef· 08 May 2024verified |
| EBITDA | 3.3 m ≈ | -1.3 m ≈ | -6.9 m ≈ | esef· 08 May 2024derived |
| Interest expense | 62.0 k | 4.7 m | 4.7 m | esef· 08 May 2024verified |
| Pre-tax income | 8.9 m | 4.2 m | -12.9 m | esef· 08 May 2024verified |
| Income tax | 1.7 m | 2.0 m | -858.0 k | esef· 08 May 2024verified |
| Net income | 8.4 m | 3.1 m | -9.0 m | esef· 08 May 2024verified |
| Diluted EPS | 2.78 | 1.20 | -3.50 | esef· 08 May 2024verified |
| Dividend per share | 0.00 | 1.00 | 0.00 | esef· 08 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.4 m | 4.3 m | 2.7 m | esef· 08 May 2024verified |
| Receivables | 5.7 m | 6.2 m | 4.0 m | esef· 08 May 2024verified |
| Current assets | 24.1 m | 12.5 m | 8.7 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 140.0 k | 117.0 k | 80.0 k | esef· 08 May 2024verified |
| Goodwill | 268.0 k | 700.0 k | 250.0 k | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 12.9 m | 16.7 m | 17.8 m | esef· 08 May 2024verified |
| Total assets | 39.1 m | 43.8 m | 38.9 m | esef· 08 May 2024verified |
| Accounts payable | 1.7 m | 2.1 m | 3.5 m | esef· 08 May 2024verified |
| Current liabilities | 3.0 m | 2.9 m | 4.0 m | esef· 08 May 2024verified |
| Total liabilities | 5.8 m | 8.1 m | 10.5 m | esef· 08 May 2024verified |
| Equity | 33.2 m | 35.8 m | 28.5 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 3.0 m | 2.6 m | 2.6 m | esef· 08 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: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 17.2 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · 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: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -199.4% | 5 (vs peers) | 27% |
| 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 | -2.1x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 2.2x | 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 | 0.0% | 0 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 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
MOVIE GAMES SPÓŁKA AKCYJNA (MOV.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 4.5 m PLN in 2023; YoY growth -30.3%; net margin -199.4%; ROE -31.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% 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
- Current ratio: 2.2x
What contradicts it
- Net margin: -199.4%
- Interest coverage: -2.1x
- Shareholder yield (distributions): 0.0%
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, 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% |
| MOV.WAMovie Games Spółka Akcyjna | 17.2 m | — | -31.9% | -199.4% | −30.3% | −34% / −77% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for MOV.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
Movie Games S.A. is a Polish group that develops and publishes video games through a structure of subsidiaries and stakes in several studios. In 2023 the group reported a gross loss, while operating cash flow turned positive, a shift in trend worth monitoring.
SWOT
Strengths
- The group controls a diversified portfolio of studios and stakes, active in several markets.
- Operating cash flow turned positive in fiscal 2023.
- Business continuity is assessed by management without significant uncertainties reported.
Weaknesses
- The consolidated gross result was negative in 2023, after a profit the year before.
- Several subsidiaries report losses, which depend on the success of individual titles.
- Cash balances fell in 2023 compared with the prior year.
Opportunities
- Lower asset investment could free resources for more profitable projects.
- International sales offer room for expansion if subsidiary performance improves.
- Diversifying into toy production could complement video game revenues.
Threats
- Dependence on the success of a few titles can amplify the volatility of results.
- Global competition for player attention and talent could squeeze margins.
- Dilution of stakes through third-party capital increases could reduce the group's control.
Risks
- Consolidated losseshigh
The negative gross result of 2023 could persist if subsidiaries do not improve their performance.
- Dependence on subsidiariesmedium
Many subsidiaries are small and rely on a few projects, making results sensitive to individual setbacks.
- Loss of controlmedium
Ceding control over entities, as with Second Chamber, can change the consolidation perimeter.
- Declining liquiditymedium
The fall in cash balances in 2023 could limit the capacity to finance new projects.
- Currency and operational risklow
Activity in external markets and a subsidiary in Romania expose the group to currency and regulatory fluctuations.
Investment thesis
What would need to be true (bull case)
- If positive operating cash flow holds and investment stays under control, the group could return to profitability.
- A diversified studio portfolio could produce a successful title that offsets subsidiary losses.
- The international reach of sales offers growth potential that has not yet been fully exploited.
What would break the thesis
- The gross loss of 2023 could point to structural problems in the group's business model.
- If subsidiaries keep reporting losses, consolidation could become a burden on the group's result.
- Lower cash balances and dependence on a few titles could limit financial flexibility.
What to watch
- Trend in the consolidated gross result and operating cash flow2024
- Level of investment in intangible and tangible assets2024
- Changes in stakes and in the consolidation perimeternext 10-K
- New title launches and performance of loss-making subsidiaries2024
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
Movie Games S.A., based in Warsaw, has as its main activity the publishing of computer games, and its group also includes production of games and toys, sold worldwide. According to the notes to the consolidated financial statements, the group controls several subsidiaries, including Mill Games, Road Studio, Movie Games VR, Detalion Games and Black Cage Games, the last registered in Romania 1. The group also holds stakes in six associates in game production, accounted for under the equity method 1.
The group structure changed in 2023: in April 2023 the group sold shares in Second Chamber S.A. (formerly Pixel Crow Games S.A.) and lost control of it, recording a result of 1 865 thousand PLN from this transaction 1. For other subsidiaries the stake fell through capital increases subscribed by non-controlling shareholders 1.
Segments
Computer game publishing and development
The core activity of the group, carried out through subsidiaries and studios in Poland, with sales to markets around the world 1. Segment revenue is not broken down in the source provided, but small subsidiaries such as Mill Games or Detalion Games report revenues of tens of thousands of PLN 1.
Game and toy production
According to the notes, the group also carries out production of games and toys, which complements its publishing portfolio 1. The source gives no separate figures for this segment.
Market context
Trends
- Lower investment spendingtailwind
Investment in intangible and tangible assets fell from 9 403 thousand PLN in 2022 to 4 894 thousand PLN in 2023 1. If the reduction continues, free cash flow could support the balance sheet.
- Losses at subsidiary levelheadwind
Several subsidiaries, including Road Studio and Detalion Games, recorded losses in 2023 1. This trend could put pressure on the consolidated result if it continues.
- Changes in the shareholding structuremixed
The group reduced its stakes in several subsidiaries through capital increases subscribed by third parties and by ceding control over Second Chamber 1. The effect on consolidation depends on how the remaining subsidiaries develop.
- Positive operating cash flowtailwind
Net cash flow from operating activities turned positive in 2023, at 2 712 thousand PLN, after a negative value in 2022 1. Stable operating cash flow could reduce the need for external financing.
Competitive position
The source provided does not name competitors. From the point of view of its business profile, the group competes with other developers and publishers of computer games targeting the same global markets.
Because the source contains no list of competitors, market share comparisons cannot be made. A full assessment would require third-party reports.
- Other computer game developers and publishers
Direct competition in global video game markets, without detail in the source provided.
- Independent game studios
Competition for talent and funding, relevant to the group's smaller subsidiaries.
- Toy manufacturers with digital divisions
Indirect competition in the children and family product segment.
- Digital distribution platforms
Not direct competitors, but they influence the group's sales conditions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202231 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Movie Games S.A. · 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.