olivLaw · European equity research
Ten Square Games S.A. TEN.WA
Poland · GPW Warszawa · ISIN PLTSQGM00016 · Vertical: Listed companies from Poland
Ten Square Games S.A. is a Polish developer and publisher of mobile games, headquartered in Wroclaw and active through subsidiaries in several European countries. Following the war in Ukraine, the company withdrew its games from Russia and Belarus, markets that accounted for a small but relevant share of payments, and this decision changed the revenue structure for the following years.
At the close of 05 Nov 2026, Ten Square Games S.A. (TEN.WA) stock was 90.05 PLN (−2.75% on the day), with market capitalisation 658.2 m PLN, P/E 12.6 on diluted EPS of 7.16 PLN over the last 12 months, dividend yield 10.99%, beta 0.57, 52-week range 83.90–114.60 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)
- 34.1
- weak (30–45)
- Bollinger (20, 2)
- 88.62 – 101.04
- in the lower half of the band · %B 0.12 · band width 13.1%
- SMA 50 / 200
- 98.57 / 100.33
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.20 / -1.92
- 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 | −8.3% | −0.6% | −7.7 pp | — |
| 3 months | −13.4% | −4.2% | −9.2 pp | — |
| 6 months | −16.7% | +4.3% | −21.0 pp | — |
| Year to date | −1.0% | +7.5% | −8.6 pp | — |
| 1 year | −1.0% | +9.9% | −11.0 pp | +7.1% |
| 3 years | +5.4% | +49.8% | −44.4 pp | +3.3% |
| 5 years | −74.3% | +42.8% | −117.1 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 0 percentile of its own 3-quarter history (min 17.7, median 18.0, max 26.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 578.2 m | 634.0 m | 538.6 m |
| Revenue YoY | unavailable | +9.7% | −15.1% |
| Net income | 151.6 m | 141.3 m | 52.3 m |
| Net income YoY | unavailable | −6.8% | −63.0% |
| Diluted EPS | 20.91 | 19.41 | 7.16 |
| Diluted EPS YoY | unavailable | −7.2% | −63.1% |
| net % | 26.2% | 22.3% | 9.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 126.6 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 342.5 m PLN
- Total assets
- 520.7 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.88x
- ROE
- 15.1%
- ROA
- 10.1%
- 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 | 578.2 m | 634.0 m | 538.6 m | esef· 02 May 2023verified |
| Cost of revenue | 25.4 m | 53.9 m | 70.1 m | esef· 02 May 2023verified |
| Gross profit | 552.8 m | 580.1 m | 468.5 m | esef· 02 May 2023verified |
| Operating income | 171.8 m | 166.2 m | 72.7 m | esef· 02 May 2023verified |
| Interest expense | 912.4 k | 4.3 m | 14.9 m | esef· 02 May 2023verified |
| Pre-tax income | 170.9 m | 162.0 m | 63.4 m | esef· 02 May 2023verified |
| Income tax | 19.3 m | 20.7 m | 11.1 m | esef· 02 May 2023verified |
| Net income | 151.6 m | 141.3 m | 52.3 m | esef· 02 May 2023verified |
| Diluted EPS | 20.91 | 19.41 | 7.16 | esef· 02 May 2023verified |
| Weighted average diluted shares | 7.2 m | 7.3 m | 7.3 m | esef· 02 May 2023verified |
| Dividend per share | 3.78 | 9.99 | 9.89 | esef· 02 May 2023derived |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 236.6 m | 139.6 m | 126.6 m | esef· 02 May 2023verified |
| Receivables | 55.2 m | 62.0 m | 47.5 m | esef· 02 May 2023verified |
| Current assets | 307.6 m | 221.4 m | 206.6 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 8.6 m | 15.2 m | 21.4 m | esef· 02 May 2023verified |
| Goodwill | 0 | 161.1 m | 164.2 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 4.7 m | 106.4 m | 102.6 m | esef· 02 May 2023verified |
| Total assets | 323.7 m | 520.3 m | 520.7 m | esef· 02 May 2023verified |
| Current liabilities | 78.2 m | 104.2 m | 110.0 m | esef· 02 May 2023verified |
| Total liabilities | 85.6 m | 169.2 m | 178.2 m | esef· 02 May 2023verified |
| Equity | 238.1 m | 351.1 m | 342.5 m | esef· 02 May 2023verified |
| Shares outstanding at year end | 7.3 m | 7.3 m | 7.3 m | esef· 02 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 193.7 m | 200.4 m | 137.9 m | esef· 02 May 2023verified |
| Investing cash flow | -4.6 m | -222.0 m | -55.5 m | esef· 02 May 2023verified |
| Financing cash flow | -28.2 m | -75.1 m | -95.2 m | esef· 02 May 2023verified |
| Dividends paid | 27.4 m | 72.7 m | 72.3 m | esef· 02 May 2023verified |
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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 658.2 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.7% | 72 (vs peers) | 19% |
| 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 | 4.9x | 52 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.9x | 90 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 12.6x | 47 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 11.0% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet67/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial72/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial47/100 · 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
Ten Square Games Spółka Akcyjna (TEN.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 538.6 m PLN in 2022; YoY growth -15.1%; net margin 9.7%; ROE 15.1%.
The estimated value range is 71.34–122.90 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 93.24 PLN, the price of 90.05 PLN leaves a potential of 3.5% (value / price − 1) and a margin of safety of 3.4% (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: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 9.7%
- Current ratio: 1.9x
- Shareholder yield (distributions): 11.0%
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, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| TEN.WATen Square Games Spółka Akcyjna | 658.2 m | 12.6 | 15.1% | 9.7% | −15.1% | −1% / −4% |
| 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% |
1- and 3-year price returns: for TEN.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 | 48.15 Total return -41% · Per year -41% | 85.55 Total return 3% · Per year 3% | 129.45 Total return 53% · Per year 53% |
| 3 years | 38.23 Total return -42% · Per year -17% | 77.21 Total return 7% · Per year 2% | 129.45 Total return 71% · Per year 20% |
| 5 years | 30.36 Total return -43% · Per year -11% | 69.68 Total return 12% · Per year 2% | 129.45 Total return 89% · Per year 14% |
- Exit P/E± 19.30
- Net margin± 13.51
- Annual revenue growth± 12.20
- Annual dilution± 1.14
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
Ten Square Games S.A. is a Polish developer and publisher of mobile games, headquartered in Wroclaw and active through subsidiaries in several European countries. Following the war in Ukraine, the company withdrew its games from Russia and Belarus, markets that accounted for a small but relevant share of payments, and this decision changed the revenue structure for the following years.
SWOT
Strengths
- A group structure with several studios and international subsidiaries, which allows diversification of activity and geographic exposure.
- Solid liquidity at the end of 2022, supported by a high level of cash and cash equivalents.
- A stable shareholder base, with a shareholders agreement controlling a significant part of the votes.
Weaknesses
- Dependence on a single type of activity, game development, makes revenue sensitive to changes in the mobile games market.
- The loss of access to Russia and Belarus reduced the payment base, and the full effect is not yet known.
- Dividend distributions and share buybacks consume substantial resources that could otherwise fund development.
Opportunities
- Expansion into new European markets through existing subsidiaries could reduce dependence on the markets affected by the war.
- Stakes in other studios, such as Gamesture, could provide access to new titles and development teams.
- If the group successfully launches games across several regions, its revenue could become more diversified.
Threats
- Geopolitical tensions and effects on energy costs could affect operations over the medium term.
- Strong competition in the mobile games market could squeeze margins and user acquisition costs.
- Regulatory changes on data collection and in-app payments could affect the monetisation model.
Risks
- Exposure to the war in Ukrainehigh
Management acknowledges that the war had an effect on 2022 results and could influence the following years, and these effects are difficult to quantify from the available document 1.
- Concentration on mobile gameshigh
The core business depends on the success of launched titles, and if launches fall short of expectations, revenue could decline quickly.
- Capital distribution policymedium
Dividends and share buybacks consumed large resources in 2022, which could limit the ability to fund development in the short term.
- Shareholder structuremedium
The shareholders agreement and concentration of votes could influence strategic decisions and reduce the influence of minority shareholders.
- International expansionlow
Operating through subsidiaries in several countries brings compliance and regulatory risks, and administrative costs could rise if expansion continues.
Investment thesis
What would need to be true (bull case)
- If the group turns its existing studios and subsidiaries into successful launches in new markets, geographic diversification could offset the loss of access to Russia and Belarus.
- High liquidity at the end of 2022 could provide flexibility for investment or partnerships, including through existing stakes.
- A stable shareholder base could support continuity of the long-term strategy, especially if management maintains its development policy.
What would break the thesis
- If the effects of the war persist, the loss of eastern markets could remain a constant pressure on revenue.
- Dependence on a single product type makes the group vulnerable to failed launches or changes in the mobile games industry.
- Dividends and share buybacks could limit resources available for development if results do not improve.
What to watch
- Evolution of revenue from markets excluding Russia and Belarus2023
- Results of new game launches and partner studios2023
- Effect of the Gamesture stake on group activity2023
- Dividend and share buyback policy in the next reportnext 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
Ten Square Games S.A. is the parent company of a Polish capital group whose main business is the publishing of computer games, that is developing and publishing games. According to the annual report for the year ended 31 December 2022, the group includes several limited liability companies in Wroclaw, such as Play Cool Zombie Sport Games, Tiny Dragon Adventure Games and Fat Lion Games, as well as subsidiaries in Germany, Romania, Israel and Italy. The company is audited by PKF Consult, and at the end of 2022 it held 126 594 883 PLN in cash and cash equivalents 1. Shareholders with more than 5% of votes were a shareholders agreement with 33.9% and several institutional investors, while board and supervisory board members together held about 14% of capital 1.
The group operates through several internal studios and foreign subsidiaries, and Ten Square Games Romania S.r.l., registered in Bucharest in 2021, is part of this structure. In 2022 the group also acquired minority stakes, including 36.9% of Gamesture Sp. z o.o., after a 12% increase completed on 31 January 2023 1.
Segments
Internally developed mobile games
The core activity is developing and publishing games for mobile devices, carried out by the studios in Wroclaw and the Romanian subsidiary. The source does not break down revenue by title, but confirms that this activity forms the core of the group 1.
Stakes and investments in other studios
The group holds interests in other companies, such as Gamesture Sp. z o.o., in which it reached 36.9% of capital, and invests through loans granted to entities, which points to an expansion strategy based on partnerships 1.
Market context
The report does not describe the size of the global mobile games market, but shows that Russia and Belarus accounted for part of payments, and sales there were stopped on 8 March 2022. This reduced the group's geographic exposure and raised questions about offsetting the loss in other markets 1.
The macroeconomic context in the report includes rising energy prices, which management considers to have a negligible impact on the financial statements, but which could influence studio operating costs if tensions persist 1.
Trends
- Withdrawal from Russia and Belarusheadwind
Stopping access to games and payments in these countries reduced revenue relative to part of 2021 sales, and the effects could continue in the following years, according to management's estimate 1.
- Returning capital to shareholdersmixed
Dividends and share buybacks absorbed significant amounts of cash in 2022, which shows an active shareholder remuneration policy with an impact on resources available for investment 1.
- Expansion through subsidiaries and stakestailwind
The setup of subsidiaries in Germany, Romania and Israel, as well as the acquisition of stakes, shows a strategy of international expansion and diversification of the developer base 1.
- Geopolitical uncertaintyheadwind
The war in Ukraine had an effect on the group's activity and management does not rule out impacts on the following years, which introduces an uncertainty factor into planning 1.
Competitive position
The sources provided do not identify the group's direct competitors. According to the report, the business operates in the mobile games market, where competition includes independent studios and large publishers, though their names do not appear in the document 1.
Competitive positioning depends on the ability to launch attractive titles across diverse markets and to keep costs under control, and the report does not provide quantitative data that would allow a direct comparison with other players 1.
- Independent mobile games studios
Not identified in the source; competition in this segment cannot be detailed from the document.
- Large mobile games publishers
The source does not name them; they are mentioned only in the general market context.
- Developers from Central Europe
Regional competition is not detailed in the report, so comparisons remain limited.
- Companies with studios in several countries
The subsidiary-based expansion model is common, but the source does not identify specific firms in this category.
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 202202 May 2023
- Annual report 202105 Apr 2022
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Ten Square Games S.A. · 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.