olivLaw · European equity research
Bloober Team S.A. BLO.WA
Poland · GPW Warszawa · ISIN PLBLOBR00014 · Vertical: Listed companies from Poland
Bloober Team is a Polish video game developer and publisher based in Krakow, working on its own projects as well as in partnership with external publishers. The group reports a solid financial base, with equity dominating its funding structure, so the key question is how its title portfolio and project revenues evolve over the longer term.
At the close of 05 Nov 2026, Bloober Team S.A. (BLO.WA) stock was 21.35 PLN (−0.70% on the day), with beta 0.27, 52-week range 20.95–27.95 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)
- 38.0
- weak (30–45)
- Bollinger (20, 2)
- 20.75 – 23.46
- in the lower half of the band · %B 0.22 · band width 12.3%
- SMA 50 / 200
- 22.68 / 24.15
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.23 / -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 | −5.5% | −0.6% | −4.9 pp | — |
| 3 months | −10.1% | −4.2% | −5.9 pp | — |
| 6 months | −16.6% | +4.3% | −20.9 pp | — |
| Year to date | −12.3% | +7.5% | −19.8 pp | — |
| 1 year | −16.9% | +9.9% | −26.8 pp | +7.5% |
| 3 years | −21.2% | +49.8% | −71.1 pp | +4.2% |
| 5 years | +13.6% | +42.8% | −29.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2022 | 2023 |
|---|---|---|
| Revenue | 61.1 m | 94.0 m |
| Revenue YoY | unavailable | +53.8% |
| Net income | 2.1 m | 2.6 m |
| Net income YoY | unavailable | +21.4% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | 3.5% | 2.8% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 12.4 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 95.9 m PLN
- Total assets
- 137.2 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.91x
- ROE
- 2.8%
- ROA
- 2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Revenue | 61.1 m | 94.0 m | esef· 01 May 2024verified |
| Cost of revenue | 45.3 m | 81.0 m | esef· 01 May 2024verified |
| Gross profit | 15.8 m | 13.0 m | esef· 01 May 2024verified |
| Operating income | 1.8 m | 4.8 m | esef· 01 May 2024verified |
| Interest expense | 684.4 k | 2.6 m | esef· 01 May 2024verified |
| Pre-tax income | 3.7 m | 3.5 m | esef· 01 May 2024verified |
| Income tax | 1.7 m | 812.2 k | esef· 01 May 2024verified |
| Net income | 2.1 m | 2.6 m | esef· 01 May 2024verified |
Balance sheet · PLN
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 29.0 m | 12.4 m | esef· 01 May 2024verified |
| Receivables | 7.1 m | 17.5 m | esef· 01 May 2024verified |
| Current assets | 48.5 m | 43.2 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 4.3 m | 6.1 m | esef· 01 May 2024verified |
| Goodwill | 0 | 5.9 m | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 55.3 m | 60.8 m | esef· 01 May 2024verified |
| Total assets | 126.0 m | 137.2 m | esef· 01 May 2024verified |
| Current liabilities | 23.5 m | 22.7 m | esef· 01 May 2024verified |
| Total liabilities | 39.4 m | 41.3 m | esef· 01 May 2024verified |
| Equity | 86.6 m | 95.9 m | esef· 01 May 2024verified |
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
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
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 | 2.8% | 46 (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 | 1.8x | 5 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.9x | 92 (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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial46/100 · 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
BLOOBER TEAM SPÓŁKA AKCYJNA (BLO.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 94.0 m PLN in 2023; YoY growth 53.8%; net margin 2.8%; ROE 2.9%.
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
- Current ratio: 1.9x
What contradicts it
- Interest coverage: 1.8x
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 | |
|---|---|---|---|---|---|---|
| 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% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.2 | 17.0% | 3.9% | +18.0% | +86% / +79% |
| 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% |
1- and 3-year price returns: for BLO.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
Bloober Team is a Polish video game developer and publisher based in Krakow, working on its own projects as well as in partnership with external publishers. The group reports a solid financial base, with equity dominating its funding structure, so the key question is how its title portfolio and project revenues evolve over the longer term.
SWOT
Strengths
- A funding structure dominated by equity, with a high cash position at the end of 2023.
- A recognized title portfolio, including the Layers of Fear series and the Blair Witch and The Medium projects.
- A hybrid business model combining own projects, self-publishing and partnerships with external publishers.
Weaknesses
- Revenue depends on contracts with a limited number of publishers and on project timing, which creates volatility.
- Net currency exposure, since revenue is in foreign currency while major costs are in the local currency, with no hedging instruments.
- Dependence on a few significant receivables, one of which exceeds a substantial share of total trade receivables.
Opportunities
- Expanding partnerships with publishers and platform holders could diversify revenue sources.
- Stakes in associates and subsidiaries could open complementary projects within the group's portfolio.
- If ongoing projects reach their contractual stages, milestone-linked revenue could increase.
Threats
- Business cycles in the games industry could reduce demand for the company's products.
- Exchange rate changes could affect margins, since a major share of revenue is in USD and EUR.
- Long settlement terms with clients could put pressure on cash flows.
Risks
- Customer concentrationhigh
A single client can account for a significant share of trade receivables, and losing or delaying payments from it could affect results.
- Currency riskmedium
Foreign-currency revenue and PLN costs can generate exchange differences, and the group currently does not use hedging instruments.
- Liquidity riskmedium
Long settlement terms and a volatile environment can delay collections, even though the cash position is solid.
- Interest rate risklow
Exposure to variable rates comes from leases and bank loans, but debt is modest relative to equity.
- Counterparty riskmedium
Receivables from associates and loans granted could become unrecoverable if partners run into difficulties.
Investment thesis
What would need to be true (bull case)
- The conservative financial structure and cash position give flexibility to fund new projects without excessive pressure on debt.
- A recognized title portfolio and a hybrid publishing model could support recurring revenue if new projects succeed.
- If publisher partnerships expand, the group could reduce its reliance on a single client and stabilize revenue.
What would break the thesis
- Dependence on a few publishers and on project timing can lead to irregular revenue that is hard to forecast.
- Net currency exposure and concentrated receivables could hurt results if exchange rates or payments move unfavorably.
- The games industry is cyclical, and a decline in demand could quickly reduce revenue from existing projects.
What to watch
- Trend in inflows from publisher contracts and trade receivablesQ1 2027
- Release schedule and performance of titles in the portfolio2027
- Impact of exchange rate differences on margins in the next reportnext 10-K
- Status of partnerships and associates, including Draw Distance S.A.2027
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 Bloober Team group, led by the parent Bloober Team S.A., is active in developing and publishing video games. According to the annual report for fiscal 2023, core activity runs through internal development teams, and revenue comes from contracts with customers, mainly publishers and platform holders. The group includes subsidiaries such as Feardemic and Played with Fire, as well as stakes in associates such as Draw Distance S.A.
The business model combines self-publishing with partnerships in which an external publisher co-finances or fully finances production. The company supervises creatively and oversees the production process of projects made with external entities, which allows it to keep control over the direction of its games.
Publisher contract revenue can include payments tied to development milestones, so part of the inflows is variable and depends on reaching those stages. The report also notes currency exposure: revenue is mainly in USD and EUR, while operating costs are mainly in PLN.
Segments
Segment I - internal projects
Covers projects developed by the internal teams of Bloober Team S.A., published either by self-publishing or in cooperation with a publisher or platform holder. The report cites titles such as The Medium, Observer System Redux, Blair Witch and the Layers of Fear series.
Segment II - other development projects
Includes projects made with external partners, subsidiaries and associates of the group, where the parent exercises creative and production oversight. Layers of Fear (2023) is also listed in this segment.
Segment III - other activities
Includes complementary activities such as projects that round out the group's portfolio, including the publishing activity of subsidiary Feardemic. The report does not give separate figures for this segment in the available extract.
Market context
The video game market is described in the source only indirectly, through the dependence of inflows on project timing and demand for the group's products. The report stresses that the sector has business cycles and long settlement terms with counterparties, factors that can affect cash flows.
The company's geographic exposure comes from foreign-currency revenue and from its US subsidiary based in San Jose. The source does not give a detailed analysis of market share or sector size, so conclusions about competitive position should be drawn cautiously.
Trends
- Dependence on external publishersmixed
Projects made with publishers or platform holders can bring funding and distribution, but they make revenue sensitive to those partners' decisions. If the number of partnerships fell, concentration on a few clients could become a problem.
- Business cycles in the games industryheadwind
The report notes that the sector is influenced by the economic climate and by shifts in product demand, which can affect sales and inflows from projects.
- Conservative financial structuretailwind
A high share of equity in funding gives flexibility against market shocks, and net debt is negative in 2023, suggesting a cash position above interest-bearing obligations.
- Currency exposuremixed
USD and EUR revenue contrasts with PLN costs. Exchange rate changes could alter results, and the group does not use hedging instruments at the balance sheet date.
Competitive position
The source provided does not describe the company's direct competitors and contains no comparative market share data. Any comparison would need additional information that is not in the annual report.
The group's competitive position appears to rest on its own development projects and its ability to attract publishing partners. Without data from external sources, firm conclusions about its advantages relative to other developers cannot be drawn.
- Competitors not named in the source
The annual report does not name direct competitors, so no competitor with a listed symbol can be indicated.
- Independent game developers
A general category of competitors active on the same platforms and for the same publishers; the source gives no specific names.
- Large video game publishers
They can be both partners and competitors for player attention and for project funding.
- Platform holders
Companies running distribution platforms influence market access and collaboration terms, but are not identified in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Bloober Team 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.