olivLaw · European equity research
PCF GROUP SPÓŁKA AKCYJNA PCF.WA
Poland · GPW Warszawa · ISIN PLPCFGR00010 · Vertical: Listed companies from Poland
PCF Group is a Polish video game developer that produces games on commission for external publishers and increasingly publishes its own titles. The 2023 annual report shows a negative operating result of more than 86 million zloty, a difficult period for the company, so its future could depend on how it secures funding and on the success of its own projects.
At the close of 05 Nov 2026, PCF GROUP SPÓŁKA AKCYJNA (PCF.WA) stock was 3.19 PLN (+0.16% on the day), with market capitalisation 105.8 k PLN, dividend yield 0.00%, beta 0.77, 52-week range 2.90–4.28 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)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 3.06 – 3.38
- in the lower half of the band · %B 0.40 · band width 10.0%
- SMA 50 / 200
- 3.41 / 3.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.06
- 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 | −1.7% | −0.6% | −1.0 pp | — |
| 3 months | −14.4% | −4.2% | −10.2 pp | — |
| 6 months | −13.8% | +4.3% | −18.1 pp | — |
| Year to date | −19.0% | +7.5% | −26.5 pp | — |
| 1 year | −18.1% | +9.9% | −28.0 pp | +7.1% |
| 3 years | −91.7% | +49.8% | −141.5 pp | +3.3% |
| 5 years | −92.3% | +42.8% | −135.1 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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 180.3 m | 171.5 m | 150.1 m |
| Revenue YoY | unavailable | −4.9% | −12.5% |
| Net income | 61.4 m | 18.7 m | -76.7 m |
| Net income YoY | unavailable | −69.6% | −510.9% |
| Diluted EPS | 2,070.00 | 720.00 | -2,270.00 |
| Diluted EPS YoY | unavailable | −65.2% | −415.3% |
| net % | 34.0% | 10.9% | -51.1% |
| Free cash flow | 54.9 m | 53.7 m | 5.8 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 124.0 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 427.9 m PLN
- Total assets
- 513.5 m PLN
- Debt / equity
- unavailable
- Current ratio
- 4.33x
- ROE
- -21.7%
- ROA
- -17.8%
- FCF margin
- 3.8%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 180.3 m | 171.5 m | 150.1 m | esef· 08 May 2024verified |
| Cost of revenue | 90.3 m | 85.2 m | 98.0 m | esef· 08 May 2024verified |
| Gross profit | 90.0 m | 86.3 m | 52.1 m | esef· 08 May 2024verified |
| Operating income | 61.7 m | 31.1 m | -86.5 m | esef· 08 May 2024verified |
| Interest expense | 1.3 m | 2.4 m | 7.0 m | esef· 08 May 2024verified |
| Pre-tax income | 64.4 m | 30.4 m | -91.2 m | esef· 08 May 2024verified |
| Income tax | 3.1 m | 8.5 m | -15.7 m | esef· 08 May 2024verified |
| Net income | 61.4 m | 18.7 m | -76.7 m | esef· 08 May 2024verified |
| Diluted EPS | 2,070.00 | 720.00 | -2,270.00 | esef· 08 May 2024verified |
| Dividend per share | 189.47 | 386.03 | 0.00 | esef· 08 May 2024derived |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 137.1 m | 68.0 m | 124.0 m | esef· 08 May 2024verified |
| Receivables | 18.0 m | 23.4 m | — | esef· 23 May 2023verified |
| Current assets | 191.4 m | 122.9 m | 230.5 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 10.8 m | 11.8 m | 12.1 m | esef· 08 May 2024verified |
| Goodwill | 54.6 m | 55.5 m | 52.1 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 30.7 m | 130.0 m | 167.5 m | esef· 08 May 2024verified |
| Total assets | 316.7 m | 350.8 m | 513.5 m | esef· 08 May 2024verified |
| Accounts payable | 9.7 m | 11.2 m | — | esef· 23 May 2023verified |
| Current liabilities | 27.2 m | 29.8 m | 53.3 m | esef· 08 May 2024verified |
| Total liabilities | 57.2 m | 73.2 m | 85.6 m | esef· 08 May 2024verified |
| Equity | 259.5 m | 277.6 m | 427.9 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 29.6 k | 25.6 k | 33.2 k | esef· 08 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 59.3 m | 59.2 m | 12.2 m | esef· 08 May 2024verified |
| Capex | 4.3 m | 5.5 m | 6.4 m | esef· 08 May 2024verified |
| Free cash flow | 54.9 m ≈ | 53.7 m ≈ | 5.8 m ≈ | esef· 08 May 2024derived |
| Investing cash flow | -81.9 m | -109.0 m | -175.7 m | esef· 08 May 2024verified |
| Financing cash flow | 118.4 m | -17.9 m | 220.6 m | esef· 08 May 2024verified |
| Dividends paid | 5.6 m | 9.9 m | 0 | esef· 08 May 2024verified |
≈ 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 weight coverage: 35.4% 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: 105.8 k PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · 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: score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -51.1% | 8 (vs peers) | 18% |
| 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 | -12.3x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 4.3x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5,459.6% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 12% |
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· partial8/100 · 1/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation· partial100/100 · 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
PCF GROUP SPÓŁKA AKCYJNA (PCF.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 150.1 m PLN in 2023; YoY growth -12.5%; net margin -51.1%; ROE -22.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 35.4% 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: 4.3x
- FCF yield: 5,459.6%
- Payout ratio (FCF): 0.0%
What contradicts it
- Net margin: -51.1%
- Interest coverage: -12.3x
- 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.
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 PCF.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
PCF Group is a Polish video game developer that produces games on commission for external publishers and increasingly publishes its own titles. The 2023 annual report shows a negative operating result of more than 86 million zloty, a difficult period for the company, so its future could depend on how it secures funding and on the success of its own projects. 1
SWOT
Strengths
- Experience in producing games for major publishers and a portfolio that includes several released titles.
- Several revenue sources, from commissioned production to royalties and self-publishing.
- Relatively high equity compared with total financing, which provides some structural stability.
Weaknesses
- A negative operating result in 2023, showing that the cost structure was not covered by revenue.
- Dependence on a few large contracts and on the requirements of specific publishers.
- Exposure to foreign currencies without systematic hedging through financial instruments.
Opportunities
- Growth in the self-publishing segment could bring a higher margin on each game.
- New contracts with external publishers could reduce dependence on existing projects.
- Developing additional partnerships could bring new sources of funding and revenue.
Threats
- A delay or commercial failure of one game could quickly affect revenue and liquidity.
- Cuts to publisher budgets during periods of economic uncertainty could reduce demand.
- Competition from publishers' in-house studios and developers in other regions.
Risks
- Liquidity and fundinghigh
The annual report shows a negative operating result and a sharp rise in the debt-to-EBITDA ratio, so funding could depend on new sources of capital or revenue.
- Client concentrationhigh
Revenue comes from a limited number of contracts, and losing one of them could have a significant effect.
- Currency riskmedium
Foreign-currency revenue and zloty-denominated costs expose the group to exchange rate changes, and the company does not use hedging instruments.
- Compliance with credit termsmedium
Financing agreements require a minimum level of equity, and failing to meet it could trigger more restrictive conditions.
Investment thesis
What would need to be true (bull case)
- If self-publishing projects prove commercially successful, the margin per game could rise significantly compared with commissioned production.
- High equity relative to total financing could give a solid base to get through a difficult period.
- New contracts with external publishers could stabilise revenue and reduce dependence on existing projects.
What would break the thesis
- The negative operating result in 2023 and the rise in debt relative to EBITDA could limit the company's financial flexibility.
- Dependence on a few large contracts makes revenue volatile and hard to forecast.
- If exchange rates move unfavourably, project margins could fall without the company being able to protect itself.
What to watch
- Development of the operating result and liquidity after the 2023 lossQ1 2025
- New commissioned production contracts and the number of projects in progress2025
- Revenue and margin of the self-publishing segmentnext annual report
- Compliance with minimum capital requirements under the credit agreement2025
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 group operates as a game development studio with four revenue sources identified in its financial statements: development fees for commissioned production, royalties on completed games, self-publishing revenue and other income. In the commissioned model the company builds games for independent publishers and is paid as agreed milestones are reached. In the self-publishing model the group creates games based on its own intellectual property, while publishing and distribution are handled by an Irish subsidiary, so revenue depends on sales to end players. 1
Revenue is largely earned in foreign currencies, mainly EUR, USD and CAD, while a significant part of costs is in PLN. This structure exposes the group to currency risk, which the company does not systematically hedge with financial instruments. 1
Funding comes from equity and bank credit lines at the parent and at the Canadian subsidiary, and liquidity is monitored weekly for current payments and monthly for longer-term needs. The management report states that the group expects to have sufficient funds for at least twelve months, but this conclusion depends on additional revenue sources and capital. 1
Segments
Development fee (commissioned production)
This is the group's core model: the studio develops games for external publishers, and revenue is recognised over the course of the contract based on progress of work. Clients sometimes pay advances for future production. 1
Royalties
After a game is released by the external publisher, the group receives a share of sales depending on the publisher recovering its costs. Revenue depends on the commercial performance of the game and is reported quarterly by the publisher. 1
Self-publishing
In this segment the group finances and develops its own games, and revenue comes from licence fees paid by players after deduction of distribution platform commissions. It is the segment management says it wants to expand, and also the one most exposed to commercial risk. 1
Market context
The video game market is global, and development studios in Central Europe compete for contracts with publishers from the United States, Japan and Western Europe. Demand depends on console release cycles and publisher budgets, which can be cut during periods of economic uncertainty. Sources: 1
The flow of commissioned projects is uneven, because contracts are tied to production stages and specific releases, which makes revenue hard to forecast from one year to the next. 1
Trends
- Dependence on external publishersheadwind
Revenue depends largely on a few large contracts, and the loss or delay of one project could quickly affect results. 1
- Shift toward own gamesmixed
If the self-publishing model develops, the group could capture a larger share of the value of each game, but it also takes on commercial risk. 1
- Currency fluctuationsheadwind
Revenue in euros, dollars and Canadian dollars, compared with costs in zloty, creates exposure to exchange rates, and a stronger zloty could reduce the value of converted revenue. 1
- Bank financing and capitalmixed
Access to credit lines and additional capital could support development of own projects, but credit agreement terms impose minimum capital requirements. 1
Competitive position
The group competes with other game development studios offering commissioned production services and with publishers that develop games in-house. Competition relates to the ability to deliver complex projects on time and at controlled cost, and to reputation with major publishers. The source does not name competitors. 1
- Independent game development studios
Compete for the same commissioned production contracts; the source does not identify them individually.
- Publishers with in-house studios
Can reduce demand for external services by developing games internally.
- East Asian game studios
Compete on price and production capacity for global publishers.
- US-based game developers
Compete for high-end projects and for talent in the same market.
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 202223 May 2023
- Annual report 202223 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / PCF GROUP SPÓŁKA AKCYJNA · 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.