olivLaw · European equity research
PLAYWAY Spółka Akcyjna PLW.WA
Poland · GPW Warszawa · ISIN PLPLAYW00015 · Vertical: Listed companies from Poland
PLAYWAY is a Polish video game producer that runs its business through an extensive structure of subsidiaries and associates, most of them game developers. Its 2023 annual report describes a group with many studios at different stages of development, which makes understanding their maturity categories relevant.
At the close of 05 Nov 2026, PLAYWAY Spółka Akcyjna (PLW.WA) stock was 250.00 PLN (−1.19% on the day), with market capitalisation 1.4 bn PLN, P/E 13.1 on diluted EPS of 19.14 PLN over the last 12 months, dividend yield 7.69%, beta 0.32, 52-week range 228.00–283.00 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)
- 57.0
- strong (55–70)
- Bollinger (20, 2)
- 239.67 – 255.48
- in the upper half of the band · %B 0.65 · band width 6.4%
- SMA 50 / 200
- 241.05 / 247.06
- mixed trend
- MACD (12, 26, 9)
- 2.76 / 2.54
- 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 | +5.3% | −0.6% | +5.9 pp | — |
| 3 months | −1.2% | −4.2% | +3.0 pp | — |
| 6 months | +2.5% | +4.3% | −1.9 pp | — |
| Year to date | −2.3% | +7.5% | −9.9 pp | — |
| 1 year | −5.7% | +9.9% | −15.6 pp | +7.1% |
| 3 years | −29.9% | +49.8% | −79.7 pp | +3.3% |
| 5 years | −45.5% | +42.8% | −88.3 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 16.7, median 18.2, max 21.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 234.9 m | 257.3 m | 274.0 m |
| Revenue YoY | unavailable | +9.5% | +6.5% |
| Net income | 127.7 m | 112.3 m | 106.7 m |
| Net income YoY | unavailable | −12.0% | −5.0% |
| Diluted EPS | 19.34 | 17.02 | 19.14 |
| Diluted EPS YoY | unavailable | −12.0% | +12.5% |
| net % | 54.3% | 43.7% | 39.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 102.2 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 479.0 m PLN
- Total assets
- 534.9 m PLN
- Debt / equity
- unavailable
- Current ratio
- 18.93x
- ROE
- 21.7%
- ROA
- 19.5%
- 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 | 234.9 m | 257.3 m | 274.0 m | esef· 02 May 2024verified |
| Operating income | 153.5 m | 172.6 m | 159.2 m | esef· 02 May 2024verified |
| Depreciation & amortisation | 675.0 k | 1.5 m | 1.7 m | esef· 02 May 2024verified |
| EBITDA | 154.2 m ≈ | 174.1 m ≈ | 160.8 m ≈ | esef· 02 May 2024derived |
| Interest expense | 2.1 m | 32.3 m | 40.7 m | esef· 02 May 2024verified |
| Pre-tax income | 161.9 m | 147.8 m | 133.2 m | esef· 02 May 2024verified |
| Income tax | 12.1 m | 10.7 m | 6.9 m | esef· 02 May 2024verified |
| Net income | 127.7 m | 112.3 m | 106.7 m | esef· 02 May 2024verified |
| Diluted EPS | 19.34 | 17.02 | 19.14 | esef· 02 May 2024verified |
| Dividend per share | 12.74 | 19.22 | 19.22 | esef· 02 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 | 221.7 m | 139.8 m | 102.2 m | esef· 02 May 2024verified |
| Receivables | 44.4 m | 48.9 m | 58.9 m | esef· 02 May 2024verified |
| Inventories | 44.9 m | 69.2 m | 94.2 m | esef· 02 May 2024verified |
| Current assets | 355.3 m | 375.9 m | 399.4 m | esef· 02 May 2024verified |
| Property, plant & equipment, net | 1.1 m | 1.7 m | 1.6 m | esef· 02 May 2024verified |
| Goodwill | 2.7 m | 2.6 m | 2.5 m | esef· 02 May 2024verified |
| Intangibles (excl. goodwill) | 1.5 m | 914.0 k | 882.0 k | esef· 02 May 2024verified |
| Total assets | 574.2 m | 558.6 m | 534.9 m | esef· 02 May 2024verified |
| Accounts payable | 11.6 m | 10.7 m | 15.4 m | esef· 02 May 2024verified |
| Current liabilities | 12.3 m | 12.9 m | 21.1 m | esef· 02 May 2024verified |
| Total liabilities | 52.8 m | 54.7 m | 55.9 m | esef· 02 May 2024verified |
| Equity | 521.4 m | 503.9 m | 479.0 m | esef· 02 May 2024verified |
| Shares outstanding at year end | 6.6 m | 6.6 m | 5.6 m | esef· 02 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 127.9 m | 116.5 m | 125.1 m | esef· 02 May 2024verified |
| Investing cash flow | 16.7 m | -43.2 m | -12.4 m | esef· 02 May 2024verified |
| Financing cash flow | -103.8 m | -155.2 m | -150.3 m | esef· 02 May 2024verified |
| Dividends paid | 129.2 m | 153.5 m | 152.6 m | esef· 02 May 2024verified |
| Share repurchases | 0 | 1.4 m | 0 | esef· 02 May 2024verified |
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: 1.4 bn 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 | 39.0% | 95 (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 | 3.9x | 37 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 18.9x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 13.1x | 47 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 10.9% | 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 sheet62/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial95/100 · 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
PLAYWAY SPÓŁKA AKCYJNA (PLW.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 274.0 m PLN in 2023; YoY growth 6.5%; net margin 39.0%; ROE 26.0%.
The estimated value range is 155.25–284.75 PLN per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 210.06 PLN, the price of 250.00 PLN leaves a potential of -16.0% (value / price − 1) and a margin of safety of -19.0% (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: 39.0%
- Current ratio: 18.9x
- Shareholder yield (distributions): 10.9%
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% |
| PLW.WAPlayway Spółka Akcyjna | 1.4 bn | 13.1 | 26.0% | 39.0% | +6.5% | −8% / −26% |
| 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 PLW.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 | 150.72 Total return -34% · Per year -34% | 266.21 Total return 15% · Per year 15% | 400.65 Total return 70% · Per year 70% |
| 3 years | 152.17 Total return -21% · Per year -7% | 301.86 Total return 47% · Per year 14% | 497.96 Total return 132% · Per year 32% |
| 5 years | 153.64 Total return -7% · Per year -2% | 342.28 Total return 83% · Per year 13% | 618.91 Total return 209% · Per year 25% |
- Exit P/E± 75.46
- Net margin± 52.83
- Annual revenue growth± 42.55
- Annual dilution± 4.44
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
PLAYWAY is a Polish video game producer that runs its business through an extensive structure of subsidiaries and associates, most of them game developers. Its 2023 annual report describes a group with many studios at different stages of development, which makes understanding their maturity categories relevant.
SWOT
Strengths
- The group has a large studio portfolio, mostly consolidated in full, which provides a diversified development base.
- Several companies already have products on sale and significantly influence results, indicating an ability to bring titles to market.
- The category structure gives a clear picture of each company's maturity, which helps portfolio management.
Weaknesses
- The group's structure is very complex, with many subsidiaries, associates and entities in liquidation, which may complicate management.
- Many companies do not yet significantly affect results, so dependence is concentrated on a limited number of titles.
- Several stakes fell during 2023, which reduces control over some entities.
Opportunities
- Companies in early development could bring new commercial releases if their projects mature.
- Consolidating or streamlining the structure by liquidating inactive entities could reduce administrative costs.
- Success of category A titles could help fund other projects in the portfolio.
Threats
- The commercial success of games is hard to predict, and unsuccessful launches could weigh on group results.
- Strong competition for player attention could limit revenues of independent studios.
- Changes in how games are distributed could affect the group's sales conditions.
Risks
- Dependence on the success of releaseshigh
Group revenues depend on a few commercial titles; if launches fail, financial results could be significantly affected.
- Complexity of the group structuremedium
The large number of subsidiaries and associates may complicate reporting and control, especially for stakes below 50%.
- Liquidation and disposal of stakesmedium
Liquidating companies and reducing stakes can change the consolidation perimeter and could generate losses of value.
- Losses in loss-making companiesmedium
Many entities in the report had negative results in 2023, which could reflect unrecovered development costs.
- Lack of market information in available sourceslow
Without market and competition data, the assessment of the group's position remains incomplete and depends on external sources.
Investment thesis
What would need to be true (bull case)
- If more category B and C studios reach successful commercial releases, the group could benefit from a more diversified revenue base.
- An extensive studio portfolio could reduce the risk of any single release, if results are spread across several titles.
- Streamlining the structure by liquidating inactive entities could improve the group's administrative efficiency.
What would break the thesis
- If most studios fail to produce commercially successful products, development costs could remain unrecovered.
- The complexity of the structure and the large number of companies could make control and efficiency gains harder to achieve.
- Reduced stakes in some companies could mean a narrower perimeter and fewer sources of income.
What to watch
- Trend in revenues and results of category A companies2024
- Progress of launches from category B and C studios2024
- Changes to the group perimeter and stake disposalsnext 10-K
- Completion of liquidation of companies in process2024
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 annual report for fiscal 2023, the group's core activity is publishing computer games through its member companies. The parent, PLAYWAY S.A., controls a structure of fully consolidated subsidiaries, many held through majority stakes, while others such as Digital Melody S.A. are consolidated although the stake is below 50% (47.61%), based on a control assessment given the absence of another significant shareholder.
At 31 December 2023 the management board consisted of a president and two vice presidents, and the supervisory board had five members. The annual report includes a detailed list of subsidiaries, associates and their registrations, which are described here only in outline.
The group classifies each company into four categories: A for studios whose products are already on sale and significantly affect results, B for studios creating games without a current significant impact, C for companies in the early stages of their first products and D for entities not producing games at the reporting date.
Segments
Category A studios (products on sale)
Category A companies are those whose products are on sale and significantly influence group results. The report lists among consolidated subsidiaries Ultimate Games S.A., Madmind Studio S.A. and Frozen District sp. z o.o., and among associates Games Operators S.A.
Category B and C studios (development and early stages)
Categories B and C bring together studios that create games without a significant current impact or that are in the early phase of their first products. They make up a large part of the group and therefore of future development activity, although according to the report their current results are limited.
Entities in liquidation or not producing (category D)
Category D covers companies that at the reporting date no longer produce games, such as PWay sp. z o.o. w likwidacji or Ultimate Games Mobile S.A., whose stake was reduced in 2023. This category points to a narrowing of the group's active perimeter.
Market context
The annual report excerpts provided do not give data on the size of the global video game market or the group's share of it. What the documents show is that the group operates as a publisher and developer in a sector where many small studios coexist, reflected in its structure of dozens of subsidiaries and associates.
The diversity of studios, some with products already sold and others in early development, suggests that financial performance depends on the success of individual releases. The available documents include no market forecasts, so any conclusion about sector developments should be checked against independent sources.
Trends
- Consolidation of an extensive studio portfoliomixed
The group's structure includes a large number of subsidiaries and associates, which could diversify release risk if several titles reach the market. At the same time, such a complex structure could raise administrative and consolidation costs.
- Reduction of stakes in some companiesmixed
The report mentions disposals or reductions of stakes during 2023, for example in Ultimate Games Mobile S.A. and several associates. If this trend continues, the group's perimeter could narrow, with effects on consolidation.
- Liquidation of some companiesmixed
Several entities are described as in liquidation, for example PWay sp. z o.o. w likwidacji. This step could reduce structural costs but also signals the abandonment of some projects.
- Development of new studiostailwind
A number of companies are in category C, meaning early stages of development. If they reach commercial launches they could add new revenue sources; otherwise development costs would remain uncompensated.
Competitive position
The documents provided include no competitive analysis and name no competitors. The report's structure only suggests that the group competes with other studios and game publishers, without specifying who they are.
Without market share information or comparisons, the group's competitive position cannot be assessed from these sources. External sector reports would be needed to identify relevant competitors.
- Unnamed competitors in available sources
The sources provided do not identify direct competitors of the group, so none can be listed from these documents.
- Other independent game developers
The group operates in a sector where other independent studios also develop and publish games; the report does not name them.
- Larger game publishers
Competition with larger publishers for player attention is not detailed in the available documents.
- Studios in other countries
The report does not mention specific international competitors and gives no comparison data for this sector.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 May 2024
- Annual report 202218 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / PLAYWAY 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.