olivLaw · European equity research
Ultimate Games Spółka Akcyjna ULG.WA
Poland · GPW Warszawa · ISIN PLULTGM00013 · Vertical: Listed companies from Poland
Ultimate Games is a Polish video game publisher based in Warsaw that coordinates a group of studios and game-related stakes. In 2023 the group generated operating cash flow of 775 million PLN, yet paid dividends of 2 615 million PLN, which reduced its cash balance to 9 945 million PLN. The group's structure changed substantially in 2023 through acquisitions, loss of control and reclassifications.
At the close of 05 Nov 2026, Ultimate Games Spółka Akcyjna (ULG.WA) stock was 11.40 PLN (−0.44% on the day), with market capitalisation 59.5 m PLN, dividend yield 4.39%, beta 0.27, 52-week range 11.05–15.80 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)
- 38.5
- weak (30–45)
- Bollinger (20, 2)
- 11.06 – 12.41
- in the lower half of the band · %B 0.25 · band width 11.5%
- SMA 50 / 200
- 12.49 / 13.78
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.34 / -0.35
- 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 | −8.1% | −0.6% | −7.4 pp | — |
| 3 months | −20.6% | −4.2% | −16.4 pp | — |
| 6 months | −23.5% | +4.3% | −27.8 pp | — |
| Year to date | −4.6% | +7.5% | −12.1 pp | — |
| 1 year | −20.0% | +9.9% | −29.9 pp | +7.1% |
| 3 years | −13.0% | +49.8% | −62.8 pp | +3.3% |
| 5 years | −53.8% | +42.8% | −96.7 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 | 22.6 m | 27.1 m | 23.0 m |
| Revenue YoY | unavailable | +19.9% | −15.0% |
| Net income | 6.4 m | -7.9 m | -3.7 m |
| Net income YoY | unavailable | −224.4% | unavailable |
| Diluted EPS | 1.17 | -1.52 | -0.70 |
| Diluted EPS YoY | unavailable | −229.9% | unavailable |
| net % | 28.2% | -29.3% | -15.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 9.9 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 26.2 m PLN
- Total assets
- 28.8 m PLN
- Debt / equity
- unavailable
- Current ratio
- 13.26x
- ROE
- -12.6%
- ROA
- -10.8%
- 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 | 22.6 m | 27.1 m | 23.0 m | esef· 01 May 2024verified |
| Operating income | 6.1 m | 5.6 m | 2.8 m | esef· 01 May 2024verified |
| Depreciation & amortisation | 115.0 k | 101.0 k | 72.0 k | esef· 01 May 2024verified |
| EBITDA | 6.2 m ≈ | 5.7 m ≈ | 2.9 m ≈ | esef· 01 May 2024derived |
| Interest expense | 17.0 k | 16.2 m | 7.7 m | esef· 01 May 2024verified |
| Pre-tax income | 7.8 m | -10.5 m | -4.5 m | esef· 01 May 2024verified |
| Income tax | 1.6 m | -1.7 m | -686.0 k | esef· 01 May 2024verified |
| Net income | 6.4 m | -7.9 m | -3.7 m | esef· 01 May 2024verified |
| Diluted EPS | 1.17 | -1.52 | -0.70 | esef· 01 May 2024verified |
| Dividend per share | 2.00 | 1.50 | 0.50 | esef· 01 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 | 17.6 m | 10.2 m | 9.9 m | esef· 01 May 2024verified |
| Receivables | 4.2 m | 4.5 m | 4.1 m | esef· 01 May 2024verified |
| Inventories | 5.8 m | 8.9 m | 10.4 m | esef· 01 May 2024verified |
| Current assets | 27.7 m | 24.3 m | 24.6 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 106.0 k | 117.0 k | 59.0 k | esef· 01 May 2024verified |
| Goodwill | 101.0 k | 0 | — | esef· 10 May 2023verified |
| Intangibles (excl. goodwill) | 168.0 k | 150.0 k | 65.0 k | esef· 01 May 2024verified |
| Total assets | 56.7 m | 39.2 m | 28.8 m | esef· 01 May 2024verified |
| Accounts payable | 2.5 m | 1.8 m | 1.9 m | esef· 01 May 2024verified |
| Current liabilities | 2.5 m | 1.9 m | 1.9 m | esef· 01 May 2024verified |
| Total liabilities | 8.2 m | 7.3 m | 2.6 m | esef· 01 May 2024verified |
| Equity | 48.4 m | 31.9 m | 26.2 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 5.5 m | 5.2 m | 5.2 m | esef· 01 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%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 59.5 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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -15.9% | 10 (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 | 0.4x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 13.3x | 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 | 4.4% | 63 (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· partial10/100 · 1/3 factors with a value
- Returns· partial63/100 · 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
Ultimate Games Spółka Akcyjna (ULG.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 23.0 m PLN in 2023; YoY growth -15.0%; net margin -15.9%; ROE -13.8%.
The estimated value range is 4.90–6.06 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.42 PLN, the price of 11.40 PLN leaves a potential of -52.4% (value / price − 1) and a margin of safety of -110.3% (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: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 13.3x
What contradicts it
- Net margin: -15.9%
- Interest coverage: 0.4x
- The price is above the estimated value range
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% |
| ULG.WAUltimate Games Spółka Akcyjna | 59.5 m | — | -13.8% | -15.9% | −15.0% | −10% / +1% |
| 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 ULG.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
Ultimate Games is a Polish video game publisher based in Warsaw that coordinates a group of studios and game-related stakes. In 2023 the group generated operating cash flow of 775 million PLN, yet paid dividends of 2 615 million PLN, which reduced its cash balance to 9 945 million PLN. The group's structure changed substantially in 2023 through acquisitions, loss of control and reclassifications.
SWOT
Strengths
- The group has an extensive network of stakes, with consolidated subsidiaries and associated studios, giving a diversified base of projects.
- Operating cash flow rose in 2023 compared with 2022, showing the ability to generate cash from core activity.
- Sales are made across markets worldwide, which reduces dependence on a single geographic market.
Weaknesses
- The group structure changed substantially in 2023 through disposals and losses of control, making period comparisons harder.
- Cash reserves fell sharply because of the large dividends paid to shareholders in 2023.
- Several subsidiaries entered liquidation or were sold, indicating a narrowing of the operating perimeter.
Opportunities
- Reorganising stakes could concentrate resources on the studios with the strongest commercial potential.
- New subsidiaries such as New Disorder could bring new projects if production is transferred successfully.
- Global sales could grow if the game portfolio expands onto new platforms.
Threats
- If high dividends continue, cash reserves could become insufficient to finance game production.
- Competition in the global games industry may reduce the market share of smaller studios.
- Dependence on the higher-level PlayWay group may limit Ultimate Games' decision-making autonomy.
Risks
- Dependence on a parent groupmedium
Ultimate Games is a subsidiary of PlayWay S.A., and important decisions may depend on the strategy of the higher-level group.
- Reduced cash reserveshigh
Paying very large dividends reduced cash reserves, which could affect financing of future projects.
- Consolidation complexitymedium
Gaining or losing control of several entities makes consolidated results difficult to compare over time.
- Liquidation of subsidiariesmedium
Several subsidiaries entered liquidation, which may indicate project failures or costly restructurings.
- Dependence on the games industryhigh
Revenue depends on the commercial success of games, a field with volatile demand and short product life cycles.
Investment thesis
What would need to be true (bull case)
- If operating cash flow keeps its upward trend, the group could fund its own projects without relying heavily on dividends or asset disposals.
- Reorganising stakes could focus the group on its most productive studios, improving the return on invested resources.
- A presence in global markets could offer access to a broad audience, reducing the risk of dependence on one region.
What would break the thesis
- If high dividends continue, cash reserves could prove insufficient for developing new games.
- Frequent restructurings and subsidiary liquidations could signal difficulty in keeping a stable portfolio of studios.
- Strong industry competition could limit revenue growth, particularly for smaller studios.
What to watch
- Trend in net operating cash flow against the 775 million PLN reported for 20232024
- Level of dividends paid and their effect on available cash2024
- Changes to the consolidation perimeter and to studio stakesnext annual report
- Results of projects transferred to New Disorder S.A.2024
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
Ultimate Games S.A. was formed in 2017 by converting a limited liability company and its main activity is publishing computer games, with its registered office in Warsaw. As of 31 December 2023 the group includes several fully consolidated subsidiaries, among them 3T Games, Games Box and New Disorder, as well as many associated studio stakes. Products are sold worldwide, although operations are conducted in Poland. Ultimate Games is in turn a subsidiary of PlayWay S.A., which publishes the consolidated results of its higher-level group.
Segments
Consolidated game publishing
Fully consolidated subsidiaries such as 3T Games and Games Box carry out computer game publishing. They report their own revenue, for example 3T Games with 671 thousand PLN in 2023 against 625 thousand PLN in 2022, according to the note on subsidiaries.
Associated studio stakes
The group holds significant influence over several studios, for example UF Games, 100 Games and ConsoleWay, accounted for under the equity method. Losing associate status for several entities in 2023 changed the consolidation perimeter.
Market context
Ultimate Games operates in the global video game industry, with sales made across markets worldwide while its operating base remains in Poland. The annual report gives no external market data, so the market size and the group's share cannot be estimated from this source. The group's structure depends on the performance of each studio and on decisions to sell or acquire stakes.
Trends
- Cash distributions to shareholdersmixed
Dividends paid fell from 7 845 million PLN in 2022 to 2 615 million PLN in 2023, which reduced the group's cash reserves.
- Income from disposals and dividendsheadwind
Dividend inflows from associated entities disappeared in 2023 compared with 2022, when they were present. If such inflows do not return, the group's income depends more on operating activity.
- Operating cash flowtailwind
Net cash from operating activities rose from 532 million PLN in 2022 to 775 million PLN in 2023, indicating better cash generation from core activity.
Competitive position
Ultimate Games competes with other video game publishers and studios, both in Poland and abroad, for player attention and funding. The analysed source includes no list of competitors or market shares, so the comparison remains limited to the group's structure.
- PlayWay S.A.
Higher-level parent company that consolidates Ultimate Games within its group and publishes its results.
- Independent Polish game studios
Associated companies or subsidiaries in the same ecosystem that compete for projects and funding.
- Other European game publishers
European companies targeting the same global computer game market.
- American game publishers
Large American companies that dominate many industry segments, not identified in the analysed source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202210 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Ultimate Games 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.