GDEV Inc. publishes and operates free-to-play mobile and PC games, earning revenue largely from in-game purchases and advertising on titles built in-house and licensed from third parties. The business is shrinking: revenue fell 22.0% year over year, and the 2.5x trailing P/E and 2.1x forward P/E reflect a market that expects that decline to continue. Against that, the company reports a 64.8% gross margin and a 21.7% operating margin, which says the remaining catalogue still earns well even as the top line contracts. The case for a closer look rests on whether the margins hold while revenue stabilises, since at this valuation a stabilisation would matter far more than any single hit title. With a 52/100 score, no index membership, and a 0.0% ROE, the name only merits deeper work if the team can see a path to a new product cycle that arrests the revenue decline.
Plain-English pros, cons, and what to watch. Pro feature.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
Trades are only made public after a delay. We show the delay so you know how old the news is.
Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.
| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 20 Oct 2026, 15:04 CEST | Fair value | $36.37 | $28.29 | $10.76 |
| 20 Oct 2026, 15:04 CEST | Rating | Undervalued | first publication | $10.76 |
| 16 Oct 2026, 00:00 CEST | Fair value | $28.29 | $31.17 | $11.03 |
| 15 Oct 2026, 00:00 CEST | ACCE price target | $11.75 | first publication | $11.75 |
| 14 Oct 2026, 00:00 CEST | Fair value | $31.17 | first publication | $11.80 |
Answered from GDEV Inc. Ordinary Shares fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| GDEV GDEV Inc. Ordinary Shares | $9.57 | - | - | 2.2x | 0.0% | 55 | 52 |
| EG7.ST Enad Global 7 AB (publ) | kr 14.00 | kr 21 | 33% below | - | -71.9% | 56 | 55 |
| GCL GCL Global Holdings Ltd Ordinary Shares | $0.88 | - | - | - | -67.3% | 17 | 54 |
| SF.ST Stillfront Group AB (publ) | kr 5.90 | - | - | - | -35.9% | 47 | 59 |
| CTW CTW Cayman Class A Ordinary Shares | $1.75 | $2 | 7% above | - | 6.6% | 59 | 26 |
| AZRN.AS Azerion Group N.V. | €0.66 | - | - | - | -426.0% | 13 | 19 |
| SOHU Sohu.com Limited American Depositary Shares | $12.73 | $14 | 8% below | 1.5x | 19.4% | 78 | 46 |
Where GDEV ranks against its sector peers on each metric.