ScoreWhy is ICE CODE GAMES SA ?
1
Poor Management Efficiency with a low ROE of 1.45%
- The company has been able to generate a Return on Equity (avg) of 1.45% signifying low profitability per unit of shareholders funds
2
Company's ability to service its debt is weak with a poor EBIT to Interest (avg) ratio of 0.40
- Poor long term growth as Net Sales has grown by an annual rate of 35.87% and Operating profit at 9.72% over the last 5 years
- Company's ability to service its debt is weak with a poor EBIT to Interest (avg) ratio of 0.40
- The company has been able to generate a Return on Equity (avg) of 1.45% signifying low profitability per unit of shareholders funds
3
Poor long term growth as Net Sales has grown by an annual rate of 35.87% and Operating profit at 9.72% over the last 5 years
4
Flat results in Jun 26
- NET SALES(9M) At PLN 0.54 MM has Grown at -79.66%
- INTEREST(9M) At PLN 0.69 MM has Grown at 69.25%
5
Risky -
- The stock is trading risky as compared to its average historical valuations
- Over the past year, while the stock has generated a return of -60.94%, its profits have risen by 84.1%
Real-Time Research ReportHow much should you sell?
- All quantity irrespective of whether you are making profits or losses
(If sector exposure > 30%, please use optimiser tool to see which are the best stocks to hold in Software Products)
When to re-enter? - We will constantly monitor the company and review our call based on new data
Is ICE CODE GAMES SA for you?
High Risk, Low Return
Absolute
Risk Adjusted
Volatility
ICE CODE GAMES SA
-61.83%
-0.52
111.19%
Poland WIG
37.09%
2.22
16.70%
Quality
Management Risk
Growth
Capital StructureQuality key factors
Factor
Value
Sales Growth (5y)
35.87%
EBIT Growth (5y)
9.72%
EBIT to Interest (avg)
0.72
Debt to EBITDA (avg)
Net Debt is too low
Net Debt to Equity (avg)
2.63
Sales to Capital Employed (avg)
0.88
Tax Ratio
0.35%
Dividend Payout Ratio
0
Pledged Shares
0
Institutional Holding
0
ROCE (avg)
14.37%
ROE (avg)
1.45%
ValuationValuation Key Factors 
Factor
Value
P/E Ratio
NA (Loss Making)
Industry P/E
Price to Book Value
3.07
EV to EBIT
17.62
EV to EBITDA
17.62
EV to Capital Employed
2.86
EV to Sales
4.86
PEG Ratio
NA
Dividend Yield
NA
ROCE (Latest)
8.01%
ROE (Latest)
-34.08%
TechnicalsTechnical key factors
Indicator
Weekly
Monthly
MACD
Mildly Bullish
Bearish
RSI
No Signal
Bearish
Bollinger Bands
Mildly Bearish
Mildly Bearish
Moving Averages
Bearish (Daily)
KST
Bearish
Bearish
Dow Theory
No Trend
No Trend
OBV
No Trend
No Trend
Technical Indicator Scale: Bearish, Mildly Bearish, Sideways, Mildly Bullish, Bullish Turned 
Financial Trend5What is working for the Company
RAW MATERIAL COST(Y)
Fallen by -91.16% (YoY
NET PROFIT(9M)
Higher at PLN -1.78 MM
DEBTORS TURNOVER RATIO(HY)
Highest at 31.19 times
-7What is not working for the Company
NET SALES(9M)
At PLN 0.54 MM has Grown at -79.66%
INTEREST(9M)
At PLN 0.69 MM has Grown at 69.25%
Here's what is working for ICE CODE GAMES SA
Net Profit
At PLN -1.78 MM has Grown at 86.37%
Year on Year (YoY)MOJO Watch
Near term Net Profit trend is positive
Net Profit (PLN MM)
Debtors Turnover Ratio
Highest at 31.19 times
in the last five Semi-Annual periodsMOJO Watch
Company has been able to sell its Debtors faster
Debtors Turnover Ratio
Net Profit
Higher at PLN -1.78 MM
than preceding 12 month period ended Jun 2026MOJO Watch
In the nine month period the company has already crossed sales of the previous twelve months
Net Profit (PLN MM)
Raw Material Cost
Fallen by -91.16% (YoY)
MOJO Watch
The company's ability to pass on the cost of raw materials to customers has improved; this may lead to a rise in profit margin
Raw Material Cost as a percentage of Sales
Here's what is not working for ICE CODE GAMES SA
Net Sales
At PLN 0.54 MM has Grown at -79.66%
Year on Year (YoY)MOJO Watch
Near term sales trend is very negative
Net Sales (PLN MM)
Interest
At PLN 0.69 MM has Grown at 69.25%
over previous Semi-Annual periodMOJO Watch
Rising interest cost signifies increased borrowings
Interest Paid (PLN MM)
InfinHub Market Technologies FZ-LLC, Building-2, Unit 112, Dubai Internet City, Dubai, United Arab Emirates
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