GDEV Inc.
GDEVdata completeness 88%7 fiscal years on fileData notes: no data for concept 'interestExpense'
The estimate methods put fair value between $14.58 and $25.65 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $434.1M1 | $479.7M2 | $464.5M3 | $420.9M3 | $404.3M3 |
| Net income | −$117.5M4 | $7.3M5 | $46.1M6 | $25.5M6 | $69.3M6 |
| Operating cash flow | $105.5M7 | $116.1M8 | $18M9 | $28.5M9 | $29.4M9 |
| Capital expenditure | $1.1M10 | $994,00011 | $739,00012 | $343,00012 | $311,00012 |
| Free cash flow (derived) | $104.4M7 | $115.1M8 | $17.2M9 | $28.2M9 | $29.1M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $142.8M13 | $86.8M14 | $71.8M14 | $111M14 | $62.9M14 |
| Diluted shares | 196.5M | 197.1M | 197.6M | 18.1M | 18.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on −$49.9 of net worth that earned you $38.2 and generated $16.05 of cash last year.
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Share count is down 91% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $14.58 and $25.65 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$28.2M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$28.2M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$25.5M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $25.65 |
| Base | 0.0% | $25.65 |
| Bull | 5.0% | $31.02 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001104659-24-054192 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0001104659-25-029853 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-037847 (Revenue)
- 20-F · period ending 2021-12-31 · accession 0001104659-24-054192 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-12-31 · accession 0001104659-25-029853 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-037847 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2021-12-31 · accession 0001104659-24-054192 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001104659-25-029853 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-037847 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001104659-24-054192 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0001104659-25-029853 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-037847 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-12-31 · accession 0001104659-25-029853 (CashAndCashEquivalents)
- 20-F · period ending 2022-12-31 · accession 0001104659-26-037847 (CashAndCashEquivalents)