GDEV
GDEV Inc. (GDEV)
Last Price$19.2(1.7%)
Market Cap$359.7M
DCF value
$11.4
Overvalued (DCF value)
(40.9%)
Discount Rate
10.4%
Long-Term Growth Rate
4.0%
Stock quality
7/10
Good

GDEV DCF Model

Free Cash Flow to Firm Model
NOPAT Model
Free Cash Flow to Equity Model
Net Income Model
Millions
Billions
Dec'20 ActualDec'21 ActualDec'22 ActualDec'23 ActualDec'24 EstimateDec'25 EstimateDec'26 EstimateDec'27 EstimateDec'28 EstimateDec'29 EstimateDec'30 EstimateDec'31 EstimateDec'32 EstimateDec'33 EstimateDec'34 Terminal
% growth
260.9
178.1%
434.1
66.4%
479.7
10.5%
464.5
(3.2%)
418.7
(9.9%)
450.1
7.5%
479.7
6.6%
509.7
6.2%
539.9
5.9%
570.1
5.6%
600.3
5.3%
630.1
5.0%
659.3
4.6%
687.8
4.3%
715.3
4.0%
(1.7)
(0.6%)
127.6
29.4%
108.3
22.6%
38.4
8.3%
(20.8)
(5.0%)
(22.4)
(5.0%)
(23.8)
(5.0%)
(25.3)
(5.0%)
(26.8)
(5.0%)
(28.3)
(5.0%)
(29.8)
(5.0%)
(31.3)
(5.0%)
(32.8)
(5.0%)
(34.2)
(5.0%)
(35.6)
(5.0%)
NOPAT
% effective tax rate
11.3
4.3%
128.9
29.7%
71.9
15.0%
35.4
7.6%
(19.2)
(4.6%)
(20.6)
(4.6%)
(22.0)
(4.6%)
(23.4)
(4.6%)
(24.8)
(4.6%)
(26.1)
(4.6%)
(27.5)
(4.6%)
(28.9)
(4.6%)
(30.2)
(4.6%)
(31.5)
(4.6%)
(32.8)
(4.6%)
% of revenue
0.6
0.2%
2.5
0.6%
6.9
1.4%
6.3
1.4%
4.7
1.1%
5.1
1.1%
5.4
1.1%
5.7
1.1%
6.1
1.1%
6.4
1.1%
6.8
1.1%
7.1
1.1%
7.4
1.1%
7.7
1.1%
8.0
1.1%
% of revenue
(0.1)
(0.1%)
(1.4)
(0.3%)
(1.1)
(0.2%)
(0.7)
(0.2%)
(1.0)
(0.2%)
(1.1)
(0.2%)
(1.1)
(0.2%)
(1.2)
(0.2%)
(1.3)
(0.2%)
(1.4)
(0.2%)
(1.4)
(0.2%)
(1.5)
(0.2%)
(1.6)
(0.2%)
(1.6)
(0.2%)
(1.7)
(0.2%)
123.6
47.4%
97.9
22.5%
(10.6)
(2.2%)
(32.7)
(7.0%)
18.5
4.4%
19.9
4.4%
21.2
4.4%
22.6
4.4%
23.9
4.4%
25.3
4.4%
26.6
4.4%
27.9
4.4%
29.2
4.4%
30.5
4.4%
31.7
4.4%
Free Cash Flow to Firm (FCFF)
% of revenue
135.3
51.9%
227.8
52.5%
67.1
14.0%
8.2
1.8%
3.1
0.7%
3.3
0.7%
3.5
0.7%
3.7
0.7%
4.0
0.7%
4.2
0.7%
4.4
0.7%
4.6
0.7%
4.8
0.7%
5.0
0.7%
5.2
0.7%
% of FCFF used in calculation
100.0%
83.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Discount period
0.50
1.50
2.50
3.50
4.50
5.50
6.50
7.50
8.50
Discount factor
0.95
0.86
0.78
0.71
0.64
0.58
0.53
0.48
0.43
Discounted FCFF (DFCFF)
2.6
3.0
2.9
2.8
2.7
2.6
2.4
2.3
2.2

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GDEV DCF Value

DCF Value Calculation

as of Mar 03, 2025
Sum of DFCFF
% share of EV
23.5M
39.8%
Terminal Value (TV)
82.2M
Discounted TV
% share of EV
35.5M
60.2%
Total Debt
2,441.0K
Shares outstanding
18.7M
FX rate
1.0
40.9% overvalued

Equity Value Bridge

GDEV DCF Financials

Revenue
$464.5M -> $687.8M 4.0% CAGR
Operating Income
$38.4M -> ($34.2M) N/A CAGR
FCFF
$8,179.5K -> $5,033.1K (4.7%) CAGR

GDEV DCF sensitivity

DCF value
Long-term Terminal growth rate
3.0%
3.5%
4.0%
4.5%
5.0%
WACC
9.0%
$12.0
$12.0
$12.0
$13.0
$13.0
9.5%
$12.0
$12.0
$12.0
$12.0
$12.0
10.4%
$11.0
$11.0
$11.0
$12.0
$12.0
10.5%
$11.0
$11.0
$11.0
$11.0
$12.0
11.0%
$11.0
$11.0
$11.0
$11.0
$11.0
DCF value, undervalued / overvalued
Long-term Terminal growth rate
3.0%
3.5%
4.0%
4.5%
5.0%
WACC
9.0%
(38.0%)
(38.0%)
(38.0%)
(32.0%)
(32.0%)
9.5%
(38.0%)
(38.0%)
(38.0%)
(38.0%)
(38.0%)
10.4%
(43.0%)
(43.0%)
(43.0%)
(38.0%)
(38.0%)
10.5%
(43.0%)
(43.0%)
(43.0%)
(43.0%)
(38.0%)
11.0%
(43.0%)
(43.0%)
(43.0%)
(43.0%)
(43.0%)

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FAQ

What is GDEV Inc. DCF (discounted cash flow) valuation?

As of Mar 03, 2025, GDEV Inc.'s Discounted Cash Flow (DCF) valuation estimates its share price at $11.4. This suggests it may be overvalued by (40.9%) compared to its current price of around $19.2, using a WACC of 10.4% and growth rates of 4.0%.

What is GDEV Inc. WACC?

As of Mar 03, 2025, GDEV Inc.'s Weighted Average Cost of Capital (WACC) is approximately 10.4%.

What is GDEV Inc. Enterprise Value?

As of Mar 03, 2025, GDEV Inc.'s Enterprise Value (EV) is approximately $59.0M. This value reflects the company's total market capitalization plus debt, minus cash and cash equivalents, providing a comprehensive measure of its overall value in the market.